Document:

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                                                                    EXHIBIT 10.1

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                                                             WORKING TRANSLATION
                                                         SHAREHOLDERS' AGREEMENT
                                                  CONSOLIDATED DOCUMENT - 010517

THE DOCUMENT IS A CONSOLIDATED VERSION OF THE ENGLISH TRANSLATION ORIGINAL
SHAREHOLDERS' AGREEMENT DATED DECEMBER 31, 2000 AND THE AMENDMENT AGREEMENT
DATED APRIL 27, 2001 AND SERVES CONVENIENCE PURPOSES ONLY. LEGALLY BINDING ARE
ONLY THE EXECUTED VERSION OF THE ORIGINAL AGREEMENTS IN THE GERMAN LANGUAGE.
CHANGES MADE IN THE AGREEMENT ARE UNDERLINED.

                             SHAREHOLDERS' AGREEMENT
                  (FOR PARTICIPATION IN MESSER GRIESHEIM GmbH)

                                     BETWEEN

       MESSER INDUSTRIE GESELLSCHAFT MIT BESCHRANKTER HAFTUNG (KONIGSTEIN)

                                     ("MIG")

                                       AND

                    ALLIANZ CAPITAL PARTNERS GmbH (MUNCHEN)
                                     ("ACP")
                     GS CAPITAL PARTNERS 2000, L.P. (U.S.A.)
              GS CAPITAL PARTNERS 2000 EMPLOYEE FUND, L.P. (U.S.A.)
             GS CAPITAL PARTNERS 2000 OFFSHORE, L.P. (CAYMAN ISLAND)
               GS CAPITAL PARTNERS 2000 GmbH & CO. BETEILIGUNGS KG
                      STONE STREET FUND 2000, L.P. (U.S.A.)
               BRIDGE STREET SPECIAL OPPORTUNITIES FUND 2000, L.P.
                                 (TOGETHER "GS")

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                    (ACP AND GS TOGETHER THE "FINANZINVESTOREN")

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                                                 CONTENT
<Table>
<Caption>
<S>                                                                                                       <C>
RECITALS ....................................................................................................6
I. PRODUCTION OF TARGET STRUCTURE  ..........................................................................8
  ss. 1 Restructuring of MIG's Shareholding in MGG ..........................................................8
  ss. 2 Consideration for Contribution, Amount of the MIG Loan against Borrower's Note......................11

  ss. 2a Arrangements with Regard to a Change of the BCA, Specifications of ss. 2 of the
         Shareholders' Agreement and Equity Contributions by the Financial Investors ...................... 14
  ss. 3 Corporate Structure of Investor NewCo ..............................................................17
  ss. 4 Corporate Structure of NewCO III, NewCo III, DebtCo and MGG ........................................17
  ss. 5 Control Agreements .................................................................................19
  ss. 6 Warranties of MIG ..................................................................................19
  ss. 7 Management Participation Plan, Options for the Interim Financers ...................................22
II. SHAREHOLDERS'RIGHTS IN INVESTOR NEWCO, NEWCO II, NEWCO III, DEBTCO AND MGG .............................23
Article 1: General Provisions ..............................................................................23
  ss. 8 Principles .........................................................................................23
  ss. 9 Voting Rights ......................................................................................25
Article 2: Bodies ..........................................................................................28
  ss. 10 Overview of Bodies ................................................................................28
  ss. 11 Management or Management Board ....................................................................28
  ss. 12 Shareholders' Committee of Investor NewCo .........................................................30
  ss. 13 MGG Shareholders' Committee .......................................................................31
  ss. 14 Approval of Budget and Business Plan by Shareholders' Committee ...................................32
  ss. 15 Supervisory Boards ................................................................................33
  ss. 16 Shareholders' Meetings ............................................................................35
  ss. 17 Resolutions of Shareholders' Meetings .............................................................37
  ss. 18 Capital Measures ..................................................................................39
III. RIGHTS FROM THE PURCHASE AGREEMENT WITH HOECHST .......................................................41
  ss. 19 ...................................................................................................41

IV.  DISPOSAL OF SHARES ....................................................................................47
  ss. 20 Initial Public Offering ...........................................................................47
  ss. 21 Restriction on Transferability, General Lockup Period, Admitted Transfers .........................49
  ss. 22 Tender Obligation .................................................................................51
  ss. 23 Right to Joint Sale ...............................................................................54

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<S>                                                                                                       <C>
  ss. 24 Preemptive Purchase Right .........................................................................55
  ss. 25 Call Option for MIG ...............................................................................56
  ss. 26 Resale of Acquired Shares after Exercise of the Call Option .......................................60
  ss. 27 Sale of Shares by the Financial Investors Prior to 1 October 2004 .................................62
  ss. 28 Duty of MIG to Joint Sale .........................................................................62
  ss. 29 Acquisition Right Upon Change of Control ..........................................................64
V. AGREEMENT BETWEEN MIG AND MGG ...........................................................................67
  ss. 30 License Agreement between MGG and Messer Cutting & Welding GmbH ...................................67
  ss. 31 Sale of Holding Companies of MGG and MIG ..........................................................67
  ss. 32 Singapore, Syngas .................................................................................68
  ss. 33 [left blank] ......................................................................................70
VI FINAL PROVISIONS ........................................................................................70
  ss. 34 Obligation of MIG Until Closing ...................................................................70
  ss. 35 New Shareholders, Adaption of the Agreement .......................................................71
  ss. 36 Commencement and Cessation ........................................................................72
  ss. 37 Arbitration Board .................................................................................72
  ss. 38 Exclusivity, Common Obligation ....................................................................73
  ss. 39 Written Form ......................................................................................73
  ss. 40 Confidentiality ...................................................................................74
  ss. 41 Publications/Press Releases .......................................................................74
  ss. 42 Severability ......................................................................................75
  ss. 43 Notices ...........................................................................................75
  ss. 44 Prohibition of Assignment .........................................................................77
  ss. 45 Costs .............................................................................................77
  ss. 46 Condition Precedent ...............................................................................78

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ANNEXES

    ANNEX/RECITAL.3 ...................................DIAGRAM TARGET STRUCTURE
    ANNEX 1.1 (a) ..........................CONTRIBUTION AGREEMENT MIG NEWCO II
    ANNEX 1.1 (b) ....................CONTRIBUTION AGREEMENT MIG INVESTOR NEWCO
    ANNEX 2.1 ............TERMS AND CONDITIONS MIG LOAN AGAINST BORROWER'S NOTE
    ANNEX 3.1 (a) .........BYLAWS INVESTOR NEWCO GMBH (PRIOR TO TRANSFORMATION)
    ANNEX 3.1 (b) ................BYLAWS GENERAL PARTNER GMBH OF INVESTOR NEWCO
    ANNEX 3.2 .......................................BYLAWS INVESTOR NEWCO KGaA
    ANNEX 4.2 ..................................................BYLAWS NEWCO II
    ANNEX 4.3 .......................................................BYLAWS MGG
    ANNEX 4.5 .................................................BYLAWS NEWCO III
    ANNEX 6.1 (e) ...............................AGREEMENTS BETWEEN MGG AND MIG
    ANNEX 6.1 (f) ............CLAIMS AGAINST MGG (CUTTING & WELDING ACTIVITIES)
    ANNEX 7.1 ...............TERMS AND CONDITIONS MANAGEMENT PARTICIPATION PLAN
    ANNEX 14.1 ...................................................BUSINESS PLAN
    ANNEX 21.2 ................................LIST FURTHER FINANCIAL INVESTORS
    ANNEX 25.5 ................................................LIST ARBITRATORS
    ANNEX 30 .................................................LICENSE AGREEMENT
    ANNEX 31.1 ...........................................PARTICIPATIONS OF MGG
    ANNEX 32 ............................TERMS AND CONDITIONS OF SINGAPORE LOAN

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                                   RECITALS

WHEREAS:

STARTING SITUATION: Hoechst AG is a shareholder of Messer Griesheim GmbH ("MGG")
with 66 2/3% ("HOECHST MGG SHARES") and MIG was a shareholder with 33 1/3% ("MIG
MGG SHARES"). Hoechst AG intends to sell the Hoechst MGG Shares to the Financial
Investors.

HOECHST RESTRUCTURING: To prepare the sale of Hoechst shares in MGG, Hoechst
AG shall in a first stage contribute the Hoechst MGG Shares to Diogenes
Vermogensverwaltungs Aktiengesellschaft registered in the Commercial Register
Frankfurt am Main under HRB 42291 ("NEWCO II") in consideration for shares.
Hoechst AG shall in turn pass on all shares in NewCo II by way of a
securities loan to Diogenes Zwanzigste Vermogensverwaltungs GmbH registered
in the Commercial Register Frankfurt am Main under HRB 48032 ("SELLER" or
"NEWCO III").

SALE TO FINANCIAL INVESTORS (INCLUDING PUT AND CALLS): The Seller has
concluded on this date to No. 680 and No. 679 of the Roll of Deeds for 2000
of the notary Dr. Peter Gamon, Frankfurt am Main, an agreement plus reference
deed - together in the following also named "PURCHASE AGREEMENT" - , which is
referred to, on the sale of all shares in NewCo II to Cornelia
Vermogensverwaltungsgesellschaft mbH registered in the Commercial Register
Frankfurt am Main under HRB 50040 ("INVESTOR NEWCO"), in which initially only
GS holds shares. At the time of the Closing under the Purchase Agreement, the
Financial Investors shall hold equal shares in Investor NewCo. NewCo has
granted the Seller a call option to repurchase the shares in NewCo II
purchased by the Seller, which can be exercised earliest with effect as of 11
January 2002. Hoechst AG has in turn granted Investor NewCo a call option for
the period - as expected - from 16 to 23 January 2002 on all shares in NewCo
III, and Hoechst AG has a corresponding put option for the period from 24 to
31 January 2002.

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COURSE OF THE SALE OF HOECHST MGG SHARES AND THE HOECHST RESTRUCTURING: The
course of the sale of Hoechst MGG Shares and the Hoechst restructuring
including the retransfer of NewCo II AG shares to the Seller as well as the
ensuing purchase of NewCo III is described in Section 2 (Transactions Forming
the Business Combination) of the Purchase Agreement ( all operations together
the "TRANSACTION").

JOINT ENGAGEMENT: The Financial Investors and MIG shall hold all shares in MGG
via their joint shareholding in Investor NewCo and its shareholding in NewCo II
and temporarily NewCo III. The Financial Investors and MIG agree that their
joint economic engagement in MGG is to serve the steady increase of the value of
MGG and its subsidiaries ("MGG GROUP"). MIG knows that the Financial Investors
wish to be able to realize the increase in value of their shareholding in the
medium term. The Financial Investors know that MIG considers its shareholding to
be a long-term investment. The parties shall consider these intentions while
exercising their rights arising from this agreement.

TARGET STRUCTURE: The target structure of the MGG Group is evident from the
diagram attached as the ANNEX/RECITAL.3 to the Reference Deed. To obtain this
structure MIG shall first contribute its shares in MGG to NewCo II and
thereafter MIG shall contribute its shares in NewCo II resulting thereof in
Investor NewCo.

NOW, THEREFORE, the relations between the Financial Investors and MIG with
respect to the (indirect) shareholding in MGG and the joint MGG engagement shall
be determined as follows:

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                                        I.

                          PRODUCTION OF TARGET STRUCTURE

                                     SECTION 1

                   RESTRUCTURING OF MIG'S SHAREHOLDING IN MGG

(1)      MIG undertakes to perform the following acts in order to produce the
         target structure pursuant to the Annex/Recital.3 of the Reference Deed:

         (a)      MIG shall contribute its shares in MGG to NewCo II in exchange
                  for issuance of shares pursuant to Annex 1.1 attached to this
                  Amendment Agreement. The contribution agreement shall be
                  signed at the closing pursuant to Section 3 of the BCA (the
                  "CLOSING").

         (b)      MIG shall contribute after entry of the non-cash capital
                  increase to execute the contribution pursuant to Section 1
                  para. (1) (a) the shares in NewCo II to Investor NewCo as well
                  as the loan repayment claim against NewCo II pursuant
                  to Section 1 para. (1) (a) in accordance with the provisions
                  of the Contribution Agreement attached as ANNEX 1.1 (b) to the
                  Reference Deed, MIG therefore receiving the consideration as
                  stated in Section 2 para. (1). The participations agreed upon
                  in Section 2 hereof are to be produced by way of this
                  contribution.

(2)      In the event any of the actions agreed upon in Paragraph (1) is not
         implemented or may not be implemented within a reasonable period of
         time, the parties shall agree upon the production of the target
         structure through a different proceeding

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         (e.g. by contribution to the capital reserve and assignment of the
         required shares to Investor NewCo by the Financial Investors).

(3)      MIG hereby undertakes to pledge its shares in MGG to the benefit of the
         banks that finance the transaction ("CONSORTIUM OF BANKS") in the same
         way as NewCo II pledges its shares to MGG

(4)      MIG is aware that the goal and transaction structure shall be
         influenced by the requirements of the financing banks and the request
         for a favorable tax structure. Modifications may therefore become
         necessary, for example, in the sequence of the individual stages of the
         transaction. Those modifications affecting MIG may only be made with
         the approval thereof. The obligation to implement this Agreement is not
         effected by this approval requirement. In the event that MIG denies its
         approval it is obliged to find a solution jointly with the Financial
         Investors that enables the implementation of the Transaction and
         acknowledges the interests of both parties as far as possible. The
         Financial Investors will inform MIG of any modification no later than
         two weeks prior to the implementation of the measure at hand to enable
         MIG to examine the suggestion. MIG shall issue the approval to the
         modification of the target and transaction structure

         (a)      if the modifications are asked for by Hoechst AG, the Seller
                  or the Consortium of Banks or otherwise are in the opinion of
                  the Financial Investors necessary for the execution of the
                  transaction or the securing of the financing of the
                  transaction,

                  and

         (b)      if it does not thereby incur any legal
                  disadvantages--particularly provided the rights under this
                  Agreement are not prejudiced--,

                  and

         (c)      if it does not incur any financial (including tax)
                  disadvantages that are not fully compensated.

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 (5)     The parties shall ensure that Investor NewCo takes over the costs of
         the parties that have accrued in connection with the preparation, due
         diligence, implementation and financing of the acquisition of the MGG
         shares by Investor NewCo to the extent they do not anyway directly
         accrue at Investor NewCo or MGG.

(5)(a)   CONSULTING FEES(1)

         The Parties agree that ACP and GS shall each receive a fee of
         DM5,000,000 from Investor NewCo and/or a direct or indirect subsidiary
         as consideration for consulting services provided in connection with
         the financing of the transaction. Such fees shall be due under the BCA
         after Closing. Section 1 para. 5 remains unchanged.

(6)      In light of the particular tax situation of GS the parties undertake to
         ensure that Investor NewCo and the companies affiliated therewith in
         the terms of Section 15 of the Corporation Act make available elections
         regarding the tax treatment of the companies of the MGG Group in a
         manner favorable to GS if the other parties thereby do not suffer any
         disadvantages. This includes without limitation any election pursuant
         to 1.7701-3 United States Treasury Regulation and 338(h)(10) of the
         United States Internal Revenue Code.

(7)      ACP is entitled and obliged to acquire 50% of Investor NewCo at the
         Closing at the same conditions as GS has acquired its participation in
         Investor NewCo. In the event that a further Financial Investor
         participates in Investor NewCo such obligation of acquisition shall
         reduce pursuant to the agreements between the Financial Investors.

(8)      The individual GS funds shall exercise their rights under this
         Agreement in a uniform way.

(9)      The parties agree that MGG's 100 % shareholding in Mahler AGS GmbH and
         Italfilo Engineering S.r.l, Italy, shall be sold and transferred at
         Closing, and prior to Investor NewCo's acquisition of the shares in
         NewCo II, to a company in which

-------------------
(1)      (5)(a) has been inserted on the basis of Article 2 "Additional
         Arrangements" Section 3 "Consulting Fees" of the Shareholders' of
         Amendment to the Shareholders' Agreement dated April 27, 2001

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         Hoechst AG holds a 38% interest, ACP a 20% interest, GS a 20% interest
         and Bandinelli GmbH, in which MIG holds one hundred percent, a 22%
         interest.

                                       SECTION 2

         CONSIDERATION FOR CONTRIBUTION, AMOUNT OF THE MIG LOAN AGAINST
         BORROWER'S NOTE

(1)      As consideration for the contribution of the NewCo II shares to
         Investor NewCo pursuant to Section 1 para. (1)(b), MIG shall receive

         (a)      a share of [36 1/3 %] 32, 33%(2) of the share capital of
                  Investor NewCo,

         (b)      a cash payment in the amount of DM 60,000,000 (in words:
                  Deutsche Mark sixty millions) (the "CASH COMPONENT") and

         (c)      a loan against borrower's note claim ("MIG LOAN AGAINST
                  BORROWER'S NOTE") against Investor NewCo at the terms and
                  conditions specified in ANNEX 2.1 of the Reference Deed; its
                  amount shall be determined pursuant to the equation in
                  Paragraph (2).

         (d)      a cash payment in the amount of DM 5,000,000 (in words:
                  Deutsche Mark five million).

         The text of Annex 2.1 shall be effective in an amended drafting as it
         is made clear by deletions and additions in the text of ANNEX 1
         attached to this Notarial Deed. Upon request of the persons involved
         the recording notary read out the modified

----------------------
(2)      Article 2 was not changed by the Amendment Agreement dated April 27,
         2001. However, the total equity contribution by the Financial Investors
         at the Closing in the amount of E494,975,000 million results in a
         participation of MIG in the share capital of Investor NewCo in the
         amount of 32.33 %. The additional cash payment of DM 5 million was
         agreed in Article 2 Section 1 No. 1 of the Amendment Agreement.

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         parts of the text in the English language; the persons involved and the
         notary have knowledge of the English language.

