Document:

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                                                                    EXHIBIT 4.44

                                                                  EXECUTION COPY

                                                                  CONFORMED COPY

                             QUOTA PLEDGE AGREEMENT

                     MARCONI COMMUNICATIONS TELEMULTI LTDA.

BY THIS PRIVATE INSTRUMENT DATED AS OF 19 MAY 2003 THE PARTIES HEREIN BELOW:

1)       MARCONI COMMUNICATIONS INTERNATIONAL HOLDINGS LIMITED, a limited
         liability company incorporated under the laws of England and Wales,
         with its registered office at New Century Park, P.O. Box 53, Coventry,
         CV3 1HJ, England, as grantor, herein duly represented by its
         attorney-in-fact, hereinafter referred to as "GRANTOR";

2)       LAW DEBENTURE TRUST COMPANY OF NEW YORK, a trust company incorporated
         and existing in accordance with the laws of the State of New York, with
         its registered office at 767 Third Avenue, 31st floor, New York, New
         York, 10017, in its capacity as Senior Note Trustee under the Senior
         Note Indenture, herein duly represented by its attorney-in-fact,
         hereinafter referred to as the "SENIOR NOTE TRUSTEE";

3)       JPMORGAN CHASE BANK, a financial institution incorporated and existing
         in accordance with the laws of New York, which has an address at
         Trinity Tower, 9 Thomas More Street, London, E1W 1YT, England, in its
         capacity as Junior Note Trust~e under the Junior Note Indenture, herein
         duly represented by its attorney-in-fact, hereinafter referred to as
         the "JUNIOR NOTE TRUSTEE";

4)       HSBC BANK PLC, a financial institution incorporated and existing in
         accordance with the laws of England and Wales, with its registered
         office at 8 Canada Square, London, E14 5HQ, England, in its capacity as
         security trustee and agent for the lenders under the New Bonding
         Facility Agreement, herein duly represented by its attorney-in-fact,
         hereinafter referred to as the "NEW BONDING FACILITY AGENT";

5)       THE NEW BONDING FACILITY BANKS, in their capacity as New Bonding
         Facility Banks under the New Bonding Facility Agreement herein duly
         represented by their attorney-in-fact, hereinafter referred to as the
         "NEW BONDING FACILITY BANKS";

6)       THE LAW DEBENTURE TRUST CORPORATION p.l.c., a corporation incorporated
         under the laws of England and Wales, with its registered office at 100
         Wood Street, Fifth floor, London, EC2V 7EX, England, in its capacity as
         security trustee, herein duly represented by its attorney-in-fact,
         hereinafter referred to as the "SECURITY TRUSTEE";

7)       THE BANK OF NEW YORK, a financial institution incorporated under the
         laws of the State of New York, with its registered office at One Wall
         Street, New York,

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         New York, 10286, in its capacity as depositary, paying agent and
         registrar, herein duly represented by its attorney-in-fact, hereinafter
         referred to as the "DEPOSITARY", the "PAYING AGENT" and the
         "REGISTRAR",

the Senior Note Trustee (for itself and as trustee for the holders of the Senior
Notes), the Junior Note Trustee (for itself and as trustee for the holders of
the Junior Notes), the New Bonding Facility Agent, the New Bonding Facility
Banks, the Security Trustee, the Depositary, the Paying Agent and the Registrar
are referred to collectively as the "GRANTEES" and individually as a "Grantee";

8)       MARCONI COMMUNICATIONS DO BRASIL LTDA., a sociedade limitada (a company
         incorporated with quotas and limited liability), having its principal
         place of business at Rodovia Raposo Tavares, w/n, Km 99, 1st floor,
         Jardim Novo Eldorado, in the City of Sorocaba, State of Sao Paulo,
         enrolled with the General Taxpayer's Register under No.
         01.944.805/0001-56, through its representatives, herein referred to as
         the "QUOTAHOLDER"; and

9)       MARCONI COMMUNICATIONS TELEMULTI LTDA., a sociedade limitada (a company
         incorporated with quotas and limited liability), having its principal
         place of business at Rua Verbo Divino, 1488, 6th floor, suite 61A, in
         the City of Sao Paulo, State of Sao Paulo, enrolled with the General
         Taxpayer's Register under No. 02.453.332/0001-57, through its
         representatives, herein referred to as the "COMPANY".

The Grantor, the Grantees, the Quotaholder and the Company are hereinafter
jointly referred to as the "PARTIES".

WHEREAS:

A)   Marconi Corporation plc (the "ISSUER") issued (i) senior notes on 19 May
     2003 in aggregate principal amount of US$717,139,584 (seven hundred and
     seventeen million, one hundred and thirty nine thousand, five hundred and
     eighty four Dollars of the United States), pursuant to an indenture among
     the Issuer, the Guarantors and the Senior Note Trustee (the "SENIOR
     NOTES"); and (ii) junior notes on 19 May 2003 in aggregate principal amount
     of US$486,881,472 (four hundred and eighty six million, eight hundred and
     eighty one thousand, four hundred and seventy two Dollars of the United
     States), pursuant to an indenture among the Issuer, the Guarantors and the
     Junior Note Trustee (the "JUNIOR NOTES").

B)   Marconi Bonding Limited, the Issuer, the New Bonding Facility Agent, the
     New Bonding Facility Banks and others entered into the New Bonding Facility
     Agreement dated 27 March, 2003 in the amount of up to L50,000,000
     (fifty million Sterling) (the "NEW BONDING FACILITY AGREEMENT").

C)   On the date hereof, the total issued and corporate capital of the Company
     is of R$ 114,846,000.00 (one hundred and fourteen million, eight hundred
     and forty six

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     thousand Brazilian Reais), divided into 114,846,000 (one hundred and
     fourteen million, eight hundred and forty six thousand) quotas (the
     "QUOTAS"). The Grantor owns 114,845,999 quotas of the Company representing
     99.99% of the corporate capital of the Company and the Quotaholder owns 1
     quota of the Company, representing 0.01% of the corporate capital of the
     Company.

D)   The Grantor has agreed to grant a pledge over its Quotas in the Company as
     security for the Grantees respective claims against the Grantor under the
     Relevant Documents.

E)   The security created by or pursuant to this Agreement is to be administered
     by the Security Trustee for and on behalf of the Grantees pursuant to the
     relevant provisions of a security trust and intercreditor deed dated on or
     about the date hereof between, among others, the Issuer, the Security
     Trustee, the Guarantors, the Senior Note Trustee, the Junior Note Trustee,
     and the New Bonding Facility Agent (as amended, varied, novated,
     supplemented, superseded or extended from time to time, the "INTERCREDITOR
     AGREEMENT").

NOW THEREFORE, in consideration of the premises contained herein, the parties
hereto agree to enter into this Quota Pledge Agreement (hereinafter referred to
as "Agreement"), which shall be governed by the following terms and conditions:

1. DEFINITIONS AND LANGUAGE

1.1      In this Agreement:

"CONTINUING" in relation to an Enforcement Event, shall be construed as a
reference to an acceleration of any Obligation (other than Obligations arising
under the New Bonding Facility Agreement) where such acceleration has not been
rescinded in writing or a declaration that the Obligations (other than
Obligations arising under the New Bonding Facility Agreement) are prematurely
due and payable (other than solely as a result of it becoming unlawful for a
Secured Creditor to perform its obligations under the Relevant Documents) where
such declaration has not been revoked in writing or any failure by an Obligor to
pay any principal amount in respect of any Obligations (other than Obligations
arising under the New Bonding Facility Agreement) whether on maturity or
otherwise which has not been remedied or waived in writing.

"ENFORCEMENT EVENT" means the acceleration of any Obligations or any declaration
that any Obligations are prematurely due and payable (other than solely as a
result of it becoming unlawful for a Secured Creditor to perform its obligations
under the Relevant Documents) or any failure by any Obligor to pay any principal
amount in respect of any Obligations whether on maturity or otherwise.

"OBLIGATIONS" shall have the meaning ascribed to the term "Secured Obligations"
in the Intercreditor Agreement.

"OBLIGOR" means each of the Issuer and the Guarantors.

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"RELEVANT DOCUMENTS" means the Intercreditor Agreement, any Agent/Trustee/New
Bonding Facility Bank Accession Letter, any Guarantor Accession Letter, the
Indentures, the Escrow Agreement, the Senior Notes, the Junior Notes, the New
Bonding Facility Agreement, the Security Documents, the Fee Letter and any
Additional Remuneration Fee Letter and any notices issued and any other
documents or agreements entered into in connection with or relating to such
documents.

"SECURED OBLIGATIONS" means all present and future indebtedness, liabilities and
obligations (for the avoidance of doubt, including any liabilities and
obligations which have been cash-collateralised by the Obligors) at any time of
the Grantor under the Relevant Documents, both actual and contingent and whether
incurred solely or jointly or in any other capacity together with any of the
following matters relating to or arising in respect of those liabilities and
obligations:

(a) any refinancing, novation, deferral or extension;

(b) any obligation relating to any increase in the amount of such obligations;

(c) any claim for damages or restitution; and

(d) any claim as a result of any recovery by an Obligor of a payment or
discharge, or non-allowability, on the grounds of preference,

and any amounts that would be included in any of the above but for any
discharge, non-provability or unenforceability of those amounts in any
insolvency or other proceedings (including interest accruing after the
commencement of any insolvency or other proceedings).

1.2      All other capitalised terms used in this Agreement and not otherwise
defined herein shall have the meaning ascribed to them in the Intercreditor
Agreement.

1.3      The parties hereto acknowledge that the Security Trustee, when acting
hereunder, shall be acting in accordance with and subject to the terms of the
Intercreditor Agreement.

