Document:

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                                                                    EXHIBIT 10.3

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C L I F F O R D                                    LIMITED LIABILITY PARTNERSHIP
C H A N C E

                                                                  CONFORMED COPY
                                   (INCORPORATING AMENDMENTS MADE PURSUANT TO AN
                                                             AMENDMENT AGREEMENT
                                                              DATED 16 MAY 2001)

                                EUR1,050,000,000

                                       And

                                  $540,000,000

                           SENIOR FACILITIES AGREEMENT
                               dated 28 April 2001

                                       for
                      CORNELIA VERWALTUNGSGESELLSCHAFT MBH
                                      with
                           GOLDMAN SACHS INTERNATIONAL
                                       as
                               GLOBAL CO-ORDINATOR
                                       and
                           GOLDMAN SACHS INTERNATIONAL
                       BAYERISCHE HYPO-UND VEREINSBANK AG
                                 J.P. MORGAN PLC
                                       And
                         THE ROYAL BANK OF SCOTLAND PLC
                                       as
                              JOINT LEAD ARRANGERS

                                      With

                      CHASE MANHATTAN INTERNATIONAL LIMITED
                                 acting as Agent
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                     SENIOR MULTICURRENCY TERM AND REVOLVING
                               FACILITIES AGREEMENT
   ---------------------------------------------------------------------------
Note:  This Agreement is entered into on the basis that it will have the benefit
       of and be subject to the terms of an Intercreditor Deed.

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                                    CONTENTS
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CLAUSE                                                                                              PAGE
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1.     Definitions And Interpretation..................................................................1
       1.1     Definitions.............................................................................1
       1.2     Construction...........................................................................55
       1.3     Currency Symbols And Definitions.......................................................56
       1.4     Third Party Rights.....................................................................56

2.     The Facilities.................................................................................57
       2.1     The Facilities.........................................................................57
       2.2     Lenders' And Fronting Banks' Rights And Obligations....................................57

3.     Purpose........................................................................................58
       3.1     Purpose................................................................................58
       3.2     Monitoring.............................................................................59

4.     Conditions Of Utilisation......................................................................59
       4.1     Initial Conditions Precedent...........................................................59
       4.2     Further Conditions Precedent...........................................................59
       4.3     Conditions Relating To Optional Currencies And The Euro Unit...........................60
       4.4     Maximum Number Of Loans, Letters Of Credit Or Bank Guarantees..........................61
       4.5     Order Of Drawing Of Facilities.........................................................61
       4.6     Simultaneous Drawdown Of Certain Facilities............................................62
       4.7     Drawing Of Term C Facilities...........................................................62

5.     Utilisation....................................................................................63
       5.1     Delivery Of A Utilisation Request......................................................63
       5.2     Completion Of A Utilisation Request....................................................63
       5.3     Currency And Amount....................................................................63
       5.4     Lenders' And Fronting Banks' Participation.............................................64
       5.5     Completion Of Letters Of Credit........................................................64
       5.6     Renewal Of A Letter Of Credit Or Bank Guarantee........................................65
       5.7     Restrictions On Participation In Letters Of Credit.....................................65
       5.8     Restrictions On Participation In Bank Guarantees.......................................65

6.     Optional Currencies............................................................................66
       6.1     Selection Of Currency..................................................................66
       6.2     Unavailability Of A Currency...........................................................66
       6.3     Change Of Currency.....................................................................67
       6.4     Same Optional Currency During Successive Interest Periods..............................68
       6.5     Agent's Calculations...................................................................68

7.     Repayment......................................................................................69
       7.1     Repayment Of Term Disposal Facility Loans..............................................69
       7.2     Repayment Of Term A Facility Loans.....................................................69
       7.3     Repayment Of Term B Dollar Facility Loans..............................................70
       7.4     Repayment Of Term B Euro Facility Loans................................................70
       7.5     Repayment Of Term C Euro Facility Loans................................................71
       7.6     Repayment Of Term C Dollar Facility Loans..............................................71
       7.7     Repayment Of Revolving Facility Loans..................................................72

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8.     Borrower's Liabilities In Relation To Letters Of Credit And Bank Guarantees....................72
       8.1     Demands Under Letters Of Credit And Bank Guarantees....................................72
       8.2     Borrowers' Indemnity To Fronting Banks.................................................72
       8.3     Borrowers' Indemnity To Lenders........................................................72
       8.4     Preservation Of Rights.................................................................73
       8.5     Settlement Conditional.................................................................73
       8.6     Right To Make Payments Under Letters Of Credit And Bank Guarantees.....................73

9.     Prepayment And Cancellation....................................................................74
       9.1     Illegality.............................................................................74
       9.2     Change Of Control......................................................................74
       9.3     Flotation Or Sale......................................................................75
       9.4     Excess Cash Flow.......................................................................75
       9.5     Asset Disposals........................................................................75
       9.6     Insurance Proceeds.....................................................................76
       9.7     Acquisition Recovery Proceeds..........................................................77
       9.8     Application Of Prepayments.............................................................78
       9.9     Prepayment Escrow Accounts.............................................................79
       9.10    Voluntary Cancellation.................................................................80
       9.11    Voluntary Prepayment Of Term Facility Loans............................................81
       9.12    Voluntary Prepayment Of Revolving Facility Loans.......................................82
       9.13    Prepayment Premium.....................................................................82
       9.14    Right Of Repayment And Cancellation In Relation To A Single Lender Or Fronting Bank....83
       9.15    Restrictions...........................................................................84
       9.16    Automatic Cancellation.................................................................84

10.    Interest.......................................................................................85
       10.1    Calculation Of Interest................................................................85
       10.2    Margin Ratchets........................................................................85
       10.3    Margin Changes.........................................................................86
       10.4    Default Margin.........................................................................86
       10.5    Payment Of Interest....................................................................86
       10.6    Default Interest.......................................................................86
       10.7    Notification Of Rates Of Interest......................................................87

11.    Interest Periods And Terms.....................................................................87
       11.1    Selection Of Interest Periods And Terms................................................87
       11.2    Changes To Interest Periods............................................................88
       11.3    Non-Business Days......................................................................88
       11.4    Consolidation And Division Of Term Facility Loans......................................88

12.    Changes To The Calculation Of Interest.........................................................89
       12.1    Absence Of Quotations..................................................................89
       12.2    Market Disruption......................................................................89
       12.3    Alternative Basis Of Interest Or Funding...............................................90
       12.4    Break Costs............................................................................90

13.    Fees...........................................................................................90
       13.1    Commitment Fee.........................................................................90
       13.2    Letter Of Credit Commission............................................................91
       13.3    Bank Guarantee Commission..............................................................91
       13.4    Fronting Bank Fee......................................................................91
       13.5    Arrangement Fee........................................................................91

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       13.6    Agency Fee.............................................................................91
       13.7    Security Trustee Fee...................................................................91

14.    Tax Gross Up And Indemnities...................................................................92
       14.1    Definitions............................................................................92
       14.2    Tax Gross-Up...........................................................................93
       14.3    Tax Indemnity..........................................................................94
       14.4    Tax Credit.............................................................................95
       14.5    Stamp Taxes............................................................................95
       14.6    Value Added Tax........................................................................95

15.    Increased Costs................................................................................95
       15.1    Increased Costs........................................................................95
       15.2    Increased Cost Claims..................................................................96
       15.3    Exceptions.............................................................................96

16.    Other Indemnities..............................................................................96
       16.1    Currency Indemnity.....................................................................96
       16.2    Other Indemnities......................................................................97
       16.3    Indemnity To The Agent.................................................................97

17.    Mitigation By The Lenders......................................................................97
       17.1    Mitigation.............................................................................97
       17.2    Limitation Of Liability................................................................98

18.    Costs And Expenses.............................................................................98
       18.1    Transaction Expenses...................................................................98
       18.2    Amendment Costs........................................................................98
       18.3    Enforcement Costs......................................................................98

19.    Guarantee And Indemnity........................................................................99
       19.1    Guarantee And Indemnity................................................................99
       19.2    Continuing Guarantee...................................................................99
       19.3    Reinstatement..........................................................................99
       19.4    Waiver Of Defences.....................................................................99
       19.5    Immediate Recourse....................................................................100
       19.6    Appropriations........................................................................100
       19.7    Deferral Of Guarantors' Rights........................................................100
       19.8    Additional Security...................................................................101
       19.9    Limitation On German Obligor Guarantee................................................101
       19.10   Limitation On Us Obligor Guarantee....................................................103
       19.11   Limitation On French Obligor Guarantee................................................103
       19.12   Limitation On Luxembourg Obligor......................................................104
       19.13   Third Party Rights Of Hedge Counterparties............................................104

20.    Representations...............................................................................105
       20.1    Signing Representations Of The Company................................................105
       20.2    Closing Representations...............................................................105
       20.3    Other Representations.................................................................105
       20.4    Status................................................................................106
       20.5    Binding Obligations...................................................................106
       20.6    Non-Conflict With Other Obligations...................................................106
       20.7    Power And Authority...................................................................106
       20.8    Validity And Admissibility In Evidence................................................106
       20.9    Governing Law And Enforcement.........................................................107

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       20.10   No Filing Or Stamp Taxes..............................................................107
       20.11   No Default............................................................................107
       20.12   No Misleading Information.............................................................107
       20.13   Financial Statements..................................................................108
       20.14   Financial Year End....................................................................108
       20.15   Pari Passu Ranking....................................................................108
       20.16   No Proceedings Pending Or Threatened..................................................108
       20.17   Environmental Compliance..............................................................108
       20.18   Environmental Claims..................................................................109
       20.19   Taxation..............................................................................109
       20.20   Security And Financial Indebtedness...................................................109
       20.21   Security Interests....................................................................109
       20.22   Intellectual Property.................................................................110
       20.23   Good Title To Assets..................................................................110
       20.24   Reports...............................................................................110
       20.25   Business Plan.........................................................................110
       20.26   Budgets...............................................................................111
       20.27   Group Structure.......................................................................111
       20.28   Ownership Of Obligors.................................................................112
       20.29   Consents And Approvals................................................................112
       20.30   Acquisition Documents.................................................................112
       20.31   Issue Of Share Capital................................................................112
       20.32   No Trading............................................................................113
       20.33   Pensions..............................................................................113
       20.34   Erisa And Multiemployer Plans.........................................................113
       20.35   Margin Stock..........................................................................114
       20.36   Investment Companies..................................................................115

21.    Information Undertakings......................................................................115
       21.1    Financial Statements..................................................................115
       21.2    Compliance Certificates...............................................................116
       21.3    Budgets...............................................................................116
       21.4    Requirements As To Financial Statements...............................................117
       21.5    Information: Miscellaneous............................................................118
       21.6    Notification Of Default...............................................................119
       21.7    Erisa Related Information.............................................................119

22.    Financial Covenants...........................................................................119
       22.1    Financial Definitions.................................................................119
       22.2    Financial Condition...................................................................125
       22.3    Capital Expenditure...................................................................127
       22.4    Financial Testing.....................................................................129
       22.5    Adjustments...........................................................................129

23.    General Undertakings..........................................................................129
       23.1    Authorisations........................................................................129
       23.2    Compliance With Laws..................................................................130
       23.3    Negative Pledge.......................................................................130
       23.4    Loans And Guarantees..................................................................130
       23.5    Financial Indebtedness................................................................131
       23.6    Acquisitions..........................................................................131
       23.7    Joint Ventures And Non Wholly-Owned Subsidiaries......................................131
       23.8    Joint Ventures........................................................................133

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       23.9    Dividends And Distributions...........................................................133
       23.10   Subordinated Debt.....................................................................133
       23.11   Disposals.............................................................................133
       23.12   Merger................................................................................134
       23.13   Change Of Business....................................................................134
       23.14   Insurance.............................................................................135
       23.15   Environmental Compliance..............................................................136
       23.16   Environmental Claims..................................................................136
       23.17   Taxation..............................................................................136
       23.18   Security..............................................................................137
       23.19   Pensions..............................................................................137
       23.20   Access................................................................................137
       23.21   Preservation Of Assets................................................................137
       23.22   Intellectual Property.................................................................138
       23.23   Vendor Warranties And Acquisition Closing Conditions..................................138
       23.24   Amendments............................................................................138
       23.25   Transactions With Related Parties.....................................................140
       23.26   Fees And Commissions..................................................................140
       23.27   Treasury Transactions.................................................................140
       23.28   The Acquisition.......................................................................140
       23.29   Hedging...............................................................................141
       23.30   Guarantor Group And Security Coverage.................................................141
       23.31   Accounting Reference Date.............................................................143
       23.32   Revised Group Structure...............................................................144
       23.33   Syndication...........................................................................144
       23.34   Federal Reserve Regulations...........................................................144
       23.35   Compliance With Erisa.................................................................144
       23.36   Limitation On The Lenders' Control Over German Obligors...............................144
       23.37   Conditions Subsequent.................................................................145
       23.38   Total Debt Relief Amount..............................................................145
       23.39   Debtco Exit Date......................................................................145
       23.40   Payments Under Debtco Intra-Group Loans...............................................146

24.    Events Of Default.............................................................................146
       24.1    Non-Payment...........................................................................146
       24.2    Financial Covenants...................................................................146
       24.3    Other Obligations.....................................................................146
       24.4    Misrepresentation.....................................................................146
       24.5    Cross Default.........................................................................147
       24.6    Insolvency............................................................................147
       24.7    Insolvency Proceedings................................................................148
       24.8    Creditors' Process....................................................................148
       24.9    Transaction Security..................................................................148
       24.10   Other Indebtedness....................................................................149
       24.11   Subordination Agreements..............................................................149
       24.12   Unlawfulness..........................................................................149
       24.13   Repudiation...........................................................................149
       24.14   Material Adverse Change...............................................................149
       24.15   Acceleration..........................................................................149
       24.16   Closing Period........................................................................150
       24.17   Clean-Up Period.......................................................................150

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25.    Changes To The Lenders........................................................................152
       25.1    Assignments And Transfers By The Lenders..............................................152
       25.2    Conditions Of Assignment Or Transfer..................................................152
       25.3    Assignment Or Transfer Fee............................................................153
       25.4    Limitation Of Responsibility Of Existing Lenders......................................153
       25.5    Procedure For Transfer................................................................154
       25.6    Sub-Participations By Lenders.........................................................155
       25.7    Disclosure Of Information.............................................................155

26.    Changes To The Obligors.......................................................................155
       26.1    Assignment And Transfers By Obligors..................................................155
       26.2    Additional Borrowers..................................................................155
       26.3    Resignation Of A Borrower.............................................................156
       26.4    Additional Guarantors.................................................................157
       26.5    Repetition Of Representations.........................................................157
       26.6    Resignation Of A Guarantor............................................................157
       26.7    Transfers On Debtco Introduction Date.................................................157
       26.8    Transfers On Debtco Exit Date.........................................................158
       26.9    German Security And Debtco Introduction Date..........................................159
       26.10   Company Ceases To Be Party On Mgg Accession...........................................159
       26.11   Mgg Accession.........................................................................159

27.    Role Of The Agent And The Arrangers And The Obligor's Agent...................................160
       27.1    Appointment Of The Agent..............................................................160
       27.2    Duties Of The Agent...................................................................160
       27.3    Role Of The Arrangers.................................................................160
       27.4    No Fiduciary Duties...................................................................160
       27.5    Business With The Group...............................................................160
       27.6    Rights And Discretions Of The Agent...................................................160
       27.7    Majority Lenders' Instructions........................................................161
       27.8    Responsibility For Documentation......................................................162
       27.9    Exclusion Of Liability................................................................162
       27.10   Lenders' Indemnity To The Agent.......................................................162
       27.11   Resignation Of The Agent..............................................................162
       27.12   Confidentiality.......................................................................163
       27.13   Relationship With The Lenders.........................................................163
       27.14   Credit Appraisal By The Lenders And The Fronting Banks................................164
       27.15   Reference Banks.......................................................................164
       27.16   Obligor's Agent.......................................................................164
       27.17   Reliance, Priority And Engagement Letters.............................................165

28.    The Lenders And The Fronting Banks............................................................165
       28.1    Lenders' Indemnity....................................................................165
       28.2    Direct Participation..................................................................165
       28.3    Obligations Not Discharged............................................................166
       28.4    Settlement Conditional................................................................166
       28.5    Exercise Of Rights....................................................................167
       28.6    Beneficiary A Lender..................................................................167

29.    Conduct Of Business By The Finance Parties....................................................167

30.    Sharing Among The Lenders.....................................................................167
       30.1    Payments To Lenders...................................................................167
       30.2    Redistribution Of Payments............................................................168

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       30.3    Recovering Lender's Rights............................................................168
       30.4    Reversal Of Redistribution............................................................168
       30.5    Exceptions............................................................................168

31.    Payment Mechanics.............................................................................169
       31.1    Payments To The Agent.................................................................169
       31.2    Distributions By The Agent............................................................169
       31.3    Distributions To An Obligor...........................................................169
       31.4    Clawback..............................................................................169
       31.5    Partial Payments......................................................................169
       31.6    No Set-Off By Obligors................................................................170
       31.7    Business Days.........................................................................170
       31.8    Currency Of Account...................................................................170
       31.9    Change Of Currency....................................................................171

32.    Set-Off.......................................................................................171

33.    Notices.......................................................................................171
       33.1    Communications In Writing.............................................................171
       33.2    Addresses.............................................................................172
       33.3    Delivery..............................................................................172
       33.4    Notification Of Address, Fax Number And Telex Number..................................172
       33.5    English Language......................................................................173

34.    Calculations And Certificates.................................................................173
       34.1    Accounts..............................................................................173
       34.2    Certificates And Determinations.......................................................173
       34.3    Day Count Convention..................................................................173

35.    Partial Invalidity............................................................................173

36.    Remedies And Waivers..........................................................................173

37.    Amendments And Waivers........................................................................173
       37.1    Required Consents.....................................................................173
       37.2    Exceptions............................................................................174
       37.3    Amendments By Security Trustee........................................................174
       37.4    Amendments By Obligor's Agent.........................................................174
       37.5    Amendment To Correct Manifest Error...................................................175

38.    Counterparts..................................................................................175

39.    Governing Law.................................................................................176

40.    Enforcement...................................................................................176
       40.1    Jurisdiction Of English Courts........................................................176
       40.2    Service Of Process....................................................................176

41.    Waiver Of Jury Trial..........................................................................176

Schedule 1 THE CLOSING PARTIES.......................................................................177

Schedule 2 CONDITIONS PRECEDENT......................................................................180

Schedule 3 REQUESTS..................................................................................190

Schedule 4 MANDATORY COST FORMULAE...................................................................194

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Schedule 5 FORM OF TRANSFER CERTIFICATES.............................................................197

Schedule 6 FORM OF ACCESSION LETTER..................................................................210

Schedule 7 FORM OF RESIGNATION LETTER................................................................207

Schedule 8 FORM OF COMPLIANCE CERTIFICATE............................................................208

Schedule 9 RESTRUCTURING PROGRAMME...................................................................210

Schedule 10 TIMETABLES...............................................................................212

Schedule 11 FORM OF BANK GUARANTEE...................................................................216

Schedule 12 FORM OF LETTER OF CREDIT.................................................................219

Schedule 13 MATERIAL COMPANIES AS AT SIGNING.........................................................220

Schedule 14 FORM OF AUDITOR'S REPORT.................................................................221

Schedule 15 SECURITY PRINCIPLES......................................................................223

Schedule 16 DISPOSAL PLAN............................................................................227

Schedule 17 CENTRAL AMERICAN ENTITIES................................................................230

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THIS AGREEMENT is dated 28 April 2001 and made between:

(1)     CORNELIA VERWALTUNGSGESELLSCHAFT MBH (the "COMPANY") (which is
        anticipated to have its name changed to Messer Griesheim Group GmbH and
        then to be converted into a German partnership limited by shares (GmbH &
        Co. KGaA) named Messer Griesheim Group GmbH & Co. KGaA on or shortly
        after the Closing Date referred to below);

(2)     THE PERSONS who become Borrowers pursuant to the provisions of this
        Agreement;

(3)     THE PERSONS who become Guarantors pursuant to the provisions of this
        Agreement;

(4)     GOLDMAN SACHS INTERNATIONAL as Global Co-ordinator (the "GLOBAL
        CO-ORDINATOR);

(5)     GOLDMAN SACHS INTERNATIONAL, BAYERISCHE HYPO-UND VEREINSBANK AG, J.P.
        MORGAN PLC and THE ROYAL BANK OF SCOTLAND PLC as Joint Lead Arrangers
        (the "ARRANGERS");

(6)     THE PERSONS listed in Part II of Schedule 1 (THE CLOSING PARTIES) as
        lenders (the "ORIGINAL LENDERS");

(7)     CHASE MANHATTAN INTERNATIONAL LIMITED as agent of the Lenders (the
        "AGENT"); and

(8)     CHASE MANHATTAN INTERNATIONAL LIMITED as security trustee for the
        Finance Parties (the "SECURITY TRUSTEE").

IT IS AGREED as follows:

                                    SECTION 1

                                 INTERPRETATION

1.      DEFINITIONS AND INTERPRETATION

1.1     DEFINITIONS
        In this Agreement:

        "ACCESSION LETTER" means a document substantially in the form set out in
        Schedule 6 (FORM OF ACCESSION LETTER).

        "ACQUISITION" means the China Acquisition and the MGG Acquisition.

        "ACQUISITION CLOSING CONDITIONS" means each of the conditions to closing
        of the Acquisition set out in clauses 3.1(f) (MATERIAL ADVERSE CHANGE),
        3.1(g) (REPRESENTATIONS AND WARRANTIES TRUE AND CORRECT) and 3.1(h) (NO
        INSOLVENCY OF CERTAIN MEMBERS OF THE MGG GROUP) of the Business
        Combination Agreement.

        "ACQUISITION DOCUMENTS" means the Business Combination Agreement, all
        documents executed pursuant to the Business Combination Agreement on or
        before the Closing Date, the Combination Documents defined therein, the
        Call Option defined therein, the Counter-Call Option defined therein,
        the Counter-Put Option defined therein, the Aventis Guarantee provided
        pursuant to exhibit 3.1 (j) thereof and each other document (if any)
        relating to the

                                      -1-
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        transactions contemplated in the Business Combination Agreement and
        identified by the Agent and the Company in writing as an Acquisition
        Document.

        "ACQUISITION RECOVERY PROCEEDS" means the proceeds of any payment made
        by the Vendor, or the Vendor's Affiliates (including, without
        limitation, Aventis China and Aventis), employees, officers or advisers
        under or in relation to the Acquisition Documents including (without
        limitation) the proceeds of any payment in respect of a claim for breach
        of contract or warranty, misrepresentation or a claim under an indemnity
        PROVIDED THAT to the extent that any such proceeds (or any portion
        thereof) relate to Indemnified Unconsolidated Debt or otherwise do not
        relate to any matter which affects or is connected with the equity value
        of the MGG Group they shall not be treated as Acquisition Recovery
        Proceeds. For the avoidance of doubt, proceeds received pursuant to
        section 4.14 (NON-FULFILMENT OF COUNTER-CALL) of the Business
        Combination Agreement shall not be treated as Acquisition Recovery
        Proceeds.

        "ACQUISITION REMEDY" means the application of Acquisition Recovery
        Proceeds towards:

        (a)       the discharge of a liability, charge or claim made upon any
                  member of the Group, where the Vendor is obliged under the
                  Acquisition Documents to indemnify or otherwise reimburse the
                  relevant member of the Group for such a liability, charge or
                  claim (and, for the avoidance of any doubt, this paragraph
                  applies to the application of amounts paid by the Vendor as a
                  result of breach of section 5.19 (CONSOLIDATED DEBT AT YEAR
                  END) of the BCA to the repayment of Existing Indebtedness by a
                  member of the Group); or

        (b)       reimbursing a member of the Group for monies disbursed in
                  connection with discharging any liability, charge or claim
                  referred to in paragraph (a) above; or

        (c)       replacing, reinstating and/or repairing assets of the Group
                  where the loss of, or damage to, such assets gave rise to a
                  claim for breach of contract or warranty, misrepresentation or
                  a claim under an indemnity under the Acquisition Documents.

        For the purposes of this definition, "GROUP" shall at all times include
        the Company.

        "ADDITIONAL BASKET" means, at any time, an amount equal to the aggregate
        amount of:

        (a)       Available Excess Cash Flow and Deemed Available Net Disposal
                  Proceeds and Available Net Disposal Proceeds and 25% of Total
                  Debt Relief Amount at such time; less

        (b)       the aggregate amount which has been used for acquisitions
                  pursuant to paragraph (h) of the definition of Permitted
                  Acquisitions and the aggregate amount which has been used in
                  Capital Expenditure under paragraph (c)(iii) of Clause 22.3
                  (CAPITAL EXPENDITURE) and the aggregate amount allocated to be
                  funded out of the Additional Basket pursuant to the provisions
                  of paragraph (c) of Clause 23.7 (JOINT VENTURES AND NON
                  WHOLLY-OWNED SUBSIDIARIES) at such time.

        "ADDITIONAL BORROWER" means a company which becomes an Additional
        Borrower in accordance with Clause 26 (CHANGES TO THE OBLIGORS).

                                      -2-
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        "ADDITIONAL GUARANTOR" means a company which becomes an Additional
        Guarantor in accordance with Clause 26 (CHANGES TO THE OBLIGORS).

        "ADDITIONAL OBLIGOR" means an Additional Borrower or an Additional
        Guarantor.

        "AFFILIATE" means, in relation to any person, a Subsidiary of that
        person or a Holding Company of that person or any other Subsidiary of
        that Holding Company or any other person which is under common control
        with that person (and for these purposes, "CONTROL" has the meaning
        given to it in section 416 of the Income and Corporation Taxes Act 1988
        in force as at the date of this Agreement).

        "AGENT'S SPOT RATE OF EXCHANGE" means the Agent's spot rate of exchange
        for the purchase of the relevant currency with the Base Currency in the
        London foreign exchange market at or about 11:00 a.m. on a particular
        day.

        "ALLIANZ" means Allianz Capital Partners GmbH and/or any of its
        Affiliates.

        "AUDITOR'S REPORT" means a report of the auditors of Newco 2 in
        substantially the form set out in Schedule 14 (FORM OF AUDITOR'S
        REPORT).

        "AUSTRIAN GUARANTEE" means the guarantee to be entered into by Messer
        Austria GmbH in the agreed form.

        "AUTHORISATION" means an authorisation, consent, approval, resolution,
        licence, exemption, filing or registration.

        "AVAILABILITY PERIOD" means:

        (a)       in relation to the Term Disposal Facility the period from and
                  including the date of this Agreement to and including the day
                  falling 90 days after the Closing Date;

        (b)       in relation to the Term A Facility, the period from and
                  including the date of this Agreement to and including the day
                  falling 90 days after the Closing Date;

        (c)       in relation to the Term B Euro Facility, the period from and
                  including the date of this Agreement to and including the day
                  falling 45 days after the Closing Date;

        (d)       in relation to the Term B Dollar Facility, the period from and
                  including the date of this Agreement to and including the day
                  falling 45 days after the Closing Date;

        (e)       in relation to the Term C Euro Facility, the period from and
                  including the date of this Agreement to and including the day
                  falling 10 Business Days after the Closing Date;

        (f)       in relation to the Term C Dollar Facility, the period from and
                  including the date of this Agreement to and including the day
                  falling 10 Business Days after the Closing Date; and

        (g)       in relation to each Revolving Facility, the period from and
                  including the date of this Agreement to and including the date
                  falling 83 Months after the Base Date.

        If any of the above provisions of this definition of Availability Period
        would operate so that (but for this provision) any Availability Period
        ended on a day which is not a Business Day,

                                      -3-
<Page>

        then such Availability Period shall end on the immediately first
        Business Day to occur after such day.

        "AVAILABLE COMMITMENT" means, in relation to a Facility and a Lender,
        that Lender's Commitment under that Facility minus:

        (a)       the Base Currency Amount of its participation in any
                  outstanding Loans (and, in the case of a Revolving Facility,
                  any outstanding Letters of Credit and Bank Guarantees) under
                  that Facility; and

        (b)       in relation to any proposed Utilisation, the Base Currency
                  Amount of its participation in any Loans (and, in the case of
                  a Revolving Facility, any Letters of Credit and Bank
                  Guarantees) that are due to be made under that Facility on or
                  before the proposed Utilisation Date,

        other than, in relation to a Revolving Facility only, that Lender's
        participation in any Revolving Facility Loans, Letters of Credit or Bank
        Guarantees under that Revolving Facility that are due to be repaid,
        prepaid or expire on or before the proposed Utilisation Date.

        "AVAILABLE EXCESS CASH FLOW" means, at any time, any Excess Cash Flow
        generated after 1 January 2001 which is not required to be applied in
        prepayment of the Facilities in accordance with Clause 9.4 (EXCESS CASH
        FLOW).

        "AVAILABLE FACILITY" means, in relation to a Facility, the aggregate for
        the time being of each Lender's Available Commitment in respect of that
        Facility.

        "AVAILABLE NET DISPOSAL PROCEEDS" means, at any time, in respect of Net
        Disposal Proceeds 75% (and not 100%) of which are or have been required
        to be applied in prepayment of the Facilities (other than the Term
        Disposal Facility) in accordance with Clause 9.5 (ASSET DISPOSALS), an
        amount equal to the aggregate of 25% of such Net Disposal Proceeds.

        "AVENTIS CHINA" means Aventis (China) Investment Co. Ltd.