(2)      The amount of the MIG Loan against Borrower's Note depends on the
         amount of the equity (capital stock and capital reserve) that is
         injected by the Financial Investors into Investor NewCo at the Closing.
         The amount of the MIG Loan against Borrower's Note is calculated as
         follows:

                            50% of the Total Compensation
                         deducting the China Purchase Price,
                  each within the meaning of the Purchase Agreement
                  -in the following named "HOECHST PURCHASE PRICE"-

                                        ./.

                                     50% of the
                      equity injection by the Financial Investors

                                        ./.

                     Cash Component pursuant to Paragraph (1)(b)

                                        ./.

                        issue price for 3 % additional shares

                                        ./.

                                 DM 70,000,000,--

         "Additional shares" shall be all shares exceeding a participation quota
         of 33 1/3 % granted to MIG within the contribution pursuant to
         Paragraph (1)(a). The issue price for the 3 % additional shares is
         calculated as follows:

         Issue price for 3 % =                (equity injection by the Financial
                                              Investors divided by 63 2/3 x 100)
                                              minus (equity injection by the
                                              Financial Investors x 1,5)

         The part of the purchase price in the amount of DM 300,000,000 (in
         words: Deutsche Mark three hundred millions) that is allowed deferred
         payment in the

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         Purchase Agreement shall at the Closing not be considered as equity
         injection but as additional indebtedness of Investor NewCo.

         Example for calculation:

         The following example for calculation shall serve for the description
         and clarification of the equation; the numbers used are legally not
         binding.

<Table>
<Caption>
<S>                                                            <C>
         ----------------------------------------------------- -------------------------------------------------
         50 % of the Hoechst Purchase Price                    DM 653 mio.
         under the Purchase Agreement
         (700 mio. Euro ./. 32 mio. Euro)
         ----------------------------------------------------- -------------------------------------------------
         ./.    50 % equity injection by the                   DM 367 mio.
                Financial Investors (DM 734 mio.)
         ----------------------------------------------------- -------------------------------------------------
         ./.    Cash Component                                 DM 60 mio.
         ----------------------------------------------------- -------------------------------------------------
         ./.    issue price for 3% additional                  DM 52 mio.
                shares [(734 mio. DM : 63 2/3 x
                100) ./. (734 mio. DM x 1,5)]
         ----------------------------------------------------- -------------------------------------------------
         ./.                                                   DM 70 mio.
         ----------------------------------------------------- -------------------------------------------------
         MIG Loan against Borrower's Note                      DM 104 mio.
         ----------------------------------------------------- -------------------------------------------------
</Table>

         The nominal amount of the MIG Loan against Borrower's Note calculated
         on the basis of this equation may not be smaller than 0.

(3)      The equity injection by the Financial Investors at the Closing may not
         exceed DM 909,000,000 (in words: Deutsche Mark nine hundred and nine
         millions). To the extent that further equity of the Financial Investors
         is necessary for the financing of the Transaction a capital increase in
         connection with the Closing by up to DM 191,000,000 (in words: Deutsche
         Mark one hundred ninety-one millions)

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         may be adopted. The new shares shall be issued at the same evaluation
         as additional shares are issued in Paragraph (2) (the "FIRST ISSUE
         PRICE").

         To other capital increases the provisions in Section 18 shall apply.

(4)      In the event that the equity injection at the Closing is below DM
         566,000,000 (in words: Deutsche Mark five hundred sixty-six millions) a
         resulting -as the case may be - tax disadvantage of MIG is upon the
         choice of the Financial Investors either to avoid (e.g. by granting of
         additional shares) or to compensate (e.g. by partial repayment of the
         MIG Loan against Borrower's Note).

(5)      The Financial Investors shall hold the residual shares in the amount of
         63 2/3 % in the share capital of Investor NewCo.

(6)      To the extent that the Financial Investors grant shareholder loans to
         Investor NewCo ("FINANCIAL INVESTORS LOANS AGAINST BORROWER'S NOTE")
         the terms and conditions of the Financial Investors Loans against
         Borrower's Note may not be more favorable than the terms and conditions
         of the MIG Loan against Borrower's Note.

                                  SECTION 2a(3)

         ARRANGEMENTS WITH REGARD TO A CHANGE OF THE BCA, SPECIFICATIONS OF
         SECTION 2 OF THE SHAREHOLDERS' AGREEMENT AND EQUITY CONTRIBUTIONS BY
         THE FINANCIAL INVESTORS

1.       The Financial Investors acknowledge that Section 12.1 of the BCA has
         been amended and that MIG has undertaken to Hoechst not to modify
         Section 1 para. 1 (a) of the Shareholders' Agreement pursuant to which
         MIG receives 33 1/3 of the shares of NewCo II AG as consideration for
         the contribution of its shares in MGG into NewCo II AG. The Financial
         Investors undertake not to exercise their rights under

---------------
(3)      Section 2a contains the provisions of Article 2 "Additional
         Arrangements" Section 1 "Arrangements with Regard to a Change of the
         BCA, Specifications of Section 2 of the Shareholders' Agreement and
         Equity Contributions by the Financial Investors" of the Shareholders'
         Amendment to the Shareholders' Agreement dated April 27, 2001

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                                     -15-

         the Shareholders' Agreement in a way which conflicts with these
         obligations of MIG towards Hoechst AG.

2.       In light of the equity contribution described in no. 2 of the Preamble
         and of the reduction of the total consideration to be paid under the
         BCA to the amount of E 618,000,000 (excluding the China Purchase
         Price), the Financial Investors and MIG agree that the MIG loan against
         borrower's note pursuant to the formula in Section 2 para. 2 shall be
         zero and shall, therefore, not be granted as consideration for the
         contribution in kind of the Hoechst NewCoII shares pursuant to
         Section 2 para. 1 (c) of the Shareholders' Agreement. Accrual of the
         Singapore Loan pursuant to Section 32 of the Shareholders' Agreement
         shall remain untouched. The parties hereto further agree that as
         consideration for the contribution in kind pursuant to Section 1
         para. 1 (b), besides shares in Investor NewCo, a cash component of
         DM 60,000,000 and further payment in the amount of DM 5,000,000 will
         be made by Investor NewCo to MIG. The cash component and the additional
         payment shall be due as soon as the capital increase for the purpose of
         contribution of the Hoechst NewCo II shares held by MIG to Investor
         NewCo has been registered. For the additional payment, it shall further
         be required that any claims the Financial Investors may have which are
         due according to Article 2 Section 3 at such time against Investor
         NewCo and/or MGG have been settled. At the signing of the contribution
         agreement pursuant to Section 2 para. 1 (c) of the Shareholders'
         Agreement, Investor NewCo will provide MIG with sufficient collateral
         to cover its payment obligation in the amount of DM 65 million
         (e.g., payment into an escrow account, bank guarantee, etc.).

3.       The Financial Investors assume to contribute, before or at the Closing,
         equity to Investor NewCo in the amount of E 500 million in the manner
         hereinafter described: The following capital structure is resulting
         therefrom:

         (a)      Before the closing of the BCA, the Financial Investors will
                  increase the share capital of Investor NewCo from E 25,000 by
                  the amount of E 5,000,000 to E 5,025,000. The new shares will
                  be issued at their nominal value.

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                                      -16-

         (b)      At Closing, the Financial Investors will make a further equity
                  contribution in the form of a payment to the unrestricted
                  retained earnings in the meaning of Section 272 para. 2 no. 4
                  German Commercial Code ("HGB") in the amount of
                  E 419,962,363.22. Correspondingly, at this point in time MIG
                  will, pursuant to Section 2 of the Shareholders' Agreement, be
                  entitled to 36 1/3 % of the shares in Investor NewCo, payment
                  of a cash component in the amount of DM 60 million, and to be
                  granted an MIG loan against borrower's note which, calculated
                  using the formula in Section 2 para. 2 of the Shareholders'
                  Agreement, shall amount to zero.

         (c)      Immediately thereafter, the Financial Investors will, pursuant
                  to the second sentence of Section 2 para. 3 of the
                  Shareholders' Agreement, contribute the additional equity
                  needed for implementation of the transaction in the amount of
                  E 75,012,636.79 by way of a capital increase. As a result of
                  this capital increase, the share capital of Investor NewCo
                  will be increased by an additional E 1,708,700 to E 6,733,700
                  by way of issuance of new shares at an aggregate issue price
                  of E 75,012,636.79. This equity contribution will result,
                  after contribution in kind of the shares in NewCo II by MIG to
                  Investor NewCo pursuant to Section 1 para. 1 (b) of the
                  Shareholders' Agreement by which the share capital of Investor
                  NewCo will be increased by an additional E 3,266,300 to
                  E 10,000,000 by way of issuance of new shares, in the
                  Financial Investors' holding 67.34% and MIG 32.66% of the
                  shares in Investor NewCo.

4.       If necessary for the financing of the transaction, the Financial
         Investors may increase the equity contribution in connection with the
         Closing by way of a further capital increase within the limits of
         Section 2 para. 3 of the Shareholders' Agreement, in the course of
         which shares shall be issued at the same price as provided for in the
         context of the capital increase pursuant to para. 3 (c) above.

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                                      -17-

                                   SECTION 3

                      CORPORATE STRUCTURE OF INVESTOR NEWCO

(1)      Investor NewCo shall initially have the legal form of a limited
         liability company ("GmbH") with the bylaws attached as ANNEX 3.1 (a) to
         the Reference Deed. Immediately after the contribution of the shares in
         NewCo II by MIG, Investor NewCo shall be transformed into a partnership
         limited by shares ("KGaA"), whose sole general partner ("GENERAL
         PARTNER GMBH") shall be a GmbH to be newly formed or acquired. General
         Partner GmbH is not to hold any capital share in the KGaA. The Parties
         are to hold shares in General Partner GmbH in the same proportion as
         they among each other, i.e. without considering the shares held by
         third parties, participate in the share capital of the Investor NewCo.
         General Partner GmbH shall at the outset have a share capital of
         E 25.000. The Financial Investors and MIG hereby undertake to give
         General Partner GmbH the bylaws attached as ANNEX 3.1 (b) to the
         Reference Deed and to establish the participations pursuant to
         Section 2 para. (1) (a) hereof.

(2)      The Financial Investors and MIG hereby undertake to give the KGaA the
         bylaws attached as ANNEX 3.2 to the Reference Deed.

(3)      Investor NewCo manages the MGG Group and determines its business
         policy.

                                   SECTION 4

            CORPORATE STRUCTURE OF NEWCO II, NEWCO III, DEBTCO AND MGG

(1)      After the Closing under the Purchase Agreement, NewCo II shall be a
         fully-owned subsidiary of Investor NewCo and this will be in the legal
         form of a joint stock corporation ("Aktiengesellschaft" or "AG"). NewCo
         II shall hold all shares in MGG and possibly in addition other
         participations.

<Page>

                                      -18-

(2)      The Financial Investors hereby undertake to assure that NewCo II does
         have the bylaws after the completion of the transaction as attached in
         ANNEX 4.2 to the Reference Deed. The business activity of NewCo II
         shall be limited to the shareholding in MGG and, if applicable,
         additional companies as well as to the issue of high-interest-bearing
         bonds to refinance the MGG Group.

(3)      The Financial Investors hereby undertake to ensure that after the
         Closing under the Purchase Agreement the current bylaws of MGG shall
         be modified and shall have the wording as attached in ANNEX 4.3 to the
         Reference Deed.

(4)      The Financial Investors hereby undertake to assure that neither the
         legal form of NewCo II and MGG is changed nor one of the direct or
         indirect subsidiaries of Investor NewCo is merged without the approval
         of MIG. However, MIG shall issue the approval for such measures
         proposed by the Financial Investors

         (a)      if it does not thereby incur any legal
                  disadvantages--particularly provided the rights under this
                  Agreement are not prejudiced--,

         and

         (b)      no financial (including tax) disadvantages occur that are not
                  fully compensated.

         At variance of this rule the legal form of MGG may only be changed with
         the approval of MIG as long as MIG (taking into account the provision
         of Section 9) has more than 25, 1% of the voting rights in Investor
         NewCo.

(5)      The Financial Investors and MIG undertake to ensure that after the
         purchase of NewCo III by Investor NewCo (a) NewCo III shall have the
         bylaws as attached in ANNEX 4.5 to the Reference Deed, (b) the
         management and the supervisory board are filled with the same persons
         who are appointed to the board of directors respectively the
         supervisory board of NewCo II and (c) NewCo III is merged as fast as
         possible.

<Page>

                                      -19-

(6)      The Financial Investors may request that the participation of NewCo II
         in MGG is completely or in part contributed to another Intermediate
         Holding ("DEBTCO") for the purpose of tax optimization. DebtCo shall
         be given bylaws essentially corresponding to the ones attached in
         ANNEX 4.5 to the Reference Deed.

                                   SECTION 5

                              CONTROL AGREEMENTS

It is planned for a control agreement to be concluded between Investor NewCo and
NewCo II and between NewCo II and MGG. At the request of the Financial Investors
MIG hereby undertakes to consent to the necessary resolutions. The conclusion of
additional agreements between business enterprises, e.g., between Investor NewCo
and one of its direct or indirect subsidiaries or between the subsidiaries among
themselves, shall require MIG's approval. MIG shall issue such approval,
provided it does not thereby incur any legal disadvantages, particularly
provided the rights under this Agreement are not prejudiced or, to the extent
that only financial (including tax) disadvantages occur provided these are fully
compensated.

                                   SECTION 6

                                WARRANTIES OF MIG

(1)      After the establishment of the target structure, MIG shall warrant the
         Financial Investors the following by way of an independent guaranty:

         (a)      Investor NewCo shall receive the sole, unrestricted and
                  unencumbered title to the shares in NewCo II contributed to it
                  by MIG with the exception of rights (including pledges) in or
                  with regard to the shares for the benefit of the financing
                  banks.

         (b)      NewCo II shall receive the sole, unrestricted and unencumbered
                  title to the shares in MIG MGG Shares contributed to it by MIG
                  with the exception of

<Page>

                                     - 20 -

                  rights (including pledges) in or with regard to the shares for
                  the benefit of the financing banks.

         (c)      The contributions to the shares pursuant to Literi (a) and (b)
                  above have been duly and fully paid in and have not been
                  repaid and are not reclaimable. After the amendment of the
                  bylaws of MGG no measures or obligations to change the
                  corporate or shareholder relations exist which have not been
                  disclosed to the Financial Investors (e.g., modifications of
                  bylaws, changes in capital, options, preemptive purchase
                  rights).

         (d)      MIG or one of its shareholders and the companies affiliated
                  with each of them have no rights to assets of MGG or the
                  companies affiliated therewith which are of significance for
                  the business operations of MGG or its affiliated companies,
                  particularly not to the real properties, industrial property
                  rights with the exception of the trademark "Messer" including
                  the logo belonging thereto and other material assets used by
                  MGG or the companies affiliated therewith.

         (e)      No agreements exist between MGG and the companies affiliated
                  therewith of the one part and MIG and its shareholders and
                  affiliated companies of the other part apart from those
                  mentioned in ANNEX 6.1 (e) to the Reference Deed.

         (f)      No tax obligations for MGG exist or will arise in future from
                  the sale of the Cutting & Welding activities resulting from
                  hidden profit distribution. All guarantees of MGG and
                  companies affiliated therewith for present or future
                  obligations from the Cutting & Welding field are fully
                  redeemed. MIG has no knowledge on itself or third parties
                  having claims against MGG arising from contracts with MGG on
                  the taking over of Cutting & Welding activities with the
                  exception of those listed in ANNEX 6.1 (f) of the Reference
                  Deed. The Parties agree that the provisions in Annex 6.1 (f)
                  of the Reference Deed shall be replaced by the following
                  statement:

<PAGE>

                                     - 21 -

                  "potential claims of MG System + Weding Inc. against MG
                  Industries Inc. USD 2.500.000,-- "

                  In case the aforementioned risk materializes, MIG shall bear
                  2/3 of any damages arising through the reduction of a
                  possible Singapore Loan pursuant to Section 32 by an amount
                  equal to 2/3 of the damages incurred. MIG shall not be subject
                  to any payment or other adjustment obligation if the Singapore
                  Loan does not fully cover the damages.

(2)      In the event of any breach of the warranties contained in this Section
         6, MIG hereby undertakes to establish with the company in question - as
         far as possible - the condition which would have come about had the
         warranty been accurate. In the event of a breach of the warranties
         included in Section 6 para. (1) (f) the Sections 439, 460, 464 BGB
         shall not apply.

(3)      Further statutory claims or claims arising from breach of duty in
         negotiations of the Financial Investors against MIG with regard to the
         acquisition of its indirect participation in MGG or with regard to the
         contributions pursuant to Section 1 para. (1) are excluded. With the
         exception of the claims arising out of breach of the guarantees given
         pursuant to Litera (d) and (e), to which the limitation period of
         Section 195 BGB applies, the claims of the Financial Investors arising
         from this Section 6 become statute-barred within ten years.

(4)      The claims arising from this Section 6 are subject to:

         (a)      The Financial Investors shall ensure that MIG is completely
                  informed and kept posted without undue delay on all
                  circumstances that may lead to a claim pursuant to Section 6.

         (b)      In the event of a claim arising out of breach of the
                  guarantees given pursuant to Paragraph (1) (f) the Financial
                  Investors shall ensure that MIG is

<PAGE>

                                     - 22 -

                  given the opportunity to participate in all meetings with tax
                  authorities in connection with audits and tax assessment
                  notices that refer to the sale of the Cutting & Welding
                  activities and to comment in writing vis-a-vis the tax
                  authorities. On request of MIG the Financial Investors will
                  ensure that all available remedies against tax assessment
                  notices that may lead to a claim of the Financial Investors
                  against MIG from Paragraph (1) (f) are filed, if MIG
                  indemnifies MGG from all costs arising in and out of court
                  from the filing of such remedy.

         (c)      Claims arising out of breach of the guarantees given pursuant
                  to Paragraph (1) (c) and (f) are limited to Euro 10.000,000
                  (in words: Euro ten millions) in case of a monetary liability.