2. PURPOSE OF THE PLEDGE

2.1      The pledge hereunder is constituted in order to secure to the Grantees,
by virtue of a pledge over the Grantor's Quotas in the Company, the prompt
payment by the Grantor when due of all Secured Obligations, with due regard for
the terms and conditions thereof, provided that neither the security constituted
by this Agreement nor any other provisions of this Agreement shall extend to or
include any liability or sum which would, but for this proviso, cause such
security, or provision to be unlawful or prohibited by any applicable law
(including, for the avoidance of doubt, Section 151 of the UK Companies Act
1985).

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2.2      For the purposes of Section 1,424 of the Brazilian Civil Code, Secured
Obligations as defined in Section 1.1 shall include, without limitation, all the
payment obligations of the Grantor to any Secured Creditor under the Relevant
Documents, including but not limited to the following:

              (a) Payment obligations under the Senior Notes, where (i) the
              total principal amount is of up to US$717,139,584 (seven hundred
              and seventeen million, one hundred and thirty nine thousand, five
              hundred and eighty four Dollars of the United States), equivalent,
              for registration purposes only, on the date hereof to
              approximately R$2,054,820,050 (two billion, fifty four million,
              eight hundred and twenty thousand, and fifty Brazilian Reais);
              (ii) interest rate is of 8% per annum, including a default rate of
              10% per annum; and (iii) the final maturity date is 30 April,
              2008;

              (b) Payment obligations under the Junior Notes, where (i) the
              total principal amount is of up to US$486,881,472 (four hundred
              and eighty six million, eight hundred and eighty one thousand,
              four hundred and seventy two Dollars of the United States),
              equivalent, for registration purposes only, on the date hereof to
              approximately R$1,395,061,482 (one billion, three hundred and
              ninety five million, sixty one thousand, four hundred and eighty
              two Brazilian Reais); (ii) interest rate is of (x) 10 % per annum
              if the interest payment is made in cash or (y) 12% per annum if
              the interest payment is made otherwise, including a default rate
              of 12% per annum; and (iii) the final maturity date is 31 October,
              2008; and

              (c) Payment obligations under the New Bonding Facility Agreement,
              where (i) the total principal amount is of up to L50,000,000
              (fifty million Sterling), equivalent, for registration purposes
              only, on the date hereof to approximatELY R$230,987,500 (two
              hundred and thirty million, nine hundred and eighty seven
              thousand, and five hundred Brazilian Reais); (ii) fronting fee of
              0.10% per annum plus bonding fee of 0.50% per annum, and a default
              interest rate of the applicable LIBOR plus 2.5% per annum plus the
              applicable mandatory cost (if any) for successive interest
              periods; and (iii) the availability period under the New Bonding
              Facility Agreement will end on the date which is 18 (eighteen)
              months after the Effective Date of the Scheme, provided that such
              availability period may be extended to a date which is up to 30
              (thirty) months after the Effective Date of the Scheme, but, in
              each case, letters of credit which have been made available during
              such availability period may continue after the availability
              period has come to the end. When used in this Section 2.2(c), the
              terms "Effective Date" and "Scheme" shall have the meanings given
              to such terms in the New Bonding Facility Agreement.

2.3      Subject to the terms of this Agreement, the Grantor hereby undertakes
to pledge to the Grantees within twenty (20) days after the acquisition of title
thereto (i) any further quotas in the Company which may from time to time be
derived from, subscribed for, purchased or acquired, whether or not by way of
sale at market value or at all, by the Grantor, whether or not in addition to,
in substitution of, as a conversion of or in exchange

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for any quotas in the Company held by the Grantor, together with all options,
rights or securities of any nature whatsoever that may be issued or granted by
the Company to the Grantor in respect of its interest in the Company while this
Agreement is in effect (the "ADDITIONAL QUOTAS"), and (ii) all profits, income,
cash, rights, distributions, interests and all other amounts received,
receivable or otherwise distributed to such Grantor upon any collection,
exchange, sale or other disposition of any of the Additional Quotas, and any
property into which any of the Additional Quotas is converted (including any
deposits, securities or negotiable instruments) (the "ADDITIONAL PROCEEDS" and
together with the Additional Quotas, the "ADDITIONAL ASSETS").

3. CREATION OF THE PLEDGE

3.1      In order to ensure prompt payment by the Grantor when due of all
Secured Obligations with regard to the terms and conditions thereof, the Grantor
hereby irrevocably pledges to the benefit of the Grantees its Quotas in the
Company, duly described in Schedule I, which are owned by the Grantor as of the
date hereof (the "PLEDGED QUOTAS").

4. RESTRICTIONS ON TRANSFER AND ENCUMBRANCE

4.1      Except as not expressly prohibited under the terms of the Indentures,
the Grantor undertakes that it will not:

(i) create or permit to arise any mortgage, charge or lien or other security
interest on the Pledged Quotas or any interest in or part of the Pledged Quotas;
or

(ii) sell or attempt to sell or otherwise dispose of the Pledged Quotas or any
interest in or part of the Pledged Quotas.

5. REGISTRATION OF THE PLEDGE OF THE PLEDGED QUOTAS

5.1      The Company shall, and the Grantor shall procure that the Company
shall, within twenty (20) days after the execution of this Agreement, or any
amendment to this Agreement entered into with respect to Section 11, register
this Agreement, or such amendment, as applicable, together with its sworn
translation into the Portuguese language, with the competent Registry of Titles
and Deeds and deliver to the Security Trustee evidence of such registration in
form and substance reasonably satisfactory to the Security Trustee. All expenses
incurred in connection with such sworn translation and with such registrations
shall be paid by the Company and/or the Grantor.

5.2      The Company shall, and the Grantor shall procure that the Company
shall, within twenty (20) days after the execution of this Agreement, register
the amendment of its Articles of Association to reflect the existence of the
pledge over the Pledged Quotas with the Commercial Registry of the State of Sao
Paulo and deliver to the Security Trustee evidence of such registration, in form
and substance reasonably satisfactory to the Security

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Trustee. All expenses incurred in connection with such registration shall be
paid by the Company and/or the Grantor.

5.3      If the Grantor issues, acquires (by purchase or otherwise) or receives
any Additional Quotas as set forth in Section 2.3 at any time or from time to
time after the date hereof, the Grantor shall within twenty (20) days thereafter
pledge such Additional Quotas and the Company shall, and the Grantor shall
procure that the Company shall, register the pledge of such Additional Quotas in
accordance with the provisions hereof.

6. COVENANTS

6.1      The Grantor and the Company, insofar as additional declarations or
actions are necessary for the creation of a pledge over the Additional Quotas in
favour of the Grantees, shall make such declarations and undertake such actions
at the Grantor's costs and expenses.

6.2      The Grantor and the Company shall enter into amendments to this
Agreement with the Grantees within twenty (20) days of receipt of a request from
the Security Trustee in order to extend the pledge created hereby to the
Additional Assets (which shall be then subject to all terms and conditions
provided herein) promptly after title to such Additional Assets is acquired by
the Grantor. The Grantor and the Company shall provide the Security Trustee with
evidence of the registration of each such amendment made and its sworn
translation into Portuguese in the appropriate Registry of Titles and Deeds,
within twenty (20) days after execution of each such amendment.

6.3.     The Grantor and the Company shall enter into amendments to this
Agreement with the Grantees, within twenty (20) days of receipt of a request of
the Security Trustee, in order to extend the pledge created hereby to persons
who from time to time become an additional or successor Grantee ("ADDITIONAL
GRANTEE"). The Grantor and the Company shall provide the Security Trustee with
evidence of the registration of each such amendment made and its sworn
translation into Portuguese in the appropriate Registry of Titles and Deeds,
within twenty (20) days after execution of each such amendment.

6.4.     The Grantor and the Company shall procure that the pledges set forth
hereunder be duly reflected in the amendment to the articles of association of
the Company executed simultaneously with this Agreement and in future amendments
thereto, until the pledges are released or terminated.

6.5.     Upon the request of the Security Trustee, the Grantor and the Company
shall promptly give, execute, deliver, file and/or record any financing
statement, notice, instrument, document, agreement or other papers and do all
such acts as may be necessary (in the judgement of the Security Trustee) to
create, perfect, protect or maintain the pledges granted or intended to be
granted pursuant hereto or to enable the Security Trustee to exercise and
enforce on behalf of itself and the Grantees the pledge creating its rights
hereunder or for the exercise of all rights, powers and remedies of the Security
Trustee

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provided by or pursuant to this Agreement or by law and/or to facilitate the
realisation of the Pledged Quotas.

7. REPRESENTATIONS AND WARRANTS

7.1.     The Grantor represents and warrants to the Grantees that:

         7.1.1    it is the sole legal and beneficial owner of the Pledged
Quotas free from any Security (as such term is defined in the Security Trust and
Intercreditor Deed) except as created by this Agreement; and

         7.1.2    the Pledged Quotas are fully paid up.

8. DIVIDENDS AND VOTING RIGHTS

The Grantor shall, prior to the occurrence of an Enforcement Event and at any
time when no Enforcement Event is continuing, be entitled to receive dividends
and exercise voting rights (except if exercise would constitute a Default or
Event of Default, as such terms are defined in the Indentures).

9. ENFORCEMENT AND FORECLOSURE

9.1      At any time after the occurrence of an Enforcement Event and the
Security Trustee (acting on instructions received pursuant to the terms of the
Intercreditor Agreement) giving notice to the Issuer thereof, the pledge created
hereunder shall become immediately enforceable and the Security Trustee may, in
its absolute discretion, enforce (all or any part of) the pledge over the
Pledged Quotas and exercise any of the rights conferred on it by this Agreement
(including, for the avoidance of doubt, all voting rights pertaining to the
Pledged Quotas, the right to receive dividends attached thereto and the right to
sell such Pledged Quotas, either privately in accordance with Section 1433, item
IV, of the Brazilian Civil Code, or through judicial proceedings, and to apply
the proceeds of such sale to satisfy the Secured Obligations) or by law at such
times and in such manner as it thinks fit.