        "BANK GUARANTEE" means a bank guarantee issued or to be issued by a
        Fronting Bank under a Revolving Facility substantially in the form set
        out in Schedule 11 (FORM OF BANK GUARANTEE) or in such other form
        requested by a Borrower which is acceptable to the Agent and the
        relevant Fronting Bank.

        "BASE CURRENCY" means (a) for all purposes other than in relation to the
        Dollar Facilities and the Term Disposal Facility, euro and (b) in
        relation to the Dollar Facilities and the Term Disposal Facility only,
        dollars.

        "BASE CURRENCY AMOUNT" means, in relation to a Loan, Letter of Credit or
        Bank Guarantee, the amount specified in the Utilisation Request for that
        Loan, Letter of Credit or Bank Guarantee or, if the amount requested is
        not denominated in the relevant Base Currency, that amount converted
        into the relevant Base Currency at the Agent's Spot Rate of Exchange on
        the date which is:

        (a)       in relation to a Utilisation three Business Days before the
                  Utilisation Date (or, if later, on the date the Agent receives
                  the Utilisation Request); or

                                      -4-
<Page>

        (b)       in the case of a renewal or revaluation of a Letter of Credit
                  or Bank Guarantee the date falling two Business Days before
                  its issue date or any renewal date,

        in each case as adjusted to reflect any repayment (other than, in
        relation to a Term Facility, a repayment arising from a change of
        currency), prepayment, consolidation or division or reduction of the
        Loan, Letter of Credit or, as the case may be, Bank Guarantee.

        "BASE DATE" means the earlier to occur of (a) the Closing Date and (b) 4
        May 2001.

        "BOOKRUNNERS" means those Arrangers defined as Bookrunners in the
        Syndication Letter.

        "BORROWER" means an Additional Borrower (including, for the avoidance of
        doubt, any Initial Borrower which is an Additional Borrower) unless it
        has ceased to be a Borrower in accordance with Clause 26 (CHANGES TO THE
        OBLIGORS).

        "BREAK COSTS" means the amount (if any) by which:

        (a)       the interest (excluding for the avoidance of doubt, Margin and
                  Mandatory Cost) which a Lender should have received for the
                  period from the date of receipt of all or any part of its
                  participation in a Loan or Unpaid Sum to the last day of the
                  current Interest Period in respect of that Loan or Unpaid Sum,
                  had the principal amount or Unpaid Sum received been paid on
                  the last day of that Interest Period;

        exceeds:

        (b)       the amount which that Lender would be able to obtain by
                  placing an amount equal to the principal amount or Unpaid Sum
                  received by it on deposit with a leading bank in the Relevant
                  Interbank Market for a period starting on the Business Day
                  following receipt or recovery and ending on the last day of
                  the current Interest Period.

        "BUDGET" means a budget delivered by the Obligor's Agent to the Agent
        pursuant to Clause 21.3 (BUDGETS) or Part I of Schedule 2 (CONDITIONS
        PRECEDENT).

        "BUSINESS COMBINATION AGREEMENT" or "BCA" means the business combination
        agreement dated as of 30/31 December 2000 between MIG, MGG, the Company,
        the Vendor and Hoechst Newco 3 (as amended pursuant to amendment
        agreements dated 7 February 2001, 9 February 2001, 5 March 2001, 20
        March 2001 and 30 March 2001 and any other amendment agreement in the
        agreed form entered into on or prior to the date of this Agreement),
        setting out the terms of the Acquisition, together with all schedules,
        exhibits and attachments to such agreement.

        "BUSINESS DAY" means a day (other than a Saturday or Sunday) on which
        banks are open for general business in London and Frankfurt and:

        (a)       (in relation to any date for payment or purchase of a currency
                  other than euro) the principal financial centre of the country
                  of that currency; or

        (b)       (in relation to any date for payment or purchase of euro) any
                  TARGET Day.

        "BUSINESS PLAN" means the financial model for the period beginning on 1
        January 2001 and ending on 31 December 2010 including profit and loss
        accounts, balance sheets and cash flow

                                      -5-
<Page>

        projections, in agreed form, relating to the Group (for these purposes
        assuming completion of the Acquisition).

        "CAPITAL EXPENDITURE" has the meaning given to it in Clause 22.1
        (FINANCIAL DEFINITIONS).

        "CASH COLLATERAL" means, in relation to any Letter of Credit or L/C
        Proportion of a Letter of Credit or any Bank Guarantee or Guarantee
        Proportion of a Bank Guarantee, a deposit in an interest-bearing account
        or accounts reasonably acceptable to the Agent, that deposit and account
        to be secured in favour of, and on terms and conditions acceptable to,
        the Agent (acting reasonably).

        "CASH COLLATERAL DOCUMENTS" means any documents as the Agent may
        specify, to be entered into in relation to the Cash Collateral.

        "CASH EQUIVALENT INVESTMENTS" has the meaning given to it in Clause 22.1
        (FINANCIAL DEFINITIONS).

        "CENTRAL AMERICAN ENTITIES" means the entities specified in Schedule 17
        (CENTRAL AMERICAN ENTITIES).

        "CHANGE OF CONTROL" means any one of the following:

        (a)       Goldman Sachs Managed Funds and Allianz cease to own (directly
                  or indirectly) in aggregate more than 50% of the Financial
                  Investors Shares; or

        (b)       Goldman Sachs Managed Funds cease to own (directly or
                  indirectly) at least 15% of the Total Shares; or

        (c)       Allianz cease to own (directly or indirectly) at least 15% of
                  the Total Shares; or

        (d)       a person (other than MIG) (together with its Affiliates) owns
                  (directly or indirectly) more of the Total Shares than the
                  Total Shares owned by Allianz and Goldman Sachs Managed Funds;
                  or

        (e)       the Company does not or ceases to own (directly or indirectly)
                  all of the issued share capital of Newco 2 (or, if converted
                  into a KG or a KGaA, its general partner) or MGG or (during
                  the Debtco Structure Period, Debtco).

        For the purpose of this definition:

        (i)       "FINANCIAL INVESTORS SHARES" means the shares in the Company
                  held by the Initial Sponsors on the Closing Date and all other
                  shares in the Company (and, following its conversion into a
                  KgaA or KG, all of the shares in its general partner) issued
                  to any of the Initial Sponsors or any of their Successors (as
                  defined in Section 21 of the Shareholders' Agreement); and

        (ii)      "TOTAL SHARES" means all of the issued shares of the Company
                  and, following its conversion into a KgaA or KG, all of the
                  shares in its general partner.

        "CHINA ACQUISITION" means the acquisition by MGG and/or one or more
        Subsidiaries of MGG of the ACIC Gas Interests (as defined in the
        Business Combination Agreement) and certain

                                      -6-
<Page>

        other assets of Aventis China from Aventis China pursuant to the terms
        of the Business Combination Agreement and the China SPA (as defined
        therein).

        "CHINA SUBORDINATION AGREEMENT" means a subordination agreement in the
        agreed form between, among others, MGG, any other member of the MGG
        Group (a "RELEVANT MEMBER") which acquires any of the ACIC Gas Interests
        (as defined in the BCA) and/or any other assets pursuant to the China
        Acquisition and the Company pursuant to which the rights of the Company
        to make any claims against MGG and each Relevant Member as a result of
        any payment made by the Company under the China Purchase Price Guarantee
        (as defined in Section 2.5 (Sale of China Interests) of the BCA are
        restricted and subordinated.

        "CLEAN-UP DATE" means the day which is three Months after the Closing
        Date.

        "CLOSING DATE" has the meaning ascribed to it in the Business
        Combination Agreement.

        "CLOSING EVENT OF DEFAULT" means any Event of Default other than any
        Event of Default under any of the following: Clause 24.3 (OTHER
        OBLIGATIONS), Clause 24.4 (MISREPRESENTATION) (excluding any Event of
        Default arising thereunder as a result of a Closing Representation being
        incorrect or misleading), Clause 24.5 (CROSS DEFAULT), Clause 24.6
        (INSOLVENCY), Clause 24.7 (INSOLVENCY PROCEEDINGS), Clause 24.8
        (CREDITORS' PROCESS), Clause 24.9 (TRANSACTION SECURITY), Clause 24.10
        (OTHER INDEBTEDNESS) and Clause 24.14 (MATERIAL ADVERSE CHANGE).

        "CLOSING PERIOD" means the period beginning the moment after the MGG
        Acquisition is completed on the Closing Date and ending on the day
        falling 20 Business Days after the Closing Date.

        "CLOSING REPRESENTATIONS" means, in relation to the Obligor's Agent and
        any Obligor, each of the representations set out in Clauses 20.4
        (STATUS) to Clause 20.9 (GOVERNING LAW AND ENFORCEMENT) (inclusive but
        excluding paragraph (c) of Clause 20.6 (NON-CONFLICT WITH OTHER
        OBLIGATIONS)) and paragraph (d) of Clause 20.12 (NO MISLEADING
        INFORMATION) and additionally, in relation to the Obligor's Agent only,
        Clause 20.28 (OWNERSHIP OF OBLIGORS), paragraphs (a) and (b) of Clause
        20.30 (ACQUISITION DOCUMENTS) and Clause 20.32 (NO TRADING).

        "CLOSING UTILISATION" means any Utilisation which has a date falling
        within the Closing Period as its proposed Utilisation Date.

        "CODE" means, on any date, the United States Internal Revenue Code of
        1986 (or any successor legislation thereto), as amended, and the
        regulations promulgated and rulings issued thereunder, all as the same
        may be in effect at such date.

        "COMMITMENT" means a Term Disposal Facility Commitment, Term A Facility
        Commitment, Term B Euro Facility Commitment, Term B Dollar Facility
        Commitment, Term C Euro Facility Commitment, Term C Dollar Facility
        Commitment, Revolving Facility I Commitment or Revolving Facility II
        Commitment.

        "COMPLIANCE CERTIFICATE" means a certificate substantially in the form
        set out in Schedule 8 (FORM OF COMPLIANCE CERTIFICATE.)

                                      -7-
<Page>

        "CONFIDENTIALITY UNDERTAKING" means a confidentiality undertaking in the
        standard form from time to time of the LMA or in any other form agreed
        between the Obligor's Agent and the Agent or in any other form on
        equivalent terms.

        "CONSOLIDATED SUBSIDIARY" means, in relation to any company or
        corporation, a Subsidiary of such company or corporation whose financial
        statements are required by IAS to be included in the consolidated annual
        financial statements of that company or corporation.

        "CONSULTANTS REPORT" means a report by an appropriate institution in
        relation to the financial control and central cash management systems of
        the MGG Group as they currently exist and advising on how improved
        centralised cash management systems should be implemented.

        "CORE COUNTRY" means any OECD Country.

        "COST SAVINGS" means the cost savings in connection with the MGG Group,
        as identified in the Business Plan.

        "DEBT RELIEF AMOUNT" means, in relation to a Permitted Disposal of any
        asset (other than, for the avoidance of doubt, an asset of an
        Unconsolidated Subsidiary of MGG or any shares in an Unconsolidated
        Subsidiary of MGG), the amount by which Indebtedness for Borrowed Money
        of the MGG Group (without double counting) is reduced as a result of
        such disposal of such asset by a member of the MGG Group by reason of
        the purchaser of the asset acquiring such asset subject to (or together
        with) such Indebtedness for Borrowed Money.

        "DEBTCO" means a company incorporated in Germany as a GmbH which has (or
        will have) as its sole shareholder Newco 2 and which is intended to
        become the sole shareholder of MGG and accede to this Agreement as a
        Borrower if twelve Months after the date of this Agreement the High
        Yield Notes have not been issued and there might reasonably be expected
        to be adverse German Tax implications in having MGG (rather than Debtco)
        as the German Group Member which is a Borrower.

        "DEBTCO EXIT DATE" means the date the Agent (after consultation with the
        Obligor's Agent) confirms to the Obligor's Agent and the Lenders as the
        Debtco Exit Date for the purpose of the Finance Documents (and in
        particular Clause 26.8 (TRANSFERS ON DEBTCO EXIT DATE)) PROVIDED THAT
        the Agent may not notify such Parties of such date unless the following
        have been satisfied:

        (a)       each of the Initial German Borrowers have become Borrowers in
                  accordance with Clause 26.2 (ADDITIONAL BORROWERS);

        (b)       the Agent has received a Debtco Exit Transfer Certificate
                  executed by Debtco and each Initial German Borrower in form
                  and substance satisfactory to it;

        (c)       the Agent has received evidence satisfactory to it (acting
                  reasonably) that on the Debtco Exit Date:

                  (i)      Newco 2 will become the sole shareholder of MGG
                           (subject only to completion of formalities in
                           relation to registration of the transfer, it being
                           acknowledged that such formalities will be so far as
                           practicable pre-approved by the relevant German
                           Court) and upon Debtco ceasing to be the shareholder

                                      -8-
<Page>

                           of MGG the shares in MGG will be or will remain
                           pledged pursuant to a Security Document entered into
                           by Newco 2;

                  (ii)     MGG will assume the rights and obligations of Debtco
                           under (1) any Subordination Agreement already entered
                           into; (2) any Newco 2 Loan Agreement already entered
                           into; (3) any High Yield Proceeds Loan Agreement
                           already entered into; and (4) any Exchange Notes Loan
                           already entered into; and

                  (iii)  all rights which Debtco has against any member of the
                         Newco 2 Group will be unconditionally released and
                         discharged.

        "DEBTCO EXIT TRANSFER CERTIFICATE" means a certificate executed by
        Debtco and each Initial German Borrower and the Agent in substantially
        the form set out in Part III (DEBTCO EXIT TRANSFER CERTIFICATE) of
        Schedule 5.

        "DEBTCO INTRODUCTION DATE" means the date the Agent (following a request
        to do so by the Obligor's Agent) confirms to the Obligor's Agent and the
        Lenders as the Debtco Introduction Date for the purpose of the Finance
        Documents (and, in particular, for the purposes of Clause 26.7
        (TRANSFERS ON DEBTCO INTRODUCTION DATE)) which shall be a date falling
        within 10 Business Days of the date of the notice given by the Agent
        pursuant to paragraph (c) of Clause 26.2 (ADDITIONAL BORROWERS) in
        relation to Debtco's accession as a Borrower.

        "DEBTCO PERMITTED DISTRIBUTIONS" means each of the following:

        (a)       dividends paid by Debtco to Newco 2;

        (b)       payments of any amounts by Debtco to Newco 2 in respect of any
                  indebtedness under any Newco 2 Loan Agreement; and

        (c)       loans made by Debtco to Newco 2,

        PROVIDED THAT at the time any such dividend or payment is paid or loan
        is advanced to Newco 2 all of the following conditions are satisfied:

        (A)       at least EUR250,000,000 (or its equivalent) of the Term
                  Facilities have been permanently repaid;

        (B)       there is no Default which is continuing; and

        (C)       the amount of any such dividend, payment or loan when
                  aggregated with all other dividends, payments or loans
                  referred to in (a), (b) and (c) above made in the calendar
                  year in which such dividend, payment or loan is proposed to be
                  made would not exceed EUR7,500,000 or its equivalent.

        "DEBTCO STRUCTURE PERIOD" means the period (if any) from the Debtco
        Introduction Date until the earlier of (1) the Debtco Exit Date and (2)
        the date on which no obligations are outstanding under this Agreement.

        "DEEMED AVAILABLE NET DISPOSAL PROCEEDS" means, at any time, an amount
        equal to 25% of the aggregate amount of Net Disposal Proceeds arising
        from disposals made after the Closing

                                      -9-
<Page>

        Date which are required to be applied in prepayment of the Term
        Disposal Facility in accordance with Clause 9.5 (ASSET DISPOSALS).

        "DEFAULT" means an Event of Default or any event or circumstance
        specified in Clause 24 (EVENTS OF DEFAULT) which would (with the expiry
        of a grace period or the giving of notice under the Finance Documents or
        any combination of any of the foregoing) be an Event of Default.

        "DEFERRED PURCHASE PRICE" means the amount of EUR230,000,000 plus
        interest thereon which is payable by the Company pursuant to the terms
        of section 2.7(a)(ii) and (d) of the BCA on the third anniversary of the
        Closing Date (or otherwise as stated in such section 2.7(a)(ii) and (d)
        of the BCA) as part of the consideration payable in respect of the MGG
        Acquisition.

        "DIRECT MEZZANINE REFINANCING" means any form of debt financing pursuant
        to which MGG is provided debt financing which satisfies the following
        conditions:

        (a)       such debt financing does not contain any covenants,
                  undertakings or representations on the part of any member of
                  the MGG Group which are any more onerous than those contained
                  in the Mezzanine Facility Agreement and does not contain any
                  events of default (however described) or other acceleration
                  provisions which are any more favourable to the Direct
                  Mezzanine Refinancing Providers than those set out in the
                  Mezzanine Facility Agreement;

        (b)       the cash pay interest rate applicable at any time to such debt
                  financing is not greater than 14% per annum;

        (c)       the principal amount of such debt financing does not mature
                  until at least the Final Maturity Date (as defined in the
                  Mezzanine Facility Agreement) and no amount of principal is
                  scheduled to be paid thereunder before the Final Maturity Date
                  (as defined in the Mezzanine Facility Agreement);

        (d)       if secured and/or guaranteed, such debt financing is only
                  secured and/or guaranteed by the same Security (or less) as
                  secured by the Security Documents and by the same entities as
                  the Guarantors (or certain of the Guarantors only) and, in the
                  case of any security, securing such debt financing does not
                  adversely affect the Security provided to the Finance Parties
                  and ranks behind such Security provided to the Finance
                  Parties;

        (e)       the principal amount of such debt financing is at no time
                  greater than the total amount outstanding under the Mezzanine
                  Facility Agreement at the time the first advances are made
                  under such Direct Mezzanine Refinancing plus costs directly
                  attributable to the refinancing;

        (f)       the net proceeds of such debt financing are immediately used
                  to prepay in full the total amount outstanding under the
                  Mezzanine Facility Agreement at the time such net proceeds are
                  advanced; and

        (g)       the Direct Mezzanine Refinancing Providers have entered into
                  an intercreditor agreement prior to any such debt financing
                  being advanced to MGG with all of the persons which are at
                  such time party to the Intercreditor Deed (other than the

                                     -10-

<Page>

                  Mezzanine Finance Parties), such intercreditor agreement (the
                  "DIRECT MEZZANINE REFINANCING INTERCREDITOR AGREEMENT") (which
                  may take the form of an amendment to the Intercreditor Deed as
                  in effect at the relevant date) to be on terms no less
                  favourable to the Finance Parties than the Intercreditor Deed
                  (and the Finance Parties shall not unreasonably refuse to
                  enter into such an intercreditor agreement or to agree to
                  corresponding amendments to the Intercreditor Deed as in
                  effect at the relevant date).

        "DIRECT MEZZANINE REFINANCING INTERCREDITOR AGREEMENT" has the meaning
        given to it in the definition of Direct Mezzanine Refinancing.

        "DIRECT MEZZANINE REFINANCING FACILITY" means a facility providing
        Direct Mezzanine Refinancing.

        "DIRECT MEZZANINE REFINANCING PROVIDERS" means the providers of any
        Direct Mezzanine Refinancing including any agent or trustee for such
        providers.

        "DISPOSAL PLAN" means the disposal programme pursuant to which it is
        intended that the shares in certain members of the MGG Group, certain
        Unconsolidated Subsidiaries of MGG (as specified in Schedule 16
        (DISPOSAL PLAN)) and/or the whole or substantially the whole of the
        assets of such companies and certain minority interests and assets (as
        specified in Schedule 16 (DISPOSAL PLAN)) of the MGG Group and such
        Unconsolidated Subsidiaries of MGG will be sold after the Closing Date.

        "DOLLAR FACILITIES" means the Term B Dollar Facility and the Term C
        Dollar Facility.

        "DOLLAR FACILITY LOAN" means a loan made or to be made under a Dollar
        Facility or the principal amount outstanding for the time being of that
        loan.

        "EMPLOYEE PLAN" means an employee pension benefit plan (other than a
        Multiemployer Plan) subject to the provisions of Title IV of ERISA or
        Section 412 of the Code or Section 302 of ERISA, and in respect of which
        a US Group Member or any ERISA Affiliate is (or, if such plan were
        terminated, would under Section 4069 of ERISA be deemed to be) an
        "employer" as defined in Section 3(5) of ERISA.

        "ENVIRONMENTAL CLAIM" means any written claim or any proceeding or
        investigation by any person in respect of any Environmental Law.

        "ENVIRONMENTAL LAW" means any applicable law in any jurisdiction in
        which any member of the Group conducts business which relates to the
        pollution or protection of the environment or harm to or the protection
        of human health or the health of animals or plants.

        "ENVIRONMENTAL PERMITS" means any permit, licence, consent, approval and
        other authorisation and the filing of any notification, report or
        assessment required under any Environmental Law for the operation of the
        business of any member of the Group conducted on or from the properties
        owned or used by the relevant member of the Group.

        "ERISA" means, at any date, the US Employee Retirement Income Security
        Act of 1974, or any successor legislation thereto (as amended) and the
        regulations promulgated and rulings issued thereunder, all as the same
        shall be in effect at such date.

                                     -11-
<Page>

        "ERISA AFFILIATE" means any person that for purposes of Title I and
        Title IV of ERISA and Section 412 of the Code is a member of a US Group
        Member's controlled group, or under common control with a US Group
        Member, within the meaning of Section 414(b), (c), (m) or (o) of the
        Code.

        "ERISA EVENT" means:

        (a)       any reportable event, as defined in Section 4043 of ERISA,
                  with respect to an Employee Plan, as to which PBGC has not by
                  regulation waived the requirement of Section 4043(a) of ERISA
                  that it be notified within thirty days of the occurrence of
                  such event (PROVIDED THAT a failure to meet the minimum
                  funding standard of Section 412 of the Code or Section 302 of
                  ERISA shall be a reportable event for the purposes of this
                  paragraph (a) regardless of the issuance of any waivers in
                  accordance with Section 412(d) of the Code);

        (b)       the filing under Section 4041(c) of ERISA of a notice of
                  intent to terminate any Employee Plan or the termination of
                  any Employee Plan under Section 4041(c) of ERISA;

        (c)       the institution of proceedings under Section 4042 of ERISA by
                  the PBGC for the termination of, or the appointment of a
                  trustee to administer, any Employee Plan; and

        (d)       an engagement in a non-exempt prohibited transaction within
                  the meaning of Section 4795 of the Code or Section 406 of
                  ERISA which upon the occurrence of any of the events described
                  in paragraphs (a) to (c) (inclusive) above could reasonably be
                  expected to have a Material Adverse Effect.

        "EURIBOR" means, in relation to any Loan in euro:

        (a)       the applicable Screen Rate; or

        (b)       (if no Screen Rate is available for the period of that Loan)
                  the arithmetic mean of the rates (rounded upwards to four
                  decimal places) as supplied to the Agent at its request quoted
                  by the Reference Banks to leading banks in the European
                  interbank market,

        as of the Specified Time on the Quotation Day for the offering of
        deposits in euro for a period comparable to the Interest Period of the
        relevant Loan and for these purposes in respect of the drawing of a Loan
        to be advanced on the Closing Date EURIBOR for the first Interest Period
        of such Loan shall be determined by reference to paragraph (b) and in
        respect of the first Interest Period for the Deemed Loan referred to in
        paragraph (d) of Clause 9.11 (VOLUNTARY PREPAYMENT OF TERM FACILITY
        LOANS) EURIBOR shall be determined in accordance with the provisions of
        such paragraph (d).

        "EURO FACILITIES" means the Term B Euro Facility and the Term C Euro
        Facility.

        "EURO FACILITY LOAN" means a loan made or to be made under a Euro
        Facility or the principal amount outstanding for the time being of that
        loan.

        "EXCESS CASH FLOW" has the meaning given to it in Clause 22.1 (FINANCIAL
        DEFINITIONS).

                                     -12-
<Page>

        "EVENT OF DEFAULT" means any event or circumstance specified as such in
        Clause 24 (EVENTS OF DEFAULT).

        "EXCHANGE NOTES" means any notes (other than High Yield Notes) issued
        by Newco 2 or, subject to the proviso at the end of this definition,
        any other person which satisfy the following conditions:

        (a)       any such note is issued by Newco 2 or such other person to a
                  Mezzanine Lender in exchange for that Mezzanine Lender
                  releasing all or any of its claims to repayment of Mezzanine
                  Outstandings (and cash and non-cash interest relating thereto)
                  under the Mezzanine Facility Agreement in accordance with
                  Clause 2.4 (EXCHANGE NOTES) of the Mezzanine Facility
                  Agreement;

        (b)       such notes are unsecured and are not guaranteed by any member
                  of the Newco 2 Group save that such notes may be secured by
                  Permitted Exchange Notes Security;

        (c)       the cash interest contracted to be paid on such notes does not
                  exceed 14% per annum at any time;

        (d)       such notes do not mature before the Final Maturity Date (as
                  defined in the Mezzanine Facility Agreement) and no amount of
                  principal is scheduled to be paid thereunder before the Final
                  Maturity Date (as defined in the Mezzanine Facility
                  Agreement);

        (e)       the terms of the Intra-Group Loan between Newco 2 (or such
                  other person issuing the notes) as lender and MGG (or, as the
                  case may be, Debtco) as borrower arising in connection with
                  the issue of any Exchange Notes by Newco 2 (or such other
                  person) as specified in paragraph (a) above (the "EXCHANGE
                  NOTES LOAN") are immediately governed by an Exchange Notes
                  Loan Agreement which is subordinated pursuant to the terms of
                  an Exchange Notes Subordination Agreement;

        (f)       any such notes are otherwise on terms and conditions which are
                  substantially consistent with the terms and conditions for
                  such notes as set out in Schedule 15 of the Mezzanine Facility
                  Agreement and are otherwise on terms and conditions which are
                  no more onerous for the issuer of such note than the terms of
                  the Mezzanine Facility Agreement are for MGG (or, as the case
                  may be, Debtco),

        PROVIDED THAT if the issuer of any Exchange Notes is to be a person
        other than Newco 2 then the written consent of the Majority Lenders must
        be obtained prior to such person issuing any Exchange Notes, such
        consent not to be unreasonably withheld and (for the avoidance of doubt)
        such consent may be given subject to any changes to the provisions of
        this Agreement or any other Finance Document which are designed to
        provide the Finance Parties with similar protections in relation to the
        consequences of the issue of any such Exchange Notes as are at that time
        contained in such Finance Documents in relation to Newco 2 being the
        proposed issuer of any Exchange Notes.

        "EXCHANGE NOTES DOCUMENTS" means the Exchange Notes, any indentures and
        registration rights agreement relating to the Exchange Notes, any
        permitted guarantees provided in connection therewith, any Permitted
        Exchange Notes Security and any fee letters, indemnity letters, purchase
        agreements, refinancing and engagement letter relating to the Exchange
        Notes and all other documents relating to the issue of the Exchange
        Notes.

                                     -13-
<Page>

        "EXCHANGE NOTES LOAN" has the meaning ascribed to it in the definition
        of Exchange Notes.

        "EXCHANGE NOTES LOAN AGREEMENT" means a loan agreement in the form set
        out in schedule 1 to the Exchange Notes Subordination Agreement between
        Newco 2 (or (if different) the issuer of the Exchange Notes) as lender
        and MGG (or, on the case may be, Debtco) as borrower which governs the
        terms of any Exchange Notes Loan.

        "EXCHANGE NOTES SUBORDINATION AGREEMENT" means a subordination agreement
        in the agreed form between MGG (or, as the case may be, Debtco) and
        Newco 2 (or (if different) the issuer of the Exchange Notes) relating to
        the subordination of any Exchange Notes Loan to the Outstandings, the
        Mezzanine Outstandings and amounts outstanding under the Hedging
        Agreements in respect of the authorisation and execution of such
        subordination agreement the Agent has received a legal opinion from its
        German counsel in form and substance acceptable to it (acting
        reasonably).

        "EXISTING FACTORING PROGRAMME" means the factoring programme in place as
        at the Closing Date made between MGG, Eureka Securitisation PLC and
        Citibank, N.A. and entered into on 2/4 December 1998.

        "EXISTING INDEBTEDNESS" means the Financial Indebtedness of the MGG
        Group outstanding on the Closing Date.

        "EXPIRY DATE" means, in relation to any Letter of Credit or Bank
        Guarantee, the date on which the maximum aggregate liability under that
        Letter of Credit or Bank Guarantee is to be reduced to zero.

        "FACILITY" means the Term Disposal Facility, the Term A Facility, the
        Term B Euro Facility, the Term B Dollar Facility, the Term C Euro
        Facility, the Term C Dollar Facility, the Revolving Facility I or the
        Revolving Facility II.

        "FACILITY OFFICE" means the office or offices notified by a Lender or a
        Fronting Bank to the Agent and the Obligor's Agent in writing on or
        before the date it becomes a Lender or a Fronting Bank (or, following
        that date, by not less than five Business Days' written notice to the
        Agent and the Obligor's Agent) as the office or offices through which it
        will perform its obligations under this Agreement and (unless otherwise
        subsequently notified by not less than five Business Days' written
        notice to the Agent and the Obligor's Agent) the Facility Office of the
        Lenders named on the signing pages hereto shall be the office or offices
        specified after their names on the signature pages hereto.

        "FAMILY MGG SHARES" means the shares representing one third of the
        nominal value of the issued share capital of MGG, held by MIG at the
        date of this Agreement.

        "FEE LETTER" means any letter or letters dated on or about the date of
        this Agreement between certain of the Arrangers and MGG (or the Agent or
        the Security Trustee and MGG, as the case may be) setting out any of the
        fees referred to in Clause 13 (FEES) and any letter or letters between
        any Fronting Bank and the Obligor's Agent setting out any of the fees
        referred to in Clause 13.4 (FRONTING BANK FEE).