                                      SECTION 7

                MANAGEMENT PARTICIPATION PLAN, OPTIONS FOR THE INTERIM FINANCERS

(1)      For managing directors and executive employees of MGG and its
         subsidiaries and holdings, a management participation plan is to be
         launched pursuant to the terms and conditions as set forth in ANNEX 7.1
         of the Reference Deed. The beneficiaries are to receive convertible
         bonds which can be converted into a direct share in the form of
         non-voting preference shares in the share capital of Investor NewCo.
         For this management participation plan, conditional or authorized
         capital of up to 5% of the share capital of Investor NewCo is to be
         created. The terms and conditions of the management share option plan
         shall be adopted by the shareholders in general meeting by way of a
         simple majority.

 (2)     The consortium of banks that provides the financing of the transaction
         is to receive option rights for shares of Investor NewCo on which no
         more than 5 % of the share captial are to be allotted. In addition, in
         consideration of a partial deferment of the purchase price owed for the
         Hoechst-MGG-shares, Hoechst NewCo III shall be granted warrants

<PAGE>

                                     - 23 -

         in Investor NewCo in accordance with the provisions of the Convertible
         Bonds Agreement dated 27 April 2001 and made between ACP, GS, MIG,
         Investor NewCo and DIOGENES Zwanzigste Vermogensverwaltungs-GmbH for a
         nominal amount of E 1 each, which shall not account for more than 3% of
         the share capital. The Parties undertake to create the corresponding
         conditional capital increase for the coverage of these option rights.
         The Financial Investors shall ensure in the respective agreements with
         the beneficaries that shares issued in consequence of convertible bonds
         pursuant to this para. 2 shall be subject to the rules in Section 25
         (Call Option) and the duty of joint sale pursuant to Section 28 of the
         Shareholders' Agreement. The terms and conditions of the warrants will
         provide for antidilution protection. This provision may lead to the
         issuance of more warrants to the beneficiaries. In this case, the 5%
         or, respectively, 3% threshold in the first or, respectively, the
         second sentence shall not qpply.

                                       II.
          SHAREHOLDERS' RIGHTS IN INVESTOR NEWCO, NEWCO II, NEWCO III,
                                 DEBTCO AND MGG

                            ARTICLE 1: GENERAL PROVISIONS

                                      SECTION 8

                                     PRINCIPLES

(1)      Between the Parties the provisions of this Agreement take precedence
         over the provisions of the bylaws of Investor NewCo, General Partner
         GmbH, NewCo II, NewCo III, DebtCo and MGG.

(2)      In as far as admitted by law the parties undertake to perform all
         measures that are necessary to reach the goals and results agreed upon
         in this Agreement.

<PAGE>

                                     - 24 -

(3)      The parties particularly undertake to exercise all their rights
         accordingly to this effect, in particular their rights as shareholders
         of Investor NewCo and the general partner GmbH, and to the extent that
         this is necessary to coordinate its action, so that the fulfillment of
         the results agreed upon or adopted according to this Agreement (also
         with subsidiaries and holdings) is effected.

(4)      In the event rights can only be exercised via the members of a
         supervisory board seconded by respectively elected according to the
         proposal of the Parties, the Parties shall assure, as permitted by law,
         that these members of the supervisory board act in accordance with the
         stipulations of this Agreement. Each Party shall be obligated to
         dismiss those members of a supervisory board seconded by respectively
         elected according to the proposal of it whose actions and voting
         conduct are contrary to reaching the goals and results agreed upon in
         this Agreement, in particular if the agreements pursuant to Sections
         11, 14 and 15 may not be implemented. At the request of any Party, all
         Parties shall be obligated to immediately hold an extraordinary
         respectively a regular general shareholders' meeting in order to
         enable the dismissal of the supervisory board.

(5)      The Parties shall assure, as permitted by law, including without
         limitation by issuance of corresponding rules of procedures, that
         measures concerning a subsidiary of Investor NewCo are examined and
         approved by the bodies competent pursuant to Sections 12 et seq.
         prior to their implementation. This applies particularly to decisions
         that regarding their type are within the competence of the
         shareholders' meeting of Investor NewCo (Section 16).

(6)      The Parties shall assure that these agreements and resolutions that are
         adopted by bodies of Investor NewCo are implemented in NewCo II, NewCo
         III, DebtCo and MGG. If possible, the bodies of such companies are to
         be occupied by the same persons and hold meetings immediately following
         each other.

(7)      The provisions in this Agreement shall continue to apply accordingly in
         the event the target structure changes due to any mergers,
         transformations, etc. The Parties

<Page>

                                       -25-

         shall then be obligated to adjust this Agreement accordingly, if
         relevant. Section 1 para. 3 remains unaffected.

(8)      To the extent that the reasons preventing a granting or exercise of
         rights by ACP do no longer apply or are no longer to be observed, ACP
         and GS shall jointly exercise the shareholders' rights and the
         seconding rights GS is entitled to in correspondence with their
         participation to each other in the share capital of Investor NewCo. The
         other provisions of this Agreement shall then be applied internally
         between the Financial Investors and their Successors pursuant to
         Sentence 1 mutatis mutandis.

(9)      To the extent that GS has nomination rights pursuant to this Agreement,
         these rights will be exercised by GS as follows: GS Capital Partners
         2000 L.P., GS Capital Partners 2000 Offshore L.P., and GS Capital
         Partners 2000 GmbH & Co. Beteiligungs KG will each norninate one
         member, each of whom shall be considered as a member nominated by GS
         pursuant to this Agreement.

                                       SECTION 9

                                    VOTING RIGHTS

(1)      Subject to the provisions of this Agreement, the voting rights of the
         Parties in the (general) shareholders' meeting of Investor NewCo and
         General Partner GmbH shall correspond to the shareholding in the share
         capital of Investor NewCo entitled to voting.

(2)      At variance with Paragraph (1) above, the following special provisions
         shall apply to the calculation of the voting rights of MIG in (general)
         shareholders' meetings of Investor NewCo and General Partner GmbH:

         (a)      In the event the share of MIG in the share capital of Investor
                  NewCo entitled to voting is decreased through capital
                  increases to below 25.1% but not below 10%, MIG shall be
                  entitled to 25.1% of the voting rights. Provided the voting
                  rights actually held are above 25.1% or below 10%, MIG shall
                  be entitled to the voting rights actually held.

<Page>
                                       -26-

         (b)      In the event the share of MIG in the share capital of Investor
                  NewCo entitled to voting is decreased through sale of shares
                  to below 25.1 % but not below 20%, subject to Litera (c) MIG
                  shall be entitled to 25.1% of the voting rights. Provided the
                  voting rights actually held are above 25.1% or below 20%, MIG
                  shall be entitled to the voting rights actually held.

         (c)      In the event the share of MIG in the share capital of Investor
                  NewCo entitled to voting is decreased through both a capital
                  increase and a sale to below 25.1 %, the amount of voting
                  rights shall be determined as follows: In the event the
                  shareholding is decreased not below 20% by sales without
                  regard to capital increases, the provision in Litera (b) above
                  shall apply, i.e., MIG shall keep a voting right of 25.1%,
                  provided MIG still holds at least a 10% share after due regard
                  to capital increases. In the event the shareholding is
                  decreased below 20% by sales without regard to capital
                  increases, the voting right shall correspond to the percentage
                  shareholding in the share capital after due regard to capital
                  increases.

In those cases in that the voting rights of MIG are increased pursuant to the
paragraphs above, the voting rights of the Financial Investors shall decrease
correspondingly.

For the calculation of the threshold value shares in the stock capital of
Investor NewCo entitled to voting created by exercise of the option rights
pursuant to Section 7 para. (2) will be disregarded.

A reduction in MIG's interest in Investor NewCo's voting share capital as a
result of any transfers pursuant to Section 19 shall not be deemed a sale within
the meaning of this paragraph, but rather a capital increase.

The Financial Investors undertake to exercise their voting rights in the
(general) shareholders' meeting in such a way that the restrictions as in this
Agreement bindingly agreed upon between the Parties shall be taken into account.
Apart from
<Page>

that no pooling of votes or other coordination of the exercise of votes shall
take place between the Financial Investors.

                                       -27-
(3)      If, in the event the capital share of MIG is reduced, the conditions
         for minority protection in accordance with the Paragraph (2) above are
         not met any longer, the special rights of MIG in relation to the
         approval of the change of legal form of MGG (Section 4 para. (4) last
         sentence), appointment of members to bodies (Sections 11 to 13 and 15),
         approval of capital increases (Section 18) and the budget of the Messer
         Griesheim Group (Section 14) shall no longer be applicable. The rights
         arising under Section IV (Disposal of Shares) as well as legal
         provisions on the protection of minorities including without limitation
         those with regard to capital increases, in particular Sections 186
         para. (3), 255 AktG, are not affected.

(4)      Without prejudice to the above provisions, resolutions modifying or
         supplementing the Shareholders' Agreement of Investor NewCo which
         violate the principle of the equal treatment of all shareholders or
         impose additional obligations, particularly contribution obligations,
         on any Party shall require the approval of the affected shareholder or
         Party.

(5)      Any Party which is to be released from any liability through a
         resolution shall not have any voting right in the corresponding vote
         and may not exercise such a right for others. This shall also apply in
         the event of any vote relating to the undertaking of a legal
         transaction or the initiation or dealing of any lawsuit against a
         Party.

<Page>

                                      -28-

                                ARTICLE 2: BODIES

                                    SECTION 10

                               OVERVIEW OF BODIES

(1)      The bodies of Investor NewCo after the transformation into a KGaA shall
         be the shareholders in general meeting, the supervisory board and the
         General Partner GmbH.

(2)      The bodies of General Partner GmbH are the management, the
         shareholders' meeting and the shareholders' committee.

(3)      The bodies of NewCo II shall be the shareholders in general meeting,
         the supervisory board and the management board.

(4)      The bodies of MGG shall be the management, the shareholders' meeting,
         the shareholders' committee and the supervisory board.

(5)      The bodies of NewCo III are the management and the shareholders'
         meeting.

(6)      The bodies of DebtCo are the management and the shareholders' meeting.

                                     SECTION 11

                         MANAGEMENT OR MANAGEMENT BOARD

(1)      The positions of the management bodies at General Partner GmbH, NewCo
         II, NewCo III, DebtCo and MGG are to be occupied by the same persons.

(2)      The management bodies of General Partner GmbH, NewCo II NewCo III and
         MGG each are to have at least three but a maximum of five members. The
         exact number shall be determined for all bodies by the shareholders'
         committee of Investor NewCo. One member respectively shall be appointed
         as proposed by MIG; the residual members shall be appointed pursuant to
         a proposal of GS after

<Page>

                                       -29-

         consultation with MIG. GS will consider important objections of MIG.
         However, if prior to a decision GS heard MIG its decision is binding
         and may not be subjected to judicial review by MIG or in any other way
         be treated as none binding. The members of the management appointed
         pursuant to the proposal of GS shall also include the management board
         member or managing director competent for finances.

(3)      GS may request that the management bodies of General Partner GmbH,
         NewCo II, NewCo III or DebtCo have less members than the management of
         MGG, provided the appointment right of MIG in accordance with Paragraph
         (2) is not prejudiced thereby.

(4)      The members of the management bodies appointed at the proposal of any
         of the Parties to this Agreement are to be dismissed at the respective
         Parties' request by the competent bodies prior to the expiration of the
         term of office.

(5)      The members of the MGG management appointed upon the conclusion of this
         Agreement are to remain in office. In this regard, Stefan Messer shall
         be considered a member seconded by MIG pursuant to Section 11 para. (2)
         sentence 3. The other members shall be considered as members not
         appointed by any Party. If relevant, they shall be dismissed based on a
         resolution of the shareholders' committee of Investor NewCo adopted by
         way of a majority. The Parties hereby undertake to assure as permitted
         by law that such a dismissal resolution is implemented with regard to
         the members of the management of MGG by resolution of the MGG
         supervisory board. GS shall have the right to currently appoint up to
         two additional members of the management pursuant to the Paragraphs
         above. The dismissal provision in Paragraph (4) above shall apply with
         regard to these additional members. GS shall also have the right to
         determine who is to be the management board or management member
         competent for finances. Such member may be a previously appointed
         member or a member newly appointed by the GS.

<Page>
                                        - 30 -

                                     SECTION 12

                    SHAREHOLDERS' COMMITTEE OF INVESTOR NEWCO

(1)      After transformation into a partnership limited by shares the
         shareholders' committee of Investor NewCo shall be formed at General
         Partner GmbH and consist of six members. MIG and GS shall each second
         half of the members. The members seconded by a Party to this Agreement
         shall be dismissed at such Party's binding proposal by the
         shareholders' meeting prior to the expiration of the term of office.

(2)      The shareholders' committee shall be responsible for advising and
         supervising the management of Investor NewCo. In particular, the
         shareholders' committee of Investor NewCo shall decide on the approval
         of the budget, deviations from and modifications of the business plan,
         the business policy and the strategic position of the MGG Group.
         Otherwise, the shareholders committee shall make all decisions which
         fall within the competence of the shareholders and are not reserved to
         the shareholders in general meeting pursuant to Section 16.

(3)      The voting right of the members in the shareholders committee shall be
         weighted. The members seconded by MIG shall together have as many votes
         as MIG in the general shareholders' meetings of Investor NewCo pursuant
         to Sections 9 and 17 hereof. The members seconded by GS shall together
         have as many votes as the Financial Investors including their
         successors have together pursuant to Sections 9 and 17 in the
         shareholders' meeting of Investor NewCo. However, the representatives
         seconded by GS are not subject to instructions of the other Financial
         Investors. The shareholders' committee resolves by simple majority of
         votes unless it adopts resolutions on items that are subject to a
         higher majority requirement according to the provisions of this
         Agreement or mandatory statutory provisions..

(4)      The provisions of the rules of procedure of the shareholders'
         committee, particularly provisions on the form and periods for the
         convocation of meetings and on voting are evident in the bylaws of
         General Partner GmbH respectively the bylaws of Investor NewCo prior to
         transformation.

<Page>
                                      - 31 -

(5)      The initial chairperson of the shareholders' committee shall be a
         representative seconded by GS; thereafter, the chair shall be assumed,
         beginning with MIG, alternately by a representative seconded by MIG
         and a representative seconded by GS. The terms of office of the first
         chairperson are to amount to three years; thereafter, the chairperson
         shall be elected for a term of one year. Further details are evident
         from the provisions of the bylaws of Investor NewCo.

(6)      Insofar as a certain majority requirement for resolutions of the
         shareholders' committee is agreed upon herein, the votes of all members
         of the shareholders committee are to be taken as the basis for
         calculating the majority.

                                     SECTION 13

                           MGG SHAREHOLDERS' COMMITTEE

(1)      The parties undertake to ensure that half of the members of the
         shareholders' committee are appointed upon the proposal of MIG and
         half upon the proposal of GS. The shareholders' committee of MGG is to
         be seconded with the same persons as the shareholders' committee of the
         General Partner GmbH, if possible. Section 12 para. (3) applies
         accordingly to the voting rights of the members.

(2)      In particular the shareholders' committee shall resolve on the approval
         of transfers of shares and of the management measures listed in the
         bylaws pursuant to Annex 4.2 of the Reference Deed, unless they have
         already been approved by the shareholders' committee or the
         shareholders' meeting of Investor NewCo. All competence, which is not
         reserved to the shareholders' meeting or the supervisory board
         according to mandatory law, is to be granted to the shareholders
         committee.

(3)      The members of the shareholders committee shall receive an adequate
         remuneration that shall be determined by shareholders' resolution.

<Page>
                                      - 32 -

                                     SECTION 14

         APPROVAL OF BUDGET AND BUSINESS PLAN BY SHAREHOLDERS' COMMITTEE

(1)      The specifications for the management of MGG, particularly the planned
         sales of participations for the next three years shall result from the
         draft of a business plan attached as ANNEX 14.1 to the Reference Deed;
         on the basis of the draft the Parties shall prepare the final business
         plan.

(2)      The shareholders' committee of Investor NewCo shall resolve on an
         annual budget of the MGG group by way of 75% of the votes. In the event
         the necessary majority does not come about in two votes, a further
         vote, in which a simply majority shall suffice, may be held at the same
         meeting. In as far as in the budget

         a)       investments of more than E51.000.000 in any specific case
                  and/or

         b)       sales of companies in the U.S.A. or Europe with a market value
                  of more than E51.000.000 in any specific case

         that were not provided for in the business plan are stipulated, the
         inclusion of these measures in the budget must be approved by the
         shareholders' committee respectively the shareholders' meeting with a
         majority of 75%. Sentences 1 and 2 of this paragraph shall not apply.
         MIG shall consent to the sale of companies in the U.S. or Great
         Britain, if the proceeds are used to reduce indebtedness or to finance
         investments.

(3)      Any variation of management from the Budget shall require the prior
         approval of the shareholders' committee respectively the shareholders'
         meeting of Investor NewCo. Paragraph (2) Sentence 1 and 2 apply
         accordingly to the resolution. At variance herewith, i.e. without the
         provisions in Paragraph (2) Sentence 2, an approving resolution of the
         shareholders' committee of Investor NewCo with 75% of the votes shall
         be necessary for divestments of companies in the U.S.A. or Europe with
         a market value of more than E51.000.000 in any specific case. Paragraph
         (2) last sentence shall apply accordingly.

<Page>
                                      - 33 -

(4)      Furthermore, divestments in Europe require the consent of the
         shareholders' committee of Investor NewCo regardless of their value if
         (a) they were not provided for in the business plan and (b) lead in
         fact to a total retreat of the Messer Griesheim Group from a country.
         The resolution requires a majority of 75% of the votes. Paragraph (2)
         Sentence 1 and 2 shall not apply.

(5)      Divestments of companies outside of Europe always require the consent
         of the shareholders' meeting of General Partner GmbH respectively prior
         to transformation of the shareholders' meeting of Investor NewCo
         regardless of whether they have been provided for in the business plan.