9.2      Any sale of the Pledged Quotas to satisfy the Secured Obligations shall
be conducted in the manner and under the conditions determined by the Security
Trustee. After the application of the proceeds from such sales to satisfy the
Secured Obligations and expenses incurred in connection with the enforcement of
the pledges created hereunder, the Security Trustee shall return to the Grantor
the remaining excess, if any, whether in the form of cash or assets, in
accordance of Section 1,435, item V, of the Brazilian Civil Code.

9.3      The Grantor hereby irrevocably appoints the Security Trustee as its
attorney-in-fact (the "Attorney") and for such purpose it executes and delivers
to the Security Trustee on the date hereof a power-of-attorney, substantially in
the form of Schedule II. Such irrevocable power of attorney is granted by the
Grantor (as a fundamental condition of this

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Agreement) for the benefit of the Grantees in accordance with Sections 684 and
686, sole paragraph, of the Brazilian Civil Code and shall remain in force until
the complete fulfilment and payment of all Secured Obligations, as well as of
the Grantor's obligations under this Agreement. The Parties recognise that the
irrevocability of the powers granted hereunder is a fundamental condition of
this Agreement.

9.4      The Grantor shall ratify and confirm all things done and all documents
executed by any Attorney in the exercise or purported exercise of all or any of
its powers. The Grantor shall indemnify the Attorney and keep the Attorney
indemnified against any and all costs, claims and liabilities which the Attorney
may incur as a result of anything done by the Attorney in the proper exercise of
any of the powers conferred, or purported to be conferred, on the Attorney by
this Agreement unless such cost, claim or liability arises as a result of the
negligence or wilful misconduct of the Attorney.

10.      EXPENSES, COSTS AND TAXES

10.1.    Expenses

         The Grantor shall, from time to time and promptly on demand by the
Security Trustee, reimburse to the Security Trustee all costs and expenses
(including legal fees) on a full indemnity basis together with any applicable
Tax incurred by the Security Trustee and any Delegate (provided that in relation
to sub-clause 10.1.1 of this Clause 10.1 such costs and expenses must be
properly incurred) in connection with:

         10.1.1   the execution, release and discharge of this Agreement and the
                  Security created or intended to be created in respect of the
                  Pledged Quotas and/or any Additional Quotas and/or any
                  Additional Assets and the completion of the transaction and
                  perfection of the Security contemplated in this Agreement or
                  forming part of the Security created or intended to be created
                  in respect of the Pledged Quotas and/or any Additional Quotas
                  and/or any Additional Assets;

         10.1.2   the actual or contemplated exercise, preservation and/or
                  enforcement of any of the rights, powers and remedies of, or
                  the performance of the duties and obligations of, the Security
                  Trustee or any Delegate, or any amendment or waiver in respect
                  of this Agreement;

         10.1.3   the foreclosure of any Pledged Quotas and/or any Additional
                  Quotas and/or any Additional Assets; and

         10.1.4   the preservation and/or enforcement of the Security created or
                  intended to be created in respect of the Pledged Quotas and/or
                  any Additional Quotas and/or any Additional Assets,

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which shall carry interest from the date of such demand until so reimbursed at
the rate and on the basis as mentioned in clause 18.4 (Interest on Demands) of
the Intercreditor Agreement.

10.2     Taxes

         The Grantor shall pay, promptly on demand of the Security Trustee all
stamp, registration, notarial and other similar Taxes or fees paid or payable by
the Security Trustee in connection with any action taken or contemplated by or
on behalf of the Security Trustee for perfecting, enforcing, releasing,
cancelling, reassigning or resolving any doubt concerning, or for any other
purpose in relation to this Agreement, any amendment thereto, any transfer
and/or assignment of the rights and/or obligations under the same or the
Security created or intended to be created in respect of the Pledged Quotas
and/or any Additional Quotas and/or any Additional Assets and shall, from time
to time, indemnify the Security Trustee promptly on demand against any
liabilities, costs, claims and expenses resulting from any failure to pay by the
Grantor or any delay by the Grantor in paying any such Taxes or fees.

11. TERMINATION AND RELEASE

11.1.    This Agreement and any pledge constituted hereunder shall remain in
full force and effect irrespective of any novation, deferral, amendment,
extension or refinancing of the Secured Obligations.

11.2     When a release is made in accordance with the provisions of the
Intercreditor Agreement, then, and only then, shall this Agreement and the
security interests created hereby be released and this Agreement shall
terminate, at the Grantor's expense; otherwise, this Agreement and the security
interests created hereby shall remain in full force and effect. No release of
this Agreement or of the pledge created and evidenced hereby, shall be valid
unless executed by the Security Trustee.

11.3     The Security Trustee, upon the Grantor's request to effect the release
(in whole or in part) of the pledges constituted hereunder and at the Grantor's
expense, shall (in accordance with the terms and subject to the conditions and
circumstances set out in the Intercreditor Agreement and without recourse to or
any representation or warranty by the Security Trustee or any of its nominees)
within a reasonable time of receipt of such request execute and deliver to the
Grantor the documents reasonably necessary to evidence such release.

12. AMENDMENTS; WAIVER

12.1     No amendment to this Agreement shall be valid and binding except if
made in writing and signed by the relevant parties, and duly registered with the
competent Registry of Titles and Deeds.

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13. FORBEARANCE

13.1     Any forbearance by the Security Trustee or any other Grantee with
respect to any obligation assumed by the Company or the Grantor, related to
amounts, terms or any other conditions, shall not be considered to be a waiver
of any of the clauses of this Agreement or the Relevant Documents.

14. OTHER REMEDIES

14.1     The filing by the Security Trustee of any action or proceeding to
enforce or foreclose on the security granted hereunder shall not affect or
diminish the rights of the Grantees. The Security Trustee may avail itself of
any and all legal remedies against the Company and the Grantor, subject in each
case to the terms of the Intercreditor Agreement.

15. UNENFORCEABLE PROVISIONS

15.1     Should any one or more provisions contained herein be invalid, illegal
or unenforceable in any respect under any applicable law, the validity, legality
and enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired thereby.

16. SUCCESSORS AND ASSIGNS

16.1     This Agreement is irrevocable and binds the parties, their respective
successors and permitted assignees.

16.2     The Grantor and the Company may not assign or transfer any of their
rights or obligations hereunder without the prior written consent of the
Security Trustee and no such assignment or transfer of any such obligation shall
release the Grantor thereof unless the Security Trustee shall have consented to
such release in writing, specifically referring to the obligation which the
Company and/or the Grantor are to be released from.

16.3     The Security Trustee may cause another person to become a party to this
Agreement in its place in accordance with the provisions contained in the
Intercreditor Agreement. The Security Trustee may assign and transfer all or any
of its rights and obligations under this Agreement in accordance with the
Intercreditor Agreement. The Security Trustee shall be entitled to disclose such
information concerning the Grantor, the Quotaholder, the Company and this
Agreement as the Security Trustee considers appropriate to any actual or
proposed direct or indirect successor or to any person to whom information may
be required to be disclosed by any applicable law.

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17. NOTICES

17.1     Communications in writing

         Any communication to be made under or in connection with this Agreement
shall be made in writing and, unless otherwise stated, may be made by fax or
letter.

17.2     Addresses

         The address and fax number (and the department or officer, if any, for
whose attention any communication is to be made) of each party to this Agreement
for any communication or document to be made or delivered under or in connection
with this Agreement is:

         17.2.1.  identified with its name below; or

         17.2.2.  if not originally a party on the date hereof, specified in the
                  relevant accession document to which it is a party;

         or any substitute details which a party may notify to the Security
         Trustee (or the Security Trustee may notify to the other parties, if a
         change is made by the Security Trustee) by not less than five Business
         Days' notice and promptly upon receipt of any notification of any new
         or changed details, the Security Trustee shall notify the other
         parties.

         For the Grantor:

         MARCONI COMMUNICATIONS INTERNATIONAL HOLDINGS LIMITED

         Address:         New Century Park, PO Box 53, Coventry
                          CV3 1 HJ, England
         Fax:             00 44 (0) 24 76 56 3377
         Attention:       Company Secretary

         For the Security Trustee and any other Grantee to the Security Trustee:

         THE LAW DEBENTURE TRUST CORPORATION p.l.c.

         Address:     100 Wood Street, Fifth Floor
                      London EC2V 7EX, England
         Tel:         00 44 20 7606 5451
         Fax:         00 44 20 7696 5261
         Attention:   Manager Trust Administration

                                       12

<PAGE>

                                                                  EXECUTION COPY

         For the Company

         MARCONI COMMUNICATIONS TELEMULTI LTDA.

         Address:         Rua Verbo Divino, 1,488 6th floor, Suite 61A,
                          04719-002 - Sao Paulo - SP
                          Brazil
         Tel.:            55 11 5185 7558
         Fax:             55 11 5185 7560
         Attention:       Mr. Ivan Pagotto, CFO

         For the Quotaholder to:

         MARCONI COMMUNICATIONS DO BRASIL LTDA.

         Address:         c/o Marconi Communications Telemulti Ltda.
                          Rua Verbo Divino, 1488, 6th floor, Suite 61A
                          04719-002 Sao Paulo - SP
                          Brazil
         Tel:             55 11 5185 7558
         Fax:             55 11 5185 7560
         Attention:       Mr. Ivan Pagotto, CFO

17.3     Delivery

         17.3.1.  Any communication or document made or delivered by one person
                  to another under or in connection with this Agreement will
                  only be effective:

                           (a) if by way of fax, when received in legible form;
                           or

                           (b) if by way of letter, when it has been left at the
                           address specified in Clause 17.2 (Addresses) above or
                           five Business Days after being deposited in the post
                           postage prepaid in an envelope addressed to the
                           addressee at that post address;

                  and, if a particular department or officer is specified as
                  part of that address, if addressed to that department or
                  officer.