        "FINAL MATURITY DATE" means the day which is 108 Months after the Base
        Date.

                                     -14-
<Page>

        "FINANCE DISCLOSURE LETTER" means the letter (if any) from the Company
        to the Agent dated prior to the Closing Date headed "Finance Disclosure
        Letter" in the agreed form and initialled by each Arranger for the
        purposes of identification pursuant to which certain specific issues are
        disclosed against specific representations.

        "FINANCE DOCUMENT" means this Agreement, any Fee Letter, the Syndication
        Letter, each Letter of Credit, each Bank Guarantee, any Cash Collateral
        Document, any Accession Letter, the Austrian Guarantee, the Security
        Documents, the Intercreditor Deed, any Subordination Agreement, the
        Hedging Agreements, any Priority Letter, any Transfer Certificate, the
        Debtco Exit Transfer Certificate, and any other document designated as
        such by the Agent and the Obligor's Agent.

        "FINANCE PARTY" means the Agent, the Security Trustee, an Arranger, a
        Fronting Bank, a Hedge Counterparty or a Lender.

        "FINANCE LEASE" means a contract treated as a finance or capital lease
        in accordance with IAS.

        "FINANCIAL INDEBTEDNESS" means any indebtedness for or in respect of any
        of the following:

        (a)       moneys borrowed;

        (b)       any amount raised by acceptance under any acceptance credit
                  facility;

        (c)       any amount raised pursuant to any note purchase facility or
                  the issue of bonds, notes, debentures, loan stock or any
                  similar instrument;

        (d)       any liability in respect of any Finance Lease;

        (e)       receivables sold or discounted (other than any receivables to
                  the extent they are sold on a non-recourse basis);

        (f)       any amount raised under any other transaction (including any
                  forward sale or purchase agreement) having the commercial
                  effect of a borrowing including (for the avoidance of doubt
                  and without limitation) any amount raised by any member of the
                  MGG Group pursuant to a Permitted Factoring Programme;

        (g)       any derivative transaction entered into in connection with
                  protection against or benefit from fluctuation in any rate or
                  price (and, when calculating the value of any derivative
                  transaction, only the marked to market value shall be taken
                  into account);

        (h)       any counter-indemnity obligation in respect of a guarantee,
                  indemnity, bond, standby or documentary letter of credit or
                  any other instrument issued by a bank or financial institution
                  other than in the ordinary course of trade of any member of
                  the MGG Group;

        (i)       (without double counting) the amount of any liability in
                  respect of any guarantee or indemnity for any of the items
                  referred to in paragraphs (a) to (h) above.

        "FINANCIAL QUARTER" has the meaning given to it in Clause 22.1
        (FINANCIAL DEFINITIONS).

        "FLOTATION" means a listing of all or any part of the share capital of
        (a) MGG, (b) any Holding Company of MGG which is in the Group or (c) any
        member of the MGG Group which directly

                                     -15-
<Page>

        or indirectly owns all or substantially all of the shares or assets of
        the MGG Group, in each case on any recognised investment or securities
        exchange in any country.

        "FRENCH GUARANTOR" means a Guarantor whose Relevant Jurisdiction is
        France.

        "FRONTING BANK" means a Lender which has notified the Agent that it has
        agreed to the relevant Borrower's request to be a fronting bank for a
        particular Bank Guarantee or Letter of Credit pursuant to the terms of
        this Agreement.

        "FUNDS FLOW STATEMENT" means the statement, in the agreed form, prepared
        by the Company's advisors showing the payments to be made and received
        by the Investors, the Company and certain other members of the Group and
        the Vendor (and any of the Vendor's Affiliates) in relation to the
        Acquisition.

        "GERMAN GROUP MEMBER" means any member of the Newco 2 Group whose
        Relevant Jurisdiction is the Federal Republic of Germany.

        "GERMAN OBLIGOR" means a German Group Member who is an Obligor.

        "GOLDMAN SACHS MANAGED FUNDS" means GS Capital Partners 2000, L.P., GS
        Capital Partners 2000 Employee Fund, L.P., GS Capital Partners 2000
        Offshore, L.P., GS Capital Partners 2000 GmbH & Co. Beteiligungs KG,
        Stone Street Fund 2000, L.P. and Bridge Street Special Opportunities
        Fund 2000, L.P. together with all funds managed, advised or operated by
        any Affiliate of The Goldman Sachs Group, Inc.

        "GROUP" means, at any time, the Company and its Consolidated
        Subsidiaries at that time save that if at any time after the Closing
        Date Newco 2 ceases to be a Subsidiary of the Company, the "Group"
        shall, until such time as Newco 2 becomes a Subsidiary of the Company
        again, be the Newco 2 Group.

        "GROUP STRUCTURE CHART" means a group structure chart, in agreed form,
        showing:

        (a)       all members of the Group (assuming completion of the
                  Acquisition) and the Investors;

        (b)       any person in which any Group member has (or members of the
                  Group together have) an interest of more than 20% in the
                  issued share capital or equivalent ownership interest of such
                  person;

        (c)       the jurisdiction of incorporation or establishment of each
                  person within (a) and (b) above (other than the Investors);
                  and

        (d)       that all members of the Group are wholly-owned Subsidiaries of
                  the Company or, if any members of the Group are not
                  wholly-owned Subsidiaries of the Company, specifying the
                  percentage shareholding or other economic interest which the
                  Company (directly or indirectly) holds in such members of the
                  Group.

        "GUARANTEE AMOUNT" means:

        (a)       each sum paid or due and payable by a Fronting Bank to the
                  beneficiary of a Bank Guarantee pursuant to the terms of that
                  Bank Guarantee; and

                                     -16-
<Page>

        (b)       all liabilities, costs (including, without limitation, any
                  costs incurred in funding any amount which falls due from a
                  Fronting Bank under a Bank Guarantee), claims, losses and
                  expenses which that Fronting Bank incurs or sustains in
                  connection with a Bank Guarantee,

        in each case which has not been reimbursed pursuant to Clause 8.2
        (BORROWER'S INDEMNITY TO FRONTING BANKS).

        "GUARANTEE COMMISSION PERIOD" means, save as otherwise provided in this
        Agreement, any of those periods mentioned in Clause 13.3 (BANK GUARANTEE
        COMMISSION).

        "GUARANTEE COMMISSION RATE" means, from time to time, a guarantee
        commission equal to the Margin applicable to Revolving Facility Loans at
        that time.

        "GUARANTEE PROPORTION" means, in respect of any Bank Guarantee under any
        Revolving Facility and save as otherwise provided in this Agreement, the
        proportion (expressed as a percentage) borne by a Lender's Available
        Commitment in respect of that Revolving Facility to the Available
        Facility in respect of that Revolving Facility immediately prior to the
        issue of that Bank Guarantee.

        "GUARANTOR" means an Additional Guarantor (including, for the avoidance
        of any doubt, any Initial Guarantor which is an Additional Guarantor),
        unless it has ceased to be a Guarantor in accordance with Clause 26
        (CHANGES TO THE OBLIGORS).

        "HEDGE COUNTERPARTY" means a Lender or an Affiliate of a Lender or any
        other person which in each case is either a party to the Intercreditor
        Deed or has acceded to the Intercreditor Deed in accordance with its
        terms as a Hedge Counterparty.

        "HEDGING AGREEMENTS" means each of the agreements entered into or to be
        entered into between the Borrowers approved by the Agent and Hedge
        Counterparties for the purpose of hedging interest rate liabilities in
        accordance with Clause 23.29 (HEDGING) or Clause 21.29 of the Mezzanine
        Facility Agreement.

        "HEDGING LETTER" means the letter dated on or about the date of this
        Agreement from MGG to the Arrangers and the Mezzanine Arrangers, setting
        out the interest rate hedging requirements to be implemented by the MGG
        Group.

        "HIGH YIELD DOCUMENTS" means the High Yield Notes, any indentures and
        registration rights agreement relating to the High Yield Notes, any
        permitted guarantees provided in connection therewith, any Permitted
        High Yield Security, any future paid-in-kind notes contemplated by such
        indentures and registration rights agreement and any fee letters,
        indemnity letters, purchase agreements, refinancing and engagement
        letter relating to the High Yield Notes and all other documents relating
        to the issue of the High Yield Notes.

        "HIGH YIELD NOTES" means any notes (other than Exchange Notes) issued by
        Newco 2 or, subject to the proviso at the end of this definition, any
        other person which either:

        (a)       satisfy the following conditions:

                                     -17-
<Page>

                  (i)      the aggregate gross proceeds of such notes do not
                           exceed the total amount outstanding under the
                           Mezzanine Facility Agreement at the time such gross
                           proceeds are advanced (or its equivalent in other
                           currencies);

                  (ii)     such notes are unsecured and are not guaranteed by
                           any member of the Newco 2 Group save that such notes
                           may be secured by the Permitted High Yield Security;

                  (iii)    the cash interest contracted to be paid on such notes
                           does not exceed 15% per annum;

                  (iv)     such notes do not mature before the Final Maturity
                           Date (as defined in the Mezzanine Facility Agreement)
                           and no amount of principal is scheduled to be paid
                           thereunder before the Final Maturity Date (as defined
                           in the Mezzanine Facility Agreement);

                  (v)      the gross proceeds of such notes are immediately
                           either (1) used to make a High Yield Proceeds Loan
                           (which is subject to the terms of the High Yield
                           Subordination Agreement) and prepay in full the total
                           amount outstanding under the Mezzanine Facility
                           Agreement at the time such gross proceeds are
                           advanced or (2) are held in an escrow account with
                           the bond trustee of the indenture relating to such
                           High Yield Notes or another appropriate third party
                           on terms that such proceeds are either released to
                           Newco 2 upon confirmation from the relevant German
                           court that the registration of the share capital
                           increase of Newco 2 has been effected so that the
                           contribution of the Family MGG Shares to Newco 2 is
                           effective (and are then applied by Newco 2
                           immediately to repay the Mezzanine Facility Agreement
                           in the manner set out in sub-paragraph (1) of this
                           paragraph (v)) or are repaid to the holders of the
                           High Yield Notes if such confirmation is not received
                           within 120 days of the proceeds being paid into such
                           escrow account; or

        (b)       are on terms and conditions which have been approved in
                  writing by the Majority Lenders (acting reasonably and having
                  regard to the then current market practice (if any) in the
                  high yield bond market for the financing of leveraged
                  acquisitions in Europe); or

        (c)       are notes which are issued in exchange, renewal or replacement
                  or extension of any of the notes which satisfy the provisions
                  of paragraph (a) or (b) above for the same or smaller amount,

        PROVIDED THAT:

        (A)       if the issuer of any High Yield Notes is to be a person other
                  than Newco 2 then the written consent of the Majority Lenders
                  must be obtained prior to such person issuing any High Yield
                  Notes, such consent not to be unreasonably withheld and (for
                  the avoidance of doubt) such consent may be given subject to
                  any changes to the provisions of this Agreement or any other
                  Finance Document which are designed to provide the Finance
                  Parties with similar protections in relation to the
                  consequences of the issue of any such High Yield Notes as are
                  at that time contained in such Finance

                                     -18-
<Page>

                  Documents in relation to Newco 2 being the proposed issuer of
                  any High Yield Notes; and

        (B)       the aggregate gross proceeds of such notes may exceed the
                  amount specified in (a)(i) above by EUR 150,000,000 (the
                  "ADDITIONAL AMOUNT") if such Additional Amount is immediately
                  used to make a High Yield Proceeds Loan (which is subject to
                  the terms of the High Yield Subordination Agreement) and EUR
                  115,000,000 of such Additional Amount used to make such High
                  Yield Proceeds Loan is immediately used to prepay the
                  Facilities in the manner specified in paragraph (d) of Clause
                  9.11 (VOLUNTARY PREPAYMENT OF TERM FACILITY LOANS).

        "HIGH YIELD PROCEEDS LOAN" means any loan of the proceeds from the issue
        of the High Yield Notes, to be made by Newco 2 to MGG, in each case
        pursuant to a High Yield Proceeds Loan Agreement and is subordinated
        pursuant to the terms of a High Yield Subordination Agreement.

        "HIGH YIELD PROCEEDS LOAN AGREEMENT" means a loan agreement
        substantially in the form set out in schedule 1 of the High Yield
        Subordination Agreement between Newco 2 as lender and MGG as borrower
        pursuant to which any High Yield Proceeds Loan is to be made.

        "HIGH YIELD SUBORDINATION AGREEMENT" means a subordination agreement
        substantially in the agreed form between MGG and Newco 2 relating to the
        subordination of any High Yield Proceeds Loan to the Outstandings and
        amounts outstanding under the Hedging Agreements in respect of the
        authorisation and execution of such subordination agreement the Agent
        has received a legal opinion from its German counsel in form and
        substance acceptable to it (acting reasonably).

        "HOECHST NEWCO 2 RECEIVABLE" means the loan deemed to be made by the
        Vendor to Newco 2 in the amount of EUR200,000,000 pursuant to the terms
        of section 2.4 of the BCA (and defined therein as the Hoechst Newco 2
        Receivable) which loan constitutes part of the consideration received by
        the Vendor for it contributing the Vendor MGG Shares to Newco 2, with
        the Vendor's rights in relation to such loan to be transferred and
        assigned to the Company pursuant to an assignment contract substantially
        as set forth in Exhibit 2.7(b) of the BCA on the Closing Date in
        accordance with section 2.7(b) of the BCA.

        "HOECHST NEWCO 3" means DIOGENES Zwanzigste Vermogensverwaltungs GmbH,
        being a newly incorporated German limited liability company registered
        with the commercial register of Frankfurt am Main under HR B 48032
        which:

        (a)       is a wholly-owned Subsidiary of Hoechst Aktiengesellschaft;

        (b)       pursuant to a restructuring to be carried out by the Vendor
                  prior to the Closing Date, will be the sole shareholder of
                  Newco 2; and

        (c)       pursuant to the terms of the Business Combination Agreement,
                  will sell the entire issued share capital of Newco 2 to the
                  Company.

        "HOLDING COMPANY" means, in relation to a company or corporation, any
        other company or corporation in respect of which it is a Subsidiary.

                                     -19-

<Page>

        "HOLDING OPERATING COMPANIES" means Air Gas Production Limited, Messer
        Cryotherm GmbH & Co. KG, Buse Gas Dettmannsdorf GmbH and
        Sauerstoffvertrieb Wilhelm Geldbach GmbH & Co. KG.

        "IAS" means International Accounting Standards in effect from time to
        time.

        "INDEBTEDNESS FOR BORROWED MONEY" means Financial Indebtedness save for
        any indebtedness for or in respect of paragraphs (g) and (h) of the
        definition of "FINANCIAL INDEBTEDNESS".

        "INDEMNIFIED UNCONSOLIDATED DEBT" means, at any time, the aggregate
        amount of Unconsolidated Debt to the extent to which the member of the
        MGG Group providing the Unconsolidated Debt is fully indemnified at such
        time by the Vendor and/or Aventis either pursuant to the provisions of
        section 11.1 (HOECHST UNDERTAKINGS) and/or section 11.2 (AVENTIS
        GUARANTEE) of the Singapore Separation Agreement or pursuant to any
        other agreement acceptable to the Majority Lenders (acting reasonably).

        "INFORMATION MEMORANDUM" means the information memorandum concerning the
        Company and the MGG Group which, at the Company's and/or MGG's request
        and on its/their behalf, is to be prepared in relation to this
        transaction, agreed between the Bookrunners and MGG, approved by the
        Company and/or MGG and distributed by the Bookrunners prior to the last
        Syndication Date to selected financial institutions in connection with
        the syndication of the Facilities.

        "INITIAL BORROWERS" means the members of the Group listed in Part I of
        Schedule 1 (THE CLOSING PARTIES) as initial borrowers.

        "INITIAL GERMAN BORROWERS" means each of the Initial Borrowers whose
        Relevant Jurisdiction is Germany.

        "INITIAL GUARANTORS" means the members of the Group listed in Part I of
        Schedule 1 (THE CLOSING PARTIES) as initial guarantors.

        "INITIAL MARGIN" means:

        (a)       in relation to the Term Disposal Facility, 2.25 per cent. per
                  annum;

        (b)       in relation to the Term A Facility, 2.25 per cent. per annum;

        (c)       in relation to the Term B Facilities, 2.75 per cent. per
                  annum;

        (d)       in relation to the Term C Facilities, 3.50 per cent. per
                  annum; and

        (e)       in relation to each Revolving Facility, 2.25 per cent. per
                  annum.

        "INITIAL OBLIGORS" means the Initial Borrowers and the Initial
        Guarantors.

        "INITIAL SPONSORS" means Allianz Capital Partners GmbH and GS Capital
        Partners 2000, L.P., GS Capital Partners 2000 Employee Fund, L.P., GS
        Capital Partners 2000 Offshore, L.P., GS Capital Partners 2000 GmbH & Co
        Beteiligungs KG, Stone Street Fund 2000, L.P. and Bridge Street Special
        Opportunities Fund 2000, L.P.

                                       -20-

<Page>

        "INSURANCE PROCEEDS" means the cash proceeds of any insurance claim
        intended to compensate for damage to any asset (but not for loss of
        profit) received by any member of the Group, after deducting:

        (a)       any reasonable out of pocket expenses incurred by any member
                  of the Group in relation to such a claim;

        (b)       proceeds relating to third party claims, which are applied
                  towards meeting such claims; and

        (c)       Taxes paid (or reasonably estimated to be payable) in respect
                  thereof or in respect of the remittance or transfer of all or
                  any of such proceeds to another member of the Group in order
                  to enable any such proceeds to be utilised in prepayment of
                  outstanding Loans pursuant to the requirements of Clause 9.6
                  (INSURANCE PROCEEDS).

        For the purposes of this definition, the term "GROUP" shall at all times
        include the Company.

        "INTELLECTUAL PROPERTY" means any and all rights and interests existing
        now or in the future in any part of the world in or relating to
        registered and unregistered trade marks and service marks, domain names,
        patents, registered designs, utility models, trade names, business
        names, titles, registered or unregistered copyrights in published and
        unpublished works, unregistered designs, inventions registered or
        unregistered, data base rights, know-how, any other intellectual
        property rights and any applications for any of the foregoing and any
        goodwill therein.

        "INTELLECTUAL PROPERTY RIGHTS" means any Intellectual Property owned by
        any member of the Group.

        "INTERCREDITOR DEED" means:

        (a)       in relation to the Mezzanine Facility, the intercreditor deed
                  to be entered into in the agreed form between, among others,
                  the Obligors, the Finance Parties and the Mezzanine Finance
                  Parties; and

        (b)       in relation to any Direct Mezzanine Refinancing, the Direct
                  Mezzanine Refinancing Intercreditor Agreement.

        "INTEREST PERIOD" means, in relation to a Loan, each period determined
        in accordance with Clause 11 (INTEREST PERIODS AND TERMS) and, in
        relation to an Unpaid Sum, each period determined in accordance with
        Clause 10.6 (DEFAULT INTEREST).

        "INTRA-GROUP LOAN" means any loan between members of the Newco 2 Group.

        "INVESTORS" means the Initial Sponsors and MIG.

        "IRS" means the United States Internal Revenue Service or any successor
        thereto.

        "JOINT VENTURE" means any joint venture entity, whether a company,
        unincorporated firm, undertaking, association, joint venture or
        partnership or any other entity, but in any event an entity will not be
        a Joint Venture in relation to any member of the MGG Group if that
        entity is a member of the MGG Group or is an Unconsolidated Subsidiary
        of Newco 2 and will not be a

                                       -21-

<Page>

        Joint Venture in relation to any member of the MGG Group unless that
        member of the MGG Group has (or, together with other members of the
        MGG Group, have) an interest of more than 20% in the issued share
        capital or equivalent ownership interest of such entity.

        "KPMG BUSINESS PLAN AUDIT" mans the audit of the Business Plan carried
        out by KPMG in the agreed form.

        "L/C AMOUNT" means:

        (a)       each sum paid or due and payable by a Fronting Bank to the
                  beneficiary of a Letter of Credit pursuant to the terms of
                  that Letter of Credit; and

        (b)       all liabilities, costs (including, without limitation, any
                  costs incurred in funding any amount which falls due from a
                  Fronting Bank under a Letter of Credit), claims, losses and
                  expenses which that Fronting Bank incurs or sustains in
                  connection with a Letter of Credit,

        in each case which has not been reimbursed pursuant to Clause 8.2
        (BORROWER'S INDEMNITY TO FRONTING BANKS).

        "L/C COMMISSION PERIOD" means, save as otherwise provided in this
        Agreement, any of those periods mentioned in Clause 13.2 (LETTER OF
        CREDIT COMMISSION).

        "L/C COMMISSION RATE" means, from time to time, a letter of credit
        commission equal to the Margin applicable to Revolving Facility Loans at
        that time.

        "L/C PROPORTION" means, in respect of any Letter of Credit under any
        Revolving Facility and save as otherwise provided in this Agreement, the
        proportion (expressed as a percentage) borne by a Lender's Available
        Commitment in respect of that Revolving Facility to the Available
        Facility in respect of that Revolving Facility immediately prior to the
        issue of that Letter of Credit.

        "LEGAL REPORTS" means:

        (a)       the legal due diligence report, in the agreed form, on certain
                  members of the MGG Group prepared by Milbank, Tweed, Hadley &
                  McCloy;

        (b)       the legal due diligence report, in the agreed form, on certain
                  members of the MGG Group prepared by Hengeler Mueller Weitzel
                  Wirtz; and

        (c)       the legal due diligence report, in the agreed form, on certain
                  members of the MGG Group prepared by Baker & McKenzie.

        "LENDER" means:

        (a)       any Original Lender; and

        (b)       any person which has become a Party in accordance with Clause
                  25 (CHANGES TO THE LENDERS),

        which in each case has not ceased to be a Party in accordance with the
        terms of this Agreement.

                                      -22-

<Page>

        "LETTER OF CREDIT" means a letter of credit issued or to be issued by a
        Fronting Bank under a Revolving Facility substantially in the form set
        out in Schedule 12 (FORM OF LETTER OF CREDIT) or in such other form
        requested by a Borrower which is acceptable to the Agent and the
        relevant Fronting Bank.

        "LEVERAGE RATIO" means, in respect of any period, the ratio of Total
        Debt as at the last day of such period to EBITDA for that period, as
        determined in accordance with the provisions of Clause 22 (FINANCIAL
        COVENANTS).

        "LIBOR" means, in relation to any Loan:

        (a)       the applicable Screen Rate; or

        (b)       (if no Screen Rate is available for the currency or Interest
                  Period of that Loan) the arithmetic mean of the rates (rounded
                  upwards to four decimal places) as supplied to the Agent at
                  its request quoted by the Reference Banks to leading banks in
                  the London interbank market,

        as of the Specified Time on the Quotation Day for the offering of
        deposits in the currency of that Loan and for a period comparable to the
        Interest Period for that Loan and for these purposes in respect of the
        drawing of a Loan to be advanced on the Closing Date LIBOR for the first
        Interest Period of such Loan shall be determined by reference to
        paragraph (b).

        "LMA" means the Loan Market Association.

        "LOAN" means a Term Disposal Facility Loan, a Term A Facility Loan, a
        Term B Euro Facility Loan, a Term B Dollar Facility Loan, a Term C Euro
        Facility Loan, a Term C Dollar Facility Loan, a Revolving Facility I
        Loan or a Revolving Facility II Loan or (for the avoidance of any
        doubt), a Rollover Loan.

        "LUXEMBOURG OBLIGOR" means any Obligor whose Relevant Jurisdiction is
        Luxembourg.

        "MAJORITY LENDERS" means a Lender or Lenders whose Commitments aggregate
        more than 66 2/3% of the Total Commitments (or, if the Total Commitments
        have been reduced to zero, aggregated more than 66 2/3% of the Total
        Commitments immediately prior to the reduction) (and in order to
        calculate the Majority Lenders on the basis of Total Commitments at any
        time the amount in dollars of all Term B Dollar Facility Commitments and
        all Term C Dollar Facility Commitments and all Term Disposal Facility
        Commitments shall be calculated in euros at the Agent's Spot Rate of
        Exchange on the date of this Agreement).

        "MANDATORY COST" means the percentage rate per annum calculated by the
        Agent in accordance with Schedule 4 (MANDATORY COST FORMULAE).

        "MARGIN" means:

        (a)       in respect of all Term Disposal Facility Loans, the Initial
                  Margin for the Term Disposal Facility;

        (b)       in respect of all Term A Facility Loans and Revolving Facility
                  Loans, the percentage rate per annum determined in accordance
                  with paragraph (a) of Clause 10.2 (MARGIN RATCHETS), Clause
                  10.3 (MARGIN CHANGES) and Clause 10.4 (DEFAULT MARGIN);

                                         -23-

<Page>

        (c)       in respect of all Term B Euro Facility Loans and all Term B
                  Dollar Facility Loans, the percentage rate per annum
                  determined in accordance with paragraph (b) of Clause 10.2
                  (MARGIN RATCHETS), Clause 10.3 (MARGIN CHANGES) and Clause
                  10.4 (DEFAULT MARGIN);

        (d)       in respect of all Term C Dollar Facility Loans and all Term C
                  Euro Facility Loans, the Initial Margin for the Term C
                  Facilities.

        "MARGIN STOCK" means margin stock or "MARGIN SECURITY" within the
        meaning of Regulations T, U and X.

        "MATERIAL ADVERSE EFFECT" means a material adverse effect on:

        (a)       the business, operations, property or condition (financial or
                  otherwise) of the Group taken as a whole;

        (b)       the ability of the Obligors to perform their respective
                  payment obligations under the Finance Documents or the ability
                  of the Obligor's Agent to perform its obligations under Clause
                  22.2 (FINANCIAL CONDITION); or

        (c)       the validity or enforceability of the Finance Documents or the
                  rights or remedies of any Finance Party under the Finance
                  Documents in a manner or to an extent which the Majority
                  Lenders reasonably consider to be materially prejudicial to
                  the interests of any Finance Party under the Finance
                  Documents.

        "MATERIAL COMPANY" means, at any time:

        (a)       a Subsidiary of Newco 2 which is listed in Schedule 13
                  (MATERIAL COMPANIES AS AT SIGNING) (PROVIDED THAT if after the
                  Closing Date any Subsidiary listed in such Schedule would not,
                  but for this paragraph (a), be a Material Company, it shall
                  not be a Material Company); and/or

        (b)       a Consolidated Subsidiary of Newco 2 which has EBITDA
                  representing 3 per cent. or more of EBITDA of the Newco 2
                  Group; and/or

        (c)       a Consolidated Subsidiary of Newco 2 which has gross assets
                  (excluding assets which are not included on consolidation)
                  representing 3 per cent. or more of gross assets of the Newco
                  2 Group; and/or

        (d)       Newco 2 and each member of the Newco 2 Group which is a
                  Holding Company of a Subsidiary falling within paragraph (a),
                  (b) or (c) above,

        in each case calculated on a consolidated basis.

        Whether a person is a Material Company within the conditions set out in
        paragraphs (b) and (c) shall be determined by reference to the most
        recent Compliance Certificate and/or Auditor's Report supplied by the
        Obligor's Agent and/or the latest audited financial statements of that
        Consolidated Subsidiary of Newco 2 (which statements shall, if
        customarily prepared or required by applicable law to be, be
        consolidated in the case of a Consolidated Subsidiary of Newco 2 which
        itself has Consolidated Subsidiaries of Newco 2) and/or the latest
        audited consolidated financial statements of the Newco 2 Group. If a
        Consolidated Subsidiary of

                                       -24-

<Page>

        Newco 2 has been acquired since the date as at which the latest audited
        consolidated financial statements of the Newco 2 Group were prepared,
        the financial statements shall be notionally adjusted, for the purpose
        of the calculation, in order to take into account the acquisition of
        that Consolidated Subsidiary (that adjustment being certified by the
        Newco 2 Group's auditors), it being acknowledged that the auditors of
        Newco 2 are entitled to rely on information regarding such acquired
        Consolidated Subsidiary provided to them by the management or auditors
        of such acquired Consolidated Subsidiary for the purpose of this
        calculation and that if the auditors of Newco 2 certify that on the
        basis of such information they are of the opinion that the gross assets
        (excluding assets which are not included on consolidation) and EBITDA
        of such acquired Consolidated Subsidiary will be less than 3% of the
        gross assets and EBITDA of the Newco 2 Group the notional adjustment
        will not be required for that acquired Consolidated Subsidiary.

        A report by the auditors of Newco 2 that a Consolidated Subsidiary of
        Newco 2, for the purpose of the calculation is or is not a Material
        Company shall, in the absence of manifest error, be conclusive and
        binding on all Parties.

        "MESSER SINGAPORE" means Messer Singapore Pte. Limited, a company
        incorporated in Singapore and which as at the date hereof is a direct
        wholly-owned Subsidiary of MGG.

        "MEZZANINE AGENT" means the Mezzanine Agent (as defined in the Mezzanine
        Facility Agreement).

        "MEZZANINE ARRANGERS" means Goldman Sachs International, Bayerische
        Hypo-und Vereinsbank AG and The Royal Bank of Scotland plc.

        "MEZZANINE FACILITY" means the mezzanine loan facilities made under the
        Mezzanine Facility Agreement.