(6)      Investments of more than E5.000.000 require the approval of the
         shareholders' meeting. Investments that were not provided for in the
         budget or in the business plan and that exceed E51.000.000 may only be
         approved with a majority of 75% of the votes. Paragraph (2) Sentence 2
         shall not apply.

(7)      Any Party to this Agreement may request that the threshold of
         E51.000.000 may be adopted from time to time to the currency value
         development for the purposes of the Paragraphs (2), (3) and (6).

                                   SECTION 15

                               SUPERVISORY BOARDS

(1)      Supervisory boards are to be formed at Investor NewCo, NewCo II and
         MGG. In the event such companies are not subject to co-determination,
         the supervisory boards are to have six members. In the event of
         co-determination, the number of supervisory board members shall
         correspond to the provisions of law. To the extent that the supervisory
         boards are appointed by shareholders, they are to be occupied at all
         three companies by the same persons.

<Page>
                                      - 34 -

(2)      GS and MIG shall each second to all supervisory boards half of the
         members to be appointed by the shareholders. Each Party may request
         that the members appointed by it are dismissed prior the expiration of
         the term of office.

(3)      The supervisory boards are to be appointed for a term of office that
         ends with the shareholders' meeting that adopts the resolution on the
         fourth business year after the beginning of the term. In this
         connection the business year in which the election takes place shall
         not be counted in.

(4)      A member appointed by GS shall assume the chair of the supervisory
         board. GS shall determine the person of the chairperson in consultation
         with MIG considering important objections of MIG. However, if prior to
         a decision GS heard MIG its decision is binding and may not be
         subjected to judicial review by MIG or in any other way be treated as
         none binding.

(5)      Otherwise, the rights and duties of the supervisory board members and
         the rules of procedure of the supervisory boards shall result from the
         provisions of the bylaws and, insofar as the supervisory board is
         co-determined, from the provisions of law.

(6)      The supervisory board members shall receive an adequate remuneration
         that shall be determined by shareholders' resolution.

(7)      The supervisory boards shall form committees. The Parties must ensure
         that GS and MIG are represented in equal numbers in any supervisory
         board committee.

(8)      As permitted by law the parties will work towards the aim that the
         supervisory board of MGG shall not make use of the rights arising from
         Section 111 para. (4) sentence 2 AktG.

<Page>
                                      - 35 -

                                     SECTION 16

                             SHAREHOLDERS' MEETINGS

(1)      The general shareholders' meeting of Investor NewCo and the
         shareholders' meeting of General Partner GmbH respectively prior to
         transformation the shareholders' meeting of Investor NewCo shall have
         the following competences:

         (a)      Modification of provisions of the bylaws;

         (b)      capital measures;

         (c)      approval of transfers of shares;

         (d)      dissolution and liquidation;

         (e)      transformation and conclusion of agreements within
                  Sections 291 et seq. AktG;

         (f)      use of profits.

(2)      Furthermore, the shareholders' meeting of General Partner GmbH and
         prior to transformation the shareholders' meeting of Investor NewCo
         decides on

         (a)      Consent to divestments of companies belonging to the MGG Group
                  outside of Europe;

         (b)      consent to investments of companies belonging to the MGG Group
                  exceeding E5.000.000 (in words: Euro five millions);

         (c)      conclusion of loan agreements by companies belonging to the
                  MGG Group with a volume exceeding E5.000.000 (in words: Euro
                  five millions);

         (d)      resolution on timing and conditions of an IPO as well as
                  selection of the syndicate banks;

         (e)      resolution concerning the date/time and terms and conditions
                  of the sale and transfer of shares in MGG.

<Page>
                                      - 36 -

(3)       Until an IPO of Investor NewCo the shareholders' meetings of General
          Partner GmbH and the shareholders' meeting of Investor NewCo are to
          take place immediately following each other. The general shareholders'
          meetings of Investor NewCo and the shareholders' meeting of the
          General Partner GmbH shall be convoked by management. Any Party
          holding more than 10% of the share capital may request that the
          management be instructed to convoke a (general) shareholders' meeting.
          The modalities of the convocation shall be evident from the respective
          bylaws. After an IPO the shareholders' meeting of the General Partner
          GmbH is to take place before the convocation of the annual general
          shareholders' meeting, so that the agenda and the voting conduct can
          be set.

(4)      Until an IPO of the relevant company, a quorum shall only be
         constituted at (general) shareholders' meetings if all Parties are
         represented. In the event the (general) shareholders' meeting has no
         quorum subsequently a new meeting can be convoked with a period of two
         weeks. A quorum shall be constituted at a further (general)
         shareholders' meeting with the same agenda which is convoked due to the
         absence of a quorum provided the majority of the capital entitled to
         voting is represented. Provided all Parties to this Agreement are
         represented and agree to the adoption of the resolution, resolutions
         may also be adopted if the statutory provisions and the provisions
         provided by the bylaws applicable to the convocation and notice have
         not been observed.

(5)      The shareholders' meetings of General Partner GmbH shall be chaired
         alternatively by a representative of MIG and the Financial Investors,
         the general shareholders' meeting of the Investor NewCo by the
         supervisory board chairperson. The respective chairperson must ensure
         that minutes are kept regarding the (general) shareholders' meetings
         which specify the place and date of the meeting, the participants, the
         items on the agenda, the material contents of the deliberations and the
         resolutions of the shareholders.

(6)      In the event that a resolution under para. (2) (d) or (e) is adopted,
         each Financial Investor shall be allowed, in order to safeguard their
         interests as shareholders, to

<Page>
                                      - 37 -

         provide comprehensive assistance in implementing the approved measures
         and to support and advise MGG's management so long as these services
         are provided for free. If fees are to be paid for this advise, MIG
         needs to give its consent which shall not be withheld but for good
         reason. The Financial Investors shall ensure by way of mutual
         coordination or other concerted action that there no contradictory
         support or advise is administered.

                                     SECTION 17

                      RESOLUTIONS OF SHAREHOLDERS' MEETINGS

(1)      Voting rights in shareholders' meetings of the General Partner GmbH and
         of the general shareholders' meeting of the Investor NewCo shall be
         determined in accordance with Section 9 hereof.

(2)      The Parties hereby agree that, subject to the provisions in Section 9
         hereof and in Paragraph (3) below, for all resolutions of the organs
         mentioned in Paragraph (1) the simple majority of the votes present
         shall be necessary and sufficient, even in the event another majority
         is prescribed by law. In the event that pursuant to statutory law
         resolutions require a majority of 75% of the votes and, however,
         according to the provisions of this Agreement they are subject to the
         majority principle, any Parties outvoted undertake to vote with the
         majority. Abstentions shall be considered as nay votes.

(3)      At variance with Paragraph (2) above, the following resolutions - in
         addition to those mentioned in Section 14 - shall require 75% of the
         votes:

         (a)      modifications of provisions of the bylaws, except for capital
                  changes pursuant to Section 18 and modifications of the bylaws
                  which are solely modifications of the wording in the terms
                  of Section 179 para. (1) sentence 2 of the Corporation Act
                  (AktG);

<Page>
                                      - 38 -

         (b)      capital increases for the purpose of executing investments
                  with a volume exceeding E51.000.000;

         (c)      liquidation of Investor NewCo;

         (d)      approval of the conclusion of agreements between business
                  enterprises, except for those agreements mentioned in Section
                  5 hereof;

         (e)      approval of mergers of Investor NewCo into third parties.
                  (Mergers with Investor NewCo being the receiving company are
                  subject to the regulations in Section 18 hereof);

         (f)      approval of investments exceeding C51.000.000 that were not
                  provided for in the business plan or in the budget;

         (g)      resolutions pursuant to Section 16 para. 2 (e) through
                  September 30, 2004.

<Page>
                                      - 39 -

                                    SECTION 18

                                 CAPITAL MEASURES

(1)      Before minutes are taken of any general shareholders' meeting of
         Investor NewCo in which capital measures are to be approved, the
         parties will hold a prior vote on the relevant capital measure proposed
         in the agenda. The capital measure adopted by a simple majority of
         votes present at the prior vote shall then be approved at the general
         shareholders' meeting. Capital measures that are approved in order to
         implement investments which only may be approved with a majority of 75%
         of the votes pursuant to Section 14 may only be approved with a
         majority of 75% of the votes.

(2)      A subscription right is in principle to be granted in the event of cash
         capital increases. This does not apply for a capital increase for the
         purpose of a widespread placement within an IPO or a second placement.
         In the event a Party declares that it shall not make use of its
         subscription right pursuant to Sentence (1), the cash capital increase
         may only be conducted based on the current market value of Investor
         NewCo. A premium is to be rendered by the Parties participating in the
         capital increase in the amount of the difference between the market
         value of the shares newly created through the capital increase and the
         nominal value thereof.

(3)      In the case of Paragraph (2) Sentences 3 and 4 the premium must be
         determined by the Parties by mutual agreement. In the event no
         agreement on the market value of Investor NewCo is reached within three
         weeks after presentation of the proposal to execute a capital increase,
         the capital increase may be approved and executed pursuant to the
         proposal of the Parties having the majority of the votes in the
         shareholders' meeting. In this case the voting rights and the other
         rights of membership arising from the newly issued shares shall not be
         taken into account for the purposes of this Agreement as well as the
         newly issued shares shall not be taken into account for the calculation
         pursuant to Section 9 para. (2) until the issue price has been fixed
         pursuant to the following Paragraph (4).

<Page>
                                      - 40 -

(4)      In the event no agreement on the market value of Investor NewCo has
         been reached, the Party not participating in the capital increase may
         have reviewed whether the issue amount at the capital increase
         corresponded to the market value. An expert selected pursuant to
         Section 25 para. (5) is to be commissioned with the review as
         arbitrator.

(5)      If in the event of an evaluation by an arbitrator it becomes evident
         that the issue amount did not correspond to the market value of the
         shares issued, newly issued shares are to be redeemed in the number
         which is necessary in order to establish the shareholding relation
         which would have existed had the new shares been issued at the market
         values with the amount of contributions unchanged, provided sufficient
         revenue reserves or sufficient net income (for the year) are provided
         for a simplified capital decrease in accordance with Section 237 para.
         (3) of the Corporation Act. In the event no redemption through a
         simplified capital decrease is possible, the Parties participating in
         the capital increase are to transfer to the non-participating parties
         to this Agreement the number of shares which is necessary in order to
         produce the shareholding relation adequate in accordance with this
         Paragraph. The shares must be transferred within three weeks after the
         communication of the result of the review on the market values by the
         arbitrator to the Parties participating in the capital increase. In the
         event it becomes evident from the arbitrator's valuation that the
         market value was below the issue amount, no adjustment will take place.
         As far as permitted by law, Investor NewCo will bear the costs of the
         valuation. In other respects Section 91 of the Civil Procedure Code
         (ZPO) shall apply accordingly.

(6)      With regard to any non-cash capital increase, the issue amount of the
         shares to be issued to the non-cash contributor is to be mutually
         determined by the Parties. In the event the non-cash contributor is a
         company affiliated with the Financial Investors in the terms of Section
         15 of the Corporation Act, the provisions of Section 18 para. (3) and
         (4) shall apply accordingly. In the event the non-cash contributor is
         an independent third party, the issue amount negotiated by Investor
         NewCo with the third party shall be considered as binding, provided the
         general shareholders'

<Page>
                                      - 41 -

         meeting of Investor NewCo approves the non-cash capital increase with
         simple majority and Investor New Co presents a fairness opinion from
         an investment bank not participating in the transaction which
         confirms that the issue amount in the terms of Section 255 of the
         Corporation Act (AktG) is fair.

(7)      In the event of a cash capital increase a mutual exclusion of
         subscription rights with regard to non-voting preference shares is to
         be provided for. The issue amount for the issuance of new preference
         shares is to correspond with the issue amount of the common stock
         shares.

                                        III.
                 RIGHTS FROM THE PURCHASE AGREEMENT WITH HOECHST

                                     SECTION 19

                  GUARANTEE CLAIMS FROM THE PURCHASE AGREEMENT

(1)      If, pursuant to the BCA or in connection with its subject matter,
         payment is ultimately made to a direct or indirect subsidiary of
         Investor NewCo and/or MGG in respect of any damages claim, indemnity or
         breach of warranty, then the Financial Investors may require MIG to
         assign its shares in Investor NewCo to the extent stipulated in the
         following paragraphs. The obligation to assign shall also apply to
         payments that are made by the Seller to Investor NewCo or MGG at
         Closing with regard to the period between 1 September 2000 and the
         Closing Date pursuant to obligations to indemnify or to pay under the
         BCA. There shall be no

<Page>
                                      - 42 -

         duty to assign if Investor NewCo or one of its subsidiaries receives
         payments under the Singapore Separation Agreement (Annex 3.1 (1) of
         the Reference Deed to the BCA) or a payment as a result of
         non-compliance with claims for performance under the BCA. Each payment
         to Investor NewCo that triggers a duty to assign shall be referred to
         below as an "ASSIGNMENT EVENT"."

(2)      As soon as an Assignment Event occurs, the Financial Investors may
         require MIG to assign such number of shares in the stock capital of
         Investor NewCo as is necessary to create the participation structure
         that would have existed if the payment claim that triggered the
         Assignment Event had been assigned to the Financial Investors, and the
         Financial Investors had subsequently reinvested the received payment in
         Investor NewCo by way of a capital increase. The rules on capital
         increases contained in Section 18 para. 2 through Section 18 para. 4
         shall apply correspondingly to the calculation of this participation
         quota, except that the calculation shall be based on a market value
         determined in accordance with Section 18 para. 4 within the last seven
         months immediately preceding the Assignment Event. In the event that an
         Assignment Event occurs within the first seven months after Closing,
         then, for purposes of calculating share movement caused by a fictitious
         capital increase, the First Issue Price pursuant to Section 2 para. 2,
         which on the basis of the equity contribution and capital increases
         described in Art. 2 Section 1 and calculated pursuant to the formula in
         Section 2 para. 2 above shall amount to (rounded) E74.25 (E74.2533822)
         shall be assumed as the issue price for the fictitious new shares.

<Page>
                                      - 43 -

(3)      MIG may avoid the duty to assign to the extent that it makes a payment
         to the capital reserves in Investor NewCo pursuant to Section 272 para.
         2 no. 4 of the German Commercial Code ("HGB"). The payment may not
         exceed the maximum amount calculated pursuant to the following formula:

                                       Damages
         MaximumPayment MIG = -------------------------- x participation MIG
                                1 - participationMIG

         (with participation to be expressed as the participation quota in
         percentage points).

         MIG shall make this payment within two months of receiving a notice
         pursuant to Section 43 from the Financial Investors or Investor NewCo,
         but not before an Assignment Event has occurred. This notice can be
         given, as soon as it is finally determined that and in which amount
         Investor NewCo will receive a payment which triggers an Assignment
         Event. The notice must contain the amount of this payment and a
         calculation of the number of shares to be assigned in accordance with
         the formula set forth in para. 4 below. Should MIG take the decision
         not to make any payment to the capital reserves in accordance with
         this paragraph it shall be obliged to inform Investor NewCo and the
         Financial Investors immediately, even before the two-month-period ends.

(4)      The shareholding of MIG after assignment pursuant to the first sentence
         of para. 2 shall be calculated according to the following formula.
         MIG's shareholding must have the same value before and after the
         indemnity payment.

<Table>
<S><C>
           Market value of Investor NewCo x percentage of shares held by MIG + MIG's payment
           ---------------------------------------------------------------------------------
                       Market value of Investor NewCo + damages + MIG's payment
</Table>

         where for the purposes of employing the formulas in this para. 4 and in
         para. 3, any figures shall be rounded to seven digits behind the
         decimal point, and

         "MARKET VALUE OF INVESTOR NEWCO" is the market value to be determined
         in accordance with Section 18;

<Page>
                                      - 44 -

         "PERCENTAGE OF SHARES HELD BY MIG" is MIG's interest in the share
         capital of Investor NewCo, expressed in percentage points (e.g.
         67.34 % = 0,6734), immediately prior to the payment that triggers
         the Assignment Event, but not taking into account any options or
         conversion rights; and

         "DAMAGES" is the payment that triggers the Assignment Event.

          Example:

          1.     Assumptions

<Table>
<S>                                                          <C>
          -------------------------------------------------------------------------------------------------------------
          Share Capital of Investor NewCo:                   E 10,000,000 divided into 10,000,000 shares
          -------------------------------------------------------------------------------------------------------------
          Participation Quota:                               Financial Investors: 67.34% ^/= 6,733,700 shares
          -------------------------------------------------------------------------------------------------------------
                                                             MIG: 32.66% ^/= 3,266,300 shares
          -------------------------------------------------------------------------------------------------------------
          Damages from Aventis:                              E 10 million
          -------------------------------------------------------------------------------------------------------------
          Market Value of Investor NewCo.                    E742,533,822 (equity value)
                                                             per share: E74,25
          -------------------------------------------------------------------------------------------------------------
          Payment MIG to avoid assignment:                   0
</Table>

          2.     Calculation according to Formula

           742,533,822 x 32.66 % + 0
          ---------------------------- = 32.23%
          742,533,822 + 10,000,000 + 0

          Shareholding new: 32.23 % [EQUIVALENT TO] 3,222,896 shares
          Share movement = 32.66 % - 32.23 % = 0.43 %

          MIG has to assign 43,404 shares to the Financial Investors.