         17.3.2   Notwithstanding the provisions of sub-clause 17.3.1 (b) above,
                  any communication or document to be made or delivered to the
                  Security Trustee or any other Grantee will be effective only
                  when actually received by the Security Trustee or such
                  Grantee, as the case may be, and then only if it is expressly
                  marked for the attention of the department or officer
                  identified in Clause 17.2 above (or any substitute department
                  or officer as such person shall specify for this purpose).

         17.3.3   All notices from or to the Grantor, the Quotaholder or the
                  Company shall be sent through the Security Trustee.

                                       13

<PAGE>

                                                                  EXECUTION COPY

         17.3.4   Any communication or document made or delivered to the Issuer
                  in accordance with this Clause 17.3 will be deemed to have
                  been made or delivered to each of the Obligors.

17.4     Electronic Communication

         17.4.1   Any communication to be made between the Security Trustee and
                  another Grantee under or in connection with this Agreement may
                  be made by electronic mail or other electronic means unless
                  and until notified to the contrary, if the Security Trustee
                  and any other relevant Grantee:

                           (a) notify each other in writing of their electronic
                           mail address and/or any other information required to
                           enable the sending and receipt of information by that
                           means; and

                           (b) notify each other of any change to their address
                           or any other such information supplied by them.

         17.4.2   Any electronic communication made between the Security Trustee
         and another Grantee will be effective only when actually received in
         readable form and in the case of any electronic communication made by
         another Grantee to the Security Trustee only if it is addressed in such
         a manner as the Security Trustee shall specify for this purpose.

17.5     English Language

         17.5.1   Any notice given under or in connection with this Agreement
         must be in English.

         17.5.2 All other documents provided under or in connection with this
Agreement must be:

                           (a)      in English; or

                           (b)      if not in English, accompanied by an English
         translation, which, if reasonably requested by the Security Trustee,
         shall be a certified translation and any such English translation will
         prevail unless the document is a constitutional, statutory or other
         official document.

17.6     It is expressly agreed by the Parties that any and all costs, expenses,
duties and taxes related to the execution, translation and the registration with
the competent Registry of Titles and Deeds of this Agreement and any amendment,
waivers or any other document to be entered into pursuant to or in connection
with this Agreement shall be borne solely by the Grantor. For registration
purposes only, the amount secured under the present Agreement is R$3,680,869,032
(three billion, six hundred and eighty million, eight hundred and sixty nine
thousand, and thirty two Brazilian Reais).

                                       14

<PAGE>

                                                                  EXECUTION COPY

18. LANGUAGE

18.1     This Agreement shall be executed in English and duly translated into
Portuguese by a competent sworn translator in Brazil. Should there be any
inconsistency between the English version and the Portuguese version, the
English version shall prevail.

19. GOVERNING LAW

19.1     This Agreement is governed by the laws of the Federative Republic of
Brazil.

20. JURISDICTION

20.1     The parties hereto elect the courts of the City of Sao Paulo, State of
Sao Paulo to resolve any dispute arising out of or in connection with this
Agreement.

20.2     This Section is for the benefit of the Grantees only. As a result and
notwithstanding this Section, it does not prevent any Grantees from taking
proceedings relating to a dispute in any other courts with jurisdiction. To the
extent allowed by law, the Grantees may take concurrent proceedings in any
number of jurisdictions.

21. COUNTERPARTS

This Agreement may be executed in any number of counterparts and the result
shall be the same as it would be if the signatures on the counterparts were on a
single copy of this Agreement.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly
executed in the presence of the undersigned witnesses.

MARCONI COMMUNICATIONS INTERNATIONAL HOLDINGS LIMITED, as Grantor:

By: M SKELLY

Name: MARKY SKELLY

Title: Attorney-in-fact

                                       15

<PAGE>

                                                                  EXECUTION COPY

LAW DEBENTURE TRUST COMPANY OF NEW YORK, as Grantee

By: R D RANCE

Name: R D RANCE

Title: Attorney-in-fact

JPMORGAN CHASE BANK, as Grantee

By: R D RANCE

Name: R D RANCE

Title: Attorney-in-fact

HSBC BANK plc, as Grantee

By: R D RANCE

Name: R D RANCE

Title: Attorney-in-fact

THE NEW BONDING FACILITY BANKS, as Grantee

JPMORGAN CHASE BANK

By: R D RANCE

Name: R D RANCE

Title: Attorney-in-fact

                                       16

<PAGE>

                                                                  EXECUTION COPY

HSBC BANK PLC

By: R D RANCE

Name: R D RANCE

Title: Attorney-in-fact

THE LAW DEBENTURE TRUST CORPORATION p.l.c., as Grantee and Security Trustee

By: R D RANCE

Name: R D RANCE

Title: DIRECTOR

THE BANK OF NEW YORK, as Grantee

By: R D RANCE

Name: R D RANCE

Title: Attorney-in-fact

MARCONI COMMUNICATIONS TELEMULTI LTDA., as the Company

By: M SKELLY                                   By: W JOHNSON

Name: MARY SKELLY                              Name: WILL JOHNSON

Title: ATTORNEY-IN-FACT                        Title: ATTORNEY-IN-FACT

                                       17

<PAGE>

                                                                  EXECUTION COPY

MARCONI COMMUNICATIONS DO BRASIL LTDA., as the Quotaholder

By: M SKELLY                                   By: W JOHNSON

Name: MARY SKELLY                              Name: WILL JOHNSON

Title: ATTORNEY-IN-FACT                        Title: ATTORNEY-IN-FACT

Witnesses:

By: E PORCHER                                  By: SUSAN MITCHELL

Name: ELIZABETH PORCHER                        Name: SUSAN MARY MITCHELL

ID: PASSPORT NO: 07071378                      ID: PASSPORT NO: 016907615

                                       18

<PAGE>

                                                                  EXECUTION COPY

                                   SCHEDULE I

                                 PLEDGED QUOTAS

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
                                QUOTAS IN
                           ACCORDANCE WITH THE
                               ARTICLES OF
                            ASSOCIATION OF THE              VALUE
  QUOTAHOLDER                    COMPANY                     (R$)
-------------------------------------------------------------------------------
<S>                        <C>                         <C>
MARCONI                        114,845,999             114,845,999.00
COMMUNICATIONS
INTERNATIONAL
HOLDINGS LIMITED
-------------------------------------------------------------------------------
</TABLE>

                                       19

<PAGE>

                                                                  EXECUTION COPY

                                   SCHEDULE II

                      FORM OF IRREVOCABLE POWER OF ATTORNEY

By this Power of Attorney, MARCONI COMMUNICATIONS INTERNATIONAL HOLDINGS
LIMITED, 19 May 2003, herein represented in accordance with its Articles of
Association (the "APPOINTER"), irrevocably constitutes and appoints THE LAW
DEBENTURE TRUST CORPORATION plc, (the "SECURITY TRUSTEE") (the "Attorney") as
its attorney-in-fact to act in its name and place, to the fullest extent
permitted by law and in accordance with the terms of the Agreement (as defined
below), to do and perform all and every act and thing whatsoever necessary or
desirable, in connection with the Quota Pledge Agreement dated as of 19 May
2003, entered into, by and among others the Appointer, the Security Trustee, as
grantees (the "GRANTEES"), Marconi Communications Telemulti Ltda. (the
"COMPANY"), and Marconi Communications do Brasil Ltda. (the "QUOTAHOLDER") (as
amended, supplemented or otherwise modified from time to time, the "AGREEMENT")
including, without limitation:

         1. to execute, deliver and perfect all documents and do all things
         which the Attorney may consider to be required or desirable for (a)
         carrying out any obligations imposed on the Grantor by the Agreement
         (including the execution and delivery of any notices, deeds, charges,
         arrangements or other security and any transfers of the Pledged
         Quotas), and (b) enabling the Security Trustee to exercise, or delegate
         the exercise of, any of the rights, powers and authorities conferred on
         them by or pursuant to the Agreement or by law (including, after the
         occurrence of an Enforcement Event, the exercise of any right of a
         legal or beneficial owner of the Pledged Quotas);

         2. upon the occurrence of an Enforcement Event, to dispose of, collect,
         receive, appropriate, withdraw, transfer and/or realise upon the
         Pledged Quotas (or any part thereof) and forthwith sell, assign, give
         option or options to purchase or otherwise dispose of and deliver the
         Pledged Quotas (or any part thereof) at such prices and upon such terms
         and conditions as the Security Trustee may deem appropriate,
         irrespective of any prior or subsequent notice to the Appointer, in
         accordance with the provisions set forth in Section 1,433, item IV, of
         the Brazilian Civil Code, apply the enforcement proceeds for the
         payment of the Secured Obligations, being vested with all necessary
         powers incidental thereto, including, without limitation, the power and
         authority to (i) instruct the Company to make any payments required by
         such Pledged Quotas directly to the Security Trustee, to be applied to
         the Secured Obligations, and (ii) purchase foreign currency and make
         all remittances abroad, to sign any necessary foreign exchange contract
         with financial institutions in Brazil that may be required to make such
         remittances and to represent the Appointer before the Central Bank of
         Brazil and any other Brazilian governmental authority when necessary to
         accomplish the purposes of the Agreement;

                                       20

<PAGE>

                                                                  EXECUTION COPY

         3. upon the occurrence of an Enforcement Event, to take all necessary
         actions and to execute any instrument before any governmental authority
         in the case of a public sale of the Pledged Quotas in accordance with
         the terms and conditions set out therein; and

         4. upon the occurrence of an Enforcement Event, to take any action and
         to execute any instrument consistent with the terms of the Agreement as
         it may deem necessary or advisable to accomplish the purposes of the
         Agreement.

Any notice by the Security Trustee that an Enforcement Event has occurred or has
ceased shall be conclusive as against all third parties. Capitalised terms used,
but not defined herein shall have the meaning ascribed to them in the Agreement.
The powers granted herein are in addition to the powers granted by the Appointer
to the Attorney in the Agreement and do not cancel or revoke any of such powers.
This power of attorney shall be irrevocable, valid and effective until the
Agreement has terminated in accordance with its terms.