        "MEZZANINE FACILITY AGREEMENT" means the mezzanine facility agreement
        dated on or about the date of this Agreement and made between (among
        others) the Company, the Mezzanine Agent, the Mezzanine Arrangers, the
        Security Trustee and the banks and financial institutions named therein
        as Mezzanine Lenders, setting out the terms and conditions on which the
        Mezzanine Outstandings will be made available to MGG.

        "MEZZANINE FEE LETTER" means any letter or letters dated on or about the
        date of the Mezzanine Facility Agreement between certain of the
        Mezzanine Arrangers and the Company (or the Mezzanine Agent or the
        Security Trustee and the Company) setting out any of the fees referred
        to in clause 11 of the Mezzanine Facility Agreement.

        "MEZZANINE FINANCE DOCUMENTS" means the Mezzanine Facility Agreement,
        any guarantor or borrower accession memoranda under the Mezzanine
        Facility Agreement, the Security Documents, the Intercreditor Deed, any
        Priority Letter, the Austrian Guarantee, any Mezzanine Fee Letter, the
        Mezzanine Syndication Letter, any Transfer Certificate (as defined in
        the Mezzanine Facility Agreement) other than any such Transfer
        Certificate to which Newco 2 is a party, and any other document
        designated as such by the Mezzanine Agent and the Obligor's Agent
        excluding the Exchange Notes and the Exchange Notes Loan Agreement.

        "MEZZANINE FINANCE PARTIES" means the Mezzanine Lenders (excluding for
        the avoidance of doubt Newco 2), the Mezzanine Agent, the Mezzanine
        Arrangers and the Security Trustee.

                                        -25-

<Page>

        "MEZZANINE LENDERS" means the "MEZZANINE LENDERS" as defined in the
        Mezzanine Facility Agreement.

        "MEZZANINE OUTSTANDINGS" means the aggregate amount outstanding at any
        time in respect of principal under the Mezzanine Facility Agreement (not
        including, for the avoidance of any doubt, any amounts outstanding under
        the Exchange Notes Loan Agreement).

        "MEZZANINE SYNDICATION LETTER" means the "MEZZANINE SYNDICATION LETTER"
        as defined in the Mezzanine Facility Agreement.

        "MGG" means Messer Griesheim GmbH, registered in the HANDELSREGISTER
        (commercial register) of the AMTSGERICHT (local court) of Frankfurt am
        Main under HRB 7812.

        "MGG ACQUISITION" means the acquisition by the Company of the issued
        share capital of Newco 2 pursuant to the terms of the Business
        Combination Agreement.

        "MGG GROUP" means, at any time, MGG and its Consolidated Subsidiaries at
        that time PROVIDED THAT at any time during the Debtco Structure Period
        it shall mean Debtco and its Consolidated Subsidiaries at that time.

        "MGG JOINT VENTURE" means a Joint Venture in which a member of the MGG
        Group has an interest.

        "MGG PERMITTED DISTRIBUTIONS" means each of the following:

        (a)       dividends paid by MGG to Newco 2;

        (b)       payments of any amounts by MGG to Newco 2 in respect of any
                  indebtedness under any Newco 2 Loan Agreement;

        (c)       loans made by MGG to Newco 2; and

        (d)       payments by MGG to any Holding Company of MGG to the extent
                  necessary to reimburse such Holding Company for any German
                  trade tax liability or any German VAT liability which, in
                  either case, is payable by such Holding Company but which is
                  attributable to the business activities of MGG or which is
                  caused by Newco 2 on-lending the proceeds of any Refinancing
                  Note to MGG or Debtco, or by any Finance Document, any
                  Mezzanine Finance Document, any document executed in respect
                  of a Direct Mezzanine Refinancing or by Newco 2 issuing any
                  Refinancing Note,

        PROVIDED THAT at the time any such dividend or payment is paid or loan
        is advanced to Newco 2 (other than (1) pursuant to paragraph (d) or (2)
        during the Debtco Structure Period) all of the following conditions are
        satisfied:

        (A)       the Term Disposal Facility has been repaid in full and the
                  conditions specified in Clause 23.38 (TOTAL DEBT RELIEF
                  AMOUNT) have been met;

        (B)       there is no Default which is continuing; and

        (C)       the amount of any such dividend, payment or loan when
                  aggregated with all other dividends, payments or loans
                  referred to in (a), (b) and (c) above made in the calendar

                                        -26-

<Page>

                  year in which such dividend, payment or loan is proposed to be
                  made would not exceed EUR7,500,000 or its equivalent.

        "MIG" means Messer Industriegesellschaft mbH, registered in the
        HANDELSREGISTER (commercial register) of the AMTSGERICHT (Local Court)
        of Konigstein am Taunus under HRB 1033.

        "MIG POWER OF ATTORNEY" means each power of attorney from MIG delivered
        pursuant to paragraph 5 of Part I of Schedule 2 (CONDITIONS PRECEDENT).

        "MONTH" means a period starting on one day in a calendar month and
        ending on the numerically corresponding day in the next calendar month,
        except that:

        (a)       subject to paragraph (c) below, if the numerically
                  corresponding day is not a Business Day, that period shall end
                  on the next Business Day in that calendar month in which that
                  period is to end if there is one, or if there is not, on the
                  immediately preceding Business Day;

        (b)       if there is no numerically corresponding day in the calendar
                  month in which that period is to end, that period shall end on
                  the last Business Day in that calendar month; and

        (c)       in relation to determining the last day of an Interest Period,
                  if an Interest Period begins on the last Business Day of a
                  calendar month, that Interest Period shall end on the last
                  Business Day in the calendar month in which that Interest
                  Period is to end.

        The above rules will only apply to the last Month of any period.

        "MULTIEMPLOYER PLAN" means a "multiemployer plan" (as defined in Section
        4001(a)(3) in ERISA) maintained or contributed to for employees of a US
        Group Member or any ERISA Affiliate.

        "NET DISPOSAL PROCEEDS" means in relation to a disposal of an asset, the
        gross total proceeds of such disposal received by the member of the
        Group concerned in cash less:

        (a)       reasonable fees, commissions and other out of pocket expenses
                  of the Group incurred due to the disposal;

        (b)       the VAT or similar Tax paid or reasonably estimated to be
                  payable by any member of the Group due to such disposal;

        (c)       any income, capital gains or other Taxes incurred and required
                  to be paid or reasonably estimated to be payable by any member
                  of the Group in connection with (i) such disposal or (ii) the
                  remittance or transfer of all or any of such proceeds to
                  another member of the Group in order to enable any such
                  proceeds to be utilised in prepayment of the Facilities
                  pursuant to the requirements of Clause 9.5 (ASSET DISPOSALS),
                  in each case as reasonably determined in good faith by such
                  member of the Group on the basis of the existing tax rates
                  applicable to the gain (if any) and after taking into account
                  all available credits, deductions and allowances connected
                  with such disposal;

                                        -27-

<Page>

        (d)       that part of the gross total proceeds which is equal to the
                  amount (if any) of additional investment made by any member of
                  the MGG Group in the entity whose shares or assets have been
                  disposed of, where such additional investment was made after
                  the Closing Date; and

        (e)       that part of the gross total proceeds of any disposal which is
                  immediately upon such disposal occurring applied in repaying
                  Indebtedness for Borrowed Money of the member of the Group
                  making such disposal.

        For the purposes of this definition, the term "GROUP" shall at all times
        include the Company.

        "NEWCO 2" means DIOGENES Vierte Vermogensverwaltungs Aktiengesellschaft,
        a newly incorporated German stock corporation registered in the
        HANDELREGISTER (commercial register) of the AMTSGERICHT (local court) of
        Frankfurt am Main under HR B 42291 (whose name it is anticipated will be
        changed to Messer Griesheim Holding AG) which:

        (a)       pursuant to a restructuring to be carried out by the Vendor
                  prior to the Closing Date, will be the holder of the Vendor
                  MGG Shares except during the Debtco Structure Period (when it
                  will be the holder of all the shares in Debtco); and

        (b)       pursuant to the terms of the Shareholders' Agreement, will be
                  (immediately following the Closing Date) the holder of the
                  Family MGG Shares except during the Debtco Structure Period
                  (when it will be the holder of all the shares in Debtco).

        "NEWCO 2 GROUP" means, at any time, Newco 2 and its Consolidated
        Subsidiaries at that time.

        "NEWCO 2 LOAN" means any loan from Newco 2 to MGG or Debtco (other than
        a High Yield Proceeds Loan and an Exchange Notes Loan) which is made
        pursuant to a Newco 2 Loan Agreement and is subordinated pursuant to the
        terms of a Newco 2 Loan Subordination Agreement.

        "NEWCO 2 LOAN AGREEMENT" means a loan agreement entered into between
        Newco 2 as lender and MGG or (as the case may be) Debtco as borrower
        governing the terms of any Newco 2 Loan, such loan agreement to be in
        the form set out in schedule 1 of the Newco 2 Loan Subordination
        Agreement.

        "NEWCO 2 LOAN SUBORDINATION AGREEMENT" means a subordination agreement
        in the agreed form between MGG or Debtco (as the case may be) and Newco
        2 relating to the subordination of the claims of Newco 2 under any Newco
        2 Loan to the Outstandings, amounts outstanding under the Hedging
        Agreements and the Mezzanine Outstandings in respect of which the Agent
        has received a legal opinion from its German counsel in form and
        substance satisfactory to it (acting reasonably).

        "NEWCO 2 RECEIVABLE" means the Hoechst Newco 2 Receivable.

        "NON-INDEMNIFIED UNCONSOLIDATED DEBT" means, at any time, Unconsolidated
        Debt which is not Indemnified Unconsolidated Debt at such time.

        "NON WHOLLY-OWNED SUBSIDIARY" means a Subsidiary of MGG which is not a
        wholly-owned Subsidiary of MGG provided that at all times during which
        MGG owns directly or indirectly at least 70% of the issued and voting
        share capital of MG OdraGas Spol s.r.o. (whose Relevant

                                      -28-

<Page>

        Jurisdiction is the Czech Republic) (the "CZECH ENTITY") then the
        Czech Entity shall be deemed to be a wholly-owned Subsidiary of MGG.

        "OBLIGOR" means a Borrower or a Guarantor.

        "OBLIGOR'S AGENT" means:

        (a)       until MGG becomes a Party, the Company;

        (b)       at all times after MGG has become a Party (other than during
                  the Debtco Structure Period), MGG; and

        (c)       at all times during the Debtco Structure Period, Debtco.

        "OECD COUNTRY" means any country for the time being a member of the
        Organisation for Economic Co-operation and Development.

        "OPTIONAL CURRENCY" means a currency (other than the Base Currency)
        which complies with the conditions set out in Clause 4.3 (CONDITIONS
        RELATING TO OPTIONAL CURRENCIES AND THE EURO UNIT).

        "ORIGINAL FINANCIAL STATEMENTS" means the audited consolidated financial
        statements of the MGG Group for the financial year ended 31 December
        2000.

        "OUTSTANDINGS" means at any time, the aggregate of the Base Currency
        Amounts of the outstanding Loans and the amount of the maximum actual
        and contingent liabilities of the Lenders in respect of each outstanding
        Letter of Credit and Bank Guarantee.

        "PARTICIPATING MEMBER STATE" means any member state of the European
        Communities that adopts or has adopted the euro as its lawful currency
        in accordance with legislation of the European Union relating to
        European Monetary Union.

        "PARTY" means a party to this Agreement and includes its successors in
        title, permitted assigns and permitted transferees.

        "PBGC" means the US Pension Benefit Guaranty Corporation, or any entity
        succeeding to all or any of its functions under ERISA.

        "PERMITTED ACQUISITIONS" means:

        (a)       acquisitions of Cash Equivalent Investments;

        (b)       acquisitions of any assets by a Holding Company of MGG from a
                  Holding Company of MGG;

        (c)       acquisitions of assets by a member of the MGG Group from
                  another member of the MGG Group;

        (d)       acquisitions (including the China Acquisition) expressly
                  contemplated in the Business Combination Agreement (excluding
                  all of its schedules, exhibits and attachments) and/or the
                  Ancillary Agreements (as defined therein) in the manner and at
                  the time and subject to the terms and circumstances set out in
                  the Business Combination

                                     -29-
<Page>

                  Agreement (excluding all of its schedules, exhibits and
                  attachments) and/or the Ancillary Agreements (as defined
                  therein);

        (e)       acquisitions comprising the purchase, subscription for, or
                  other acquisition of any new shares or other equity investment
                  in any member of the MGG Group (the "RELEVANT ENTITY") by
                  another member of the MGG Group PROVIDED THAT:

                  (i)   if Security has been given to the Security Trustee or
                        the Finance Parties over any of the existing shares in
                        the Relevant Entity, equivalent Security is provided as
                        soon as reasonably practicable over the new shares or
                        equity investment in favour of either the Security
                        Trustee or the Finance Parties; and

                  (ii)  if such acquisition is in shares or other equity
                        investments in a Non Wholly-Owned Subsidiary, the
                        requirements of Clause 23.7 (JOINT VENTURES AND NON
                        WHOLLY-OWNED SUBSIDIARIES) would be complied with;

        (f)       acquisitions comprising the purchase, subscription for, or the
                  acquisition of any shares or other equity investment in any
                  Joint Venture or Unconsolidated Subsidiary of Newco 2 PROVIDED
                  THAT the requirements of Clause 23.7 (JOINT VENTURES AND NON
                  WHOLLY-OWNED SUBSIDIARIES) would be complied with;

        (g)       acquisitions comprising the purchase, subscription for, or the
                  acquisition of any shares or other equity investment in any
                  Joint Venture or Unconsolidated Subsidiary of Newco 2 pursuant
                  to binding arrangements which were existing prior to the
                  Closing Date;

        (h)       subject to the proviso below acquisitions of any assets not
                  otherwise included in other paragraphs of this definition and
                  not made in the ordinary course of business and which are not
                  Permitted Capital Expenditure at any time in an amount up to
                  the Additional Basket at such time;

        (i)       the acquisition by the Company of any Holding Operating
                  Company for fair market value;

        (j)       acquisitions of Comparable Assets (as defined in paragraph (e)
                  of the definition of Permitted Disposals) in the circumstances
                  permitted in paragraph (e) of the definition of Permitted
                  Disposals; and

        (k)       acquisitions which are not in the ordinary course of business
                  and which are not Permitted Capital Expenditure and which do
                  not fall within paragraphs (a) to (j) above where the total
                  consideration (both cash and non-cash, including the amount of
                  indebtedness assumed by the purchaser or remaining in the
                  assets acquired and the amount of any deferred purchase price)
                  for such acquisitions in aggregate from the date of this
                  Agreement does not exceed (if such acquisition is made prior
                  to the Relevant Debt Relief Amount being at least
                  EUR255,000,000 (or its equivalent in other currencies) and the
                  Term Disposal Facility being repaid in full) EUR75,000,000 (or
                  its equivalent in another currency or currencies) or (if such
                  acquisition is made after the Relevant Debt Relief Amount has
                  exceeded EUR255,000,000 (or its equivalent in other
                  currencies) and the Term Disposal Facility has been repaid in
                  full) EUR250,000,000 (or its equivalent in other currencies),

                                      -30-

<Page>

        provided that in the case of any acquisition falling within paragraph
        (h) or (k) above at the time of such acquisition the following
        conditions are satisfied:

        (A)       there is no Default which is continuing; and

        (B)       if the amount of the consideration for the acquisition
                  (calculated as in paragraph (k) above) is greater than
                  EUR10,000,000 (or its equivalent in other currencies), the
                  Obligor's Agent has supplied to the Agent a certificate signed
                  by any of its Prokurists, supported by accompanying
                  calculations, demonstrating that if the EBITDA of or
                  attributable to those assets, and the debt to be added to the
                  consolidated balance sheet of the Newco 2 Group as a result of
                  the acquisition, were included, on a pro forma basis, in the
                  calculation of the Leverage Ratio as at the last Quarter Date
                  in respect of which financial statements have been delivered
                  pursuant to Clause 21.1 (FINANCIAL STATEMENTS), the
                  requirements of paragraph (d) of Clause 22.2 (FINANCIAL
                  CONDITION) would have been satisfied.

        "PERMITTED CAPITAL EXPENDITURE" means any Capital Expenditure permitted
        to be made pursuant to the provisions of Clause 22.3 (CAPITAL
        EXPENDITURE).

        "PERMITTED DISPOSALS" means:

        (a)       disposals of assets by any member of the Group in its ordinary
                  course of trading;

        (b)       disposals:

                  (i)      of assets (but not shares in MGG) by a Holding
                           Company of MGG (other than Debtco) to another Holding
                           Company of MGG (other than Debtco);

                  (ii)     of assets by a member of the MGG Group to another
                           member of the MGG Group;

        (c)       disposals for cash of any surplus or obsolete or worn-out
                  assets which in the reasonable opinion of the member of the
                  Group making the disposal are not required for the efficient
                  operation of the business of the Group as a whole;

        (d)       disposals of Cash Equivalent Investments on arm's length
                  terms;

        (e)       disposals on arm's length terms of assets either:

                  (i)      in return for or simultaneous with the acquisition by
                           a member of the MGG Group of other assets
                           ("COMPARABLE ASSETS") which in the reasonable opinion
                           of the relevant member of the Group making the
                           disposal are of comparable or greater value or
                           earnings generation potential (and, if the assets
                           disposed of are in a Core Country, the Comparable
                           Assets must also be in a Core Country) provided that
                           to the extent that consideration other than the
                           disposed assets is used to acquire such Comparable
                           Assets the acquisition of those assets for an amount
                           equal to that additional consideration would be a
                           Permitted Acquisition; or

                  (ii)     in respect of which prior to the expiry of 180 days
                           after receipt by the relevant member of the Group of
                           the Net Disposal Proceeds relating to the disposal of

                                      -31-

<Page>

                           such assets the relevant member of the Group making
                           such disposal or another member of the Group (which
                           other member of the Group is, if the member of the
                           Group making such disposal is incorporated in a Core
                           Country, also incorporated in a Core Country) has
                           either (A) acquired Comparable Assets with such Net
                           Disposal Proceeds or (B) entered into a binding
                           commitment to acquire Comparable Assets and does so
                           acquire such Comparable Assets within 360 days of the
                           date of receipt of such Net Disposal Proceeds
                           PROVIDED THAT until either (A) or (B) is satisfied an
                           amount equal to such Net Disposal Proceeds is placed
                           in a Prepayment Escrow Account within 5 Business Days
                           of receipt thereof by a member of the Group;

                  PROVIDED THAT:

                  (i)      the aggregate fair market value of assets which are
                           permitted to be disposed of pursuant to this
                           paragraph (e) does not from the date of this
                           Agreement exceed EUR250,000,000 (or its equivalent in
                           other currencies); and

                  (ii)     if any asset proposed to be disposed of pursuant to
                           this paragraph (e) whose fair market value is greater
                           than EUR10,000,000 (or its equivalent in other
                           currencies) is subject to security provided under any
                           Security Document or is owned by a member of the
                           Group whose shares are pledged under a Security
                           Document, then for such disposal to be permitted
                           pursuant to this paragraph (e) the Obligor's Agent
                           shall either have supplied to the Agent a certificate
                           signed by any of its Prokurists, supported by
                           accompanying calculations, demonstrating either:

                           (x)      that if the book value of the assets to be
                                    disposed of and the EBITDA attributable to
                                    such assets disposed of had not been taken
                                    into account in the then most recent
                                    Compliance Certificate or Auditor's Report
                                    (and, if the asset to be acquired is to be
                                    owned by a Security Party, the book value of
                                    and EBITDA attributable to the asset to be
                                    acquired had been taken into account) for
                                    determining compliance with the provisions
                                    of paragraphs (a) and (b) of Clause 23.30
                                    (GUARANTOR GROUP AND SECURITY COVERAGE) it
                                    would have been in compliance with such
                                    paragraphs (a) and (b) of Clause 23.30; or

                           (y)      if (x) is not satisfied, a company will
                                    become an Additional Guarantor and/or
                                    additional Security Documents will be
                                    entered into prior to such disposal which,
                                    if included in such Compliance Certificate
                                    or Auditor's Request, would have meant that
                                    the provisions of paragraphs (a) and (b) of
                                    Clause 23.30 were complied with;

        (f)       the granting of leases or licences over property on arm's
                  length terms, where such property is not required to allow the
                  continued operation of the business of the Group as a whole;

                                       -32-

<Page>

        (g)       disposals of cash where such disposal is not prohibited by the
                  Finance Documents (including cash payments to the Company
                  which do not give rise to an Event of Default under Clause
                  23.9 (DIVIDENDS AND DISTRIBUTIONS));

        (h)       disposals made pursuant to the implementation of the Disposal
                  Plan;

        (i)       disposals which pursuant to the provisions of section 14
                  (APPROVAL OF BUDGETS AND BUSINESS PLAN BY THE SHAREHOLDERS'
                  COMMITTEE) of the Shareholders' Agreement either do not
                  require the consent of 75% of the votes cast at a Shareholders
                  Committee or Shareholders Meeting (each as referred to
                  therein) or to which MIG is obliged to consent;

        (j)       disposals expressly contemplated in the Business Combination
                  Agreement (excluding all of its schedules, exhibits and
                  attachments) and/or the Ancillary Agreements in the manner and
                  at the time and subject to the terms and circumstances set out
                  in the Business Combination Agreement (excluding all of its
                  schedules, exhibits and attachments but including, without
                  limitation, any disposals that may be required pursuant to
                  section 3.3 (EXEMPTION OF CERTAIN TRANSACTIONS) of the BCA);

        (k)       a disposal by:

                  (i)      Newco 2 of its shares in MGG to Debtco PROVIDED THAT
                           the shares in MGG remain or are immediately pledged
                           pursuant to a Security Document;

                  (ii)     Debtco of its shares in MGG to Newco 2 PROVIDED THAT
                           the shares in MGG remain or are immediately pledged
                           pursuant to a Security Document;

                  (iii)    MGG of its shares in Messer Singapore, its shares in
                           Syngas and the other Transferred Assets and
                           Transferred Liabilities of MGG relating to such
                           companies as referred to in the Singapore Separation
                           Agreement to Singapore SPV on the terms and
                           conditions set out in the Singapore Separation
                           Agreement;

                  (iv)     MGG or any Subsidiary of MGG of its shares in a
                           Central American Entity or a disposal by a Central
                           American Entity of substantially all of its assets to
                           MIG or a person designated by MIG provided that (A)
                           such disposal is made on an arm's length basis in
                           good faith and in the commercial interests of the
                           members of the MGG Group (other than the Central
                           American Entity) party thereto and (B) 50% of the
                           consideration for such disposal is received by the
                           MGG Group in cash; and

                  (v)      the relevant members of the MGG Group of the shares
                           in the Holding Operating Companies to the Company for
                           fair market value;

        (l)       any disposal of assets pursuant to and on the terms of the
                  Existing Factoring Programme or a Permitted Factoring
                  Programme;

        (m)       any disposal to which the Majority Lenders have given their
                  prior written consent;

        (n)       any other disposal(s) on arm's length terms PROVIDED THAT the
                  aggregate consideration received for such disposal(s) (both
                  cash and non-cash, including the amount of

                                        -33-

<Page>

                  Indebtedness for Borrowed Money assumed by the purchaser or
                  remaining in the assets disposed of or (if the disposal
                  relates to a disposal of less than the whole of the issued
                  shares of a person) the relevant proportion of such
                  Indebtedness for Borrowed Money):

                  (i)      is no greater than EUR50,000,000 (or its equivalent
                           in another currency or currencies) in any calendar
                           year; and

                  (ii)     from the date of this Agreement is no greater than
                           EUR250,000,000 (or its equivalent in another currency
                           or currencies),

        PROVIDED THAT

        (A)       any disposal by way of the sale of the shares in any member of
                  the Group (other than the disposal referred to in paragraph
                  (k)(iii) above) or the sale of substantially all of the assets
                  of a member of the Group which would otherwise be permitted
                  under any of the paragraphs of this definition shall not be
                  permitted if any member of the Group after such disposal would
                  remain liable for any contingent liabilities relating to the
                  member of the Group which is to be sold or the business which
                  is to be sold other than those which it would be customary and
                  usual for a disposing company to remain liable for; and

        (B)       in the case of disposals of assets under paragraphs (h), (i)
                  and (n) above the consideration for such disposals may only
                  comprise one or more of the elements set out in (1), (2) and
                  (3) below and may include in addition consideration in the
                  form of (4) below:

                  (1)      cash payable on the completion of the disposals;

                  (2)      an obligation of the purchaser of such assets to pay
                           the remainder of the purchase price at a date or
                           dates no later than 3 years after the completion of
                           such disposal (a "DEFERRED PURCHASE OBLIGATION")
                           (provided that the aggregate amount of all such
                           Deferred Purchase Obligations which have not been
                           paid in cash to the relevant vendor or otherwise
                           monetarised shall at no time exceed EUR100,000,000
                           (or its equivalent in other currencies));

                  (3)      the assumption of indebtedness by the purchaser or
                           remaining in the asset disposed of; and

                  (4)      an amount of cash payable in the nature of an earn
                           out payment by the purchaser to the vendor of any
                           such asset which is genuinely contingent and
                           dependent on the future performance or future value
                           of the asset disposed of shall not count towards the
                           limits set out in paragraph (n) or paragraph (2)
                           above.

        "PERMITTED DISTRIBUTIONS" means the payment or declaration of any
        dividend, return on capital, repayment of capital contributions or other
        distribution or payment in respect of share capital by any member of the
        MGG Group other than:

        (a)       by MGG save that MGG may:

                  (i)      pay dividends which are MGG Permitted Distributions;
                           and

                                       -34-

<Page>

                  (ii)     pay any dividend to Debtco during the Debtco
                           Structure Period;

        (b)       by Debtco save that Debtco may pay dividends which are Debtco
                  Permitted Distributions,

        PROVIDED THAT (save as otherwise permitted pursuant to paragraphs (a) or
        (b) or pursuant to the Intercreditor Deed) if a Default has occurred
        which is continuing no such payment, declaration, return, repayment
        distribution or payment may be made by a member of the Group who is an
        Obligor to another member of the Group who is not a wholly-owned
        Subsidiary of MGG or (during the Debtco Structure Period) Debtco other
        than to MGG or (during the Debtco Structure Period) Debtco.

        "PERMITTED EXCHANGE NOTES SECURITY" means the following security in
        favour of the bond trustee of the holders of the Exchange Notes:

        (a)       an assignment in substantially the agreed form by Newco 2 over
                  its rights to receive the excess proceeds (if any) remaining
                  after a sale of the shares in MGG pursuant to an enforcement
                  of the pledge over the shares in MGG and after all Senior
                  Liabilities (as defined in the Intercreditor Deed) have been
                  fully paid and discharged in full to the satisfaction of the
                  Agent (acting reasonably); and

        (b)       an assignment in substantially the agreed form by Newco 2 over
                  its rights in relation to the proceeds of the Exchange Notes
                  Loan.

        "PERMITTED FACTORING PROGRAMME" means any factoring programme permitted
        pursuant to paragraph (k) in the definition of Permitted Indebtedness in
        this Clause 1.1 (DEFINITIONS).

        "PERMITTED HIGH YIELD SECURITY" means the following security in favour
        of the bond trustee of the holders of the High Yield Notes:

        (a)       an assignment in substantially the agreed form by Newco 2 over
                  its rights to receive the excess proceeds (if any) remaining
                  after a sale of the shares in MGG pursuant to an enforcement
                  of the pledge over the shares in MGG and after all Senior
                  Liabilities (as defined in the Intercreditor Deed) have been
                  fully paid and discharged in full to the satisfaction of the
                  Agent (acting reasonably); and

        (b)       an assignment in substantially the agreed form by Newco 2 over
                  its rights in relation to the proceeds of the High Yield
                  Proceeds Loan.

        "PERMITTED INDEBTEDNESS" means:

        (a)       any Financial Indebtedness arising under or permitted pursuant
                  to the Finance Documents or the Mezzanine Finance Documents or
                  any Direct Mezzanine Refinancing Facility;

        (b)       any Financial Indebtedness arising under Permitted Loans and
                  Guarantees;

        (c)       any Financial Indebtedness arising under Permitted Treasury
                  Transactions;

        (d)       any Financial Indebtedness PROVIDED THAT such Financial
                  Indebtedness is subordinated on terms acceptable to the
                  Majority Lenders (acting reasonably);

                                      -35-

<Page>

        (e)       any Financial Indebtedness of any Obligor in respect of a bank
                  account held as part of a cash pooling or similar arrangement
                  with any other Obligor(s);

        (f)       any Financial Indebtedness to the extent such is supported by
                  any Letter of Credit or Bank Guarantee issued under this
                  Agreement or is secured (directly or indirectly) by cash
                  collateral provided by any member of the Group from the
                  proceeds of any Loan made under this Agreement or under the
                  Mezzanine Facility Agreement;

        (g)       any Financial Indebtedness arising under the High Yield
                  Documents or any Exchange Notes Documents;

        (h)       any Financial Indebtedness in respect of Finance Leases
                  PROVIDED THAT the aggregate amount of Financial Indebtedness
                  which falls within this paragraph (h) does not exceed
                  EUR225,000,000 (or its equivalent in another currency or
                  currencies) at any time;

        (i)       any Financial Indebtedness arising under any Permitted Local
                  Facilities;

        (j)       any Financial Indebtedness arising under any Existing
                  Indebtedness (which is not otherwise permitted under any
                  paragraph of this definition of Permitted Indebtedness other
                  than paragraph (l));

        (k)       any Financial Indebtedness:

                  (i)      incurred pursuant to the terms of the Existing
                           Factoring Programme PROVIDED THAT (A) the aggregate
                           amount of such Financial Indebtedness does not exceed
                           DM 100,000,000 (or its equivalent in other
                           currencies) at any time and (B) such Existing
                           Factoring Programme is terminated and the aggregate
                           amount of Financial Indebtedness incurred pursuant to
                           it permanently reduced to zero within 31 days of the
                           Closing Date; or

                  (ii)     incurred pursuant to the terms of any factoring
                           arrangements other than under the Existing Factoring
                           Programme PROVIDED THAT the aggregate amount of such
                           Financial Indebtedness does not exceed EUR15,000,000
                           (or its equivalent in other currencies) at any time;

        (l)       any Financial Indebtedness (excluding Financial Indebtedness
                  of Newco 2) not falling within paragraphs (a) to (k) above
                  PROVIDED THAT the aggregate amount of Financial Indebtedness
                  falling within this paragraph (l) does not exceed
                  EUR50,000,000 (or its equivalent in another currency or
                  currencies) at any time;

        (m)       any Financial Indebtedness of Newco 2 under the Newco 2
                  Receivable or in respect of a loan made by the Company to
                  Newco 2;

        (n)       any Financial Indebtedness to which the Majority Lenders have
                  given their prior written consent.