          Shareholding after assignment:

          Financial Investors:                6,777,104 shares ^/= 67.77%
          MIG:                                3,222,896 shares ^/= 32.23%

          3.     Verification: Hypothetical Capital Increase
<Page>

                                     - 45 -

<Table>
<S>                                            <C>
-------------------------------------------------------------------------------------------------
Amount paid in:                                E 10 million
-------------------------------------------------------------------------------------------------
Issue price per share:                         E 74.25
-------------------------------------------------------------------------------------------------
Amount of capital increase:                    10,000,000
                                               ----------  =  E 134,674
                                                  74.25
-------------------------------------------------------------------------------------------------
Capital after capital increase:                E 10,134,674
-------------------------------------------------------------------------------------------------
Financial Investors' shares:                   6,868,374 ^/= 67.77 %

-------------------------------------------------------------------------------------------------
MIG's shares:                                  3,266,300 ^/= 32.23 %

-------------------------------------------------------------------------------------------------
Share movement:                                0.43%
-------------------------------------------------------------------------------------------------
</Table>

4.                Shareholding in terms of value:

<Table>
<Caption>
                                     ------------------------------------------------------------
                                      Value of Investor             NewCo Value after damages
                                      before damages
<S>                                  <C>                            <C>
-------------------------------------------------------------------------------------------------
                                     E 742,533,822                  E 752,533,822
-------------------------------------------------------------------------------------------------
Financial Investors:                 67.34% = E 500.0 million       67.77% = E 510.0 million
-------------------------------------------------------------------------------------------------
MIG:                                 34.66 % = E 242.5 million      32.23 % = E 242.5 million
-------------------------------------------------------------------------------------------------
</Table>

(5)      Notwithstanding the aforementioned provisions, the parties agree that
         if, after the exercise of the Seller's Call Option (Section 2.8 of the
         BCA) and the Counter-Call Option (Section 2.9 of the BCA), the shares
         in NewCo II are not re-assigned to Investor NewCo and instead Investor
         NewCo acquires a damages claim under Section 4.14 of the BCA, then any
         and all outstanding debts owed by Investor NewCo will be repaid from
         the proceeds of such damages claim. The Financial Investors agree that
         before any generated profits are distributed they will sell and assign
         to MIG all shares in Investor NewCo including the shares in the
         GmbH-General Partner. MIG agrees to purchase and accept the assignment
         of such shares. The purchase price shall be the amount of damages
         claims remaining after such claims are applied in the manner described
         in the first sentence of this paragraph. The parties may also agree to
         another arrangement, provided that in the end the Financial Investors
         can be assured of receiving the damages claims remaining after the
         debts have been repaid (without deducting any avoidable taxes) and MIG
         ultimately holds all shares in Investor NewCo.

<Page>

                                      - 46 -

(6)      The duty to assign the shares, as set forth in para. (1) above, will
         also apply to the corresponding shares in the GmbH-General Partner once
         the shares are assigned in accordance with this Section 19 and such
         shares represent more than 5% of the share capital. If such a threshold
         is reached only after several assignments, then upon reaching this
         threshold, shares in the GmbH-General Partner shall also be assigned
         such that, to the extent possible and in view of the aforementioned
         assignments, the share of equity held in the GmbH-General Partner is
         the same as the share of equity held in Investor NewCo following the
         assignment.

(7)      With respect to each sale and assignment made under these provisions,
         MIG warrants, in the form of an independent guaranty, that it is the
         legal owner of the shares being sold and assigned, that the shares are
         fully paid in and have not been redeemed, that the shares are free and
         clear of any third party rights and that it may freely dispose of the
         shares. The sale and assignment are not subject to any other warranties
         or liabilities. If a notarial recordation is required, the costs
         related thereto hall be borne by the assignee.

(8)      Should the assignment of shares trigger any taxes for MIG which would
         not have been triggered under the original version of Section 19 as of
         31 December 2000, the Financial Investors shall indemnify MIG against
         such taxes. The indemnification obligation can be discharged by
         retransferring shares. For the purposes of such discharge the shares to
         be retransferred shall be valued at their fair market value at the time
         of the retransfer. Section 18 par. 2 through 4 shall apply accordingly.

<Page>

                                      - 47 -

                                       IV.
                               DISPOSAL OF SHARES

                                     SECTION 20

                             INITIAL PUBLIC OFFERING

(1)      The Parties may only decide on an IPO of Investor NewCo or any of its
         subsidiaries by mutual agreement. In the event no decision on the IPO
         is made by 30 June 2003, the Financial Investors shall have the right
         to request an IPO, which, however, is not to take place prior to 1
         January 2004; however, the Financial Investors are granted this right
         only in the event that the Financial Investors, including those
         individuals or corporations to whom they have transferred shares, are
         holding the majority of the share capital of Investor NewCo at the time
         the IPO is requested. MIG shall then be obligated to support the IPO
         and to issue all necessary statements pursuant to the following
         provisions.

(2)      In the event the Parties have agreed on an IPO or the Financial
         Investors have requested the execution of an IPO pursuant to Paragraph
         (1) above, the Parties shall be obligated to undertake all legal steps
         and issue all statements necessary for an IPO. In particular, they
         shall be obligated at the request of a Party to approve any
         transformation of the company to be admitted to the stock exchange into
         a joint stock corporation for the purposes of the IPO and any capital
         measures to prepare the IPO which are proposed by the lead manager. As
         permitted by law, the rights of the Parties provided in this Agreement
         must be safeguarded, either in the bylaws of the joint stock
         corporation or in a shareholders' agreement to be newly agreed upon.

(3)      The investment bank which accompanies the IPO as lead manager is to be
         determined jointly by the Parties and commissioned jointly with the
         Investor NewCo or solely by Investor NewCo. A beauty contest is to be
         held at any Party's request. If the Parties do not agree on an
         investment bank after the conclusion of the beauty contest, the
         Financial Investors shall be entitled to the determine the

<Page>

                                      - 48 -

         investment bank. The bank determined by the Financial Investors
         alone may not be a company affiliated with a Financial Investor
         within the meaning of Section 15 AktG.

(4)      The number of shares offered in the IPO and the scope of the cash
         capital increase and the sale of old shares shall be determined in
         accordance with the recommendations of the lead manager. In the event
         not all Parties can sell the desired amount of shares held by them in
         the IPO, the Financial Investors shall have the right to sell the
         shares held by them with priority. MIG may only then sell shares in the
         IPO if the Financial Investors are able to sell the full number of
         shares they wish to sell. To the extent that MIG participates in a
         capital increase pursuant to Section 18 para. (8), the Financial
         Investors shall negotiate with MIG, if and to what extent MIG may
         participate in the sale of old shares within the IPO for the financing
         of the contribution and the costs.

(5)      In the event the Financial Investors still hold shares after the IPO,
         the Financial Investors jointly shall have the one time right to
         request a further public offering in which they can sell their shares
         in whole or in part. The Financial Investors shall decide on the date
         thereof. At least six months are to elapse between the IPO and the
         further offering. In the event not all Parties can sell the desired
         amount of shares held by them in a further public offering, the
         Financial Investors shall have the right to sell up to 81% of the old
         shares placed in the offering. This rule shall be valid for the first
         three years after the IPO. The Financial Investors are entitled to
         require, after such secondary offering in which they have priority,
         further secondary offerings, in which they can sell shares. In such
         further secondary offerings the Financial Investors do not have
         priority, but can only sell together with MIG on a pro rata basis, in
         the same ratio as they hold shares in Investor NewCo.

(6)      The Parties hereby undertake to hold pursuant to the recommendation of
         the lead manager after the execution of the IPO or any further offering
         the residual shares

<Page>

                                      - 49 -

         for the period recommended by the lead manager and not to sell them
         over the stock exchange. However, the lockup period may not be longer
         than 180 days subject to imperative provisions of the stock exchange
         concerned.

(7)      In the event of an IPO or a further offering, the Parties shall seek
         that the management board of the company to be listed at the stock
         exchange shall support the IPO or the further offering, particularly
         through participation in road shows, support in the preparation of the
         prospectus, provision of information to the underwriters, elaboration
         of a detailed business plan, etc.

                                     SECTION 21

    RESTRICTION ON TRANSFERABILITY, GENERAL LOCKUP PERIOD, ADMITTED TRANSFERS

(1)      The Parties and MIG hereby undertake not to dispose of their shares in
         Investo NewCo and General Partner GmbH without the approval of the
         other Parties. They hereby further undertake to work towards the aim in
         every suitable fashion that Investor NewCo does not dispose of its
         shares in NewCo II respectively NewCo III, that NewCo II does not
         dispose of its shares in MGG, and that NewCo III does not dispose of
         its shares in NewCo II. For this purpose, a clause on the restriction
         of the transferability of shares shall be incorporated into the Bylaws
         of Investor NewCo, NewCo II, NewCo III and MGG. Corresponding rules
         apply to DebtCo if applicable. The Parties must ensure that the bodies
         competent according to the bylaws to issue the approval only issue the
         approval if a unanimous consenting resolution of the Shareholders'
         Meeting pursuant to Section 16 para. I (c) was adopted. Exempt from
         this approval requirement shall be the sale and transfer of 66 2/3 of
         the shares in NewCo II to NewCo III after the exercise of the Call
         Option pursuant to Section 2.8 of the Purchase Agreement with a
         transfer of single or all shares of MGG to DebtCo. In connection with
         the IPO, the clause on the restriction of the transferability of shares
         in the bylaws of that company whose shares are to be traded on the
         stock exchange shall be revoked. However, the approval duty for the

<Page>
                                       -50-

         transfer of shares held by the Parties in such company as existing
         according to the provisions of this Agreement shall not be prejudiced
         hereby.

(2)      The approval to the transfer of shares in Investor NewCo shall be given
         in the following events:

         (a)      transfer of shares which are held by MIG to a shareholder of
                  MIG or any member of the Messer Family as defined in Section
                  29 para. (2) hereof;

         (b)      transfer of shares to companies affiliated with ACP or GS or
                  with The Goldman Sachs Group Inc. respectively Allianz AG in
                  the terms of Section 15 of the Corporation Act or to
                  holdings managed by ACP or GS or by The Goldman Sachs Group
                  Inc. respectively Allianz AG or by companies affiliated
                  therewith in the terms of Section 15 of the Corporation Act
                  or to funds managed by such companies;

         (c)      transfer to employees employed at the companies specified in
                  Litera (b) above or, however, at maximum, up to 10% of all
                  shares in the share capital of Investor NewCo, whereby shares
                  which have been issued in accordance with the Management Share
                  Option Plan in accordance with Section 7 hereof are not to be
                  taken into account;

         (d)      transfer of shares, to which up to 16% of the share capital
                  are alloted, by ACP and/or GS to a further financial investor
                  listed in ANNEX 21.2 of the Reference Deedif ACP does not
                  transfer more shares than GS;

         (e)      transfer of shares pursuant to Section 19.

         However, the approval pursuant to Paragraph (1) above only then has to
         be given, if the respective buyer consents to the provisions of this
         Agreement. This shall not apply to sales in accordance with Litera (c)
         above. Sales pursuant to this Paragraph (2) are to be notified to all
         Parties immediately in writing. Buyers, to whom a Party has transferred
         shares according to the provisions of this Agreement and who

<Page>
                                       -51-

         have consented to the provisions of this Agreement are jointly named
         "SUCCESSORS" in the following. In the event of the joining of a
         Successor to the Financial Investors all provisions concerning the
         rights and obligations of the Financial Investors as a group apply
         accordingly to this Successor. In this event the Financial Investors
         may require that the rights of appointment, that GS is entitled to
         pursuant to this agreement, are completely or in part transferred to
         the Successor. The Successor or Successors of MIG succeed(s) to all
         rights and obligations of MIG. If MIG does not sell all of its shares
         MIG and the Successors may exercise the rights of MIG under this
         Agreement only jointly and in a uniform way.

(3)      Sales of shares via the stock exchange after an IP0 of Investor NewCo
         do not require approval.

(4)      At a sale of shares of Investor NewCo shares in General Partner GmbH
         may be transferred in the same ratio. The requirement for approval
         pursuant to Paragraph (2) applies accordingly. Sentence (1) shall not
         apply to sales in accordance with Paragraph (2) (c) and Paragraph (3)
         above. In the event the shareholding in the share capital of Investor
         NewCo has decreased by more than 10% as a result of sales over the
         stock exchange, the affected Party must transfer a corresponding share
         in the share capital of General Partner GmbH to the other Parties in
         such a ratio that, to the extent legally permitted, their
         participations in the General Partner GmbH correspond to their
         participation in the share capital of Investor NewCo .

(5)      In the event of transfers pursuant to Paragraph (2) (c) the Successors
         may only exercise their voting rights in a uniform way with the
         transferring Party.

                                   SECTION 22

                                TENDER OBLIGATION

(1)      After 30 September 2004, the consent to the transfer of shares to a
         third party shall be given in addition to the cases laid out in Section
         21 para. (2) provided the following provisions have been observed prior
         to the disposal.

<Page>
                                       -52-

(2)      In the event any Party intends to sell shares in Investor NewCo, such
         Party must communicate its intention to sell to the other parties and
         present them with a binding notarial sales offer for the shares to be
         sold ("SALE SHARES"), specifying all contractual conditions intended
         to apply to the purchase. The communication of the intention to sell
         shall give an indication on the expected sales price and other
         provisions, determining the sales price. The notarial sales offer is to
         be presented no earlier than three weeks after announcement of the
         intention to sell. The shares are to be transferred in consideration
         for payment of the purchase price within three months after the
         acceptance of the offer. If at this point of time not all of the
         official authorizations necessary for the transfer of the Sale Shares
         exist, the transfer in consideration for payment is to be executed
         directly after the granting of all official authorizations.

(3)      The other Parties to this Agreement shall be entitled to acquire the
         offered Sale Shares in proportion to their share in the share capital
         of Investor NewCo. To the extent a Party entitled to acquisition does
         not avail itself of its acquisition right or does not do so within the
         required period, its acquisition right shall accrue to the other
         Parties entitled to acquisition in the ratio of their shareholdings in
         the share capital of Investor NewCo. In the event non-divisible
         fractional amounts arise upon the prorated dividing of the Sale Shares
         that Party entitled to acquisition which has exercised its acquisition
         right first shall be entitled to such amounts. A Party entitled to
         acquisition may exercise its acquisition right only with regard to the
         total of all Sale Shares that it is originally entitled to pursuant to
         Sentence 1 above and that are accruing to it pursuant to Sentence 2.

(4)      The right to acquire the Sale Shares by the Parties entitled to
         acquisition may only be exercised by a notarized acceptance declaration
         to the selling Party within six weeks from the receipt of the sales
         offer. In the event that the sales offer has been presented prior to
         the expiration of the three weeks period pursuant to Paragraph (2), the
         period pursuant to Sentence 1 is extended by the number of days that
         were between the presentation of the sales offer and the day of the
         expiration of the three weeks period. Immediately after the expiration
         of this period, the selling Party must

<Page>
                                       -53-

         notify the Parties entitled to acquisition that have exercised the
         acquisition right on the scope of the exercise of the acquisition right
         and, if relevant, offer the Sale Shares for which the acquisition right
         was not exercised in accordance with Paragraph (2) above. In the event
         of such a second offer MIG, its Successors and the Third Party as well
         as the Financial Investors and their Successors are each considered a
         group that may exercise or reject the additional acquisition right in
         a uniform way only so that the selling Party has to carry out no more
         than two tender rounds. The offer to acquire the additional Sale
         Shares may be accepted within two weeks after receipt of the notice.
         Sentence 1 shall apply accordingly for the acceptance of the offer.

(5)      In the event the right of acquisition has not been exercised with
         respect to all Sale Shares pursuant to Paragraph (4) all offers will
         cease to exist. The Party desiring to sell is then entitled to a
         transfer to a third party in accordance with the following Paragraph
         (6).

(6)      In the event the Parties entitled to acquisition have not accepted the
         binding offer without reservation within the periods pursuant to
         Paragraph (4) above or paid the purchase price in consideration for the
         transfer of the shares within the period pursuant to Paragraph (2), the
         Party desiring to sell shall be authorized for a period of six months
         from (i) the rejection of the offer or (ii) the due date of the payment
         or (iii) the date of the refusal of the necessary official
         authorizations, whatever date occurs first, to sell its Sale Shares to
         a third party, though not at conditions more favorable for the third
         party than those offered pursuant to Paragraph (2) above. In the event
         one or more of the Parties entitled to acquisition have not paid the
         purchase price when due, the selling Party must offer these shares
         prior to a sale to a third party to the other Parties entitled to
         acquisition that have fulfilled their obligations. Paragraph (4)
         Sentence 3 and 4 apply accordingly. The selling Party must inform the
         others on the fulfillment of the conditions for a free sale in writing
         pursuant to Section 39 hereof. In the event the conditions which the
         selling Party has offered to the third party are more favorable than
         those notified pursuant to Paragraph (2), the Parties entitled to
         acquistion shall have a preemptive purchase

<Page>
                                       -54-

         right pursuant to Section 24. The Purchase Agreement must assure that
         the other shareholders may exercise their rights pursuant to Sections
         23 and 24. The selling Party has to send the other Parties a copy of
         the Purchase Agreement without delay.

(7)      For purposes of the sale, the selling Party may provide information
         about MGG to third parties provided that the third party signs a
         statement of confidentiality that is beneficiary and entitling also
         for the other Parties and MGG. The selling Party has to send the
         statement of confidentiality to the other Parties. The Parties endeavor
         to ensure that the management provide to the selling Party the
         information necessary for the sale, to cooperate in the preparation of
         information memorandums and similar documents, and to participate in
         presentations.

(8)      The tender duty stipulated in this provision and the accordingly
         existing acquisition right with regard to the shares in Investor NewCo
         shall, always also encompass a corresponding share in the share capital
         of General Partner GmbH.

                                     SECTION 23

                               RIGHT TO JOINT SALE

(1)      In the event after the tender pursuant to Section 22 hereof the Party
         desiring to sell is entitled to sell to a third party, each Party
         entitled to acquisition may declare to sell its share pro rata (i.e.
         the same proportion in percent with regard to the then existing
         participation in the share capital of Investor NewCo as the selling
         Party) to the buyer at the otherwise identical terms and conditions as
         the selling Party. The declaration must be issued within one month
         after the selling Party has informed the other Parties on

         (a)      the fulfillment of the conditions for a free sale pursuant
                  to Section 22 para. (6) hereof,

         (b)      the potential purchaser and

<Page>

                                          -55-

         c)       the purchase price negotiated until then and other provisions
                  determining the purchase price.