The Grantor shall ratify and confirm all things done and all documents executed
by the Attorney in the exercise or purported exercise of all or any of its
powers. The Grantor shall indemnify the Attorney and keep the Attorney
indemnified against any and all costs, claims and liabilities which the Attorney
may incur as a result of anything done by the Attorney in the proper exercise of
any of the powers conferred, or purported to be conferred, on the Attorney by
the Agreement unless such cost, claim or liability arises as a result of the
negligence or wilful misconduct of the Attorney.

IN WITNESS WHEREOF, the Appointer has caused its duly authorised representatives
to execute this power of attorney on 19 May 2003.

MARCONI COMMUNICATIONS INTERNATIONAL HOLDINGS LIMITED
As Appointer

By:
Name:
Title:

                                       21<PAGE>

                                                                    EXHIBIT 4.45

                                                                  CONFORMED COPY

DEED OF PLEDGE OF SHARES
(Marconi Communications B.V.)

This fifteenth day of May two thousand and three, there appeared before me,
Christiaan Maria Stokkermans, civil law notary in Amsterdam: Luc Pierre Peters,
with office address at Apollolaan 15, 1077 AB Amsterdam, the Netherlands, born
in Roosendaal en Nispen, the Netherlands, on the first day of February nineteen
hundred and seventy-seven, in this respect acting as attorney-in-fact of:

1.       Marconi Communications, Inc., a company incorporated under the laws of
         the State of Delaware, the United States of America, having its
         registered seat at 1209 Orange Street, Wilmington, New Castle County,
         United States of America, registered with the Office of the Secretary
         of State of Delaware under registration number 7854413 (the "PLEDGOR");

2.       The Law Debenture Trust Corporation p.l.c., a public limited company
         incorporated under the laws of England and Wales, having its registered
         offices at Fifth Floor, 100 Wood Street, London EC2V 7EX, United
         Kingdom and registered at the Companies House under number 01675231
         (the "PLEDGEE"); and

3.       Marconi Communications B.V., a private company with limited liability
         (besloten vennootschap met beperkte aansprakelijkheid) incorporated
         under the laws of The Netherlands, having its official seat in Gouda,
         The Netherlands, its registered office at De Entree 11-13, 1101 BH,
         Amsterdam-Zuidoost, The Netherlands, and registered in the Commercial
         Register under number 29046660 (the "COMPANY").

The aforementioned proxy appears from three written powers of attorney attached
to this deed (Annexes).

<PAGE>

                                                                               2

The person appearing declared the following:

CONSIDERING THE FOLLOWING:

(A)      Pursuant to the Relevant Documents (as defined below by reference)
         certain of the Secured Creditors (as defined below by reference) have
         lent monies to the Issuer on the terms and conditions set out therein.

(B)      In connection with the Relevant Documents it is envisaged that the
         Pledgor, inter alia, enters into this Deed.

(C)      The Pledgor is the owner of all issued and outstanding shares in the
         capital of the Company.

DECLARE AS FOLLOWS:

1.       INTERPRETATION AND PARALLEL DEBT

1.1      DEFINITIONS

         1.1.1    Words and expressions defined in the Security Trust and
                  Intercreditor Deed (as defined hereafter) shall have the same
                  meaning when used herein unless defined otherwise in this
                  Deed.

         1.1.2    In this deed ("DEED") the following terms shall have the
                  following meanings:

                  "ARTICLES OF ASSOCIATION" means the articles of association
                  (statuten) of the Company as they currently stand since their
                  latest amendment on the fourteenth day of November two
                  thousand and two and as amended from time to time;

                  "BENEFICIARIES" means each of (a) the Secured Creditors,
                  expressly including the Pledgee and (b) the Pledgee pro se
                  (insofar as it is not a Secured Creditor) and "BENEFICIARY"
                  means any of them;

                  "FUTURE SHARES" means any and all shares in the capital of the
                  Company which are issued to the Pledgor after the date of this
                  Deed regardless of whether such issue was approved prior to
                  the date hereof;

                  "PARALLEL OBLIGATIONS" has the meaning ascribed thereto in
                  Clause 3 (Parallel Debt Obligation) of the Security Trust and
                  Intercreditor Deed;

                  "PRESENT SHARES" means all currently issued and outstanding
                  ordinary shares in the capital of the Company, being forty
                  ordinary shares with a nominal value of four hundred and sixty
                  euro (EUR 460) each, numbered 1 through 40, which were all
                  acquired by the Pledgor by issuance upon incorporation of the
                  Company (at that time named: FORE Systems B.V.) by a notarial
                  deed of incorporation dated the twenty-third day of December
                  nineteenhundred and ninety-six, executed by Mark Peter
                  Bongard, civil law notary in Amsterdam, The Netherlands, and
                  are all registered in the name of the Pledgor;

                  "RELATED ASSETS" has the meaning ascribed thereto in Clause
                  2.2 (ii);

<PAGE>

                                                                               3

                  "SECURED OBLIGATIONS" means all present and future
                  indebtedness, liabilities and other monetary obligations (for
                  the avoidance of doubt, including any liabilities and
                  obligations which have been cash-collateralised by the
                  Pledgor) at any time due, owing or incurred by the Pledgor to
                  the Pledgee (as Security Trustee, pro se or in whatever other
                  capacity) under the Relevant Documents, both actual and
                  contingent and whether incurred solely or jointly and in
                  whatever capacity, including, for the avoidance of any doubt
                  and without limitation, (a) any refinancing, novation,
                  deferral or extension of such obligations, (b) any obligation
                  relating to any increase in the amount of such obligations,
                  (c) any claim for damages or restitution relating to such
                  obligations, (d) any claim in respect of such obligations as a
                  result of any recovery by the Pledgor of a payment or
                  discharge, or non-allowability, on the grounds of preference,
                  (e) the Pledgor's Parallel Obligations, and (f) any amounts
                  that would be included in any of the foregoing but for any
                  discharge, non-provability or unenforceability of those
                  amounts in any insolvency or other proceedings (including
                  interest accruing after the commencement of any insolvency or
                  other proceedings);

                  "SECURITY ASSETS" means: (i) the Shares, (ii) the Related
                  Assets, and (iii) the dividends, rights, monies and other
                  assets to which the Pledgee is entitled pursuant to the terms
                  hereof or any of the foregoing;

                  "SECURITY PERIOD" means the period beginning on the date
                  hereof and ending on the date upon which the security hereby
                  created is released pursuant to the terms of the Security
                  Trust and Intercreditor Deed; "SECURITY TRUST AND
                  INTERCREDITOR DEED" means the security trust and intercreditor
                  deed dated on or about the date hereof and made between, among
                  others, Marconi Corporation plc as Issuer, the parties listed
                  therein as Guarantors, The Law Debenture Trust Corporation
                  p.l.c. as Security Trustee, Law Debenture Trust Company of New
                  York as Senior Note Trustee, JPMorgan Chase Bank as Junior
                  Note Trustee, HSBC Bank plc as New Bonding Facility Agent and
                  The Bank of New York as Depository, Paying Agent and
                  Registrar;

                  "SHARES" means the Present Shares and the Future Shares;

                  "VOTING EVENT" means the occurrence of an Enforcement Event
                  which is continuing, provided that notice has been given by
                  the Pledgee to the Pledgor and the Company of the fact that
                  the Pledgee wishes to obtain the Voting Rights; and

                  "VOTING RIGHTS" has the meaning ascribed thereto in Clause
                  2.7.

1.2      INTERPRETATION

         1.2.1    Headings are for convenience of reference only.

<PAGE>

                                                                               4

         1.2.2    Where the context so permits, the singular includes the plural
                  and vice versa.

         1.2.3    Save where the contrary is indicated, any reference in this
                  Deed to the "Pledgee", the "Pledgor", a "Beneficiary", or the
                  "Company" shall be construed so as to include its or their
                  respective successors, transferees and assigns from time to
                  time and any successor of such a successor, transferee or
                  assign in accordance with their respective interests.

         1.2.4    A "Clause" shall, subject to any indication to the contrary,
                  be construed as a reference to a clause hereof.

         1.2.5    References to the Security Trust and Intercreditor Deed, any
                  Relevant Document, this Deed or any other agreement or
                  document shall, where applicable, be deemed to be references
                  to the Security Trust and Intercreditor Deed, such Relevant
                  Document, this Deed or such other agreement or document as the
                  same may have been, or may from time to time be, extended,
                  prolonged, amended, restated, supplemented, renewed or
                  novated, as persons may accede thereto as a party or withdraw
                  therefrom as a party in part or in whole or be released
                  thereunder in part or in whole, and as facilities and
                  financial services are or may from time to time be granted,
                  extended, prolonged, increased, reduced, cancelled, withdrawn,
                  amended, restated, supplemented, renewed or novated
                  thereunder.

         1.2.6    A statute or statutory provision shall be construed as a
                  reference to such statute or statutory provision as the same
                  may have been, or may from time to time be, amended or
                  re-enacted and all instruments, orders, plans, regulations,
                  by-laws, permissions and directions at any time made
                  thereunder.

         1.2.7    The term "including" shall be construed as meaning "including
                  without limitation".

         1.2.8    A "person" shall be construed as a reference to any person,
                  firm, company, corporation, body corporate, government, state
                  or agency of a state or any association or partnership
                  (whether or not having separate legal personality) of two or
                  more of the foregoing.

         1.2.9    A "subsidiary" of any person shall be construed as a reference
                  to any other person which is a "subsidiary undertaking" in
                  relation to the first-mentioned person within the meaning
                  ascribed to that term by Section 24a Book 2 of the Dutch Civil
                  Code as it is in force at the date hereof.

         1.2.10   "tax" shall be construed so as to include any tax, levy,
                  impost, duty or other charge of a similar nature (including,
                  without limitation, any penalty or interest payable in
                  connection with any failure to pay or delay in paying any of
                  the same).