                                      -36-

<Page>

        "PERMITTED LOANS AND GUARANTEES" means:

        (a)       trade credit or indemnities granted in the ordinary course of
                  business on usual and customary terms or guarantees of such
                  trade credit or indemnities granted in the ordinary course of
                  business on usual and customary terms;

        (b)       Intra-Group Loans PROVIDED THAT:

                  (i)      no member of the MGG Group may make a loan to any
                           Holding Company of MGG save that MGG may make loans
                           which are MGG Permitted Distributions, Debtco may
                           make loans which are Debtco Permitted Distributions
                           and (during the Debtco Structure Period) members of
                           the MGG Group may make loans to Debtco;

                  (ii)     no loan may be made by any Holding Company of MGG
                           (other than, during the Debtco Structure Period,
                           Debtco) to any member of the MGG Group other than:

                           (A)      a High Yield Proceeds Loan; or

                           (B)      a Newco 2 Loan; or

                           (C)      an Exchange Notes Loan;

                  (iii)    no loan may be made by MGG or Debtco or a
                           wholly-owned Subsidiary of MGG to a Non Wholly-Owned
                           Subsidiary that is not an Obligor unless the
                           requirements of Clause 23.7 (JOINT VENTURES AND NON
                           WHOLLY-OWNED SUBSIDIARIES) would be complied with;

                  (iv)     in the case of any Intra-Group Loan entered into by
                           any Obligor as a borrower or lender that Obligor has
                           acceded to the Intercreditor Deed as an Intra-Group
                           Borrower or Intra-Group Lender (as appropriate)
                           pursuant to the terms thereof or is already party to
                           the Intercreditor Deed in such capacity;

                  (v)      in the case of any Intra-Group Loan entered into by
                           an Obligor as borrower (other than a loan permitted
                           pursuant to sub-paragraph (ii) or (vi) of this
                           paragraph (b)) the lender of such loan has acceded to
                           the Intercreditor Deed as an Intra-Group Lender;

                  (vi)     the aggregate amount of Financial Indebtedness at any
                           time owed by Obligors under Intra-Group Loans to
                           members of the MGG Group who are not party to the
                           Intercreditor Deed as Intra-Group Lenders does not
                           exceed EUR100,000,000 (or its equivalent in other
                           currencies);

                  (vii)    any Intra-Group Loan made by a Treasury Borrower
                           shall be made in accordance with the provisions of a
                           Treasury Borrower Loan Agreement;

                  (viii)   any Intra-Group Loan made by Debtco as lender may
                           only be made to MGG as borrower and shall expressly
                           provide that it is governed by German law;

                                     -37-

<Page>

        (c)       loans to MGG Joint Ventures or Unconsolidated Subsidiaries of
                  Newco 2 by members of the MGG Group which are made pursuant to
                  binding arrangements which were existing prior to the Closing
                  Date;

        (d)       loans to an MGG Joint Venture or an Unconsolidated Subsidiary
                  of Newco 2 by a member of the MGG Group which do not fall
                  within paragraph (c) above or paragraph (g) below PROVIDED
                  THAT the requirements of Clause 23.7 (JOINT VENTURES AND NON
                  WHOLLY-OWNED SUBSIDIARIES) would be complied with;

        (e)       loans constituting Permitted Indebtedness or guarantees or
                  indemnities which would constitute Permitted Indebtedness or
                  guarantees or indemnities in respect of Permitted Local
                  Facilities;

        (f)       loans to employees of the MGG Group and guarantees of loans to
                  such employees PROVIDED THAT the aggregate principal amount of
                  all such loans and guarantees does not exceed EUR10,000,000
                  (or its equivalent in other currencies) at any time;

        (g)       MGG may make loans to Singapore SPV in order to satisfy its
                  obligations pursuant to the provisions of section 4.2 (MAKING
                  OF SHAREHOLDER LOANS) of the Singapore Separation Agreement
                  PROVIDED THAT (i) such loans are repayable by Singapore SPV on
                  the terms and conditions specified in the Singapore Separation
                  Agreement and (ii) the aggregate amount of all such loans does
                  not exceed at any time DM 180,000,000 (or its equivalent) less
                  the Hoechst Closing Amount (as defined in section 4.5 of the
                  Singapore Separation Agreement, being the amount confirmed
                  under paragraph 3(e) of Part I of Schedule 2 (CONDITIONS
                  PRECEDENT));

        (h)       guarantees or indemnities given by members of the MGG Group in
                  respect of indebtedness of MGG Joint Ventures or
                  Unconsolidated Subsidiaries of Newco 2 which are made pursuant
                  to binding arrangements which were existing prior to the
                  Closing Date;

        (i)       guarantees or indemnities given by members of the MGG Group in
                  respect of indebtedness of MGG Joint Ventures or
                  Unconsolidated Subsidiaries of Newco 2 which do not fall
                  within paragraph (h) above provided that the requirements of
                  Clause 23.7 (JOINT VENTURES AND NON WHOLLY-OWNED SUBSIDIARIES)
                  would be complied with;

        (j)       guarantees or indemnities given by a member of the MGG Group
                  in respect of the indebtedness of another member of the MGG
                  Group provided that no such guarantees or indemnities may be
                  given by MGG or Debtco or a wholly-owned Subsidiary of MGG in
                  respect of the indebtedness of a Non Wholly-Owned Subsidiary
                  that is not an Obligor unless the requirements of Clause 23.7
                  (JOINT VENTURES AND NON WHOLLY-OWNED SUBSIDIARIES) would be
                  complied with; and

        (k)       the extension of credit by a member of the Group making a
                  disposal of an asset to the purchaser of such asset PROVIDED
                  THAT in the case of disposals made under paragraphs (h), (i)
                  and (n) of the definition of Permitted Disposals such credit
                  is permitted pursuant to paragraph (B) of the proviso at the
                  end of the definition of Permitted Disposals.

                                     -38-

<Page>

        "PERMITTED LOCAL FACILITIES" means any bank facilities (other than
        facilities provided under the Finance Documents or the Mezzanine Finance
        Documents or any Direct Mezzanine Refinancing Facility) made available
        to members of the MGG Group (on normal commercial terms) PROVIDED THAT:
        (a) the aggregate indebtedness of all members of the MGG Group in
        respect of such bank facilities at no time exceeds EUR50,000,000 (or its
        equivalent in any other currency or currencies); and (b) no one such
        bank facility is capable of having more than EUR10,000,000 (or its
        equivalent in other currencies) outstanding at any one time.

        "PERMITTED SECURITY" means:

        (a)       any Security entered into pursuant to any of the Finance
                  Documents or the Mezzanine Finance Documents or any Direct
                  Mezzanine Refinancing or any Permitted High Yield Security or
                  any Permitted Exchange Notes Security;

        (b)       any Security which was provided prior to the Closing Date by
                  any member of the MGG Group PROVIDED THAT the principal amount
                  of indebtedness secured by any such Security as at the Closing
                  Date is not increased and the aggregate principal amount of
                  indebtedness secured by all such Security after the first Loan
                  has been made hereunder is not greater than EUR25,000,000 (or
                  its equivalent in other currencies) subject to the proviso at
                  the end of this definition;

        (c)       any netting or set-off arrangement (or any Security over a
                  credit balance in a bank account which is entered into in
                  order to effect such an arrangement) entered into:

                  (i)      by any member of the Group in the normal course of
                           its banking arrangements; or

                  (ii)     by any member of the MGG Group in relation to another
                           member of the MGG Group in connection with any cash
                           pooling or similar arrangements between such members
                           of the MGG Group; or

                  (iii)    in the ordinary course of trade;

        (d)       any netting or set-off arrangement under a Hedging Agreement
                  where the obligations of other parties thereunder are
                  calculated by reference to net exposure thereunder (but not
                  any netting or set-off relating to such Hedging Agreement in
                  respect of cash collateral or any other Security except as
                  otherwise permitted under this Agreement);

        (e)       any lien arising by operation of law and in the ordinary
                  course of trading;

        (f)       any Security over or affecting (or Quasi Security affecting)
                  any asset acquired by a member of the Group after the date of
                  this Agreement if:

                  (i)      the Security or Quasi-Security was not created in
                           contemplation of the acquisition of that asset by a
                           member of the Group;

                  (ii)     the principal amount secured has not been increased
                           in contemplation of, or since the acquisition of that
                           asset by a member of the Group; and

                  (iii)    the Security or Quasi-Security is removed or
                           discharged within three months of the date of
                           acquisition of such asset;

                                      -39-

<Page>

        (g)       any Security or Quasi-Security over or affecting any asset of
                  any company which becomes a member of the Group after the date
                  of this Agreement, where the Security or Quasi-Security is
                  created prior to the date on which that company becomes a
                  member of the Group, if:

                  (i)      the Security or Quasi-Security was not created in
                           contemplation of the acquisition of that company;

                  (ii)     the principal amount secured has not increased in
                           contemplation of or since the acquisition of that
                           company; and

                  (iii)    the Security or Quasi-Security is removed or
                           discharged within three months of that company
                           becoming a member of the Group;

        (h)       any title transfer or retention of title arrangement entered
                  into by any member of the Group in the normal course of its
                  trading activities on the counterparty's standard or usual
                  terms;

        (i)       any lien in favour of a bank over goods and documents of title
                  to goods arising in the ordinary course of documentary credit
                  transactions entered into in the ordinary course of trade;

        (j)       any Security arising under the general business conditions of
                  any credit institution with whom any member of the Group
                  maintains a banking relationship in the ordinary course of
                  business;

        (k)       any Security arising on rental deposits in connection with the
                  occupation of leasehold premises in the ordinary course of
                  business;

        (l)       any Security arising by operation of law in favour of any
                  government, state or local authority in respect of taxes,
                  assessments or government charges which are being contested by
                  the relevant member of the Group in good faith;

        (m)       any Security or Quasi Security securing Permitted Local
                  Facilities subject to the proviso at the end of this
                  definition;

        (n)       any Security provided by Messer Trinidad and Tobago Limited to
                  International Finance Corporation ("IFC") securing amounts
                  owing under the loan agreement dated 15 February 2000 made
                  between Messer Trinidad and Tobago Limited and IFC;

        (o)       any Security over a deposit in a bank account providing cash
                  collateral in respect of any Existing Indebtedness or securing
                  (directly or indirectly) any Financial Indebtedness falling
                  within paragraph (f) of the definition of Permitted
                  Indebtedness;

        (p)       any Security or Quasi-Security arising under or in respect of
                  any Finance Lease falling within paragraph (h) of the
                  definition of Permitted Indebtedness;

        (q)       any Security or Quasi-Security not falling within paragraphs
                  (a) to (p) above securing indebtedness and/or other
                  obligations the aggregate principal amount of which does not
                  exceed EUR50,000,000 (or its equivalent in another currency or
                  currencies) subject to the proviso at the end of this
                  definition; and

                                     -40-
<Page>

        (r)       any Security to which the Majority Lenders have given their
                  prior written consent,

        PROVIDED THAT the Security or Quasi Security falling within paragraphs
        (b), (j), (m) and (q) above may not at any time after the first Loan is
        made hereunder secure indebtedness and/or other obligations (or, in the
        case of any Security falling under paragraph (j) above the value of the
        assets subject to such Security) the aggregate principal amount of which
        exceeds EUR75,000,000 (or its equivalent in other currencies).

        "PERMITTED TREASURY TRANSACTIONS" means:

        (a)       the Treasury Transactions entered into in accordance with
                  Clause 23.29 (HEDGING);

        (b)       the Treasury Transactions, if any, which are foreign exchange
                  transactions entered into with a Hedge Counterparty in
                  connection with payments made or to be made by any Obligor in
                  connection with the Acquisition; and

        (c)       any other foreign exchange transactions for spot or forward
                  delivery entered into in the ordinary course of business (and
                  not for investment or speculative purposes) to hedge currency
                  exposures (including, without limitation, currency exposure
                  relating to Loans made in an Optional Currency) incurred by
                  any member of the Group.

        "PREPAYMENT ESCROW ACCOUNT" means an interest bearing account held with
        the Agent (or such other financial institution reasonably acceptable to
        the Agent) in the name of any Obligor (and identified as a Prepayment
        Escrow Account), over which such Obligor has granted Security in favour
        of the Security Trustee or all of the Finance Parties and into which
        sums are deposited in accordance with Clause 9 (PREPAYMENT AND
        CANCELLATION) and may not be withdrawn by any member of the Group other
        than as provided by Clause 9 (PREPAYMENT AND CANCELLATION).

        "PREPAYMENT ORDER" means, in respect of any amount to be applied in
        repayment of any Term Disposal Facility Loans, Term A Facility Loans,
        Term B Euro Facility Loans, Term B Dollar Facility Loans, Term C Euro
        Facility Loans or Term C Dollar Facility Loans in accordance with Clause
        9.8 (APPLICATION OF PREPAYMENTS), the application of such amount as
        follows:

        (a)       as to 50 per cent. of such amount, the application of such in
                  satisfaction of the obligations under Clause 7.1 (REPAYMENT OF
                  TERM DISPOSAL FACILITY LOANS), Clause 7.2 (REPAYMENT OF TERM A
                  FACILITY LOANS), Clause 7.3 (REPAYMENT OF TERM B DOLLAR
                  FACILITY LOANS), Clause 7.4 (REPAYMENT OF TERM B EURO FACILITY
                  LOANS), Clause 7.5 (REPAYMENT OF TERM C EURO FACILITY LOANS)
                  or, as the case may be, Clause 7.6 (REPAYMENT OF TERM C DOLLAR
                  FACILITY LOANS) in inverse chronological order; and

        (b)       as to the remaining 50 per cent. of such amount, the
                  application of such in satisfaction of the obligations under
                  Clause 7.1 (REPAYMENT OF TERM DISPOSAL FACILITY LOANS), Clause
                  7.2 (REPAYMENT OF TERM A FACILITY LOANS), Clause 7.3
                  (REPAYMENT OF TERM B DOLLAR FACILITY LOANS), Clause 7.4
                  (REPAYMENT OF TERM B EURO FACILITY LOANS), Clause 7.5
                  (REPAYMENT OF TERM C EURO FACILITY LOANS) or, as the case may
                  be, Clause 7.6 (REPAYMENT OF TERM C DOLLAR FACILITY LOANS) pro
                  rata across the Outstandings under each of the relevant Term
                  Facilities.

                                     -41-
<Page>

        "PREPAYMENT PREMIUM" means an amount equal to:

        (a)       in respect of a Prepayment Premium Loan (or part of a
                  Prepayment Premium Loan) which either becomes immediately due
                  and payable pursuant to the provisions of Clause 9.2 (CHANGE
                  OF CONTROL) or Clause 9.3 (FLOTATION OR SALE) or which a
                  Borrower voluntarily gives notice that it wishes to prepay, in
                  each case on or before the day 12 Months after the Closing
                  Date, 2 per cent. of the Base Currency Amount of the portion
                  of that Prepayment Premium Loan which is to be prepaid; or

        (b)       in respect of a Prepayment Premium Loan (or part of a
                  Prepayment Premium Loan) which either becomes immediately due
                  and payable pursuant to the provisions of Clause 9.2 (CHANGE
                  OF CONTROL) or Clause 9.3 (FLOTATION OR SALE) or which a
                  Borrower voluntarily gives notice that it wishes to prepay, in
                  each case after the day 12 Months after the Closing Date but
                  on or before the Prepayment Premium Date, 1 per cent. of the
                  Base Currency Amount of the portion of that Prepayment Premium
                  Loan which is to be prepaid.

        "PREPAYMENT PREMIUM DATE" means the day 24 Months after the Closing
        Date.

        "PREPAYMENT PREMIUM LOAN" means a Term B Euro Facility Loan, a Term B
        Dollar Facility Loan, a Term C Euro Facility Loan or a Term C Dollar
        Facility Loan.

        "PRIORITY LETTER" means any letter in the agreed form from an addressee
        of a Report which is not a party to the Intercreditor Deed and which is
        addressed to the Security Trustee on behalf of the Finance Parties and
        the Mezzanine Finance Parties relating to the priority of claims in
        respect of that Report.

        "QUASI SECURITY" means any of the transactions described in paragraph
        (b) of Clause 23.3 (NEGATIVE PLEDGE).

        "QUOTATION DAY" means, in relation to any period for which an interest
        rate is to be determined:

        (a)       (if the currency is sterling) the first day of that period;

        (b)       (if the currency is euro) two TARGET Days before the first day
                  of that period; or

        (c)       (for any other currency) two Business Days before the first
                  day of that period,

        unless market practice differs in the Relevant Interbank Market for a
        currency, in which case the Quotation Day for that currency will be
        determined by the Agent in accordance with market practice in the
        Relevant Interbank Market (and if quotations would normally be given by
        leading banks in the Relevant Interbank Market on more than one day, the
        Quotation Day will be the last of those days) PROVIDED THAT in the case
        of any Loan to which a one day interest period shall apply pursuant to
        paragraph (j) of Clause 11.4 (SELECTION OF INTEREST PERIODS AND TERMS)
        the Quotation Day shall be the first day of that period.

        "REFERENCE BANKS" means the principal London offices of The Chase
        Manhattan Bank, Bayerische Hypo-und Vereinsbank AG and The Royal Bank of
        Scotland plc or such other banks as may be appointed by the Agent with
        the approval of the Obligor's Agent (such approval not to be
        unreasonably withheld or delayed).

                                     -42-
<Page>

        "REFINANCING NOTES" means any High Yield Notes or any Exchange Notes.

        "REGISTER" has the meaning ascribed to it in Clause 25.1 (ASSIGNMENTS
        AND TRANSFERS BY THE LENDERS).

        "REGULATIONS T, U AND X" means, respectively, Regulations T, U and X of
        the Board of Governors of the Federal Reserve System of the United
        States (or any successor).

        "RELATED PARTY" means any of the following:

        (a)       an Affiliate of a specified person;

        (b)       any other person directly or indirectly controlling or
                  controlled by or under direct or indirect common control with
                  that specified person, where "CONTROL" (and "CONTROLLING",
                  "CONTROLLED BY" and "UNDER COMMON CONTROL WITH") mean the
                  possession, directly or indirectly, of the power to direct or
                  cause the direction of the management or policies of a person,
                  whether by the ownership of shares, by agreement or otherwise;

        (c)       a person who beneficially owns 5 per cent. or more of the
                  issued share capital of a specified person.

        "RELEVANT DEBT RELIEF AMOUNT" means, at any time, the aggregate of:

        (a)       Debt Relief Amounts at such time attributable to disposals
                  under the Disposal Plan;

        (b)       Debt Relief Amounts at such time attributable to disposals
                  falling under paragraph (i) of the definition of Permitted
                  Disposal;

        and a Debt Relief Amount will only be attributable to disposals referred
        to in paragraphs (a) or (b) above if in relation to the relevant
        disposal the Compliance Certificate accompanying the financial
        statements for the period in which such disposals were made is delivered
        pursuant to Clause 21.2 (COMPLIANCE CERTIFICATES) providing:

                  (i)      details as to the asset disposed of; and

                  (ii)     confirming that it is a disposal under the Disposal
                           Plan or falling within paragraph (i) of the
                           definition of Permitted Disposals (as the case may
                           be); and

                  (iii)    confirming the Debt Relief Amount relating to that
                           disposal together with reasonable details as to how
                           this has been calculated.

        "RELEVANT GAAP" means:

        (a)       with respect to Newco 2 on a consolidated basis and MGG, IAS
                  or (subject to agreement being reached pursuant to the
                  provisions of paragraph (d) of Clause 21.4 (REQUIREMENTS AS TO
                  FINANCIAL STATEMENTS)), US GAAP; and

        (b)       with respect to any other member of the Newco 2 Group (either
                  alone or including its Subsidiaries), the generally accepted
                  accounting principles and practices of its jurisdiction of
                  incorporation.

                                     -43-
<Page>

        "RELEVANT INTERBANK MARKET" means in relation to euro, the European
        interbank market, and, in relation to any other currency, the London
        interbank market.

        "RELEVANT JURISDICTION" means, in respect of any person, the
        jurisdiction of the country in which such person is incorporated or, if
        it is not incorporated, its seat or principal place of business.

        "RELIANCE LETTER" means any letter in the agreed form from a provider of
        a Report and which is addressed to the Security Trustee (on behalf of
        the Finance Parties and the Mezzanine Finance Parties) or any Arranger
        on behalf of the Finance Parties and any Mezzanine Arranger on behalf of
        the Mezzanine Finance Parties or the relevant Finance Parties and the
        relevant Mezzanine Finance Parties and pursuant to which the provider of
        the Report agrees that the relevant Finance Parties and the relevant
        Mezzanine Finance Parties are entitled to rely on such Report subject to
        and on the terms set out therein.

        "REPAYMENT INSTALMENT" means a Term Disposal Facility Repayment
        Instalment, a Term A Facility Repayment Instalment, a Term B Euro
        Facility Repayment Instalment, a Term B Dollar Facility Repayment
        Instalment, a Term C Euro Facility Repayment Instalment or a Term C
        Dollar Facility Repayment Instalment.

        "REPEATING REPRESENTATIONS" means each of the representations set out in
        Clauses 20.4 (STATUS) to 20.11 (NO DEFAULT) (inclusive), paragraph (d)
        of Clause 20.12 (NO MISLEADING INFORMATION), Clause 20.13 (FINANCIAL
        STATEMENTS), Clause 20.14 (FINANCIAL YEAR END), Clauses 20.15 (PARI
        PASSU RANKING) to 20.23 (GOOD TITLE TO ASSETS) (inclusive) and Clauses
        20.27 (GROUP STRUCTURE) to Clause 20.36 (INVESTMENT COMPANIES)
        (inclusive).

        "REPORTS" means:

        (a)       the Legal Reports;

        (b)       the long form accountants' report on the MGG Group, in the
                  agreed form, prepared by KPMG Deutsche Treuhand-Gesellschaft
                  AG which includes the following sections:

                  (i)      the Group Financials Report;

                  (ii)     the Country Reports;

                  (iii)    the Pensions Reports;

                  (iv)     the IT Report;

                  (v)      the Tax Report;

                  (vi)     the Cost Analysis;

                  (vii)    the Net Debt Report;

                  (viii)   the 2000 Outturn Report to be provided pursuant to
                           (and as defined in) parargraph (b) of Clause 23.37
                           (CONDITIONS SUBSEQUENT); and

                  (ix)     the Projections Report to be provided pursuant to
                           (and as defined in) parargraph (b) of Clause 23.37
                           (CONDITIONS SUBSEQUENT);

                                     -44-
<Page>

        (c)       the market report on the MGG Group, in the agreed form,
                  prepared by CryoGas Consulting Limited;

        (d)       the environmental report on the MGG Group, in the agreed form,
                  prepared by Dames & Moore GmbH & Co. KG;

        (e)       the insurance report on the MGG Group, in the agreed form,
                  dated September 2000 prepared by Marsh GmbH;

        (f)       the Consultants Report; and

        (g)       the KPMG Business Plan Audit;

        "RESERVATIONS" means any reservations as to matters of law which are
        referred to in any legal opinion delivered to the Agent pursuant to, in
        respect of the Company and Newco 2, Clause 4 (CONDITIONS OF UTILISATION)
        or, in respect of any Additional Obligor, Clause 26 (CHANGES TO THE
        OBLIGORS).

        "RESIGNATION LETTER" means a letter substantially in the form set out in
        Schedule 7 (FORM OF RESIGNATION LETTER).

        "RESTRUCTURING EXPENSES" means costs and expenses relating to the
        Restructuring Programme which do not exceed in aggregate EUR100,000,000
        or its equivalent in other currencies.

        "RESTRUCTURING PROGRAMME" means the restructuring programme intended to
        be implemented by the MGG Group after the Closing Date as set out in
        Schedule 9 (RESTRUCTURING PROGRAMME).

        "REVOLVING FACILITY" means the Revolving Facility I or the Revolving
        Facility II.

        "REVOLVING FACILITY LOAN" means a Revolving Facility I Loan or a
        Revolving Facility II Loan.

        "REVOLVING FACILITY I" means the revolving loan, letter of credit and
        bank guarantee facility made available under this Agreement as described
        in paragraph (g) of Clause 2.1 (THE FACILITIES).

        "REVOLVING FACILITY I COMMITMENT" means:

        (a)       in relation to an Original Lender, the amount in the Base
                  Currency set opposite its name under the heading "Revolving
                  Facility I Commitment" in Part II of Schedule 1 (THE CLOSING
                  PARTIES) and the amount of any other Revolving Facility I
                  Commitment transferred to it under this Agreement; and

        (b)       in relation to any other Lender, the amount in the Base
                  Currency of any Revolving Facility I Commitment transferred to
                  it under this Agreement,

        to the extent not cancelled, reduced or transferred by it under this
        Agreement.

        "REVOLVING FACILITY I LOAN" means a loan made or to be made under the
        Revolving Facility I or the principal amount outstanding for the time
        being of that loan.

                                     -45-
<Page>

        "REVOLVING I OUTSTANDINGS" means at any time, the aggregate of the Base
        Currency Amounts of the outstanding Revolving Facility I Loans and the
        amount of the maximum actual and contingent liabilities of the Lenders
        in respect of each outstanding Letter of Credit and Bank Guarantee
        issued under Revolving Facility I.

        "REVOLVING FACILITY II" means the revolving loan, letter of credit and
        bank guarantee facility made available under this Agreement as described
        in paragraph (h) of Clause 2.1 (THE FACILITIES).

        "REVOLVING FACILITY II COMMITMENT" means:

        (a)       in relation to an Original Lender, the amount in the Base
                  Currency set opposite its name under the heading "Revolving
                  Facility II Commitment" in Part II of Schedule 1 (THE CLOSING
                  PARTIES) and the amount of any other Revolving Facility II
                  Commitment transferred to it under this Agreement; and

        (b)       in relation to any other Lender, the amount in the Base
                  Currency of any Revolving Facility II Commitment transferred
                  to it under this Agreement,

        to the extent not cancelled, reduced or transferred by it under this
        Agreement.

        "REVOLVING FACILITY II LOAN" means a loan made or to be made under the
        Revolving Facility II or the principal amount outstanding for the time
        being of that loan.

        "REVOLVING II OUTSTANDINGS" means at any time, the aggregate of the Base
        Currency Amounts of the outstanding Revolving Facility II Loans and the
        amount of the maximum actual and contingent liabilities of the Lenders
        in respect of each outstanding Letter of Credit and Bank Guarantee
        issued under Revolving Facility II.

        "ROLLOVER LOAN" means one or more Revolving Facility Loans made under
        the same Revolving Facility:

        (a)       made or to be made on the same day that (i) a maturing
                  Revolving Facility Loan under that same Revolving Facility is
                  due to be repaid or (ii) a demand in respect of either a
                  Letter of Credit or a Bank Guarantee under that same Revolving
                  Facility is due to be met;

        (b)       the aggregate amount of which is equal to or less than the
                  maturing Revolving Facility Loan or, as the case may be,
                  Letter of Credit or Bank Guarantee due to be met;

        (c)       in the same currency as the maturing Revolving Facility Loan
                  (unless it arose as a result of the operation of Clause 6.2
                  (UNAVAILABILITY OF A CURRENCY)), Letter of Credit or Bank
                  Guarantee; and

        (d)       made or to be made for the purpose of:

                  (i)      refinancing a maturing Revolving Facility Loan under
                           that same Revolving Facility; or

                                     -46-
<Page>

                  (ii)     satisfying any demand made by the Agent under Clause
                           8.1 (DEMANDS UNDER LETTERS OF CREDIT AND BANK
                           GUARANTEES) pursuant to a drawing under a Letter of
                           Credit or claim under a Bank Guarantee issued under
                           that same Revolving Facility.

        "SALE" means a sale or disposal (whether in a single transaction or a
        series of related transactions) of all or substantially all of the
        shares and/or assets of the Group PROVIDED THAT the disposal of 66 2/3%
        of the shares in Newco 2 to Hoechst Newco 3 as a result of, and on the
        terms of, the transactions expressly contemplated in the Business
        Combination Agreement shall be deemed not to be a Sale.

        "SCREEN RATE" means:

        (a)       in relation to LIBOR, the British Bankers' Association
                  Interest Settlement Rate for the relevant currency and period;
                  and

        (b)       in relation to EURIBOR, the percentage rate per annum
                  determined by the Banking Federation of the European Union for
                  the relevant period,

        displayed on the appropriate page of the Telerate screen. If the agreed
        page is replaced or service ceases to be available, the Agent may
        specify another page or service displaying the appropriate rate after
        consultation with the Obligor's Agent and the Lenders.