         The Parties intending to exercise their right to joint sale may submit
         the exercise of their right to joint sale to the condition that in the
         sale a minimum price determined by them is realized that may be higher
         than the communicated price.

(2)      The right to joint sale must be as well exercised for a corresponding
         share in the share capital of General Partner GmbH.

                                     SECTION 24

                            PREEMPTIVE PURCHASE RIGHT

(1)      In the event of Section 22 para. (6) sentence 4 hereof, the Parties
         not having exercised their right pursuant to Section 23 hereof shall be
         entitled to a preemptive purchase vis-a-vis the selling Party. The
         preemptive right also applies to the shares sold in addition pursuant
         to Section 23 hereof. A preemptive purchase right shall also exist in
         the event of disposals similar to purchases, such as exchange,
         contribution in consideration for holdings, etc. The value of the
         consideration shall then replace the purchase price.

(2)      The preemptors shall be entitled to the preemptive purchase right in
         the ratio of their shareholdings in the share capital of Investor NewCo
         at the time of the occurence of the preemptive purchase event. To the
         extent a preemptor does not avail itself of its preemptive purchase
         right or does not do so within the required period, such right shall
         accrue to the other preemptors in the ratio of their shareholdings in
         the share capital of Investor NewCo at the time of the occurrence of
         the preemptive purchase event. In the event several preemptors exercise
         their preemptive purchase rights and the shares to be acquired cannot
         be divided into whole amounts, that beneficiary which has exercised its
         preemptive purchase right first shall be entitled to the non-divisible
         fractional amounts. A preemptor may exercise its preemptive purchase
         right only with regard to the entire share to which it is entitled to
         pursuant to this Paragraph (2).

<Page>

                                          -56-

(3)      The preemptive purchase right may only be exercised within six months
         from the receipt of the contract which the selling Party has concluded
         with the third party and only by notarized declaration to the selling
         Party. After the exercise, the purchase agreement must be fulfilled
         within three weeks. If at this point of time not all of the official
         authorizations necessary for the transfer of shares exist, the transfer
         is to be executed directly after the granting of all official
         authorizations. In case of non-payment of the purchase price, Section
         22 para. (6) sentence 2 hereof shall apply accordingly.

(4)      In the event the preemptive purchase right is not exercised in full,
         the selling Party must send a written notice to the other Parties
         entitled to preemptive purchase pursuant to Section 39 hereof. The
         Parties entitled to preemptive purchase must exercise their preemptive
         purchase right regarding the additional Sale Shares within two weeks.
         Section 22 para. (4) sentence 3 shall apply accordingly. The preemptive
         purchase right expires if it has not been exercised regarding the total
         of the Sale Shares even to the extent it had already been exercised.

                                     SECTION 25

                               CALL OPTION FOR MIG

(1)      The Financial Investors and their Successors hereby grant MIG the right
         to acquire in the period between 1 April 2004 and 30 September 2004 the
         shares held by them in Investor NewCo and their shares in General
         Partner GmbH at the price determined pursuant to Paragraph (3) below
         ("CALL OPTION"). The Call Option may only be exercised for all of the
         shares held by the Financial Investors.

(2)      MIG must declare the exercise of the Call Option to the Financial
         Investors pursuant to Section 39 hereof. The contract arising from
         exercise of the Call Option must be carried out within three weeks
         after the purchase price has been definitively determined pursuant to
         the following provisions. If at this point of time not all of the
         official authorizations necessary for the transfer of the shares after
         the exercise
<Page>

                                       -57-

         of the Call-Option exist, the transfer against payment is to take place
         immediately after the granting of all official authorizations.

(3)      The purchase price for the stock and the shares in General Partner
         GmbH held by the Financial Investors shall correspond to the market
         value as of the date of the notice on the exercise of the Option
         pursuant to Paragraph (2) above, though at least to the value which
         results to a total revenue of the Financial Investors on their
         Acquisition Costs rendered on the shares sold by them, which results in
         an internal rate of return of 30% per annum, calculated in accordance
         with the equation total revenue = Acquisition Costs x 1,3 to the
         power of N, whereby "N" shall be the number of expired years (the
         "MARKET VALUE"). "AQUISITION COSTS" shall mean the amount of the
         contributions to the equity capital of Investor NewCo by the
         Financial Investors until such time as the call-option is exercised, as
         well as any other proven acquisition, financing, and ancillary costs
         and other investments of any kind incurred in connection with the
         acquisition or the holding of the equity participation in Investor
         NewCo and the acquisition and the holding of an indirect participation
         by Investor NewCo in MGG, no matter in what legal or economic form,
         e.g. as a capital increase, contributions to the capital reserve,
         additional contribution, shareholder's loan, or in any other manner,
         as well as all investments and costs incurred by the Financial

<Page>

                                       -58-

         Investors since the acquisition of their indirect participation in
         MGG, minus any earnings after taxes from dividends, interest or
         alienations which the Financial Investors received and get to keep
         (together the "EARNINGS"). In this context, an assignment of
         shares pursuant to Section 19 is not considered Acquisition Costs
         or Earnings in the sense of the preceding sentence. To compute the
         Market Value all cash outflows from the Financial Investors shall
         be balanced with all Revenues on a pro rata basis with a markup or
         discount for interest. In the event of computation for less than a
         year N shall be computed pro rata temporis.

(4)      In its declaration on the exercise of the Call Option pursuant to
         Paragraph (2) above, MIG must submit a proposal for the Market Value of
         the shares to be acquired by the Financial Investors calculated on the
         basis of the principles presented in the above Paragraph. In the event
         the Financial Investors declare within a period of two weeks after
         receipt of the exercise declaration pursuant to Paragraph (2) above
         that they hold the proposed price to be too low, they shall be entitled
         to appoint an expert, if possible, an internationally active investment
         bank, which shall determine the Market Value in accordance with the
         specifications pursuant to Paragraph (3) above. The Financial Investors
         shall bear the costs of the expert opinion.

(5)      In the event MIG does not acknowledge the Market Value computed by the
         expert of the Financial Investors, MIG may commission a second expert
         to determine the Market Value pursuant to Paragraph (3). MIG shall bear
         the costs of the second opinion. In the event a second opinion is
         prepared, the following provisions shall apply to the final
         determination of the Market Value:

         (a)      In the event the Market Values of the two experts do not vary
                  from each other by more than 10%, the Market Value shall
                  correspond to the arithmetic mean between the Market Values
                  computed by the two experts.

         (b)      In the event the Market Values computed by the two experts
                  vary from each other by more than 10%, the Financial Investors
                  and MIG shall commission a third neutral expert
                  ("ARBITRATOR"), which they shall determine by

<Page>

                                       -59-

                  elimination from the list attached as ANNEX 25.5 to the
                  Reference Deed, which includes five proposals for a
                  neutral expert. To this effect one Party shall first
                  delete a name, then the other Party etc., until only one
                  name remains; the Financial Investors will be considered a
                  single party. Whether MIG or the Financial Investors
                  begin with the deletion, shall be determined by lots. The
                  Market Value computed by the Arbitrator shall be binding,
                  provided such Market Value is between the Market Values
                  proposed by the first two experts. In the event the Market
                  Value computed by the expert is outside the framework for
                  the Market Value determined by the first two experts, the
                  Market Value shall correspond to the arithmetic mean
                  between the Market Value computed by the Arbitrator and
                  the Market Value of the expert most closely approximating
                  that computed by the Arbitrator. Section 91 of the Civil
                  Procedure Code shall apply accordingly to the costs of the
                  arbitration opinion.

(6)      MIG may not exercise the Call Option if a decision on the execution of
         an IPO has been reached pursuant to Section 20 para (1) (Initial Public
         Offering) hereof. In case the Public Tender for the IPO has not been
         executed by 1 September 2004, the Call Option may be exercised again
         within the remaining period for the exercise of option.

(7)      For the agreement to be concluded with the Financial Investors upon the
         exercise of the Call Option concerning the sale and assignment of the
         shares of the Financial Investors in Investor NewCo and General Partner
         GmbH, the following conditions shall apply for the remaining aspects:

         (a)      MIG shall be entitled to the full scope of the profits not yet
                  distributed and allocable to the purchased shares.

         (b)      The Financial Investors shall warrant in the form of
                  independent guaranties that they are legal owners of the sold
                  shares, that the shares are fully paid in and no repayments
                  have occurred, that the shares are not encumbered with

<Page>

                                     - 60 -

                  third-party rights, and that they can freely dispose of the
                  shares. Otherwise, the sale shall be made without any
                  warranty or liability.

         (c)      MIG shall bear the costs of the notarized agreement and the
                  implementation thereof.

         (d)      The Agreement must foresee that after transfer of the shares
                  of the Financial Investors to MIG no obligations of the
                  Financial Investors vis-a-vis Investor NewCo, NewCo II, NewCo
                  III, DebtCo, MGG and the subsidiaries thereof remain; in
                  particular, all credits and guaranties of the Financial
                  Investors must be redeemed respectively the Financial
                  Investors must be indemnified from such obligations if such
                  redemption is not possible.

                                     SECTION 26

           RESALE OF ACQUIRED SHARES AFTER EXERCISE OF THE CALL OPTION

(1)      In the event MIG resells the shares acquired based on the Call Option
         within the periods pursuant to (4), MIG must send the parts of the
         purchase agreement relevant to determine the sale price to the
         Financial Investors immediately after the signing thereof. The
         Financial Investors shall be entitled to any additional proceeds from
         any such resale in accordance with the following provisions. In the
         event MIG does not sell its entire shares in Investor NewCo to the
         third party, the shares acquired via the Call Option shall be
         considered as sold first. Section 24 para. (1) sentence 3 hereof shall
         apply accordingly.

(2)      Additional proceeds is the difference between (i) the sale price for
         the resold shares and/or the market value of the retained consideration
         at the time of the conclusion of the relevant transaction governed by
         the law of obligations, if no (complete) cash payment is made, and (ii)
         the acquisition costs for the sold shares. The acquisition costs shall
         correspond to the prorated purchase price paid at the exercise of the
         Call Option. All transaction costs, particularly costs for advisors and
         other implementation costs and all payments to buyers under warranty
         and guarantee

<PAGE>

                                     - 61 -

         claims and alike as well as taxes arising from the resale shall be
         deducted from the value of the consideration. The Financial Investors
         may request rendering of accounts in this regard pursuant to Section
         259 of the Civil Code. In the event the consideration received by MIG
         consists in non-exchange-listed shares in a company, the market value
         of the consideration at the time of conclusion of the relevant
         transaction governed by the law of obligations is to be determined by
         one of the experts mentioned in Annex 25.5 to the Reference Deed in
         accordance with the generally accepted methods for the valuation of
         companies, provided the Parties do not reach agreement on the market
         value of the consideration within one month after notice of the sale.
         In the event no agreement on the person of the expert is reached, the
         provision in Section 25 para. (5)(b) hereof shall apply accordingly.

(3)      Within two weeks after the amount of the additional proceeds has been
         determined, the additional proceeds are to be paid pro rata to the
         Financial Investors onto bank accounts specified by them. In the event
         MIG has deferred any portion of the purchase price payable by the third
         party, also the corresponding portion of the additional proceeds shall
         first be payable upon the due date of the purchase price. The deferred
         portion of the additional proceeds shall accrue interest at the same
         rate as the deferred purchase price. For claims from the warranties,
         MIG may retain a reasonable portion of the additional proceeds. After
         the periods of limitation for single claims have run out reasonable
         portions of the retained proceeds shall be released. At the latest when
         the periods of limitations for all warranties except for such of title
         have ended, the retained portion shall be released.

(4)      The duty to pay the additional proceeds to the Financial Investors
         pursuant to Paragraph (1) above shall exist:

         (a)      if the consideration received in the resale consists of cash
                  resources or in freely disposable shares in an exchange-listed
                  company -whereby exchange-listed shares for which MIG must
                  observe a lockup period of less than one year shall be
                  considered as freely disposable - for any resale within two
                  years after the execution date of the Call Option;

<PAGE>

                                     - 62 -

         (b)      if the consideration received in the resale consists in
                  non-exchange-listed shares for any resale within one year
                  after the execution date of the Call Option;

         (c)      if the consideration received in the resale consists in
                  exchange-listed shares for which a lockup period of one year
                  or longer has been agreed upon, for any resale within a period
                  of one year after the expiration of the lockup period.

         Decisive shall respectively be the conclusion of the respective
         agreements governed by the law of obligations.

                                     SECTION 27

                    SALE OF SHARES BY THE FINANCIAL INVESTORS
                             PRIOR TO 1 OCTOBER 2004

In the event the Financial Investors sell their shares in Investor NewCo in
whole or in part with MIG's approval prior to 1 October 2004 in a tender
proceeding, MIG may participate in such tender proceeding. The purchase price to
be offered by MIG shall not be subject to the provisions of Section 25 (Call
Option) hereof. In the event MIG has acquired shares in this way, the provisions
on the payment of additional proceeds from resale pursuant to Section 26 hereof
shall not apply.

                                     SECTION 28

                            DUTY OF MIG TO JOINT SALE

(1)      After 30 September 2004, the Financial Investors shall have the right
         in the event of a sale to a third party permissible pursuant to
         Sections 21 et seq. - transfers pursuant to Section 21 para. (2) shall
         not be deemed sales to third parties - to request from MIG the joint
         sale of its shares in Investor NewCo and General Partner GmbH to a
         third party at the same conditions provided:

<PAGE>

                                     - 63 -

         (a)      the buyer thereby receives directly or indirectly or together
                  with others, with whom it coordinates the exercise of its
                  voting rights, the majority of the shares in Investor NewCo
                  (including those already held prior to the purchase), and

         (b)      the Financial Investors sell shares at least in the amount of
                  20% of the share capital, and

         (c)      the Financial Investors sell all of the shares still held by
                  them, and

         (d)      MIG may sell all of the shares held by it, and

         (e)      the sale is not caused by official and/or supervisory order
                  actually issued or definitely possible, or does serve the
                  prevention of such an order if MIG does not at least receive a
                  purchase price in such a sale that corresponds to an internal
                  rate of return of 15% per annum for MIG. Assessment basis
                  shall be 50 % of the Hoechst Purchase Price plus the issue
                  price for the additional shares pursuant to Section 2 para.
                  (2) plus the issue price for additional shares from any later
                  capital increases. Such minimum interest shall be calculated
                  pursuant to Section 25 para. (3).

(2)      When calculating the shares sold by the Financial Investors, shares
         which the Financial Investors have first sold and then repurchased may
         not be taken into account. When calculating the minimum participation
         pursuant to Paragraph (1)(b) Section 9 shall apply accordingly, i.e.
         as long as the participation of the Financial Investors due to capital
         increases has dropped below 20% but not below 10% taking any sales into
         taking into account, the Financial Investors may request the joint sale
         by MIG. In the event the participation has dropped below 20% due to
         sales without taking into account any capital increases, the obligation
         to joint sale expires.

<PAGE>

                                     - 64 -

                                     SECTION 29

                    ACQUISITION RIGHT UPON CHANGE OF CONTROL

(1)      In the event of a Change of Control-as defined in Paragraph (2)
         below-over a Party to this Agreement, the other Parties shall have a
         prorated acquisition right pursuant to this Section 29 with regard to
         the shares in Investor NewCo and General Partner GmbH of the Party
         affected by the Change of Control.

(2)      In the terms of this Section 29, a "Change of Control" shall exist with
         regard to:

         (a)      MIG when the majority of the share capital and voting rights
                  in MIG are no longer held directly or indirectly, legally or
                  economically, by members of the Messer Family;

         (b)      ACP when the majority of the share capital and voting rights
                  in ACP are no longer held directly and/or indirectly, legally
                  and economically, by Allianz AG;

         (c)      GS when a fund holding the shares in Investor NewCo is no
                  longer managed directly or indirectly, legally or
                  economically, by companies which are affiliated companies of
                  The Goldman Sachs Inc., New York, in relation to the shares
                  held by such fund.

         In the event of Litera (b) and (c) there shall be no Change of Control,
         if the Financial Investors no longer hold the majority of the shares of
         the share capital of Investor NewCo at the time of the acquisition.

         In the terms of this provision, the "MESSER FAMILY" shall mean the
         natural offspring of Mr. Senator Dr. Adolf Messer with their spouses.
         The natural offspring shall also include their children and
         grandchildren. In the terms of this provision, the "Messer Family"
         shall further include companies, which are fully directly or indirectly
         owned by the above-mentioned persons or upon which the above-mentioned
         persons are in the position to jointly exert a controlling influence
         and in which the remaining shares are held by non-profit foundations or
         non-economic associations

<Page>
                                      -65-

         with legal capacity, as well as family foundations and non-profit
         foundations that are close to the Family.

(3)      The provisions in Paragraph (2) (b) and (c) apply accordingly to
         Successors of the Financial Investors.

(4)      The Party affected by a Change of Control shall inform the other
         Parties about the fact of the imminent Change of Control in writing 30
         days prior to the occurrence of the Change of Control at the latest. In
         this regard, the Party affected by the Change of Control must
         communicate the material details of the Change of Control, particularly
         the name(s) of the persons or companies acquiring control.

(5)      Within 60 days after receipt of the notice pursuant to Paragraph (3)
         above, the other Parties shall have the right to request by written
         declaration from the Party affected by the Change of Control the
         sale of the shares in Investor NewCo and General Partner GmbH to
         the other Parties, and this will be in the ratio of their
         shareholdings in the share capital of Investor NewCo. In the event
         any Party entitled to acquisition does not avail itself of its
         acquisition right or does not do so within the required period, its
         acquisition right shall accrue to the other Parties in the ratio of
         their shareholdings in the share capital of Investor NewCo to each
         other. Section 22 para. (4) shall apply accordingly.