<PAGE>

                                                                               5

         1.2.11   "value added tax" shall be construed so as to include any
                  similar tax which may be imposed in place thereof from time to
                  time.

         1.2.12   "continuing" in relation to an Enforcement Event, shall be
                  construed as a reference to an acceleration of any Secured
                  Obligation (other than Secured Obligations arising under the
                  New Bonding Facility Agreement) where such acceleration has
                  not been rescinded in writing or a declaration that the
                  Secured Obligations (other than Secured Obligations arising
                  under the New Bonding Facility Agreement) are prematurely due
                  and payable (other than solely as a result of it becoming
                  unlawful for a Secured Creditor to perform its obligations
                  under the Relevant Documents) where such declaration has not
                  been revoked in writing or any failure by an Obligor to pay
                  any principal amount in respect of any Secured Obligations
                  (other than Secured Obligations arising under the New Bonding
                  Facility Agreement) whether on maturity or otherwise which has
                  not been waived in writing. In this Clause 1.2.12 the words
                  "SECURED OBLIGATIONS" have the meaning attributed thereto in
                  the Security Trust and Intercreditor Deed.

         1.3      UNDERTAKING TO PLEDGE

                  The Pledgor hereby agrees with the Pledgee and hereby
                  undertakes that the Pledgor shall grant to the Pledgee the
                  rights of pledge purported to be granted under and pursuant to
                  this Deed.

1.4      PLEDGEE NOT AN AGENT

         1.4.1    The parties acknowledge that, solely in connection with the
                  creation of rights of pledge hereunder or pursuant hereto, the
                  Pledgee acts in its own name and not as representative of the
                  Beneficiaries or any of them and consequently the Pledgee
                  becomes the sole pledgee hereunder and pursuant hereto.

         1.4.2    Without prejudice to Clause 1.4.1, the parties agree that the
                  provisions of the Security Trust and Intercreditor Deed in
                  respect of the Security Trustee apply to the Pledgee as
                  pledgee mutatis mutandis for the duration of this Deed.

2.       PLEDGE OF THE SECURITY ASSETS

2.1      To secure and provide for the payment of all Secured Obligations the
         Pledgor hereby pledges (verpandt) for the duration of the Security
         Period to the Pledgee by way of a first priority right of pledge
         (eerste recht van pand) all of the Present Shares, as at the date of
         this Deed free of all encumbrances (beperkte rechten) and attachments,
         which rights are hereby accepted by the Pledgee.

2.2      To further secure and provide for the payment of all Secured
         Obligations, the Pledgor hereby pledges (verpandt) to the Pledgee by
         way of a first priority right of pledge (eerste recht van pand) as at
         the date of this Deed

<PAGE>

                                                                               6

         free and clear of all encumbrances (beperkte rechten):

         (i)  all cash dividends payable at any time hereafter on all or any of
              the Present Shares; and

         (ii) all rights, monies (except for cash dividends) and other assets
              (all of the foregoing hereinafter referred to collectively as
              "RELATED ASSETS") accruing, distributed, issued or offered at any
              time by way of redemption, repurchase, dividend, bonus,
              preference, pre-emption, conversion, capitalization of profits or
              reserves, substitution, exchange, option right or otherwise in
              respect of any of the Present Shares (or in respect of any
              shares, rights, monies, or other assets previously accruing,
              offered or issued as referred to in this paragraph) and all
              proceeds of any and all of the foregoing including, but without
              limitation, proceeds that constitute assets of the types described
              above;

         to the extent that (A) such dividends or Related Assets accrue on or
         after the date of this Deed and (B) such Related Assets can be made
         subject to a right of pledge (recht van pand) as a matter of Dutch
         law. The Pledgee hereby accepts such pledge. To the extent that any
         of the Related Assets cannot be made subject to a right of pledge as
         a matter of Dutch law, the Pledgor hereby undertakes to the Pledgee
         to create an equivalent first ranking security interest in favour of
         the Pledgee on such Related Assets in the form of a mortgage
         (hypotheek).

2.3      The Pledgor hereby unconditionally and irrevocably grants to the
         Pledgee by way of a first priority right of pledge (eerste recht van
         pand) on all Future Shares, all cash dividends payable on such Future
         Shares and all Related Assets in respect of any Future Shares, as at
         the date of this Deed free and clear of all encumbrances (beperkte
         rechten). The Pledgee hereby accepts such pledge. The Pledgor shall
         promptly notify the Pledgee upon acquisition of any Future Shares and
         each of the Pledgor and the Company shall at its own expense execute
         such agreements, deeds, confirmations and notices and do all such
         assurances, acts and things as the Pledgee may require for giving
         full effect to this Clause 2.3 and for creating, perfecting or
         protecting the Pledgee's security rights in respect of the Future
         Shares, all cash dividends payable on such Future Shares and all
         Related Assets in respect of any Future Shares or any part thereof.
         Without prejudice to the foregoing, to the extent that any of the
         Related Assets cannot be made subject to a right of pledge as a
         matter of Dutch law, the Pledgor hereby undertakes to the Pledgee to
         create an equivalent first ranking security interest in favour of the
         Pledgee on such Related Assets in the form of a mortgage (hypotheek).

2.4      If any of the Shares are changed, classified or reclassified,
         subdivided, consolidated or converted through (statutory) merger, or
         otherwise, or the

<PAGE>

                                                                               7

         rights attaching to the Shares are altered in any way, the shares or
         other securities resulting from such event are hereby pledged and
         shall automatically become subject to the pledge (pandrecht) hereby
         created. Where that is not possible, the Pledgor shall execute one or
         more pledge agreements in form and substance similar to this Deed in
         respect of such shares or other securities. Nothing in this Clause
         2.4, however, should be construed as to imply or contain the consent
         of the Pledgee to change the Shares as set out in the first sentence
         of this Clause 2.4.

2.5      Subject at all times to the restrictions set forth in the Relevant
         Documents, the Pledgee hereby gives its consent to the Pledgor to
         receive, retain and utilise cash dividends distributed by the
         Company, so long as the Company shall not have received a written
         notice from the Pledgee or the Issuer stating that an Enforcement
         Event has occurred and is continuing. So long as the Company shall
         not have received such notice, the Company shall be authorised to pay
         such cash dividends directly to the Pledgor.

2.6      By signing this Deed, the Company confirms (and the other parties
         agree) that a written notice from the Pledgee to the Company stating
         that an Enforcement Event (i) has occurred and (ii) is continuing,
         shall be sufficient for the Company to accept the Pledgee as being
         exclusively entitled to such rights and other powers which it is
         entitled to exercise pursuant to Clause 2.5.

2.7      The voting and other consensual rights and similar rights or powers
         attaching to the Present Shares or any part thereof (hereafter the
         "VOTING RIGHTS") are hereby transferred by the Pledgor to the Pledgee
         under the condition precedent that a Voting Event occurs during the
         Security Period. The Pledgor's execution hereof constitutes a written
         shareholder's resolution taken outside a meeting by the Pledgor
         acting as the sole shareholder of the Company approving such transfer
         of the Voting Rights. The Pledgor hereby confirms that the managing
         directors of the Company have been given the opportunity to advise on
         the resolution aforementioned. Until the occurrence of a Voting Event
         the Pledgor may exercise any and all such Voting Rights, save to the
         extent that such exercise would constitute a Default or an Event of
         Default under the Indentures. The foregoing provisions of this Clause
         2.7 regarding Voting Rights will also apply to Future Shares, once
         acquired by the Pledgor. Upon acquisition of Future Shares, each of
         the Pledgor and the Company shall at its own expense do all such
         assurances, acts and things as the Pledgee may require for giving
         full effect to this Clause 2.7 and for creating, perfecting or
         protecting the Pledgee's entitlement to the Voting Rights in respect
         of the Future Shares.

2.8      Upon the occurrence of a Voting Event:

         (a)  any and all rights of the Pledgor to exercise the Voting
              Rights which it is entitled to exercise pursuant to
              Clause 2.7 above shall cease and

<PAGE>

                                                                               8

              the Pledgee shall have the sole and exclusive right and authority
              to exercise such Voting Rights and shall be entitled to exercise
              or refrain from exercising such rights in such manner as the
              Pledgee may in its absolute discretion deem fit; and

         (b)  all dividends, distributions and interest payments which are
              received by the Pledgor contrary to the provisions of this Deed
              shall be received and held as custodian (bewaarnemer) or, if
              possible under applicable law, on trust, for the benefit of the
              Pledgee and shall pending payment, transfer or delivery to the
              Pledgee be segregated from the other assets and funds of the
              Pledgor and shall be immediately paid over, transferred or
              delivered to the Pledgee in the same form as so received.

2.9      By signing this Deed, the Company confirms (and the other parties
         agree) that a written notice from the Pledgee to the Company stating
         that a Voting Event has occurred, shall be sufficient for the Company
         to accept the Pledgee as being exclusively entitled to such rights
         and other powers which it is entitled to exercise pursuant to Clause
         2.8.

2.10     Insofar as any right of pledge envisaged to be created hereunder or
         pursuant hereto cannot be created as a first ranking right of pledge
         due to prior encumbrances, a right of pledge is still created in
         favour of the Pledgee as pledgee and hereby granted and accepted as
         set out in Clause 2.1 and 2.2 and this Deed shall be construed
         accordingly, without prejudice to the Pledgee's rights vis-a-vis the
         Pledgor because no first ranking right of pledge has been created.

2.11     The Pledgee shall not have the rights which the law attributes to
         holders of depositary receipts of shares of a company issued with
         such company's co-operation unless and until a Voting Event has
         occurred.

3.       FURTHER ASSURANCES/DELIVERY OF DOCUMENTS

3.1      Each of the Company and the Pledgor shall promptly enter into and do
         all such acts or execute all such documents (including assignments,
         transfers, notices and instructions) as the Pledgee may specify (and
         in such form as the Pledgee may require in favour of the Pledgee or
         its nominee(s)) to perfect the rights of pledge created or intended
         to be created in respect of the Security Assets or for the exercise
         of its rights under this Deed.