        "SECURITY" means a mortgage, charge, pledge, lien or other security
        interest securing any obligation of any person or any other agreement or
        arrangement having a similar effect.

        "SECURITY DOCUMENTS" means:

        (a)       each security document referred to in paragraph 5 of Part I of
                  Schedule 2 (CONDITIONS PRECEDENT); and

        (b)       any other document entered into by any member of the Group
                  creating or evidencing Security for all or any part of the
                  obligations of the Obligors or any of them under any of the
                  Finance Documents or the Mezzanine Finance Documents or the
                  Direct Mezzanine Refinancing Facility.

        "SECURITY PARTY" has the meaning given to it in Clause 23.30 (GUARANTOR
        GROUP AND SECURITY COVERAGE).

        "SELECTION NOTICE" means a notice substantially in the form set out in
        Part II of Schedule 3 (REQUESTS) given in accordance with Clause 11
        (INTEREST PERIODS AND TERMS) or Clause 6.1 (SELECTION OF CURRENCY) in
        relation to a Term Facility.

        "SHAREHOLDERS' AGREEMENT" means the agreement dated 31 December 2000
        between the Initial Sponsors and MIG (as amended by an amendment
        agreement made on or prior to the Closing Date in the agreed form),
        setting out the terms of the Initial Sponsors' and MIG's rights and
        obligations in respect of their shareholdings in the Company.

        "SINGAPORE SPV" means DIOGENES Neunzehnte Vermogensverwaltungs GmbH, a
        newly incorporated limited liability company in which pursuant to the
        terms of the Singapore

                                     -47-
<Page>

        Separation Agreement MGG will be a shareholder and which will hold the
        interest in Messer Singapore and Syngas currently held by MGG.

        "SINGAPORE SEPARATION AGREEMENT" means the formation, funding and
        shareholders agreement in the agreed form made on or about the date
        hereof between, amongst others, MGG, the Vendor, MIG, Singapore SPV, the
        Company and Aventis in relation to (amongst other things) the sale by
        MGG to Singapore SPV of all of MGG's shares in Syngas and Messer
        Singapore.

        "SYNGAS" means Singapore Syngas Pte. Limited, a company incorporated in
        Singapore which at the date hereof is an MGG Joint Venture.

        "SPECIFIED TIME" means a time determined in accordance with Schedule 10
        (TIMETABLES).

        "SUBORDINATION AGREEMENT" means:

        (a)       any High Yield Subordination Agreement;

        (b)       any Newco 2 Loan Subordination Agreement;

        (c)       the China Subordination Agreement;

        (d)       any subordination agreement subordinating Financial
                  Indebtedness referred to in paragraph (d) of the definition of
                  Permitted Indebtedness; and

        (e)       any Exchange Notes Subordination Agreement.

        "SUBSIDIARY" means, in relation to any company or corporation, a
        company or corporation:

        (a)       which is controlled, directly or indirectly, by the first
                  mentioned company or corporation;

        (b)       more than half the issued share capital of which is
                  beneficially owned, directly or indirectly by the first
                  mentioned company or corporation; or

        (c)       which is a Subsidiary of another Subsidiary of the first
                  mentioned company or corporation,

        and for this purpose, a company or corporation shall be treated as being
        controlled by another if that other company or corporation is able to
        direct its management and policies and/or to control the composition of
        its board of directors or equivalent body.

        "SYNDICATION DATES" means:

        (a)       the date notified by the Bookrunners to the Obligor's Agent at
                  least five Business Days prior to such date as the day on
                  which primary syndication of the Facilities is to be
                  completed; and

        (b)       the date notified by the Bookrunners to the Obligor's Agent at
                  least five Business Days prior to such date as the day on
                  which general syndication of the Facilities is to be
                  completed,

                                     -48-
<Page>

        each such date being one on which one or more financial institutions
        become Parties to this Agreement as Lenders as part of such syndication
        PROVIDED THAT each Syndication Date shall not be more than 6 Months
        after the Closing Date.

        "SYNDICATION LETTER" means the letter from the Arrangers to MGG, Allianz
        Capital Partners GmbH and Goldman Sachs Capital Partners 2000, L.P.
        dated on or about the date hereof headed "Senior Syndication Letter".

        "TARGET" means Trans-European Automated Real-time Gross Settlement
        Express Transfer payment system.

        "TARGET DAY" means any day on which TARGET is open for the settlement
        of payments in euro.

        "TAX" means any tax, levy, impost, duty or other charge or withholding
        of a similar nature (including any penalty or interest payable in
        connection with any failure to pay or any delay in paying any of the
        same).

        "TAXES ACT" means the Income and Corporation Taxes Act 1988.

        "TERM" means, in relation to any Letter of Credit or Bank Guarantee, the
        period from its Utilisation Date until its Expiry Date.

        "TERM DISPOSAL FACILITY" means the term loan facility made available
        under this Agreement as described in paragraph (a) of Clause 2.1 (THE
        FACILITIES).

        "TERM DISPOSAL FACILITY COMMITMENT" means:

        (a)       in relation to an Original Lender, the amount in the Base
                  Currency set opposite its name under the heading "Term
                  Disposal Facility Commitment" in Part II of Schedule 1 (THE
                  CLOSING PARTIES) and the amount of any other Term Disposal
                  Facility Commitment transferred to it under this Agreement;
                  and

        (b)       in relation to any other Lender, the amount in the Base
                  Currency of any Term Disposal Facility Commitment transferred
                  to it under this Agreement,

        to the extent not cancelled, reduced or transferred by it under this
        Agreement.

        "TERM DISPOSAL FACILITY LOAN" means a loan made or to be made under the
        Term Disposal Facility or the principal amount outstanding for the time
        being of that loan.

        "TERM DISPOSAL FACILITY REPAYMENT DATE" means the date falling 24
        Months after the Closing Date.

        "TERM FACILITIES" means the Term Disposal Facility and the Term
        Refinancing Facilities.

        "TERM FACILITY LOAN" means a Term Disposal Facility Loan, a Term A
        Facility Loan, a Term B Euro Facility Loan, a Term B Dollar Facility
        Loan, a Term C Euro Facility Loan or a Term C Dollar Facility Loan.

        "TERM REFINANCING FACILITIES" means the Term A Facility, the Term B Euro
        Facility, the Term B Dollar Facility, the Term C Euro Facility and the
        Term C Dollar Facility.

                                     -49-

<Page>

        "TERM REFINANCING FACILITY LOAN" means any Term Facility Loan other than
        a Term Disposal Facility Loan.

        "TERM A FACILITY" means the term loan facility made available under this
        Agreement as described in paragraph (b) of Clause 2.1 (THE FACILITIES).

        "TERM A FACILITY COMMITMENT" means:

        (a)       in relation to an Original Lender, the amount in the Base
                  Currency set opposite its name under the heading "Term A
                  Facility Commitment" in Part II of Schedule 1 (THE CLOSING
                  PARTIES) and the amount of any other Term A Facility
                  Commitment transferred to it under this Agreement; and

        (b)       in relation to any other Lender, the amount in the Base
                  Currency of any Term A Facility Commitment transferred to it
                  under this Agreement,

        to the extent not cancelled, reduced or transferred by it under this
        Agreement.

        "TERM A FACILITY LOAN" means a loan made or to be made under the Term A
        Facility or the principal amount outstanding for the time being of that
        loan.

        "TERM A FACILITY REPAYMENT DATE" means each of the dates specified in
        the table set out in paragraph (a) of Clause 7.2 (REPAYMENT OF TERM A
        FACILITY LOANS) as a Repayment Date, but if any such date is not a
        Business Day, then that Repayment Date shall be deemed to be the
        immediately succeeding Business Day (if that succeeding Business Day
        falls in the same calendar month) or (if it does not) the immediately
        preceding Business Day.

        "TERM A FACILITY REPAYMENT INSTALMENT" means each instalment for
        repayment of the Term A Facility Loans referred to in Clause 7.2
        (REPAYMENT OF TERM A FACILITY LOANS).

        "TERM B DOLLAR FACILITY" means the term loan facility made available
        under this Agreement as described in paragraph (c) of Clause 2.1 (THE
        FACILITIES).

        "TERM B DOLLAR FACILITY COMMITMENT" means:

        (a)       in relation to an Original Lender, the amount in dollars set
                  opposite its name under the heading "Term B Dollar Facility
                  Commitment" in Part II of Schedule 1 (THE CLOSING PARTIES) and
                  the amount of any other Term B Dollar Facility Commitment
                  transferred to it under this Agreement; and

        (b)       in relation to any other Lender, the amount in dollars of any
                  Term B Dollar Facility Commitment transferred to it under this
                  Agreement,

        to the extent not cancelled, reduced or transferred by it under this
        Agreement.

        "TERM B DOLLAR FACILITY LOAN" means a loan made or to be made under the
        Term B Dollar Facility or the principal amount outstanding for the time
        being of that loan.

        "TERM B DOLLAR FACILITY REPAYMENT INSTALMENT" means each instalment for
        repayment of the Term B Dollar Facility Loans referred to in Clause 7.3
        (REPAYMENT OF TERM B DOLLAR FACILITY LOANS).

                                     -50-

<Page>

        "TERM B EURO FACILITY" means the term loan facility made available under
        this Agreement as described in paragraph (d) of Clause 2.1 (THE
        FACILITIES).

        "TERM B EURO FACILITY COMMITMENT" means:

        (a)       in relation to an Original Lender, the amount in euros set
                  opposite its name under the heading "Term B Euro Facility
                  Commitment" in Part II of Schedule 1 (THE CLOSING PARTIES) and
                  the amount of any other Term B Euro Facility Commitment
                  transferred to it under this Agreement; and

        (b)       in relation to any other Lender, the amount in euros of any
                  Term B Euro Facility Commitment transferred to it under this
                  Agreement,

        to the extent not cancelled, reduced or transferred by it under this
        Agreement.

        "TERM B EURO FACILITY LOAN" means a loan made or to be made under the
        Term B Euro Facility or the principal amount outstanding for the time
        being of that loan.

        "TERM B EURO FACILITY REPAYMENT INSTALMENT" means each instalment for
        repayment of the Term B Euro Facility Loans referred to in Clause 7.4
        (REPAYMENT OF TERM B EURO FACILITY LOANS).

        "TERM B FACILITIES" means the Term B Dollar Facility and the Term B
        Euro Facility.

        "TERM B FACILITY REPAYMENT DATE" means each of the days which are 90 and
        96 Months after the Base Date.

        "TERM C DOLLAR FACILITY" means the dollar term loan facility made
        available under this Agreement as described in paragraph (f) of Clause
        2.1 (THE FACILITIES).

        "TERM C DOLLAR FACILITY COMMITMENT" means:

        (a)       in relation to an Original Lender, the amount in dollars set
                  opposite its name under the heading "Term C Dollar Facility
                  Commitment" in Part II of Schedule 1 (THE CLOSING PARTIES) and
                  the amount of any other Term C Dollar Facility Commitment
                  transferred to it under this Agreement; and

        (b)       in relation to any other Lender, the amount in dollars of any
                  Term C Dollar Facility Commitment transferred to it under this
                  Agreement,

        to the extent not cancelled, reduced or transferred by it under this
        Agreement.

        "TERM C DOLLAR FACILITY LOAN" means a loan made or to be made under the
        Term C Dollar Facility or the principal amount outstanding for the time
        being of that loan.

        "TERM C DOLLAR FACILITY REPAYMENT INSTALMENT" means each instalment for
        repayment of the Term C Dollar Facility Loans referred to in Clause 7.6
        (REPAYMENT OF TERM C DOLLAR FACILITY LOANS).

        "TERM C EURO FACILITY" means the term loan facility made available under
        this Agreement as described in paragraph (e) of Clause 2.1 (THE
        FACILITIES).

                                     -51-
<Page>

        "TERM C EURO FACILITY COMMITMENT" means:

        (a)       in relation to an Original Lender, the amount in euros set
                  opposite its name under the heading "Term C Euro Facility
                  Commitment" in Part II of Schedule 1 (THE CLOSING PARTIES) and
                  the amount of any other Term C Euro Facility Commitment
                  transferred to it under this Agreement; and

        (b)       in relation to any other Lender, the amount in euros of any
                  Term C Euro Facility Commitment transferred to it under this
                  Agreement,

        to the extent not cancelled, reduced or transferred by it under this
        Agreement.

        "TERM C EURO FACILITY LOAN" means a loan made or to be made under the
        Term C Euro Facility or the principal amount outstanding for the time
        being of that loan.

        "TERM C EURO FACILITY REPAYMENT INSTALMENT" means each instalment for
        repayment of the Term C Euro Facility Loans referred to in Clause 7.5
        (REPAYMENT OF TERM C EURO FACILITY LOANS).

        "TERM C FACILITIES" means the Term C Euro Facility and the Term C
        Dollar Facility.

        "TERM C FACILITY REPAYMENT DATE" means each of the days which are 102
        and 108 Months after the Base Date.

        "TERMINATION DATE" means:

        (a)       in relation to the Term Disposal Facility, the day which is 24
                  Months after the Closing Date;

        (b)       in relation to the Term A Facility, the day which is 84 Months
                  after the Base Date;

        (c)       in relation to the Term B Dollar Facility, the day which is 96
                  Months after the Base Date;

        (d)       in relation to the Term C Euro Facility and the Term C Dollar
                  Facility, the Final Maturity Date;

        (e)       in relation to each Revolving Facility, the day which is 84
                  Months after the Base Date.

        "TOTAL COMMITMENTS" means the aggregate of the Total Term Disposal
        Facility Commitments, the Total Term A Facility Commitments, the Total
        Term B Euro Facility Commitments, the Total Term B Dollar Facility
        Commitments, the Total Term C Euro Facility Commitments, the Total Term
        C Dollar Facility Commitments, the Total Revolving Facility I
        Commitments and the Total Revolving Facility II Commitments, being the
        aggregate of EUR1,050,000,000 and $540,000,000 at the date of this
        Agreement.

        "TOTAL DEBT RELIEF AMOUNT" means, at any time, the aggregate of all Debt
        Relief Amounts at such time in relation to all Permitted Disposals made
        after the date of this Agreement up to such time.

                                     -52-
<Page>

        "TOTAL NON-INDEMNIFIED UNCONSOLIDATED DEBT" means, at any time, the
        aggregate amount (without double counting) of Unconsolidated Debt at
        that time which is not Indemnified Unconsolidated Debt at such time.

        "TOTAL REVOLVING FACILITY I COMMITMENTS" means the aggregate of the
        Revolving Facility I Commitments, being EUR260,000,000 at the date of
        this Agreement.

        "TOTAL REVOLVING FACILITY II COMMITMENTS" means the aggregate of
        the Revolving Facility II Commitments, being EUR50,000,000 at the
        date of this Agreement.

        "TOTAL TERM DISPOSAL FACILITY COMMITMENTS" means the aggregate of the
        Term Disposal Facility Commitments, being $225,000,000 at the date of
        this Agreement.

        "TOTAL TERM A FACILITY COMMITMENTS" means the aggregate of the Term A
        Facility Commitments, being EUR400,000,000 at the date of this
        Agreement.

        "TOTAL TERM B DOLLAR FACILITY COMMITMENTS" means the aggregate of the
        Term B Dollar Facility Commitments, being $153,000,000 at the date of
        this Agreement.

        "TOTAL TERM B EURO FACILITY COMMITMENTS" means the aggregate of Term B
        Euro Facility Commitments, being EUR170,000,000 at the date of this
        Agreement.

        "TOTAL TERM C DOLLAR FACILITY COMMITMENTS" means the aggregate of the
        Term C Dollar Facility Commitments, being $162,000,000 at the date of
        this Agreement.

        "TOTAL TERM C EURO FACILITY COMMITMENTS" means the aggregate of the Term
        C Euro Facility Commitments, being EUR170,000,000 at the date of this
        Agreement.

        "TRANSACTION DOCUMENTS" means the Acquisition Documents, the Finance
        Documents, the Mezzanine Finance Documents, the High Yield Documents any
        documents relating to the Direct Mezzanine Refinancing and any Exchange
        Notes Documents.

        "TRANSACTION SECURITY" means the security from time to time constituted
        by or pursuant to the Security Documents.

        "TRANSFER CERTIFICATE" means a certificate substantially in one of the
        forms set out in Part I or Part II of Schedule 5 (FORM OF TRANSFER
        CERTIFICATES) or any other form agreed between the Agent and the
        Obligor's Agent.

        "TRANSFER DATE" means, in relation to a transfer, the later of:

        (a)       the proposed Transfer Date specified in the Transfer
                  Certificate; and

        (b)       the date on which the Agent executes the Transfer Certificate
                  and the transfer is recorded by the Agent in the Register.

        "TREASURY BORROWER" means Messer Finance S.A. and any other entity
        identified by the Obligor's Agent as a Treasury Borrower prior to the
        first Utilisation under this Agreement, such company to be a newly
        incorporated member of the MGG Group which is incorporated with limited
        liability in The Netherlands or Luxembourg and is formed to be a finance
        company (and not a trading company) performing (along with MGG or, as
        the case may be,

                                     -53-
<Page>

        Debtco) the treasury function for the MGG Group PROVIDED THAT there
        shall not be more than two Treasury Borrowers.

        "TREASURY BORROWER LOAN AGREEMENT" means a loan agreement entered into
        by a Treasury Borrower as lender with a member of the MGG Group in one
        of the agreed forms.

        "TREASURY TRANSACTION" means any currency or interest purchase, cap or
        collar agreement, forward rate agreements, interest rate or currency
        future or option contract, foreign exchange or currency purchase or sale
        agreement, interest rate swap, currency swap or combined interest rate
        and currency swap agreement and any other similar agreement.

        "UNCONSOLIDATED DEBT" means any Financial Indebtedness of any member of
        the MGG Group under any guarantee or indemnity given by any member of
        the MGG Group in respect of Financial Indebtedness of a person who is
        not a member of the MGG Group.

        "UNCONSOLIDATED SUBSIDIARY" means, in relation to a company or
        corporation, a Subsidiary of such company or corporation which is not a
        Consolidated Subsidiary.

        "UNPAID SUM" means any sum due and payable but unpaid by an Obligor
        under the Finance Documents.

        "US BORROWER" means a Borrower whose jurisdiction of incorporation is a
        state of the United States of America or the District of Columbia.

        "US GAAP" means generally accepted accounting principles and practices
        in the United States of America.

        "US GROUP MEMBER" means any member of the Group whose Relevant
        Jurisdiction is the United States of America (or any state thereof) or
        the District of Columbia.

        "US GUARANTOR" means a Guarantor whose Relevant Jurisdiction is a state
        of the United States of America or the District of Columbia.

        "UTILISATION" means a utilisation of a Facility by way of Loan or (in
        the case of a Revolving Facility) Letter of Credit or Bank Guarantee.

        "UTILISATION DATE" means the date of a Utilisation, being the date on
        which the relevant Loan is to be made or the relevant Letter of Credit
        or Bank Guarantee issued.

        "UTILISATION REQUEST" means a notice substantially in the form set out
        in Part I of Schedule 3 (REQUESTS).

        "VAT" means value added tax as provided for in the Value Added Tax Act
        1994 and any other tax of a similar nature.

        "VENDOR" means Hoechst AG.

        "VENDOR MGG SHARES" means the shares representing two thirds of the
        nominal value of the issued share capital of MGG, held by the Vendor at
        the date of this Agreement.

                                     -54-
<Page>

1.2     CONSTRUCTION
        (a)       Unless a contrary indication appears a reference in this
                  Agreement to:

                  (i)      the "AGENT", an "ARRANGER", the "SECURITY TRUSTEE",
                           any "HEDGE COUNTERPARTY", any "FRONTING BANK" or any
                           "LENDER" or any other person shall be construed so as
                           to include it and any subsequent successors and
                           permitted transferees and assigns in accordance with
                           their respective interests;

                  (ii)     a document being in the "AGREED FORM" is a reference
                           to a document which is either initialled as such (or
                           agreed in writing as such) on or before the Closing
                           Date for the purposes of identification by or on
                           behalf of the Obligor's Agent and the Arrangers or
                           Agent or is executed on or before the date of this
                           Agreement by any of the Obligors and the Arrangers or
                           Agent or, if not so executed or initialled (or so
                           agreed in writing), is in form and substance
                           reasonably satisfactory to the Agent;

                  (iii)    "ASSETS" includes present and future properties,
                           revenues and rights of every description;

                  (iv)     the "EUROPEAN INTERBANK MARKET" means the interbank
                           market for euro operating in Participating Member
                           States;

                  (v)      a "FINANCE DOCUMENT" or any other agreement or
                           instrument is a reference to that Finance Document or
                           other agreement or instrument as amended or novated;

                  (vi)     "INDEBTEDNESS" includes any obligation (whether
                           incurred as principal or as surety) for the payment
                           or repayment of money, whether present or future,
                           actual or contingent;

                  (vii)    a Lender's "PARTICIPATION", in relation to a Letter
                           of Credit or Bank Guarantee, shall be construed as a
                           reference to the rights and obligations of that
                           Lender in relation to that Letter of Credit or Bank
                           Guarantee as are expressly set out in this Agreement;

                  (viii)   a "PERSON" includes any person, firm, company,
                           corporation, government, state or agency of a state
                           or any association, trust, fund or other entity or
                           partnership (whether or not having separate legal
                           personality) of two or more of the foregoing;

                  (ix)     a "REGULATION" includes any regulation, rule,
                           official directive, request or guideline (whether or
                           not having the force of law) of any governmental,
                           intergovernmental or supranational body, agency,
                           department or regulatory, self-regulatory or other
                           authority or organisation;

                  (x)      a "WHOLLY-OWNED SUBSIDIARY" of a company or
                           corporation shall be construed as a reference to any
                           company or corporation more than 85% of the voting
                           and issued share capital of which is beneficially
                           owned, directly or indirectly, by the first-mentioned
                           company or corporation;

                                     -55-
<Page>

                  (xi)     a provision of law is a reference to that provision
                           as amended or re-enacted; and

                  (xii)    a time of day is a reference to London time.

        (b)       Section, Clause and Schedule headings are for ease of
                  reference only.

        (c)       Unless a contrary indication appears, a term used in any other
                  Finance Document or in any notice given under or in connection
                  with any Finance Document has the same meaning in that Finance
                  Document or notice as in this Agreement.

        (d)       A Default (other than an Event of Default) is "CONTINUING" if
                  it has not been remedied or waived and an Event of Default is
                  "CONTINUING" if it has not been remedied or waived.

        (e)       A Utilisation is requested by a Borrower if that Borrower
                  requests such Utilisation itself or the Obligor's Agent
                  requests such Utilisation expressly on behalf of that
                  Borrower.

1.3     CURRENCY SYMBOLS AND DEFINITIONS
        "$" and "DOLLARS" denote lawful currency of the United States of
        America, "(POUND)" and "STERLING" denotes lawful currency of the United
        Kingdom, "EUR" and "EURO" means the single currency unit of the
        Participating Member States, "DM" means the national currency unit of
        Germany as at the date of this Agreement and "SWISS FRANCS" denote
        lawful currency of Switzerland.

1.4     THIRD PARTY RIGHTS
        (a)       Except as expressly provided in a Finance Document, the terms
                  of a Finance Document may be enforced only by a party to it
                  and the operation of the Contracts (Rights of Third Parties)
                  Act 1999 is excluded.

        (b)       Notwithstanding any provision of any Finance Document, the
                  Parties to a Finance Document do not require the consent of
                  any third party to rescind or vary any Finance Document at any
                  time.

                                     -56-
<Page>

                                    SECTION 2

                                 THE FACILITIES

2.      THE FACILITIES

2.1     THE FACILITIES
        Subject to the terms of this Agreement, the Lenders make available the
        Facilities referred to below to the Borrowers specified below in
        relation to each such Facility:

        (a)       (to MGG, Messer Griesheim Industries, Inc., any Treasury
                  Borrower and, during the Debtco Structure Period, Debtco) a
                  multicurrency term loan disposal facility in an aggregate
                  amount equal to the Total Term Disposal Facility Commitments;

        (b)       (to MGG and any Treasury Borrower and, during the Debtco
                  Structure Period, Debtco) a multicurrency term loan
                  refinancing facility in an aggregate amount equal to the Total
                  Term A Facility Commitments;

        (c)       (to Messer Griesheim Industries, Inc.) a dollar term loan
                  refinancing facility in an aggregate amount equal to the Total
                  Term B Dollar Facility Commitments;

        (d)       (to MGG and any Treasury Borrower and, during the Debtco
                  Structure Period, Debtco) a euro term refinancing facility in
                  an aggregate amount equal to the Total Term B Euro Facility
                  Commitments;

        (e)       (to MGG and any Treasury Borrower and, during the Debtco
                  Structure Period, Debtco) a euro term loan refinancing
                  facility in an aggregate amount equal to the Total Term C Euro
                  Facility Commitments;

        (f)       (to Messer Griesheim Industries, Inc.) a dollar term loan
                  refinancing facility in an aggregate amount equal to the Total
                  Term C Dollar Facility Commitments;

        (g)       (to all of the Borrowers) a multicurrency revolving loan,
                  letter of credit and guarantee facility in an aggregate amount
                  equal to the Total Revolving Facility I Commitments; and

        (h)       (to all of the Borrowers other than any US Borrower) a
                  multicurrency revolving loan, letter of credit and guarantee
                  facility in an aggregate amount equal to the Total Revolving
                  Facility II Commitments.

2.2     LENDERS' AND FRONTING BANKS' RIGHTS AND OBLIGATIONS

        (a)       The obligations of each Lender and each Fronting Bank under
                  the Finance Documents are several. Failure by a Lender or a
                  Fronting Bank to perform its obligations under the Finance
                  Documents does not affect the obligations of any other Party
                  under the Finance Documents. No Finance Party is responsible
                  for the obligations of any other Finance Party under the
                  Finance Documents.

        (b)       The rights of each Lender and each Fronting Bank under or in
                  connection with the Finance Documents are separate and
                  independent rights and any debt arising under the Finance
                  Documents to a Lender or a Fronting Bank from an Obligor shall
                  be a separate and independent debt.

                                     -57-
<Page>

        (c)       A Finance Party may, except as otherwise stated in the Finance
                  Documents, separately enforce its rights under the Finance
                  Documents.

3.      PURPOSE

3.1     PURPOSE
        (a)       Each Borrower shall apply all amounts borrowed by it under the
                  Term Facilities either towards the refinancing of Existing
                  Indebtedness and the payment of the fees payable pursuant to
                  the terms of any Fee Letters and other expenses payable in
                  connection with the Finance Documents and the Mezzanine
                  Finance Documents or towards the making of Intra-Group Loans
                  the proceeds of which are to be applied to refinance Existing
                  Indebtedness or (during the period when the Term Facilities
                  have not been drawn or cancelled in full) towards the general
                  working capital requirements of the MGG Group provided that
                  the aggregate of the Base Currency Amounts of all Loans under
                  the Term Facilities used for such general working capital
                  purposes shall not exceed EUR 100,000,000. Amounts borrowed by
                  Messer Griesheim Industries, Inc. ("MGI") on the Closing Date
                  may be held initially in a specifically identified account of
                  MGI at The Chase Manhattan Bank and amounts borrowed by Messer
                  Finance S.A. on the Closing Date may be held initially in an
                  account of Messer Finance S.A. which is secured in favour of
                  the Finance Parties under a Security Document, in each case
                  pending application within 5 Business Days of the Closing Date
                  for the purposes specified in the first sentence of this
                  paragraph (a). The Deemed Loan referred to in paragraph (d) of
                  Clause 9.11 (VOLUNTARY PREPAYMENT OF TERM FACILITY LOANS)
                  shall be used to prepay the Term Disposal Facility in the
                  manner referred to in such paragraph (d).

        (b)       Each Borrower shall apply all amounts borrowed by it and all
                  Letters of Credit and Bank Guarantees issued at its request
                  under Revolving Facility I towards the general corporate
                  purposes of the MGG Group.

        (c)       Each Borrower shall apply all amounts borrowed by it and all
                  Letters of Credit and Bank Guarantees issued at its request
                  under Revolving Facility II to finance or refinance
                  Non-Indemnified Unconsolidated Debt PROVIDED THAT a Borrower
                  shall be entitled to apply amounts borrowed by it and Letters
                  of Credit and Bank Guarantees issued at its request under
                  Revolving Facility II towards the general working capital
                  requirements of the MGG Group if the following conditions are
                  satisfied at the time of the first such application in
                  relation to any part of Revolving Facility II:

                  (i)      the Agent has received 5 Business Days prior to such
                           time written confirmation from the Obligor's Agent
                           (together with relevant supporting evidence) that the
                           Total Non-Indemnified Unconsolidated Debt has been
                           permanently reduced (by reason of the expiry of a
                           guarantee or indemnity given by a member of the MGG
                           Group which is not to be renewed or as a result of
                           the disposal of the MGG Group's interest in a Joint
                           Venture or Unconsolidated Subsidiary or payment of a
                           sum under such a guarantee or indemnity by a member
                           of the MGG Group or otherwise but not by reason of a
                           payment from the proceeds of a Revolving Facility II
                           Loan or under a Letter of Credit or Bank Guarantee
                           issued under Revolving Facility II) by a specified
                           amount; and

                                     -58-
<Page>

                  (ii)     the reduction of Total Non-Indemnified Unconsolidated
                           Debt referred to in paragraph (i) above has not been
                           used to permit any previous such application and the
                           aggregate amount of (A) the amount to be borrowed and
                           (B) the face amount of such Guarantee or Letter of
                           Credit to be issued which are to be so applied is
                           equal to or less than the total amount of such
                           reduction.