(6)      A Party entitled to acquisition may only exercise its acquisition right
         with regard to the entire share to which it is entitled from the outset
         pursuant to Paragraph (4) Sentence 1 and which is accruing to it
         pursuant to Paragraph (4) Sentence 2. In the event several Parties
         exercise their acquisition right and the shares to be acquired by them
         cannot be divided into whole amounts, that Party entitled to
         acquisition which has exercised its acquisition right first shall be
         entitled to the non-divisible fractional amounts.

(7)      The acquisition right stipulated in this Section 29 with regard to the
         shares in Investor NewCo shall always encompass a corresponding share
         in the share capital of the General Partner GmbH. The shares in
         Investor NewCo and the corresponding share

<Page>

                                      -66-

         in the share capital of General Partner GmbH shall be designated
         hereinafter as the Shareholdings.

(8)      In the event the acquisition rights stipulated in this Section 29 are
         exercised, the Party affected by the Change of Control and the Parties
         entitled to acquisition which have exercised their acquisition right
         shall conclude an agreement on the sale and assignment of the
         Shareholding to which the following conditions shall apply:

         (a)      The purchase price for the Shareholding shall correspond to
                  the market value thereof on the date of the notice of the
                  exercise of the acquisition right pursuant to Paragraph (3)
                  above. If Investor NewCo has been admitted to the stock
                  exchange at such point in time, the market value shall
                  correspond to the stock exchange price. In the event the
                  Parties do not agree within 90 days after the notice
                  pursuant to Paragraph (3) above on the purchase price, the
                  purchase price shall be bindingly determined by one of the
                  persons or companies mentioned in Annex 25.5 of the
                  Reference Deed as arbitrator at the request of any Party.
                  The arbitrator shall be selected in accordance with Section
                  25 para. (5) hereof. The Party affected by the Change of
                  Control and the Parties entitled to acquisition which have
                  exercised their acquisition right shall equally bear the
                  costs for such arbitrator. Within two weeks after the
                  announcement of the arbitration award the Parties entitled
                  to acquisition may rescind from the contract. The purchase
                  price must be paid within three banking days after the
                  conclusion of the notarized agreement concurrently to the
                  assignment of the Shareholding, provided official
                  authorizations are not required, otherwise as soon as these
                  authorizations are available.

         (b)      The shareholders entitled to acquisition which have exercised
                  their acquisition right shall be entitled to the full scope of
                  profits not yet distributed and allocable to the Shareholding.

         (c)      The Party affected by the Change of Control shall warrant in
                  the form of an independent guaranty that it is the legal owner
                  of the Shareholding, that the Shareholding is not encumbered
                  by third-party rights, and that it can freely

<Page>

                                      -67-

                  dispose of the Shareholding. Otherwise, the sale shall be made
                  without any warranty or liability.

          (d)     The Party affected by the Change of Control and the Parties
                  entitled to acquisition which have exercised their acquisition
                  right shall equally bear the costs of the notarized agreement
                  and the implementation thereof.

                        V. AGREEMENT BETWEEN MIG AND MGG

                                   SECTION 30
         LICENSE AGREEMENT BETWEEN MGG AND MESSER CUTTING & WELDING GmbH

The Parties shall ensure that MGG concludes the License Agreement set forth in
ANNEX 30 of the Reference Deed with Messer Cutting & Welding GmbH.

                                   SECTION 31
                    SALE OF HOLDING COMPANIES OF MGG AND MIG

Immediately upon Closing, MGG shall enter into negotiations in connection with
the sale of the equity participations listed in Exhibit 31.1 to this Amendment
Agreement with the intention to come to an agreement within six weeks following
the Closing. The Financial Investors commit themselves to ensure that MGG does
not break off the negotiations without good reason. However, there shall be no
obligation to sell. MGG has, by virtue of

<Page>

                                      -68-

agreement dated 12 April, 2001, sold and transferred its shares in Greenbelt
Holdings Ltd. to Stefan Messer GmbH on April 29, 2001.

                                  SECTION 32
                              SINGAPORE, SYNGAS

(1)      MIG agrees to be bound to a participation, be it directly or indirectly
         via a one hundred percent subsidiary, in the new holding company which,
         pursuant to the Singapore Separation Agreement (Annex 3.1 of the
         Reference Deed to the BCA), shall hold the shares in Messer Singapore
         and Syngas, should the Financial Investors so require by written
         notice.

(2)      In the event that risks realize with regard to Singapore in an amount
         of less than DM 180,000,000 (in words: Deutsche Mark one hundred eighty
         millions), Investor NewCo is obliged to distribute 7/18 of the short
         amount to MIG. Risks shall be

<Page>

                                      -69-

         considered as realized if loans have been granted under the Singapore
         Separation Agreement since 1 September 2000. MIG shall issue the
         distribution payment of Investor NewCo as a loan against borrower's
         note, which shall be subject to the terms and conditions attached as
         Annex 32 ("SINGAPORE LOAN").

(3)      Any short amount will be assessed for the first time on 31 December
         2003.

(4)      After 31 December 2003 the Singapore Loan shall be reduced on each 1st
         January and 1st July, for the first time on 1 July 2004, by an amount,
         that corresponds to 7/18 of the sum of the loans granted by Investor
         NewCo or one of its subsidiaries to the Singapore holding company after
         the directly preceding 1st January respectively 1st July. In the
         subsequent interest period the accordingly reduced nominal amount of
         the Singapore Loan shall continue to bear interest.

(5)      If the Singapore holding company redeems loans to Investor NewCo or its
         subsidiaries (e.g. after the sale of participations), MIG is entitled
         to 7/18 of the redemption amount as distribution. The redemption
         amount shall increase the Singapore Loan, however not exceeding
         DM 70 millions.

<Page>

                                     - 70 -

                                     SECTION 33

                           [INTENTIONALLY LEFT BLANK]

                                       VI
                                FINAL PROVISIONS

                                     SECTION 34

                         OBLIGATION OF MIG UNTIL CLOSING

(1)      Until the Closing under the Purchase Agreement, i.e., until the
         Financial Investors have acquired the indirect Shareholding in MGG, MIG
         hereby undertakes vis-a-vis the Financial Investors not to approve any
         measures related to MGG which require the approval of Investor NewCoin
         accordance with Section 4.2 of the Purchase Agreement.

(2)      MIG hereby undertakes to inform the Financial Investors within the time
         period between execution of this Agreement and the Closing under the
         Purchase Agreement on all material modifications of the business
         development or material business incidents of the MGG Group that would
         entitle to rescission of the Purchase Agreement and of which MIG
         obtained knowledge. The knowledge of Mr. Stefan Messer shall be
         constructed knowledge of MIG to the extent that disclosure is permitted
         to him.

<Page>

                                     - 71 -

                                     SECTION 35

                    NEW SHAREHOLDERS, ADAPTION OF THE AGREEMENT

(1)      The Parties shall be obligated to ensure that any new shareholders of
         Investor NewCo to whom shares may be transferred in accordance with the
         provisions of this Agreement or who acquire shares by way of non-cash
         capital increase shall become Party to this Agreement upon their entry
         into the company. The Parties to this Agreement hereby offer any
         natural or legal person which is admitted for acquisition respectively
         for take-over of a share in the company to join this Agreement by
         declaration which must be issued to all Parties to this Agreement. This
         joinder shall only be valid provided it is made without conditions,
         additions or other modifications to this Agreement. Originals of the
         joinder declaration are to be sent to each Party to this Agreement. New
         shareholders which join this Agreement in lieu of a previous
         shareholder are subrogated to all rights and duties of the previous
         shareholder pursuant to this Agreement. Except for previously
         established claims and the obligations from Section 36 hereof, with
         regard to the transferred shares a new shareholder shall join with
         exonerating effect for the withdrawing shareholder.

(2)      Paragraph (1) above shall not apply to new shareholders which have
         acquired their shareholding via the stock exchange or under the
         management participation plan pursuant to Section 7.

(3)      In case of the joining of an additional Financial Investor the rule of
         adaption pursuant to Section 21 para. (2) sentence 6 shall additionally
         apply.

(4)      The antitrust authorities may request modifications of this Agreement
         so that the transaction is released. The Parties undertake to implement
         the required modifications if the legal position of MIG under this
         Agreement is not affected. Section 21 para. (2) sentence 6 shall apply
         accordingly in the event that restrictions under Antitrust Law that
         require the restriction of the shareholders' rights of ACP are no
         longer applicable. Additionally, the Financial Investors may request
         that

<Page>

                                     - 72 -

         competences of the shareholders' meeting of Investor NewCo are
         transferred to the shareholders' committee provided that rights of
         MIG are not affected.

                                     SECTION 36

                          COMMENCEMENT AND TERMINATION

(1)      The rights and duties from this Agreement shall commence for the
         undersigning Parties upon the signing hereof and for all Parties
         joining subsequently upon the effective acquisition of their position
         as shareholders in Investor NewCo.

(2)      The rights and duties from this Agreement shall cease

         (a)      in the event this Agreement is mutually rescinded by all
                  Parties;

         (b)      for the Party which no longer holds a share in Investor NewCo.
                  after complete windup of all rights and duties from such share
                  which already had been established upon the withdrawal date.

(3)      In the event this Agreement ceases because MIG exercises its Call
         Option, the duties of MIG from Section 26 hereof shall continue to
         exist.

(4)      In any event the rights and obligations arising from SECTION Sections
         32 and 40 shall not be affected.

                                     SECTION 37

                                ARBITRATION BOARD

(1)      With regard to disputes arising from this Agreement or in relation with
         it or its subject matter between MGG, NewCo II, NewCo III, DebtCo,
         Investor NewCo including their direct and indirect subsidiaries, the
         Parties to this Agreement or among such persons, an arbitration board
         shall be competent, ousting the jurisdiction of courts of law. This is
         to apply to the broadest degree possible, e.g.,

<Page>

                                     - 73 -

         even concerning the validity of this arbitration clause and
         irrespective of the legal or factual ground.

(2)      The arbitration rules of the German Arbitration Institute (DIS) shall
         apply to the arbitration proceedings. The arbitration board shall
         consist of three arbitrators. The chairman must be eligible for the
         office of a judge in the Federal Republic of Germany. Frankfurt am Main
         shall be the seat of the arbitration board.

(3)      The District Court of Frankfurt am Main shall be competent in the event
         any action before the courts is necessary within the framework of the
         arbitration proceedings or in relation thereto.

                                      SECTION 38

                         EXCLUSIVITY, COMMON OBLIGATION

(1)      This Agreement and the annexes mentioned herein comprises all
         agreements between the Parties concerning the subject hereof. Any
         earlier agreements shall hereby become obsolete. This shall also apply
         to term sheets and other records.

(2)      To the extent as pursuant to this Agreement obligations have to be
         performed by the Financial Investors together, the obligations are not
         considered as joint and several liability but as common obligation of
         the Financial Investors that may only be performed by them in common.
         The Financial Investors may claim their rights only jointly as joint
         and several creditors provided they are not bound to an specific
         person.

                                     SECTION 39

                                    WRITTEN FORM

Any modifications of or additions to this Agreement, including this requirement
for the written form, must be made in writing, unless a more stringent form is
prescribed by law.

<Page>

                                     - 74 -

All declarations and notices admitted in accordance with this Agreement or the
annexes mentioned herein must be made in writing.

                                     SECTION 40

                                   CONFIDENTIALITY

The contents of this Agreement are to be treated in strict confidence by the
Parties; however, the contents may be disclosed:

-        to employees or advisors of the respective Party or any of shareholders
         thereof who are subject to a comparable confidentiality agreement
         vis-a-vis the respective other Party,

-        to investors which hold shares directly or indirectly in the capital of
         a Financial Investor,

-        to tax, antitrust and other authorities, as required by law,

-        to banks which are financing or are to finance the Parties to this
         Agreement, Investor NewCo and/or any of their direct or indirect
         subsidiaries,

-        in the event disclosure is otherwise required based on legal provisions
         or under the law of the stock exchanges or is made by mutual agreement,

-        vis-a-vis shareholders of MIG and their consultants, and

-        vis-a-vis the Messer family foundation.

                                     SECTION 41

                           PUBLICATIONS/PRESS RELEASES

The Parties to this Agreement hereby undertake to jointly prepare all public
announcements related to this Agreement and their participation in Investor
NewCo and/or

<Page>

                                      - 75 -

a direct or indirect subsidiary of Investor NewCo, even those in
the press, and to disclose the contents thereof only in a concerted fashion.

                                   SECTION 42

                                  SEVERABILITY

In the event any provision of this Agreement is or becomes invalid or
impracticable, the validity of the remaining provisions hereof shall not be
affected thereby. That valid and practicable provision which most closely
approximates the economical purpose of the invalid or impracticable provision
shall be considered as agreed upon to replace the invalid or impracticable
provision. This shall also apply to any supplementary interpretation of this
Agreement.

                                    SECTION 43

                                     NOTICES

(1)      Any notices or declarations to MIG related to this Agreement shall be
         considered as validly issued if sent per registered letter or courier
         to the following address or to any other address notified by MIG in
         writing to the other Parties:

         Messer Industrie GmbH
         Herrn Stefan Messer
         Hardtberg 1
         D - 61462 Konigstein/Taunus

         cc: Freshfields Bruckhaus Deringer, Herrn Rechtsanwalt Dr. Feuring

<Page>

                                      - 76 -

(2)      Any notices or declarations to ACP related to this Agreement shall be
         considered as validly issued if sent per registered letter or courier
         to the following address or to any other address notified by ACP in
         writing to the other Parties:

         Allianz Capital Partners GmbH
         Herrn Stephan Sanne
         Theresienstrasse 1 - 7
         80333 Munchen

         cc:      Baker McKenzie
                  Herrn RA Dr. W. Henle
                  Theatinerstrasse 23
                  80333 Munchen

(3)      Any notices or declarations to GS related to this Agreement shall be
         considered as validly issued if sent per registered letter or courier
         to the following address or to any other address notified by GS in
         writing to the other Parties:

<Page>

                                      - 77 -

         Goldman Sachs International
         Principal Investment Area
         Stephen Trevor
         Peterborough Court
         133 Fleet Street
         London, EC4A 2 BB
         Grossbritannien

          cc:     Hengeler Mueller Weitzel Wirtz
                  RA Dr. Jackle
                  Bockenheimer Landstrasse 51 - 53
                  60325 Frankfurt am Main

                                  SECTION 44

                           PROHIBITION OF ASSIGNMENT

Subject to the provisions of this Agreement, no Party shall be entitled to
transfer rights or obligations from this Agreement to any third party without
the approval of the other shareholders.

                                  SECTION 45

                                    COSTS

All costs, fees and transfer taxes arising in relation to this Agreement,
including the fees for this deed shall be borne by the Financial Investors at
two thirds and MIG at one third. Each Party shall bear the costs associated with
the commissioning of its advisors.

<Page>

                                      - 78 -

                                  SECTION 46

                              CONDITION PRECEDENT

This Agreement shall be subject to the condition precedent that the Closing
under the Purchase Agreement takes place.<Page>

                                                                   EXHIBIT 10.2
<Page>

                                                                      B&M Draft
                                                                       04.26.01

                    AGREEMENT BETWEEN FINANCIAL INVESTORS

between

GS Capital Partners 2000, L.P. (USA)
GS Capital Partners 2000 Employee Fund, L.P. (USA)
GS Capital Partners 2000 Offshore, L.P. (Cayman Island)
GS Capital Partners 2000 GmbH & Co. Beteiligungs KG
Stone Street Fund 2000, L.P. (USA)
Bridge Street Special Opportunities Fund 2000, L.P.

                               - hereinafter collectively referred to as "GS" -

and

Allianz Capital Partners GmbH, Theresienstrasse 1 - 5, 80333 Munich

                                           - hereinafter referred to as "ACP" -

PREAMBLE

WHEREAS ACP and GS are Financial Investors and have agreed to jointly invest
as equity sponsors in CORNELIA Vermogensverwaltungsgesellschaft mbH, a German
limited liability company incorporated and existing under the laws of Germany
("INVESTOR NEWCO") pursuant to a shareholders' agreement dated December 31,
2000, notarial deed 162/2000 of the notary public Michael Steinbrecher,
Frankfurt am Main, as amended from time to time ("SHAREHOLDERS' AGREEMENT").

WHEREAS Investor NewCo has entered into the Business Combination Agreement,
dated December 30/31, 2000 (notarial deed G 680/2000 of the notary public Dr.
Peter Gamon, Frankfurt am Main) as amended from time to time ("BCA"), under
which it shall purchase all shares in Hoechst NewCo II AG which in turn shall
hold 66 2/3% of the shares in Messer Griesheim GmbH ("MGG").

WHEREAS Allianz AG is the ultimate parent company of ACP and holds a
substantial portion of the shares in Linde AG, a company which competes with
MGG.

<Page>

                                   2

WHEREAS ACP is therefore restricted under applicable antitrust law in the
exercise of its shareholder rights directly or indirectly in MGG as long as
Allianz AG continues to have such shareholding in Linde AG.

WHEREAS the Shareholders' Agreement provides for certain procedures for the sale
or IPO of the shareholding of the Parties in Investor NewCo.

WHEREAS the Parties may syndicate a part of their investment to a third party
financial investor ("THIRD PARTY INVESTOR").

NOW THEREFORE, in consideration of the premises and mutual agreements, covenants
and provisions contained herein, the Parties hereto agree as follows:

ARTICLE 1 - CERTAIN DEFINITIONS

The following terms shall have the meanings as set forth below:

"ACP RESTRICTION PERIOD" means the period from date of this Agreement until
the Expiry of the ACP Restriction Period during which ACP is restricted in
exercising its shareholders' rights in Investor NewCo.

"EXPIRY OF THE ACP RESTRICTION PERIOD" means the date on which ACP is no
longer subject to any restrictions on the exercise of its voting rights in
Investor NewCo under applicable antitrust law.

"FINANCIAL INVESTORS" means collectively the Parties and the Third Party
Investor.