3.2      If so requested by the Pledgee, the Pledgor shall take all such action
         as is available to it (including making all filings and
         registrations) as may be necessary for the purpose of the creation,
         perfection, protection or maintenance of the rights of pledge
         conferred or intended to be conferred on the Pledgee by or pursuant
         to this Deed.

4.       PERFECTION OF PLEDGE OF THE SHARES

         By signing this Deed the Company:

         (i)  acknowledges the first priority right of pledge of the Present
              Shares

<PAGE>

                                                                               9

                and the Future Shares and acknowledges to have been notified of
                the first priority right of pledge on all cash dividends paid or
                payable at any time hereafter on all or any of the Shares and
                the Related Assets (insofar as relevant) and undertakes to
                register such rights of pledge in its shareholders' register;

         (ii)   undertakes to provide the Pledgee within ten (10) Business Days
                after the execution of this Deed with a copy of the relevant
                entry in its shareholders' register; and

         (iii)  to the extent possible and with the knowledge of the Pledgor,
                waives any pre-emption right or right of first refusal granted
                under the Articles of Association or otherwise (where
                applicable) of the Company that may impede the exercise by the
                Pledgee of the rights of pledge and the other rights conferred
                hereunder which waiver is hereby accepted by the Pledgee.

5.       TERMINATION

5.1      This Deed and the Pledgee's security interests constituted hereunder or
         pursuant hereto, shall, unless the same are terminated by operation of
         law, be in full force and effect vis-a-vis the Pledgor until the end of
         the Security Period.

5.2      It is expressly agreed that the Pledgee will be entitled to terminate
         by notice (opzegging) the rights of pledge created hereunder in part or
         in whole in respect of (i) all or part of the Security Assets and/or
         (ii) all or part of the Secured Obligations, as envisaged by Section
         81-2 Book 3 of the Dutch Civil Code, and if and insofar as the
         purported effect of any such termination would require a waiver
         (afstand) by the Pledgor such termination shall be construed
         accordingly and the Pledgor hereby in advance agrees to such waiver.

6.       CONTINUING AND INDEPENDENT SECURITY

6.1      ULTIMATE BALANCE

         The Pledgee's security interests constituted by or pursuant to this
         Deed shall be continuing and shall remain in full force and effect,
         notwithstanding any intermediate payment of any Secured Obligation, and
         shall apply to the ultimate balance of the Secured Obligations.

6.2      THE PLEDGOR'S OBLIGATIONS

         To the fullest extent permitted under applicable law, the obligations
         of the Pledgor shall not be discharged, prejudiced, impaired,
         diminished or otherwise affected by:

         (i)    any winding-up, insolvency, bankruptcy, dissolution,
                administration, moratorium or re-organisation of (or similar
                legal or equitable principles relating to or limiting creditors'
                rights generally) or other change in the Pledgor or the Company;

<PAGE>

                                                                              10

         (ii)   any of the Secured Obligations being at any time illegal,
                invalid, unenforceable or ineffective;

         (iii)  any time or other indulgence being granted to the Pledgor or any
                other person;

         (iv)   any amendment, variation, waiver or release of any of the
                Secured Obligations;

         (v)    any failure to take or failure to realise the value of any other
                collateral in respect of the Secured Obligations or any release,
                discharge, exchange or substitution of any such collateral; or

         (vi)   any other act, event or omission which but for this provision
                would or might operate to impair, discharge, prejudice, diminish
                or otherwise affect the obligations of the Pledgor hereunder.

6.3      IMMEDIATE RECOURSE

         To the fullest extent allowed by applicable law, the Pledgor waives any
         right it may have of first requiring the Pledgee to proceed against, or
         claim payment from any person or entity or enforce any guarantee or
         security granted by any other person or entity before enforcing this
         Deed and/or its rights hereunder or pursuant hereto. In particular, the
         Pledgor irrevocably waives the defence of eviction conferred by Section
         234 Book 3 of the Dutch Civil Code, which waiver is hereby accepted by
         the Pledgee.

6.4      ADDITIONAL SECURITY

         This Deed shall be in addition to and shall not in any way be
         prejudiced by or dependent on any collateral or other security now or
         hereafter held by the Pledgee as security for the Secured Obligations.

6.5      CERTIFICATES

         A certificate signed by any duly authorised officer of the Pledgee or
         its Delegates setting forth any amount due to it from the Pledgor in
         respect of any Secured Obligation shall be prima facie evidence that
         such amount is due from the Pledgor in the absence of manifest error.

6.6      RELEASE

         Where any release of a right of pledge over Security Assets is made in
         whole or in part on the faith of any payment, which is subsequently
         avoided or must be restored by virtue of any laws relating to
         bankruptcy, insolvency, liquidation or similar laws of general
         application, the rights of pledge created hereby and pursuant hereto
         shall continue as if there had been no such release and the foregoing
         shall serve as a condition to such release.

6.7      EXERCISE OF RIGHTS, POWERS, REMEDIES

         The Pledgee does not before exercising any of the rights, powers or
         remedies conferred upon it by this Deed or by law, need to (a) take
         proceedings or obtain judgement against the Pledgor or any other person
         in any court, (b) make or file any claim or proof in an insolvency, a
         winding-up or a dissolution of the Pledgor or of any other person or
         (c) enforce or

<PAGE>

                                                                              11

         seek to enforce any other security which the Pledgee may now or at any
         time hereafter hold for or in connection with any of the Secured
         Obligations.

7.       REPRESENTATIONS AND WARRANTIES

7.1      Each of the Pledgor and, to the extent relevant, the Company represents
         and warrants to the Pledgee that:

         (a)    as at the date of this Deed, it is the sole legal and beneficial
                owner of the Security Assets free from any Security (as such
                term is defined in the Security Trust and Inter creditor Deed)
                except as created by this Deed;

         (b)    there are no restrictions on the transfer of the Shares, other
                than (i) pursuant to this Deed and (ii) as set out in the
                transfer restriction clause in the Articles of Association;

         (c)    it will be the sole legal and beneficial owner of the Security
                Assets free from any Security (as such term is defined in the
                Security Trust and Intercreditor Deed), except as not expressly
                prohibited under the Indentures; and

         (d)    the Present Shares are fully paid up.

7.2      The Pledgor undertakes to the Pledgee that, except as not expressly
         prohibited under the Indentures:

         (a)    it will not create or permit to subsist any Security over the
                Security Assets or any interest in or any part of the Security
                Assets; and

         (b)    it will not (and shall not agree to) sell or attempt to sell or
                otherwise dispose of the Security Assets or any interest in or
                part of the Security Assets.

8.       ENFORCEMENT

8.1      Upon and at all times after the occurrence of an Enforcement Event
         which (i) is continuing and (ii) also constitutes a default (verzuim)
         in or in connection with the proper performance of the Secured
         Obligations, the rights of pledge created hereunder shall become
         immediately enforceable and the Pledgee shall be entitled in its
         absolute discretion and to the fullest extent permitted by applicable
         law, without further notice, advertisement, hearing or process of law
         of any kind to sell and transfer all or part of the Security Assets in
         accordance with the laws of The Netherlands, and, where applicable, the
         Articles of Association including, but not limited to:

         (a)    selling the Shares and, where applicable, the Related Assets at
                a public auction in accordance with local custom and conditions
                in accordance with Section 250 Book 3 of the Dutch Civil Code;
                or

         (b)    applying for a court order (the corresponding right of
                application of the Pledgor is hereby excluded from pursuing and
                the Pledgor hereby waives and agrees not to exercise its right
                to apply for such a court order, which waiver is hereby accepted
                by the Pledgee) authorising the sale of the Shares and the
                Related Assets in the manner

<PAGE>

                                                                              12

                determined by the court, or authorising that the Shares and the
                Related Assets remain with the Pledgee in payment of such amount
                as will be determined by the court in accordance with Section
                251 Book 3 of the Dutch Civil Code.

         To the extent permissible under the laws of The Netherlands and the
         Articles of Association, the Pledgor hereby irrevocably waives,
         renounces and agrees not to exercise any pre-emption rights or rights
         of first refusal upon such a sale by the Pledgee which waiver is hereby
         accepted by the Pledgee.

         The Pledgee is hereby irrevocably authorised (without obligation) by
         the Pledgor in the event of such a sale:

         (a)    to offer the Shares and, where applicable, the Related Assets
                for sale in the manner prescribed by the Articles of Association
                or to seek the approval of the corporate body designated under
                the Articles of Association as empowered to approve all proposed
                transfers of shares, as the case may be, and to exercise the
                Pledgor's rights in connection with the sale and transfer of the
                Shares as provided in Section 198 of sub-section 5 Book 2 of the
                Dutch Civil Code;

         (b)    to cause notice of such sale of the Shares and, where
                applicable, the Related Assets, to be served, also on behalf the
                Pledgor, upon the Company in accordance with the laws of The
                Netherlands and the Articles of Association; and

         (c)    to cause any of the Shares and, where applicable, the Related
                Assets to be registered in the name of the new owner(s)
                following the sale to the extent required on behalf of the
                Pledgor, to do all such acts and to sign all such documents as
                are necessary for that purpose pursuant to the laws of The
                Netherlands or the provisions of the Articles of Association.

8.2      In the scope of the enforcement of this pledge pursuant to this Clause
         8 the Pledgee shall have the right to impose such limitations and
         restrictions on the sale of the Shares and, where applicable, the
         Related Assets as the Pledgee may deem necessary or appropriate to
         comply with any law or regulation applicable to the sale. The Pledgor
         shall co-operate with the Pledgee in obtaining any necessary permits,
         exemptions or consents of competent authorities and in ensuring that
         the sale of the Shares and, where applicable, the Related Assets does
         not violate any applicable securities laws.