3.2     MONITORING
        No Finance Party is bound to monitor or verify the application of any
        amount borrowed or Bank Guarantee or Letter of Credit issued pursuant to
        this Agreement.

4.      CONDITIONS OF UTILISATION

4.1     INITIAL CONDITIONS PRECEDENT
        No Borrower may deliver a Utilisation Request unless the Agent has
        received all of the documents and other evidence listed in Part I of
        Schedule 2 (CONDITIONS PRECEDENT) in form and substance satisfactory to
        the Agent (acting reasonably). The Agent shall notify the Obligor's
        Agent and the Lenders promptly upon being so satisfied.

4.2     FURTHER CONDITIONS PRECEDENT
        (a)       In the case of any Closing Utilisation, the Lenders and the
                  relevant Fronting Bank will only be obliged to comply with
                  Clause 5.4 (LENDERS' AND FRONTING BANKS' PARTICIPATION) if on
                  the date of the Utilisation Request and on the proposed
                  Utilisation Date:

                  (i)      no Closing Event of Default iS continuing or would
                           result from the proposed Closing Utilisation; and

                  (ii)     the Acquisition Closing Conditions were satisfied on
                           the Closing Date without being partially or entirely
                           waived by the Company or MGG or, notwithstanding the
                           Acquisition Closing Conditions not having been so
                           satisfied without being partially or entirely waived
                           by the Company or MGG (except in accordance with
                           Clause 23.24 (AMENDMENTS)), the Company is obliged
                           pursuant to the terms of the Business Combination
                           Agreement to consummate the MGG Acquisition on the
                           Closing Date;

                  (iii)    the Closing Representations to be made or deemed to
                           be made by the Obligor's Agent and each Obligor which
                           is then a Party are true in all material respects.

        (b)       In the case of any Utilisation (other than a Closing
                  Utilisation), the Lenders and the relevant Fronting Bank will
                  only be obliged to comply with Clause 5.4 (LENDERS' AND
                  FRONTING BANKS' PARTICIPATION) if on the date of the
                  Utilisation Request and on the proposed Utilisation Date:

                  (i)      in the case of a Rollover Loan, no Event of Default
                           is continuing or would result from the proposed
                           Rollover Loan and, in the case of any other Loan, a
                           Letter of Credit or a Bank Guarantee, no Default iS
                           continuing or would result from the proposed Loan,
                           Letter of Credit or Bank Guarantee; and

                                     -59-
<Page>

                  (ii)     the Repeating Representations to be made or deemed to
                           be made by the Obligor's Agent and each Obligor which
                           is then a Party are true in all material respects.

        (c)       The Lenders will only be obliged to comply with paragraph
                  (a)(iv) of Clause 6.3 (CHANGE OF CURRENCY) if, on the first
                  day of an Interest Period, no Default is continuing or would
                  result from the change of currency and the Repeating
                  Representations to be made by each Obligor are true in all
                  material respects.

        (d)       In relation to a proposed Letter of Credit or Bank Guarantee,
                  the relevant Fronting Bank will only be obliged to comply with
                  Clause 5.5 (COMPLETION OF LETTERS OF CREDIT) if the relevant
                  Fronting Bank and the Agent have approved the terms of the
                  Letter of Credit or Bank Guarantee (which, unless the Agent
                  otherwise agrees in writing, shall be substantially in the
                  form set out in Schedule 11 (FORM OF BANK GUARANTEE) or
                  Schedule 12 (FORM OF LETTER OF CREDIT)).

4.3     CONDITIONS RELATING TO OPTIONAL CURRENCIES AND THE EURO UNIT

        (a)       A currency will constitute an Optional Currency in relation to
                  a Loan, Letter of Credit or Bank Guarantee if:

                  (i)      it is readily available in the amount required and
                           freely convertible into the Base Currency in the
                           Relevant Interbank Market on the Quotation Day and
                           the Utilisation Date for that Loan, Letter of Credit
                           or Bank Guarantee; and

                  (ii)     it is dollars or sterling or Swiss Francs or euro or
                           has been approved by the Agent (acting on the
                           instructions of all the Lenders) on or prior to
                           receipt by the Agent of the relevant Utilisation
                           Request or Selection Notice for that Loan, Letter of
                           Credit or Bank Guarantee, save that dollars shall not
                           be an Optional Currency in relation to a Term
                           Disposal Facility Loan and euro shall not be an
                           Optional Currency in relation to any Term A Facility
                           Loan, Revolving Facility Loan, Letter of Credit or
                           Bank Guarantee.

        (b)       If the Agent has received a written request from the Obligor's
                  Agent for a currency to be approved under paragraph (a)(ii)
                  above, the Agent will confirm to the Obligor's Agent by the
                  Specified Time:

                  (i)      whether or not the Lenders have granted their
                           approval; and

                  (ii)     if approval has been granted, the minimum amount for
                           any subsequent Utilisation in that currency, which
                           shall be a round number which is approximately the
                           equivalent in that currency of EUR5,000,000.

        (c)       If a Loan, Letter of Credit or Bank Guarantee is to be
                  denominated in euros it will only be made available in the
                  euro unit, deutschmarks or any other national currency units
                  of the euro agreed by the Majority Lenders.

                                      -60-

<Page>

4.4     MAXIMUM NUMBER OF LOANS, LETTERS OF CREDIT OR BANK GUARANTEES

        (a)       A Borrower may not deliver a Utilisation Request if as a
                  result of the proposed Utilisation:

                  (i)      fifteen or more Term Disposal Facility Loans would be
                           outstanding;

                  (ii)     fifteen or more Term A Facility Loan would be
                           outstanding;

                  (iii)    five or more Term B Euro Facility Loans would be
                           outstanding;

                  (iv)     five or more Term B Dollar Facility Loans would be
                           outstanding;

                  (v)      five or more Term C Euro Facility Loans would be
                           outstanding;

                  (vi)     five or more Term C Dollar Facility Loans would be
                           outstanding;

                  (vii)    ten or more Revolving Facility I Loans would be
                           outstanding; or

                  (viii)   ten or more Revolving Facility II Loans would be
                           outstanding.

        (b)       A Borrower may not request that a Term Facility Loan be
                  divided if, as a result of the proposed division, ten or more
                  Loans under the relevant Term Facility would be outstanding.

        (c)       Any Loan made by a single Lender under Clause 6.2
                  (UNAVAILABILITY OF A CURRENCY) shall not be taken into account
                  in this Clause 4.4.

        (d)       The above provisions of this Clause 4.4 shall not apply to any
                  Utilisation Request delivered prior to the end of the first
                  one month Interest Period relating to any Loan.

4.5     ORDER OF DRAWING OF FACILITIES
        (a)       The Facilities may only be drawn in the following order, so
                  that no Utilisation Request may be delivered in relation to
                  any Facility until each of the Facilities referred to above it
                  in the following list has either been drawn in full or will
                  have been drawn in full prior to or on the proposed
                  Utilisation Date:

                  (i)      first, the Term C Euro Facility, the Term C Dollar
                           Facility, the Term B Euro Facility and the Term B
                           Dollar Facility;

                  (ii)     second, the Term A Facility and Term Disposal
                           Facility;

                  (iii)    third, the Revolving Facilities.

        (b)       Notwithstanding the above paragraph (a):

                  (i)      Utilisations ("RELEVANT UTILISATIONS") by way of
                           Letters of Credit and/or Bank Guarantees may be
                           issued under the Revolving Facilities prior to the
                           Facilities referred to in paragraph (a)(ii) above
                           being drawn in full PROVIDED THAT the aggregate of
                           the Base Currency Amounts of all such Relevant
                           Utilisations does not exceed EUR25,000,000; and

                  (ii)     Term A Loans ("RELEVANT LOANS") may be drawn prior to
                           the Facilities referred to in paragraph (a)(i) above
                           being drawn in full PROVIDED THAT the

                                      -61-

<Page>

                           aggregate Base Currency Amounts of all such Relevant
                           Loans does not exceed EUR 100,000,000.

4.6     SIMULTANEOUS DRAWDOWN OF CERTAIN FACILITIES
        No Loan shall be made under the Term C Euro Facility or the Term C
        Dollar Facility (the "FIRST RELEVANT FACILITIES") unless Loans are made
        simultaneously under the other First Relevant Facility so that the
        Available Facility in relation to each First Relevant Facility is
        reduced rateably.

4.7     DRAWING OF TERM C FACILITIES
        The Term C Dollar Facility and the Term C Euro Facility may each only be
        drawn in no more than two amounts.

                                       -62-

<Page>

                                    SECTION 3

                                   UTILISATION

5.      UTILISATION

5.1     DELIVERY OF A UTILISATION REQUEST
        A Borrower may utilise a Facility made available to it by delivery to
        the Agent of a duly completed Utilisation Request no later than the
        Specified Time.

5.2     COMPLETION OF A UTILISATION REQUEST
        (a)       Each Utilisation Request is irrevocable (unless it is a
                  Utilisation Request solely requesting the issue of a Letter of
                  Credit or Bank Guarantee which is withdrawn or revoked by
                  written notice to the Agent and the relevant Fronting Bank
                  before that Letter of Credit or Bank Guarantee is issued by
                  that Fronting Bank) and will not be regarded as having been
                  duly completed unless:

                  (i)      it identifies the Facility to be utilised and, if it
                           is a Revolving Facility, whether it is to be utilised
                           by way of a Loan or a Bank Guarantee or a Letter of
                           Credit;

                  (ii)     the proposed Utilisation Date is a Business Day
                           within the Availability Period;

                  (iii)    the amount of the Utilisation complies with Clause
                           5.3 (CURRENCY AND AMOUNT); and

                  (iv)     the proposed Interest Period or Term (as the case may
                           be) complies with Clause 11 (INTEREST PERIODS AND
                           TERMS).

        (b)       Only one Utilisation may be requested in each Utilisation
                  Request.

        (c)       During the first 90 days after the Closing Date, no more than
                  10 and thereafter no more than 3 Utilisation Requests may be
                  delivered to the Agent on any one Business Day.

5.3     CURRENCY AND AMOUNT
        (a)       The currency specified in a Utilisation Request must be the
                  Base Currency or an Optional Currency, except that in the case
                  of the Dollar Facilities it must be dollars and, in the case
                  of the Euro Facilities, it must be euros.

        (b)       The amount of the proposed Loan, Letter of Credit or Bank
                  Guarantee must be an amount whose Base Currency Amount is not
                  more than the Available Facility and which is:

                  (i)      if the currency selected is the Base Currency, a
                           minimum of EUR5,000,000 for each Facility (other than
                           any Dollar Facility and the Term Disposal Facility)
                           (or, in relation to a Letter of Credit or Bank
                           Guarantee, EUR1,000,000 or such lesser amount agreed
                           to by the Fronting Bank) or (in relation to any
                           Dollar Facility or the Term Disposal Facility) a
                           minimum of $5,000,000 or in each case, if less, the
                           Available Facility;

                                      -63-

<Page>

                  (ii)     if the currency selected is dollars, a minimum of
                           $5,000,000 for each Facility (or, in relation to a
                           Letter of Credit or Bank Guarantee, $1,000,000 or
                           such lesser amount agreed to by the Fronting Bank)
                           or, if less, the Available Facility;

                  (iii)    if the currency selected is sterling, a minimum of
                           (pound)5,000,000 for each Facility (or, in relation
                           to a Letter of Credit or Bank Guarantee,
                           (pound)1,000,000 or such lesser amount as may be
                           agreed to by the Fronting Bank) or, if less, the
                           Available Facility;

                  (iv)     if the currency selected is an Optional Currency
                           other than dollars or sterling, the minimum amount
                           specified by the Agent pursuant to paragraph (b)(ii)
                           of Clause 4.3 (CONDITIONS RELATING TO OPTIONAL
                           CURRENCIES AND THE EURO UNIT) (or, in relation to a
                           Letter of Credit or Bank Guarantee, such minimum
                           amount agreed to by the Fronting Bank) or, if less,
                           the Available Facility; or

                  (v)      (in respect of a Letter of Credit or Bank Guarantee
                           in relation to any Revolving Facility) an amount
                           which, when aggregated with the amount of maximum
                           actual and contingent liabilities of the Lenders in
                           respect of all other outstanding Letters of Credit
                           and Bank Guarantees at such time in relation to that
                           Revolving Facility, does not exceed EUR75,000,000 (in
                           the case of Revolving Facility I) or EUR50,000,000
                           (in the case of Revolving Facility II).

5.4     LENDERS' AND FRONTING BANKS' PARTICIPATION
        (a)       If the conditions set out in this Agreement have been met:

                  (i)      each Lender shall make its participation in each Loan
                           available through its Facility Office; and

                  (ii)     each Fronting Bank shall issue each Letter of Credit
                           and Bank Guarantee through its Facility Office.

        (b)       The amount of each Lender's participation in each Loan, Letter
                  of Credit and Bank Guarantee will be equal to the proportion
                  borne by its Available Commitment to the Available Facility
                  immediately prior to making such Loan or issuing such Letter
                  of Credit or Bank Guarantee.

        (c)       The Agent shall notify each Lender of the amount, currency and
                  the Base Currency Amount of each Loan, Letter of Credit and
                  Bank Guarantee at the Specified Time.

5.5     COMPLETION OF LETTERS OF CREDIT
        The relevant Fronting Bank is authorised to issue any Letter of Credit
        or Bank Guarantee pursuant to Clause 5 (UTILISATION) by:

        (a)       completing the issue date and the proposed Expiry Date of that
                  Letter of Credit or Bank Guarantee; and

        (b)       executing and delivering that Letter of Credit or Bank
                  Guarantee to the relevant recipient on the Utilisation Date.

                                       -64-

<Page>

5.6     RENEWAL OF A LETTER OF CREDIT OR BANK GUARANTEE
        (a)       No later than the Specified Time before the Expiry Date of a
                  Letter of Credit or Bank Guarantee the relevant Borrower may,
                  by written notice to the Agent, request that the Term of that
                  Letter of Credit or Bank Guarantee be extended.

        (b)       The Finance Parties shall treat the request in the same way as
                  a Utilisation Request for a Letter of Credit or, as the case
                  may be, Bank Guarantee in the amount and maturity of the
                  Letter of Credit or Bank Guarantee (as to be extended).

        (c)       The terms of each renewed Letter of Credit or Bank Guarantee
                  shall be the same as those of the relevant Letter of Credit or
                  Bank Guarantee immediately prior to its renewal, save that its
                  Term shall commence on the date which was the Expiry Date of
                  that Letter of Credit or Bank Guarantee immediately prior to
                  its renewal and shall end on the proposed Expiry Date
                  specified in that request.

        (d)       The relevant Fronting Bank is authorised to amend any Letter
                  of Credit or Bank Guarantee pursuant to that request if the
                  conditions set out in this Agreement have been complied with.

5.7     RESTRICTIONS ON PARTICIPATION IN LETTERS OF CREDIT
        If at any time prior to the issue of a Letter of Credit any Lender is
        prohibited by law or pursuant to any request from or requirement of any
        central bank or other fiscal, monetary or other authority from having
        any right or obligation under this Agreement in respect of a Letter of
        Credit, that Lender shall notify the Agent on or before the Business Day
        prior to the proposed Utilisation Date and:

        (a)       the maximum actual and contingent liabilities of the relevant
                  Fronting Bank under that Letter of Credit shall be reduced by
                  an amount equal to an amount which would have been the amount
                  of that Lender's L/C Proportion of that Letter of Credit if
                  the prohibition had not occurred;

        (b)       the L/C Proportion of that Lender in relation to that Letter
                  of Credit shall be nil; and

        (c)       that Lender's Available Commitment in respect of the relevant
                  Revolving Facility shall be reduced by an amount equal to an
                  amount which would have been the amount of that Lender's L/C
                  Proportion of the Letter of Credit if the prohibition had not
                  occurred.

5.8     RESTRICTIONS ON PARTICIPATION IN BANK GUARANTEES
        If at any time prior to the issue of a Bank Guarantee any Lender is
        prohibited by law or pursuant to any request from or requirement of any
        central bank or other fiscal, monetary or other authority from having
        any right or obligation under this Agreement in respect of a Bank
        Guarantee, that Lender shall notify the Agent on or before the Business
        Day prior to the proposed Utilisation Date and:

        (a)       the maximum actual and contingent liabilities of the relevant
                  Fronting Bank under that Bank Guarantee shall be reduced by an
                  amount equal to an amount which would have been the amount of
                  that Lender's Guarantee Proportion of that Bank Guarantee if
                  the prohibition had not occurred;

                                       -65-

<Page>

        (b)       the Guarantee Proportion of that Lender in relation to that
                  Bank Guarantee shall be nil; and

        (c)       that Lender's Available Commitment in respect of the relevant
                  Revolving Facility shall be reduced by an amount equal to an
                  amount which would have been the amount of that Lender's
                  Guarantee Proportion of the Bank Guarantee if the prohibition
                  had not occurred.

6.      OPTIONAL CURRENCIES

6.1     SELECTION OF CURRENCY
        (a)       A Borrower (or the Obligor's Agent on behalf of a Borrower)
                  shall select the currency of a Loan, Letter of Credit or Bank
                  Guarantee:

                  (i)      (in the case of an initial Utilisation) in a
                           Utilisation Request PROVIDED THAT in respect of Loans
                           to be made on the Closing Date only euros and dollars
                           and sterling may be selected; and

                  (ii)     (afterwards in relation to a Term Facility Loan
                           (other than a Dollar Facility Loan) made to it) in a
                           Selection Notice which must be delivered by the same
                           Specified Time as if it were a Utilisation Request
                           for such a Loan to be made on the date of such
                           conversion in the currency into which it wishes to
                           convert such Loan.

        (b)       If a Borrower (or the Obligor's Agent on behalf of a Borrower)
                  fails to issue a Selection Notice by the time specified in
                  paragraph (a)(ii) above in relation to a Term Facility Loan,
                  that Term Facility Loan will remain denominated for its next
                  Interest Period in the same currency in which it is then
                  outstanding.

        (c)       If a Borrower (or the Obligor's Agent on behalf of a Borrower)
                  issues a Selection Notice requesting a change of currency and
                  the first day of the requested Interest Period is not a
                  Business Day for the new currency, the Agent shall promptly
                  notify the Borrower and the Lenders and the Loan will remain
                  in the existing currency (with Interest Periods running from
                  one Business Day until the next Business Day) until the next
                  day which is a Business Day for both currencies, on which day
                  the requested Interest Period will begin.

        (d)       A Dollar Facility Loan may only be denominated in dollars and
                  a Euro Facility Loan may only be denominated in euros.

6.2     UNAVAILABILITY OF A CURRENCY
        If before the Specified Time on any Quotation Day:

        (a)       the Agent has received notice from a Lender that the Optional
                  Currency requested is not readily available to it in the
                  amount required; or

        (b)       a Lender notifies the Agent that compliance with its
                  obligation to participate in a Loan in the proposed Optional
                  Currency would contravene a law or regulation applicable to
                  it,

                                      -66-

<Page>

        the Agent will give notice to the relevant Borrower to that effect by
        the Specified Time on that day. In this event, any Lender that gives
        notice pursuant to this Clause 6.2 will be required to participate in
        the Loan in the Base Currency (in an amount equal to that Lender's
        proportion of the Base Currency Amount, or in respect of a Rollover
        Loan, an amount equal to that Lender's proportion of the Base Currency
        Amount of the maturing Revolving Facility Loan that is due to be repaid)
        and its participation will be treated as a separate Loan denominated in
        the Base Currency during that Interest Period.

6.3     CHANGE OF CURRENCY

        (a)       If a Term Facility Loan is to be denominated in different
                  currencies during two successive Interest Periods:

                  (i)      if the currency for the second Interest Period is an
                           Optional Currency, the amount of the Loan in that
                           Optional Currency will be calculated by the Agent as
                           the amount of that Optional Currency equal to the
                           Base Currency Amount of the Loan at the Agent's Spot
                           Rate of Exchange at the Specified Time;

                  (ii)     if the currency for the second Interest Period is the
                           Base Currency, the amount of the Loan will be equal
                           to the Base Currency Amount;

                  (iii)    (unless the Agent and the Borrower agree otherwise in
                           accordance with paragraph (b) below) the Borrower
                           that has borrowed the Loan shall repay it on the last
                           day of the first Interest Period in the currency in
                           which it was denominated for that Interest Period;
                           and

                  (iv)     (subject to Clause 4.2 (FURTHER CONDITIONS
                           PRECEDENT)) the Lenders shall re-advance the Loan in
                           the new currency in accordance with Clause 6.5
                           (AGENT'S CALCULATIONS).

        (b)       If the Agent and the Borrower that has borrowed the relevant
                  Term Facility Loan agree, the Agent shall:

                  (i)      apply the amount paid to it by the Lenders pursuant
                           to paragraph (a)(iv) above (or so much of that amount
                           as is necessary) in or towards purchase of an amount
                           in the currency in which the relevant Term Facility
                           Loan is outstanding for the first Interest Period;
                           and

                  (ii)     use the amount it purchases in or towards
                           satisfaction of the relevant Borrower's obligations
                           under paragraph (a)(iii) above.

        (c)       If the amount purchased by the Agent pursuant to paragraph
                  (b)(i) above is less than the amount required to be repaid by
                  the relevant Borrower, the Agent shall promptly notify that
                  Borrower and that Borrower shall, on the last day of the first
                  Interest Period, pay an amount to the Agent (in the currency
                  of the outstanding relevant Term Facility Loan for the first
                  Interest Period) equal to the difference.

        (d)       If any part of the amount paid to the Agent by the Lenders
                  pursuant to paragraph (a)(iv) above is not needed to purchase
                  the amount required to be repaid by the relevant Borrower, the
                  Agent shall promptly notify that Borrower and pay that

                                       -67-

<Page>

                  Borrower, on the last day of the first Interest Period that
                  part of that amount (in the new currency).

6.4     SAME OPTIONAL CURRENCY DURING SUCCESSIVE INTEREST PERIODS

        (a)       If a Term Facility Loan (other than a Dollar Facility Loan or
                  a Euro Facility Loan) is to be denominated in the same
                  Optional Currency during two successive Interest Periods, the
                  Agent shall calculate the amount of such Term Facility Loan in
                  the Optional Currency for the second of those Interest Periods
                  (by calculating the amount of Optional Currency equal to the
                  Base Currency Amount of that Term Facility Loan at the Agent's
                  Spot Rate of Exchange at the Specified Time) and (subject to
                  paragraph (b) below):

                  (i)      if the amount calculated is less than the existing
                           amount of that Term Facility Loan in the Optional
                           Currency during the first Interest Period, promptly
                           notify the Borrower that has borrowed that Term
                           Facility Loan and that Borrower shall pay, on the
                           last day of the first Interest Period, an amount
                           equal to the difference; or

                  (ii)     if the amount calculated is more than the existing
                           amount of that Term Facility Loan in the Optional
                           Currency during the first Interest Period, promptly
                           notify each Lender and, if no Event of Default is
                           continuing, each Lender shall, on the last day of the
                           first Interest Period, pay its participation in an
                           amount equal to the difference.

        (b)       If the calculation made by the Agent pursuant to paragraph (a)
                  above shows that the amount of the relevant Term Facility Loan
                  in the Optional Currency has increased or decreased by less
                  than 5 per cent. compared to its Base Currency Amount, no
                  notification shall be made by the Agent and no payment shall
                  be required under paragraph (a) above.

6.5     AGENT'S CALCULATIONS

        (a)       All calculations made by the Agent pursuant to this Clause 6
                  will take into account any repayment, prepayment,
                  consolidation or division of Term Facility Loans to be made on
                  the last day of the first Interest Period.

        (b)       Each Lender's participation in a Loan will, subject to
                  paragraph (a) above, be determined in accordance with
                  paragraph (b) of Clause 5.4 (LENDERS' AND FRONTING BANKS'
                  PARTICIPATION).

                                       -68-

<Page>

                                    SECTION 4

                     REPAYMENT, PREPAYMENT AND CANCELLATION

7.      REPAYMENT

7.1     REPAYMENT OF TERM DISPOSAL FACILITY LOANS

        (a)       Unless the terms of this Agreement require such to be repaid
                  at an earlier date, each Borrower shall repay the Term
                  Disposal Facility Loans made to it in full on the Term
                  Disposal Facility Repayment Date.

        (b)       No Borrower may reborrow any part of the Term Disposal
                  Facility which is repaid.

7.2     REPAYMENT OF TERM A FACILITY LOANS

        (a)       Unless the terms of this Agreement require such to be repaid
                  at an earlier date, each Borrower shall repay the Term A
                  Facility Loans made to it in instalments by repaying on each
                  Term A Facility Repayment Date an amount which reduces the
                  Base Currency Amount of the outstanding Term A Facility Loans
                  by an amount equal to the relevant percentage of the Base
                  Currency Amount of all the Term A Facility Loans borrowed by
                  that Borrower as at the close of business in London on the
                  last day of the relevant Availability Period in relation to
                  the Term A Facility as set out in the table below:

<Table>
<Caption>

        -----------------------------------------  -----------------------------------------
                  REPAYMENT DATE                               REPAYMENT INSTALMENT
                                                      (AS PERCENTAGE OF ALL TERM A FACILITY
                                                     LOANS AS AT CLOSE OF BUSINESS IN LONDON
                                                         ON THE LAST DAY OF THE RELEVANT
                                                               AVAILABILITY PERIOD)
        =========================================  =========================================
        <S>                                        <C>
                 20 December 2001                                   1.5%
        -----------------------------------------  -----------------------------------------
                  20 April 2002                                     1.5%
        -----------------------------------------  -----------------------------------------
                 20 October 2002                                   2.00%
        -----------------------------------------  -----------------------------------------
                  20 April 2003                                     2.5%
        -----------------------------------------  -----------------------------------------
                 20 October 2003                                    5.5%
        -----------------------------------------  -----------------------------------------
                  20 April 2004                                     6.0%
        -----------------------------------------  -----------------------------------------
                 20 October 2004                                    8.5%
        -----------------------------------------  -----------------------------------------
                  20 April 2005                                     7.5%
        -----------------------------------------  -----------------------------------------
                 20 October 2005                                   10.0%
        -----------------------------------------  -----------------------------------------
                  20 April 2006                                    10.0%
        -----------------------------------------  -----------------------------------------
                 20 October 2006                                   10.0%
        -----------------------------------------  -----------------------------------------
                  20 April 2007                                    10.0%
        -----------------------------------------  -----------------------------------------
                 20 October 2007                                   12.5%
        -----------------------------------------  -----------------------------------------
                  20 April 2008                                    12.5%
        -----------------------------------------  -----------------------------------------

</Table>

        (b)       If, in relation to a Term A Facility Repayment Date, the
                  aggregate outstanding amount of the Term A Facility Loans made
                  to the Borrowers exceeds the Term A Facility Repayment
                  Instalment to be repaid by the Borrowers, the Obligor's Agent
                  may, if it gives the Agent not less than five Business Days'
                  prior notice, select which of those Term A Facility Loans will
                  be wholly or partially repaid so that the Term A

                                      -69-

<Page>

                  Facility Repayment Instalment is repaid on the relevant Term A
                  Facility Repayment Date in full.

        (c)       If the Obligor's Agent fails to deliver a notice to the Agent
                  in accordance with paragraph (b) above, the Agent shall select
                  the Term A Facility Loans to be wholly or partially repaid.

        (d)       Any repayment or prepayment of a Term A Facility Loan
                  denominated in an Optional Currency shall reduce the amount of
                  that Term A Facility Loan by the amount of that Optional
                  Currency repaid.

        (e)       Save as provided in Clause 10.3 (MARGIN CHANGES) or paragraph
                  (d) of Clause 9.11 (VOLUNTARY PREPAYMENT OF TERM FACILITY
                  LOANS), no Borrower may reborrow any part of Term A Facility
                  which is repaid.

7.3     REPAYMENT OF TERM B DOLLAR FACILITY LOANS
        (a)       Unless the terms of this Agreement require such to be repaid
                  at an earlier date, each Borrower shall repay the Term B
                  Dollar Facility Loans made to it in instalments by repaying on
                  each Term B Facility Repayment Date an amount which reduces
                  the outstanding Term B Dollar Facility Loans by an amount
                  equal to 50% of all the Term B Dollar Facility Loans borrowed
                  by that Borrower as at close of business on the last Business
                  Day of the relevant Availability Period.

        (b)       If, in relation to a Term B Facility Repayment Date, the
                  aggregate outstanding amount of the Term B Dollar Facility
                  Loans made to the Borrowers exceeds the Term B Dollar Facility
                  Repayment Instalment to be repaid by the Borrowers, the
                  Obligor's Agent may, if it gives the Agent not less than five
                  Business Days' prior notice, select which of those Term B
                  Dollar Facility Loans will be wholly or partially repaid so
                  that the Term B Dollar Facility Repayment Instalment is repaid
                  on the relevant Term B Facility Repayment Date in full.

        (c)       If the Obligor's Agent fails to deliver a notice to the Agent
                  in accordance with paragraph (b) above, the Agent shall select
                  the Term B Dollar Facility Loans to be wholly or partially
                  repaid.

        (d)       No Borrower may reborrow any part of the Term B Dollar
                  Facility which is repaid.