"GOVERNING BODY" means any shareholder committee, supervisory board, advisory
board or shareholders' meeting or any of their sub-committees of Investor
NewCo (except for the Shareholders' Meeting of Investor NewCo) or any of its
subsidiaries.

"PARTIES" means collectively ACP and GS.

"PARTY" means individually ACP and GS.

All other capitalized terms shall have the same meaning as defined in the BCA or
in the Shareholders' Agreement, unless otherwise specified.

ARTICLE 2 - APPOINTMENT AND APPOINTEES OF GOVERNING BODIES

<Page>

                                       3

2.1      During the ACP Restriction Period, GS shall appoint all 3 members of
         each of the Governing Bodies (as more specifically provided for in the
         Shareholders' Agreement) to be appointed by the Financial Investors
         under the Shareholders' Agreement, provided that only 2 members shall
         be employees of or otherwise affiliated with GS. None of such members
         shall be an employee of or otherwise affiliated with Allianz AG or its
         affiliates (within the meaning of Sec. 15 seq. of the German Stock
         Corporation Act). All three members shall exercise jointly their votes
         as members of the shareholders' committee of Investor NewCo.

2.2      Upon the Expiry of the ACP Restriction Period, ACP shall have the right
         to appoint 2 members and GS shall have the right to appoint 1 member of
         each of the Governing Bodies. The Parties shall make such appointments
         after mutual consultation. ACP may exercise this right hereunder
         immediately after the Expiry of the ACP Restriction Period and after
         receipt of any EU clearance, if necessary. GS and the Third Party
         Investor shall cooperate and do everything necessary to procure these
         appointments without delay.

ARTICLE 3 - [Intentionally left blank]

ARTICLE 4 - EXIT

4.1      [Intentionally left blank]

4.2      TRANSFER OF SHARES

         Each Financial Investor shall transfer shares in Investor NewCo only in
         compliance with (i) all applicable agreements between the Parties, in
         particular with the Shareholders' Agreement, and (ii) in compliance
         with all provisions of the agreements relating to the financing of
         Investor NewCo or any of its affiliates (within the meaning of Sec. 15
         seq. German Stock Corporation Act), in particular the Finance
         Documents, the Mezzanine Finance Documents, the Exchange Note Documents
         and the High Yield Documents (as such terms are defined in the Senior
         Credit Agreement to be entered into between, among others, Investor
         NewCo and Goldman Sachs International as Global Co-ordinator, and
         Goldman Sachs International, Bayerische Hypo- und Vereinsbank AG, J.P.
         Morgan PLC and The Royal Bank of Scotland plc as Joint Lead
         Arrangers), hereinafter referred to as the "FINANCING AGREEMENTS". For
         the avoidance of doubt it is clarified that any permission to transfer
         shares in Investor NewCo under

<Page>

                                       4

         the Financing Agreements shall not be deemed a permission to transfer
         shares in Investor NewCo under this Agreement.

4.3      [Intentionally left blank]

4.4      [Intentionally left blank]

4.5      DRAG ALONG

         At any time after September 30, 2004, either ACP or GS, subject to the
         limitations set forth in the following paragraph, can require that the
         Financial Investors jointly sell their shares in Investor NewCo upon
         the same terms and conditions as apply to the Party imposing such
         requirement (provided that in no event can the other party be required
         to become subject to a non-compete covenant), subject to satisfaction
         of each of the following conditions:

         (i)      the sale of such shares occurs in compliance with the
                  Shareholders' Agreement (in particular Sec. 22 and 23) and the
                  Articles of Association of Investor NewCo, provided that each
                  Party hereby waives for the purposes of such sale its right to
                  be offered the shares of the other Party under Sec. 22 subsec.
                  2 of the Shareholders' Agreement; and

         (ii)     the proceeds of such sale result for the Party on which such
                  requirement is imposed in an internal rate of return
                  (calculated in accordance with Sec. 25 subsec. 3 of the
                  Shareholders' Agreement but in all events without taking into
                  account any tax on income or capital gains and treating any
                  withholding tax on distributions to such party as if they were
                  not withheld) of more than 30% p.a.; and

         (iii)    such sale relates to all of the shares of the Financial
                  Investors; and

         (iv)     the purchase price for the sale of the shares shall not be
                  less than the medium between the valuations found by two
                  reputable international investment banks (one of which shall
                  be selected by ACP and one of which shall be selected by GS)
                  (fairness opinions); and

         (v)      if reasonably requested by GS or ACP (in which case the
                  Parties shall consider waiving the requirement to obtain one
                  or both of the fairness opinions under (iv) above), a
                  competitive or structured solicitation of bids will be
                  conducted by an investment bank mutually agreed upon between
                  the Parties, with a view towards determining or confirming the
                  market value of the shares.

<Page>

                                       5

         Notwithstanding the foregoing, GS shall not be entitled to require a
         joint sale of the shares of Investor NewCo as provided in this Section
         4.5 until after November 1, 2005.

         In the event that the realization by the Financial Investors of their
         interest in Investor NewCo is sought to be achieved, at the initiative
         of either Party, through a sale of all or substantially all of the
         assets of Investor NewCo and its direct or indirect subsidiaries (taken
         as a whole) or any similar transactions or series of transactions
         effected at the level at or below Investor NewCo, the requirements set
         forth in (i)-(v) above shall apply to such transactions, mutatis
         mutandis.

         For the avoidance of doubt, this clause does not apply in the event of
         an IPO in which less than 75% of the shares are sold.

4.6      EXERCISE OF RIGHTS UNDER THE SHAREHOLDERS' AGREEMENT

         The Shareholders' Agreement extends certain exit rights to the
         Financial Investors individually as parties to the Shareholders'
         Agreement or jointly as financial investors. The Parties agree that
         they will use reasonable best efforts to exercise such rights only
         after mutual consultation. In addition, the Financial Investors agree
         to exercise certain of such rights only as follows:

         4.6.1    RIGHT TO INITIATE A SALE

                  (a)     ACP and, subject to the provisions of Section 4.6.1(b)
                          below, GS shall be free to exercise their rights under
                          Sec. 22.2 of the Shareholders' Agreement individually,
                          provided, however, (i) that the purchaser agrees to be
                          bound by the terms of this Agreement and assumes as a
                          joint and several debtor the obligations of the
                          selling Financial Investor under this Agreement and
                          the Shareholders' Agreement, (but none of the rights)
                          and (ii) that such sale does not trigger a Change of
                          Control under the Financing Agreements, and (iii) if
                          and to the extent that the other Financial Investor
                          does not exercise its right to co-sell, the amount of
                          shares sold shall be limited so as not to preclude the
                          other Financial Investor from selling at a later time
                          an equal amount of shares (in which sale the Financial
                          Investor selling shares in the first place shall not
                          have a right to co-sell) without triggering a Change
                          of Control under the Financing Agreements, except that
                          such limitation shall not apply in the event that the
                          Financing Banks have waived such potential Change of
                          Control or have allowed the purchaser in such sale to
                          be substituted for GS in the definition of a Change of
                          Control included in the Financing Agreements.

<Page>

                                       6

                          The requirements in clauses (i), (ii) and (iii) do not
                          apply to the transaction contemplated by clause 4.5.

                  (b)     Until the earlier of the Expiry of the ACP Restriction
                          Period and September 30, 2005, GS shall not exercise
                          its right to initiate a sale under Sec. 22.2 of the
                          Shareholders' Agreement, unless (i) after giving
                          effect to such sale GS continues to beneficially own
                          at least 16% of the shares of Investor NewCo then
                          outstanding and (ii) the level of control that GS and
                          its appointees to the Governing Bodies have with
                          respect to Investor NewCo is not diminished in any
                          material respect as a result of or in connection with
                          such sale and no agreement or understanding between GS
                          and the purchaser shall affect the independence of GS
                          in taking decisions in the Shareholders' Meeting of
                          Investor NewCo or of its appointees in the Governing
                          Bodies.

         4.6.2    RIGHT TO DRAG ALONG MIG

                  The Financial Investors agree that they will support each
                  other in exercising the rights extended to the Financial
                  Investors as group to drag along MIG upon the request of the
                  Financial Investors (Sec. 28.1 of the Shareholders'
                  Agreement), if such Financial Investor is entitled to drag
                  along the other Financial Investor under Sec. 4.5. If the
                  requirements under Sec. 4.5 above are not met, the Financial
                  Investors can only exercise this right under Sec. 28.1 of the
                  Shareholders' Agreement as mutually agreed.

         4.6.3    COOPERATION

                  The Parties agree that they cooperate and use their influence
                  to cause Investor NewCo to take appropriate actions, including
                  the providing of the necessary information, to enable each
                  Party to make an informed decision on the rights referred in
                  Sec. 4.5 and 4.6 above and Sec. 4.7 below.

4.7      IPO

         From and after June 30, 2003, ACP shall have the right, and from and
         after September 30, 2005, ACP and GS shall each have the right to
         require that the other Financial Investors join with it in its demand
         to initiate an IPO under Sec. 20 subsec. 1 of the Shareholders'
         Agreement. In all events ACP and GS shall reasonably consult with each
         other prior to requesting an IPO.

<Page>

                                       7

         The Parties shall support each other if either of the Parties requests
         a secondary offering under Sec. 20.5 of the Shareholders' Agreement. As
         between the Parties, each of the Parties shall have the right to sell a
         pro rata amount of their existing shareholding in Investor NewCo
         pursuant to any such secondary offering.

4.8      INVESTOR NEWCO AS KGaA

         All exit rights granted hereunder shall extend mutatis mutandis to the
         shares in Investor NewCo as well as to the shares in its general
         partner.

4.9      CLARIFICATION

         For the avoidance of doubt it is clarified that Sec. 4.2 above shall
         apply to all rights and transfers provided for herein.

ARTICLE 5 - EXERCISE OF VOTING RIGHTS

5.1      Except as otherwise provided below, after the Expiry of the ACP
         Restriction Period the Financial Investors shall pool their votes in
         the Shareholders' Meeting of Investor NewCo, and in addition thereto to
         the extent legally permissible, the votes of their appointees in the
         Governing Bodies. They will consult with each other sufficiently prior
         to any Shareholders' Meeting of Investor NewCo or meeting of the
         Governing Bodies to find a common position on the actions and
         resolutions to be considered. Should the Financial Investors fail to
         agree on the joint exercise of their voting rights on a particular
         subject matter, the Financial Investors shall exercise their voting
         rights and shall instruct their appointees to the Governing Bodies to
         exercise their voting rights in accordance with the suggestions made by
         ACP.

5.2      The provisions of Sec. 5.1 above shall not apply to any actions and
         resolutions which require a 75% or higher majority vote or approval of
         the applicable Governing Body after giving effect of the provisions of
         the Shareholders' Agreement. This Sec. 5.2 does not apply to actions
         and resolutions as to which Sec. 5.3 (5) below applies, irrespective of
         the threshhold set forth in Sec. 5.3 (5) below. The provision in Sec.
         14.2 sentence 2 of the Shareholders' Agreement shall remain unaffected.

5.3      Notwithstanding Sec. 5.1 above, the Financial Investors agree that,
         after the Expiry of the Restriction Period, the Financial Investors
         shall mutually agree in advance on their common position with respect
         to any action, approval, authorization or decision taken by or
         submitted to the

<Page>

                                       8

         Shareholders' Meeting of Investor NewCo or to any of the Governing
         Bodies regarding any of the following matters:

         (1)      any removal, replacement or appointment of any individual as
                  the Chief Executive Officer of MGG or the Chief Financial
                  Officer of MGG;

         (2)      the exercise or discharge by Investor NewCo, MGG or any Messer
                  Group Company of any right or obligation under, or the waiver
                  or amendment of any provision of, any of Sections 4.22, 4.23,
                  4.24, 4.26 or 6.16 of the BCA (or any relevant definitions
                  contained in Sec. 1 of the BCA), and any other actions or
                  decisions by or on behalf of Investor NewCo, MGG or any Messer
                  Group Company relating to any of the matters referred to in
                  such Sections of the BCA;

         (3)      any actions or decisions by Investor NewCo, MGG or any Messer
                  Group Company under or relating to the MGG Compliance Program
                  (as defined in the BCA);

         (4)      any actions, transactions or decisions by Investor NewCo, MGG
                  or any Messer Group Company which could reasonably be expected
                  to involve the engagement by any of such entities, including
                  without limitation through any acquisition or investment, in
                  any Undesired Business Activities (as defined in the BCA) or
                  any activities which, due to legal or regulatory developments
                  subsequent to the date hereof, GS reasonably requests be
                  treated as Undesired Business Activities;

         (5)      any acquisition of or investment in any asset, entity or
                  business (other than an existing Messer Group Company) by
                  Investor NewCo, MGG or any Messer Group Company for
                  consideration (including the direct or indirect assumption of
                  liabilities) in excess of Euro 100,000,000.

         Should the Financial Investors fail to agree on a common position on a
         particular action or resolution relating to any of the matters
         described in this Sec. 5.3(1)-(5), they shall vote their shares and
         cause their appointees on the Governing Bodies to vote against such
         particular action or resolution.

5.4      Subject to compliance with the last paragraph of Section 4.5, if ACP
         proposes adoption of a resolution under Sec. 16 subsec. 2 (e) of the
         Shareholders' Agreement (sale of shares in MGG), GS agrees to vote

<Page>

                                       9

         in favor of such resolution, regardless of whether prior or after the
         Expiry of the ACP Restriction Period.

ARTICLES 6 - SYNDICATION

The Parties agree that they intend to syndicate shares in Investor NewCo subject
to the limitations of the Shareholders' Agreement and the Equity Commitment
Letter. The Parties shall mutually agree on the terms and conditions of such
syndication. In the event of any such syndication, the Parties shall transfer to
one or more third party investor(s) an equal amount of shares (as between ACP
and GS). The Financial Investors agree that they will negotiate with the third
party investors along the following lines:

(i)      third party investor has no right to initiate a sale or an IPO,

(ii)     third party investor can be dragged by ACP and GS if they sell jointly,

(iii)    third party investor shall have a tag-along right if one of the
         Financial Investors sells its shares in Investor NewCo in accordance
         with the Shareholders' Agreement,

(iv)     third party investor shall pool any voting rights, and the votes of
         any appointees, if any, to the Governing Bodies with and subject such
         voting to the lead of GS during the ACP Restriction Period and
         thereafter of ACP.

The Parties agree that any third party investor shall only acquire shares in
Investor NewCo upon substantially the same overall economic terms as apply to
the investments of and commitments of GS and ACP to or with respect to Investor
NewCo.

ARTICLE 7 - FEES

7.1      The advisory fees of unrelated parties (law firms, CPAs, environmental,
         etc.) resulting from the transaction described in the preamble of the
         Shareholders' Agreement shall be borne by Investor NewCo or, to the
         extent legally possible, by MGG.

7.2      The advisory fee of Goldman Sachs International charged to MIG
         resulting from the transaction described in the preamble of the
         Shareholders' Agreement shall be borne by MGG.

<Page>

                                       10

7.3      If any of ACP or GS wants to charge a fee for their transaction
         services rendered to Investor NewCo in the context of the transactions
         contemplated by the BCA such fee shall be mutually agreed between the
         Parties. Such fees shall be borne by Investor NewCo.

ARTICLE 8 - TRANSACTIONS WITH AFFILIATES

GS agrees that prior to the Expiry of the ACP Restriction Period, in the event
that any transaction, agreement or engagement between Investor NewCo or any MGG
Group Company and any affiliate of GS (other than Investor NewCo or any MGG
Group Company) is to be voted upon by any Governing Body, GS shall inform ACP in
advance of such vote and of the matter to be voted upon.

ARTICLE 9 - MISCELLANEOUS

9.1      AMENDMENT

         This Agreement shall not be terminated, modified or amended unless in
         writing, notarized by law if required and agreed to by all Parties
         affected thereby.

9.2      NOTICES

         Any notices to be given by any party pursuant to this Agreement shall
         be in writing and shall be sufficiently served if sent by prepaid post
         or courier, or by facsimile transmission or by e-mail and shall be
         deemed to be given when received in legible form and shall be sent to
         the addressees set forth on page 1 of this Agreement or to such other
         address for the attention of such other person as may from time to time
         be notified by any party to the other parties by written notice in
         accordance with the provisions of this Section. If requested the
         recipient of any notice shall promptly confirm its receipt upon such
         receipt.

9.3      BINDING EFFECT

         This Agreement supersedes all prior negotiations, statements and
         agreements of the Parties hereto with respect to the subject matter of
         this Agreement, and shall be binding upon and inure to the benefit of
         the respective successors and assigns of the Parties hereto. The Letter
         Agreement of December 30, 2000 is replaced by this Agreement.

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                                       11

9.4      [Intentionally left blank]

9.5      HEADINGS

         The headings of the various articles and sections of this Agreement
         have been inserted for convenience of reference only and shall not be
         deemed to be a part of this Agreement.

9.6      GOVERNING LAW AND VENUE

         This Agreement is established under and shall be read and construed in
         accordance with the laws of the Federal Republic of Germany with
         exclusive venue at Frankfurt am Main. All service of process can be
         made to and all notices to shall be deemed received by GS if received
         by Hengeler Mueller Weitzel Wirtz, Frankfurt am Main, attention Dr.
         Achim Herfs.

9.7      SEVERABILITY

         The invalidity or unenforceability of any provisions of this Agreement
         in any jurisdiction shall not affect the validity, legality or
         enforceability of the remainder of this Agreement in such jurisdiction
         or the validity, legality or enforceability of any provision of this
         Agreement in any other jurisdiction, it being intended that all rights
         and obligations of the Parties hereunder shall be enforceable to the
         fullest extent permitted by law.

<Page>

         Above deed was read aloud to the appeared in presence of the Deputy
         Notary, approved by them and signed by them and the Deputy Notary in
         their own hand as follows:

         /s/ [SIGNATURE]                                       /s/ [SIGNATURE]

                                   /s/ [SIGNATURE]

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