8.3      REDEMPTION OF PRIOR ENCUMBRANCES

         The Pledgee may at any time after the security hereby constituted has
         become enforceable redeem any prior encumbrance except for prior
         encumbrances which have been or will be created for the sole purpose of
         complying with provisions of mandatory law or except as not expressly

<PAGE>

                                                                              13

         prohibited by the Indentures, over any Security Assets or procure to be
         subrogated in such prior encumbrances.

9.       APPLICATION OF PROCEEDS

         Subject to the provisions of the Security Trust and Intercreditor Deed
         or any other Relevant Document, all monies received, recovered or
         realised by the Pledgee pursuant to this Deed and/or under the powers
         hereby conferred (including the proceeds of any conversion of
         currency), shall after any of the security interests created hereunder
         or pursuant hereto have become enforceable but subject to the payment
         of any claims having priority to the security interests created
         hereunder or pursuant hereto be applied by the Pledgee for payment of
         the Secured Obligations, but without prejudice to Section 253 Book 3 of
         the Dutch Civil Code (dealing with the distribution of proceeds of
         enforcement of a right of pledge).

10.      REMEDIES

10.1     No failure on the part of the Pledgee to exercise, and no delay on its
         part in exercising, any right or remedy under this Deed will operate as
         a waiver thereof, nor will any single or partial exercise of any right
         or remedy preclude any other or further exercise thereof or the
         exercise of any other right or remedy.

10.2     The rights and remedies provided in this Deed are cumulative and not
         exclusive of any rights or remedies provided by the chosen law, any
         applicable laws of a foreign jurisdiction or the Relevant Documents.

11.      SEVERABILITY

11.1     If any of the terms hereof is or becomes invalid or unenforceable (or
         the security interests purported to be created hereunder or pursuant
         hereto are ineffective) for any reason under the laws of any
         jurisdiction or in relation to the Pledgor, such invalidity or
         unenforceability shall to the fullest extent possible under applicable
         law not affect its validity or enforceability in any other jurisdiction
         or invalidate or make unenforceable any other term hereof or the terms
         hereof.

11.2     The parties hereto agree that they will negotiate in good faith to
         replace any provision hereof held invalid, illegal or unenforceable as
         set out in Clause 11.1 with a valid provision which is as similar as
         possible in substance to the invalid, illegal or unenforceable
         provision.

12.      RESCISSION

         The Pledgor hereby waives to the fullest extent permitted by law its
         right to rescind (ontbinden) or avoid (vernietigen) the legal acts
         (rechtshandelingen) represented by this Deed which waiver is hereby
         accepted by the Pledgee.

13.      APPOINTMENT OF ATTORNEY

13.1     To the fullest extent permitted by applicable law, the Pledgor hereby
         irrevocably appoints the Pledgee and each Delegate (not being a
         receiver) severally, to be its true and lawful attorney (each the
         "ATTORNEY") (with full

<PAGE>

         power of substitution and delegation) for and on behalf of the Pledgor
         and in its name or in the name of the Pledgee and as the Pledgor's
         attorney in fact to sign, execute, seal, deliver, acknowledge, file,
         register and perfect any and all such assurances, documents,
         instruments, agreements, certificates and consents and to do any and
         all such acts and things as the Pledgor itself has undertaken to do
         under this Deed and which the Pledgee may deem to be necessary in order
         for the creation, perfection and preservation of the security interests
         created hereunder or the enforcement by the Pledgee of its rights,
         powers and authorities hereunder or by law to give full effect to the
         purposes of this Deed. It is expressly agreed that this appointment
         also applies to situations where the Pledgee (also) acts as the
         Pledgor's counterparty (Selbsteintritt). The Pledgor will ratify and
         confirm whatever the Pledgee shall do or cause to be done in pursuance
         of the powers conferred to it hereunder.

13.2     INDEMNITY

         The Pledgor shall indemnify the Attorney and keep the Attorney
         indemnified against any and all costs, claims and liabilities which the
         Attorney may incur as a result of anything done by the Attorney in the
         proper exercise of any of the powers conferred, or purported to be
         conferred, on him or her by this Clause 13 unless such cost, claim or
         liability arises as a result of the negligence or wilful misconduct of
         the Attorney.

13.3     The Pledgee shall not have any obligation whatsoever to exercise any of
         the powers conferred upon it by this Clause 13 or to make any demand or
         enquiry as to the nature or sufficiency of any payment received by it,
         or to present or file any claim or notice or take any other action
         whatsoever with respect to the Security Assets. No action taken by or
         omitted to be taken by the Pledgee acting reasonably shall give rise to
         any defence, counterclaim or set-off against the Pledgee or otherwise
         affect any of the Secured Obligations.

13.4     If a party hereto is represented by (an) attorney(s) in connection with
         the signing and/or execution and/or delivery of this Deed or any
         agreement, document or understanding referred to herein or made
         pursuant hereto, the choice of Netherlands law contained in the
         relevant power(s) of attorney to govern such power of attorney is
         hereby expressly acknowledged and accepted by the other party hereto as
         the law governing (i) the internal relationship between the principal
         and the attorney(s), (ii) the (external) authority of the attorney(s)
         and the (external) consequences of the exercise of such power(s) of
         attorney by the attorney(s) and (iii) any other attorney issues.

14.      POWER TO ASSIGN

14.1     To the fullest extent permitted under the laws of The Netherlands and

<PAGE>

                                                                              15

         subject to the terms of the Security Trust and Intercreditor Deed, the
         Pledgee but not, for the avoidance of doubt, the Pledgor or the
         Company, shall be entitled to assign and/or transfer all or part of its
         rights and obligations under this Deed to any assignee and/or
         transferee and the Pledgor hereby in advance gives its irrevocable
         consent to (geeft toestemming bij voorbaat) within the meaning of
         Section 156 Book 6 of the Dutch Civil Code and hereby in advance
         irrevocably co-operates with (verleent bij voorbaat medewerking aan),
         within the meaning of Section 156 Book 6 to Section 159 Book 6 of the
         Dutch Civil Code, any such assignment and/or transfer (including by
         means of take-over of debt (schuldoverneming) or take-over of agreement
         (contractsoverneming), as the case may be) hereunder.

14.2     The Pledgee shall be entitled to impart any information concerning the
         Pledgor and this Deed to any successor or proposed successor (direct or
         indirect) or to any person to whom information will be required to be
         disclosed by applicable law.

15.      NOTICES

         All notices, requests, demands and other communications under this Deed
         shall be made and delivered in accordance with the provisions of the
         Security Trust and Intercreditor Deed.

16.      EXPENSES, COSTS AND TAXES

16.1     EXPENSES

         The Pledgor shall, from time to time and promptly on demand by the
         Pledgee, reimburse the Pledgee for all costs and expenses (including
         legal fees) on a full indemnity basis together with any applicable VAT
         incurred by the Pledgee and any Delegate (provided that in relation to
         sub-clause (i) of this Clause 16.1, such costs and expenses must be
         properly incurred) in connection with any of the following:

         (i)    the execution, release and discharge of this Deed and the rights
                of pledge created or intended to be created in respect of the
                Security Assets and the completion of the transactions and
                perfection of the rights of pledge contemplated in this Deed or
                forming part of the rights of pledge created or intended to be
                created in respect of Security Assets;

         (ii)   the actual or contemplated exercise, preservation and/or
                enforcement of any of the rights, powers and remedies of, or the
                performance of the duties and obligations of, the Pledgee or any
                Delegate, or any amendment or waiver in respect thereof;

         (iii)  the foreclosure of any Security Assets; and

         (iv)   the preservation and/or enforcement of the rights of pledge
                created or intended to be created in respect of the Security
                Assets,

         which shall carry statutory interest from the date of such demand until
         so

<PAGE>

                                                                              16

         reimbursed.

16.2     TAXES

         The Pledgor shall pay, promptly on demand of the Pledgee, all stamp,
         registration, notarial and other similar taxes or fees paid or payable
         by the Pledgee in connection with any action taken or contemplated by
         or on behalf of the Pledgee for perfecting, enforcing, releasing,
         cancelling, reassigning or resolving any doubt concerning, or for any
         other purpose in relation to this Deed, any amendment thereto, any
         transfer and/or assignment of the rights and/or obligations under the
         same or the rights of pledge created or intended to be created in
         respect of the Security Assets and shall, from time to time, indemnify
         the Pledgee promptly on demand against any liabilities, costs, claims
         and expenses resulting from any failure to pay by the Pledgor or any
         delay by the Pledgor in paying any such taxes or fees.

17.      GOVERNING LAW AND JURISDICTION

17.1     This Deed shall be governed by and construed in accordance with the
         laws of The Netherlands.

17.2     The parties hereto irrevocably agree for the exclusive benefit of the
         Pledgee that the court of first instance (rechtbank) of Amsterdam, The
         Netherlands shall have jurisdiction to hear and determine any suit,
         action or proceeding and to settle any disputes which may arise out of
         or in connection with this Deed subject to ordinary appeal (hoger
         beroep) and final appeal (cassatie).

17.3     Nothing in this Deed will limit the right of the Pledgee to take
         proceedings against the Pledgor in any other court of competent
         jurisdiction, nor will the taking of proceedings in one or more
         jurisdictions prevent proceedings being taken in any other
         jurisdiction, whether concurrently or not. CLOSE The person appearing
         is known to me, civil law notary. This deed, drawn up to be kept in the
         civil law notary's custody, was executed in Amsterdam on the date first
         above written. Before reading out, a concise summary and an explanation
         of the contents of this deed were given to the person appearing. He
         then declared that he had taken note of and agreed to the contents of
         this deed and did not want the complete deed to be read to him.
         Thereupon, after limited reading, this deed was signed by the person
         appearing and by me, civil law notary. (Signed by: L.P. Peters; Chr.M.
         Stokkermans)

                                                                  FOR TRUE COPY:

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