7.4     REPAYMENT OF TERM B EURO FACILITY LOANS
        (a)       Unless the terms of this Agreement require such to be repaid
                  at an earlier date, each Borrower shall repay the Term B Euro
                  Facility Loans made to it in instalments by repaying on each
                  Term B Facility Repayment Date an amount which reduces the
                  outstanding Term B Euro Facility Loans by an amount equal to
                  50% of all the Term B Euro Facility Loans borrowed by that
                  Borrower as at close of business on the last Business Day of
                  the relevant Availability Period.

        (b)       If, in relation to a Term B Facility Repayment Date, the
                  aggregate outstanding amount of the Term B Euro Facility Loans
                  made to the Borrowers exceeds the Term B Euro Facility
                  Repayment Instalment to be repaid by the Borrowers, the
                  Obligor's Agent may, if it gives the Agent not less than five
                  Business Days' prior notice, select which of those Term B Euro
                  Facility Loans will be wholly or partially repaid so that the

                                       -70-

<Page>

                  Term B Euro Facility Repayment Instalment is repaid on the
                  relevant Term B Facility Repayment Date in full.

        (c)       If the Obligor's Agent fails to deliver a notice to the Agent
                  in accordance with paragraph (b) above, the Agent shall select
                  the Term B Euro Facility Loans to be wholly or partially
                  repaid.

        (d)       Save as provided in Clause 10.3 (MARGIN CHANGES), no Borrower
                  may reborrow any part of the Term B Euro Facility which is
                  repaid.

7.5     REPAYMENT OF TERM C EURO FACILITY LOANS
        (a)       Unless the terms of this Agreement require such to be repaid
                  at an earlier date, each Borrower shall repay the Term C Euro
                  Facility Loans made to it in instalments by repaying on each
                  Term C Facility Repayment Date an amount which reduces the
                  outstanding Term C Euro Facility Loans by an amount equal to
                  50% of all the Term C Euro Facility Loans borrowed by the
                  Borrowers as at close of business on the last Business Day of
                  the relevant Availability Period.

        (b)       If, in relation to a Term C Facility Repayment Date, the
                  aggregate outstanding amount of the Term C Euro Facility Loans
                  made to the Borrowers exceeds the Term C Euro Facility
                  Repayment Instalment to be repaid by the Borrowers, the
                  Obligor's Agent may, if it gives the Agent not less than five
                  Business Days' prior notice, select which of those Term C Euro
                  Facility Loans will be wholly or partially repaid so that the
                  Term C Euro Facility Repayment Instalment is repaid on the
                  relevant Term C Facility Repayment Date in full.

        (c)       If the Obligor's Agent fails to deliver a notice to the Agent
                  in accordance with paragraph (b) above, the Agent shall select
                  the Term C Euro Facility Loans to be wholly or partially
                  repaid.

        (d)       No Borrower may reborrow any part of the Term C Euro Facility
                  which is repaid.

7.6     REPAYMENT OF TERM C DOLLAR FACILITY LOANS
        (a)       Unless the terms of this Agreement require such to be repaid
                  at an earlier date, each US Borrower shall repay the Term C
                  Dollar Facility Loans made to it in instalments by repaying on
                  each Term C Facility Repayment Date an amount which reduces
                  the outstanding Term C Dollar Facility Loans by an amount
                  equal to 50% of all the Term C Dollar Facility Loans borrowed
                  by that US Borrower as at close of business in London on the
                  last day of the relevant Availability Period.

        (b)       If, in relation to a Term C Facility Repayment Date, the
                  aggregate outstanding amount of the Term C Dollar Facility
                  Loans made to the US Borrowers exceeds the Term C Dollar
                  Facility Repayment Instalment to be repaid by the US
                  Borrowers, the Obligor's Agent may, if it gives the Agent not
                  less than five Business Days' prior notice, select which of
                  those Term C Dollar Facility Loans will be wholly or partially
                  repaid so that the Term C Facility Repayment Instalment is
                  repaid on the relevant Term C Facility Repayment Date in full.

                                       -71-

<Page>

        (c)       If the Obligor's Agent fails to deliver a notice to the Agent
                  in accordance with paragraph (b) above, the Agent shall select
                  the Term C Dollar Facility Loans to be wholly or partially
                  repaid.

        (d)       No Borrower may reborrow any part of the Term C Dollar
                  Facility which is repaid.

7.7     REPAYMENT OF REVOLVING FACILITY LOANS
        Each Borrower which has drawn a Revolving Facility Loan shall repay that
        Loan on the last day of its Interest Period.

8.      BORROWER'S LIABILITIES IN RELATION TO LETTERS OF CREDIT AND BANK
        GUARANTEES

8.1     DEMANDS UNDER LETTERS OF CREDIT AND BANK GUARANTEES
        If a demand is made under a Letter of Credit or a Bank Guarantee or a
        Fronting Bank incurs in connection with a Letter of Credit or a Bank
        Guarantee any other liability, cost, claim, loss or expense which is to
        be reimbursed pursuant to this Agreement, the relevant Fronting Bank
        shall promptly notify the Agent of the amount of such demand or such
        liability, cost, claim, loss or expense and the Letter of Credit or, as
        the case may be, Bank Guarantee to which it relates and the Agent shall
        promptly make demand upon the relevant Borrower in accordance with this
        Agreement and notify the Obligor's Agent and the Lenders.

8.2     BORROWERS' INDEMNITY TO FRONTING BANKS
        Each Borrower shall irrevocably and unconditionally as a primary
        obligation indemnify (within three Business Days of demand of the Agent)
        any Fronting Bank which has issued a Letter of Credit or a Bank
        Guarantee at the request of such Borrower against:

        (a)       any sum paid by that Fronting Bank in accordance with the
                  provisions of such Letter of Credit or Bank Guarantee or due
                  and payable by that Fronting Bank under such Letter of Credit
                  or, as the case may be, Bank Guarantee; and

        (b)       all liabilities, costs (including, without limitation, any
                  costs incurred in funding any amount which falls due from that
                  Fronting Bank under such Letter of Credit or Bank Guarantee or
                  in connection with any such Letter of Credit or Bank
                  Guarantee), claims, losses and expenses which that Fronting
                  Bank may at any time incur or sustain in connection with or
                  arising out of any such Letter of Credit or Bank Guarantee
                  PROVIDED THAT any payment under such Letter of Credit or Bank
                  Guarantee shall have been made in compliance with the terms
                  thereof.

8.3     BORROWERS' INDEMNITY TO LENDERS
        Each Borrower shall irrevocably and unconditionally as a primary
        obligation indemnify (on demand of the Agent) each Lender against, in
        respect of each Letter of Credit and Bank Guarantee issued at such
        Borrower's request:

        (a)       any sum paid by that Lender in accordance with the provisions
                  hereof or due and payable by that Lender (whether under Clause
                  28.1 (LENDERS' INDEMNITY) or otherwise) in connection with
                  such Letter of Credit or Bank Guarantee; and

        (b)       all liabilities, costs (including, without limitation, any
                  costs incurred in funding any amount which falls due from that
                  Lender in connection with such Letter of Credit or

                                      -72-

<Page>

                  Bank Guarantee), claims, losses and expenses which that Lender
                  may at any time incur or sustain in connection with any such
                  Letter of Credit or Bank Guarantee PROVIDED THAT any payment
                  under such Letter of Credit or Bank Guarantee shall have been
                  made in compliance with the terms thereof.

8.4     PRESERVATION OF RIGHTS
        Neither the obligations of the Borrowers set out in this Clause 8 nor
        the rights, powers and remedies conferred on any Fronting Bank or Lender
        by this Agreement or by law shall be discharged, impaired or otherwise
        affected by:

        (a)       the winding-up, dissolution, administration or re-organisation
                  of the relevant Fronting Bank, any Lender or any other person
                  or any change in its status, function, control or ownership;

        (b)       any of the obligations of the relevant Fronting Bank, any
                  Lender or any other person under this Agreement, any Letter of
                  Credit, any Bank Guarantee or any other security taken in
                  respect of its obligations under this Agreement or otherwise
                  in connection with a Letter of Credit or Bank Guarantee being
                  or becoming illegal, invalid, unenforceable or ineffective in
                  any respect;

        (c)       time or other indulgence being granted or agreed to be granted
                  to the relevant Fronting Bank, any Lender or any other person
                  in respect of its obligations under this Agreement or under or
                  in connection with a Letter of Credit or Bank Guarantee or
                  under any other security;

        (d)       any amendment to, or any variation, waiver or release of, any
                  obligation of that Fronting Bank, any Lender or any other
                  person under a Letter of Credit, Bank Guarantee or this
                  Agreement;

        (e)       any other act, event or omission which, but for this Clause 8,
                  might operate to discharge, impair or otherwise affect any of
                  the obligations of the Borrowers set out in this Clause 8 or
                  any of the rights, powers or remedies conferred upon that
                  Fronting Bank or any Lender by this Agreement or by law.

        The obligations of each Borrower set out in this Clause 8 shall be in
        addition to and independent of every other security which any Fronting
        Bank or any Lender may at any time hold in respect of the Borrowers'
        obligations under this Agreement.

8.5     SETTLEMENT CONDITIONAL
        Any settlement or discharge between a Borrower and a Fronting Bank or a
        Lender shall be conditional upon no security or payment to that Fronting
        Bank or Lender by that Borrower, or any other person on behalf of that
        Borrower, being avoided or reduced by virtue of any laws relating to
        bankruptcy, insolvency, liquidation or similar laws of general
        application and, if any such security or payment is so avoided or
        reduced, that Fronting Bank or Lender shall be entitled to recover the
        value or amount of such security or payment from such Borrower
        subsequently as if such settlement or discharge had not occurred.

8.6     RIGHT TO MAKE PAYMENTS UNDER LETTERS OF CREDIT AND BANK GUARANTEES
        Each Fronting Bank shall be entitled to make any payment in accordance
        with the terms of the relevant Letter of Credit or, as the case may be,
        Bank Guarantee without any reference to or

                                       -73-

<Page>

        further authority from the Obligor's Agent, the Borrowers or any other
        investigation or enquiry. Each Borrower irrevocably authorises each
        Fronting Bank to comply with any demand under a Letter of Credit or Bank
        Guarantee which is valid on its face.

9.      PREPAYMENT AND CANCELLATION

9.1     ILLEGALITY
        If, at any time, it is unlawful in any jurisdiction for a Lender or
        Fronting Bank to perform any of its obligations as contemplated by this
        Agreement or to fund, issue or participate in any Loan, Letter of Credit
        or Bank Guarantee:

        (a)       that Lender shall promptly notify the Agent upon becoming
                  aware of that event;

        (b)       upon the Agent notifying the Obligor's Agent, the Commitment
                  of that Lender will be immediately cancelled;

        (c)       each Borrower shall, on the last day of the Interest Period
                  for each Loan or Term for each Letter of Credit or Bank
                  Guarantee occurring after the Agent has notified the Obligor's
                  Agent or, if earlier, the date specified by the Lender or
                  Fronting Bank in the notice delivered to the Agent (being no
                  earlier than the last day of any applicable grace period
                  permitted by law):

                  (i)   repay that Lender's participation in the Loans made to
                        it; and

                  (ii)  ensure that the liabilities of that Lender or Fronting
                        Bank under or in respect of each Letter of Credit and
                        Bank Guarantee issued at the request of such Borrower
                        are reduced to zero or otherwise secured by providing
                        Cash Collateral in an amount equal to such Lender's L/C
                        Proportion of those Letters of Credit, Guarantee
                        Proportion of those Bank Guarantees or, as the case may
                        be, that Fronting Bank's maximum actual and contingent
                        liabilities under those Letter of Credit and Bank
                        Guarantees in the currency or currencies of those
                        Letters of Credit and Bank Guarantees.

9.2     CHANGE OF CONTROL
        If after the Closing Date there is a Change of Control:

        (a)       the Obligor's Agent shall promptly notify the Agent upon
                  becoming aware of that event; and

        (b)       the Obligor's Agent shall procure that the Outstandings are
                  immediately and permanently prepaid in full and the Facilities
                  immediately cancelled,

        PROVIDED THAT:

                  (1)   if the Company ceases to own 100% of the issued share
                        capital of Newco 2 as a result of, and on the terms of,
                        the transactions expressly contemplated by the Business
                        Combination Agreement relating to the transfer of 66?%
                        of the shares in Newco 2 to Hoechst Newco 3, for a
                        period no longer than 90 days (the "POSTPONED CONTROL
                        PERIOD") then during the Postponed Control Period only
                        the Company shall not be regarded for the purposes of
                        the definition of Change of Control in Clause 1.1
                        (DEFINITIONS) to have ceased to own (directly or

                                      -74-

<Page>

                        indirectly) 100% of the issued share capital in Newco 2
                        or MGG or (if it is during the Debtco Structure Period)
                        Debtco; and

                  (2)   no Change of Control under paragraph (e) of the
                        definition of Change of Control in Clause 1.1
                        (DEFINITIONS) shall arise as a result of Newco 2 not
                        owning 100% of the issued share capital of MGG if at
                        such time Newco 2 owns 66 2/3% of the issued share
                        capital of MGG and MIG has contributed the Family MGG
                        Shares to Newco 2 in accordance with the Contribution
                        Agreement set out in Annex 1.1(b) to the Shareholders'
                        Agreement but such contribution is not yet effective
                        pending the registration of the relevant increase of
                        share capital of Newco 2 by the relevant German court.

9.3     FLOTATION OR SALE
        The Obligor's Agent shall procure that the Outstandings are immediately
        and permanently prepaid in full upon the occurrence of a Sale or a
        Flotation and the Facilities immediately cancelled.

9.4     EXCESS CASH FLOW
        The Obligor's Agent shall ensure that after delivery of the most recent
        audited financial statements of the Newco 2 Group pursuant to paragraph
        (a) of Clause 21.1 (FINANCIAL STATEMENTS), commencing with the financial
        statements delivered in respect of the calendar year ending 31 December
        2001, 75 per cent.(or, if the Leverage Ratio for the calendar year to
        which such financial statements relate is less than 4:1, 50 per cent.)
        of Excess Cash Flow for the calendar year to which such financial
        statements relate (less the aggregate amount by which the Term
        Facilities have been prepaid pursuant to Clause 9.11 (VOLUNTARY
        PREPAYMENT OF TERM FACILITY LOANS) during such calendar year is applied
        in repayment of the outstanding Loans in accordance with Clause 9.8
        (APPLICATION OF PREPAYMENTS), such repayment in relation to each Loan to
        be repaid to be made on the last day of the Interest Period current at
        the date of delivery of such financial statements of each such Loan due
        to be repaid or such earlier date as the Obligor's Agent may elect.
        Without in any way affecting the obligations of the Obligor's Agent
        under this Clause, the Agent agrees that it shall notify the Obligor's
        Agent as soon as reasonably practicable after receipt of the relevant
        financial statements and their accompanying Compliance Certificate and
        Auditors Report of the details of the application of the repayment
        required under this Clause and the dates on which such application is to
        be made.

9.5     ASSET DISPOSALS
        (a)       Subject to Clause 9.9 (PREPAYMENT ESCROW ACCOUNT), the
                  Obligor's Agent shall ensure that an amount equal to 100% of
                  the amount of the Net Disposal Proceeds of any disposals of
                  any asset by any member of the Group made in accordance with
                  the Disposal Plan or falling within paragraph (i) or (k)(iv)
                  of the definition of Permitted Disposals is applied within 5
                  Business Days of such member of the Group receiving such Net
                  Disposal Proceeds in repayment of the outstanding Loans in
                  accordance with Clause 9.8 (APPLICATION OF PREPAYMENTS), save
                  that if such Net Disposal Proceeds when added to the aggregate
                  amount of the Term Disposal Facility which has been repaid at
                  that time and the Relevant Debt Relief Amount at such time
                  exceed EUR255,000,000 (or its equivalent) (the amount of such
                  excess being the "EXCESS AMOUNT") then in respect of such
                  Excess Amount only the Obligor's Agent is only obliged to
                  procure that an amount equal to 75% of such Excess Amount is
                  so applied

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                  unless if as a result there would still be Term Disposal
                  Facility Loans outstanding, in which case it is obliged to
                  procure that a higher percentage of such Excess Amount is
                  so applied so as to ensure that the Term Disposal Facility
                  is repaid in full.

        (b)       Subject to Clause 9.9 (PREPAYMENT ESCROW ACCOUNT), the
                  Obligor's Agent shall ensure that an amount equal to 100% of
                  the amount of the Net Disposal Proceeds of any disposal of any
                  asset by any member of the Group, where such a disposal falls
                  within paragraph (n) of the definition of Permitted Disposals
                  or is a disposal pursuant to section 3.3 (EXEMPTION OF CERTAIN
                  TRANSACTIONS) of the BCA which does not fall to be applied
                  under paragraph (a) of this Clause 9.5, is applied promptly
                  upon such member of the Group receiving such amount in
                  repayment of the outstanding Loans in accordance with Clause
                  9.8 (APPLICATION OF PREPAYMENTS) save that if such Net
                  Disposal Proceeds exceed the aggregate amount of the Term
                  Disposal Facility Loans outstanding at that time (the amount
                  of such excess being the "EXCESS AMOUNT") then in respect of
                  such Excess Amount only the Obligor's Agent is only obliged to
                  procure that an amount equal to 75% of such Excess Amount is
                  so applied. The Obligor's Agent shall not be obliged to apply
                  such amounts in such repayment if the relevant member of the
                  Group can show to the satisfaction of the Agent (acting
                  reasonably) that the Net Disposal Proceeds, when aggregated
                  with the Net Disposal Proceeds received by members of the
                  Group in respect of disposals falling within paragraph (n) of
                  the definition of Permitted Disposals made in the same
                  calendar year, does not exceed EUR10,000,000 or its
                  equivalent.

        (c)       In the case of sub-clause (ii) of paragraph (e) of the
                  definition of Permitted Disposals in Clause 1.1 (DEFINITIONS),
                  the Obligor's Agent shall ensure that an amount equal to the
                  Net Disposal Proceeds referred to therein is, within 5
                  Business Days of the relevant member of the Group receiving
                  such Net Disposal Proceeds, deposited in a Prepayment Escrow
                  Account and the relevant member of the Group or the Obligor's
                  Agent shall be entitled, during the 180 or, as appropriate,
                  360 day period, to withdraw (or, as the case may be, require
                  the Obligor in whose name such Prepayment Escrow Account is
                  held to withdraw) sums from such account only to the extent
                  that it certifies to the Agent (providing any supporting
                  evidence reasonably required by the Agent) that such sums will
                  be reinvested or applied in accordance with the provisions of
                  sub-clause (A) or (B) of paragraph (e)(ii) of the definition
                  of Permitted Disposals in Clause 1.1 (DEFINITIONS).

        (d)       Any amounts not reinvested as specified in sub-clause (A) or
                  (B) of paragraph (e)(ii) of the definition of Permitted
                  Disposals in Clause 1.1 (DEFINITIONS) during the 180 or, as
                  appropriate, 360 day period specified therein shall (subject
                  to the provisions of Clause 9.9 (PREPAYMENT ESCROW ACCOUNTS))
                  thereafter be promptly applied in repayment of the outstanding
                  Loans in accordance with Clause 9.8 (APPLICATION OF
                  PREPAYMENTS).

9.6     INSURANCE PROCEEDS
        (a)       Subject to Clause 9.9 (PREPAYMENT ESCROW ACCOUNTS), the
                  Obligor's Agent shall ensure that an amount equal to the
                  Insurance Proceeds received by any member of the Group above
                  an aggregate minimum threshold of Insurance Proceeds of
                  EUR5,000,000 (the "MINIMUM INSURANCE PROCEEDS THRESHOLD") is,
                  within 5

                                        -76-

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                  Business Days of such member receiving such Insurance
                  Proceeds, applied in repayment of the outstanding Loans in
                  accordance with Clause 9.8 (APPLICATION OF PREPAYMENTS) unless
                  the Obligor's Agent notifies the Agent within 30 days of
                  receipt by the relevant member of the Group of such proceeds
                  that either:

                  (i)      the Insurance Proceeds received above the Minimum
                           Insurance Proceeds Threshold will be applied towards
                           the replacement, reinstatement and/or repair of the
                           assets in respect of which the relevant insurance
                           claim was made (or to refinance or reimburse any
                           expenditure incurred in the replacement,
                           reinstatement and/or repair of such assets) within a
                           period of 180 days from the date of receipt of such
                           Insurance Proceeds by the relevant member of the
                           Group; or

                  (ii)     binding commitments will be made by the relevant
                           member of the Group within such 180 day period to so
                           apply the Insurance Proceeds received above the
                           Minimum Insurance Proceeds Threshold and such
                           proceeds are so applied pursuant to such commitments
                           within a period of 360 days or, if the proceeds to be
                           so applied exceed EUR20,000,000 (or its equivalent in
                           other currencies), 720 days from the date of receipt
                           of such proceeds by such member of the Group.

        (b)       If the Insurance Proceeds are to be applied in such
                  replacement, reinstatement, repair or to refinance such
                  expenditure as contemplated in paragraph (a) above, then the
                  Obligor's Agent shall ensure that an amount equal to such
                  Insurance Proceeds is, promptly upon such member receiving
                  such Insurance Proceeds, deposited in a Prepayment Escrow
                  Account. The relevant member of the Group who received the
                  Insurance Proceeds (or the Obligor's Agent) shall be entitled,
                  during the period of 180 days or, as appropriate, 360 days or,
                  as appropriate, 720 days, from such receipt of the Insurance
                  Proceeds, to withdraw sums from such Prepayment Escrow Account
                  only to the extent that it certifies to the Agent (providing
                  any supporting evidence reasonably requested by the Agent)
                  that such sums will be applied towards the replacement,
                  reinstatement and/or repair of the assets in respect of which
                  the relevant insurance claim was made (or to refinance or
                  reimburse any expenditure incurred in the replacement,
                  reinstatement and/or repair of such assets). Any sums not so
                  withdrawn during such 180 or, as appropriate, 360 or, as
                  appropriate, 720 day, period shall (subject to the provisions
                  of Clause 9.9 (PREPAYMENT ESCROW ACCOUNTS)) thereafter be
                  promptly paid to the Agent and applied in repayment of the
                  outstanding Loans in accordance with Clause 9.8 (APPLICATION
                  OF PREPAYMENTS).

9.7     ACQUISITION RECOVERY PROCEEDS
        (a)       Subject to Clause 9.9 (PREPAYMENT ESCROW ACCOUNT), the
                  Obligor's Agent shall ensure that an amount equal to the
                  amount of Acquisition Recovery Proceeds received by any member
                  of the Group (or any shareholder of the Company) above an
                  aggregate minimum threshold of Acquisition Recovery Proceeds
                  of EUR5,000,000 (the "MINIMUM ACQUISITION RECOVERY
                  THRESHOLD"), are within 5 Business Days of the relevant member
                  of the Group (or such other person) receiving such Acquisition
                  Recovery Proceeds applied in repayment of the outstanding
                  Loans in accordance with Clause 9.8 (APPLICATION OF
                  PREPAYMENTS) unless the Obligor's Agent notifies the Agent

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<Page>

                  within 30 days of receipt by the relevant member of the Group
                  (or such other relevant person) of such proceeds that either:

                  (i)      the Acquisition Recovery Proceeds received above the
                           Minimum Acquisition Recovery Threshold will be
                           applied towards an Acquisition Remedy within a period
                           of 180 days from the date of receipt of such
                           Acquisition Recovery Proceeds by the relevant member
                           of the Group; or

                  (ii)     binding commitments will be made by the relevant
                           member of the Group within such 180 day period to
                           apply the Acquisition Recovery Proceeds received
                           above the Minimum Acquisition Recovery Threshold
                           towards an Acquisition Remedy set out in paragraph
                           (c) of the definition of Acquisition Remedy in Clause
                           1.1 (DEFINITIONS) and such proceeds are so applied
                           within 360 days from the date of receipt of such
                           proceeds by such member of the Group or relevant
                           person.

        (b)       If the Acquisition Recovery Proceeds are to be applied towards
                  an Acquisition Remedy, the Obligor's Agent shall ensure that
                  an amount equal to any Acquisition Recovery Proceeds to be
                  applied in accordance with paragraph (a) above is, promptly
                  upon the relevant member of the Group (or any other person
                  entitled to receive the same) receiving such Acquisition
                  Recovery Proceeds, deposited in a Prepayment Escrow Account.
                  The relevant member of the Group who received the Acquisition
                  Recovery Proceeds (or the Obligor's Agent) shall be entitled,
                  during the period of 180 days or, as appropriate, 360 days
                  from such receipt of such Acquisition Recovery Proceeds, to
                  withdraw sums from the Prepayment Escrow Account only to the
                  extent that it certifies to the Agent (providing any
                  supporting evidence reasonably requested by the Agent) that
                  such sums will be applied towards a relevant Acquisition
                  Remedy. Any sums not so withdrawn during such 180 day period
                  shall (subject to the provisions of Clause 9.9 (PREPAYMENT OF
                  ESCROW ACCOUNT)) thereafter be promptly paid to the Agent and
                  applied in repayment of the outstanding Loans in accordance
                  with Clause 9.8 (APPLICATION OF PREPAYMENTS).

9.8     APPLICATION OF PREPAYMENTS
        (a)       Any amounts paid to the Agent in accordance with Clause 9.4
                  (EXCESS CASH FLOW) to 9.7 (ACQUISITION RECOVERY PROCEEDS)
                  (inclusive) (other than paragraph (a) of Clause 9.5 (ASSET
                  DISPOSALS)) to be applied in prepayment of the Loans shall be
                  applied as follows:

                  (i)      first, in repayment of the outstanding Term Facility
                           Loans in the Prepayment Order (and a corresponding
                           cancellation of the Term Facilities), such repayment
                           and cancellation being on a pro rata basis between
                           the Term Facilities (subject to paragraph (d) below);
                           and

                  (ii)     secondly, if any excess remains thereafter, in
                           payment of such excess to the relevant member of the
                           Group and in cancellation of the remaining Available
                           Facility in respect of each Revolving Facility by an
                           equal amount (reducing the Commitments of the Lenders
                           rateably under each such Revolving Facility).

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<Page>

        (b)       Any amounts paid to the Agent in accordance with paragraph (a)
                  of Clause 9.5 (ASSET DISPOSALS) to be applied in prepayment of
                  the Loans shall be applied as follows:

                  (i)      first, in repayment of the outstanding Term Disposal
                           Facility Loans on a pro rata basis (and a
                           corresponding cancellation of the Term Disposal
                           Facility);

                  (ii)     secondly, after repayment in full of the Term
                           Disposal Facility Loans, in repayment of the
                           outstanding Term Refinancing Facility Loans in
                           satisfaction (subject to paragraph (d) below) of the
                           obligations under Clauses 7.2 (REPAYMENT OF TERM A
                           FACILITY LOANS), 7.3 (REPAYMENT OF TERM B DOLLAR
                           FACILITY LOANS), 7.4 (REPAYMENT OF TERM B EURO
                           FACILITY LOANS), 7.5 (REPAYMENT OF TERM C EURO
                           FACILITY LOANS) and 7.6 (REPAYMENT OF TERM C DOLLAR
                           FACILITY LOANS) pro rata across the Outstandings
                           under each of those Term Refinancing Facilities (and
                           a corresponding cancellation of the Term Refinancing
                           Facilities); and

                  (iii)    thirdly, if any excess remains thereafter, in payment
                           of such excess to the relevant member of the Group
                           and in cancellation of the remaining Available
                           Facility in respect of each Revolving Facility by an
                           equal amount (reducing the Commitments of the Lenders
                           rateably under each such Revolving Facility).

        (c)       Any amount of the Loans repaid in accordance with this Clause
                  9.8 may not be reborrowed and any cancellation of the
                  Available Facility in accordance with this Clause 9.8 shall
                  reduce the Commitment of each Lender rateably and the amount
                  so cancelled may not be reborrowed.

        (d)       Any Lender which has provided a Term B Euro Facility Loan
                  and/or a Term B Dollar Facility Loan and/or a Term C Euro
                  Facility Loan and/or a Term C Dollar Facility Loan, shall have
                  the right to elect that any such Loan shall not be mandatorily
                  repaid in accordance with this Clause 9.8 PROVIDED THAT the
                  amount which would have been applied towards such mandatory
                  prepayment can be applied towards the mandatory prepayment of
                  Term Disposal Facility Loans and/or Term A Facility Loans
                  which remain outstanding. Any Lenders wishing to make such an
                  election shall notify the Agent accordingly. The sums which
                  would have been applied towards the repayment of such Loans
                  shall be applied towards the repayment of the remaining Term
                  Facility Loans and (if appropriate) in payment to the relevant
                  member of the Group (and corresponding cancellation of the
                  remaining Available Facility in respect of each Revolving
                  Facility), in each case in accordance with paragraphs (a) or
                  (b) above (as applicable).

9.9     PREPAYMENT ESCROW ACCOUNTS
        (a)       If Clause 9.4 (EXCESS CASH FLOW) to Clause 9.7 (ACQUISITION
                  RECOVERY PROCEEDS) inclusive would require the Obligor's Agent
                  to procure the prepayment of any Loan otherwise than at the
                  end of an Interest Period relating to that Loan, the Obligor's
                  Agent can elect (by written notice to the Agent to be received
                  not later than 10 a.m. three Business Days prior to the date
                  on which the prepayment obligation would, but for this Clause
                  9.9, arise) to credit the amount to be prepaid to an
                  identified Prepayment Escrow Account on the date on which the
                  prepayment obligation would, but for this Clause 9.9, arise
                  and to prepay the relevant Loan at the first occurring end

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<Page>

                  of an Interest Period relative to the Loan to be repaid.
                  Following any such election and provided the required payment
                  is made to such Prepayment Escrow Account the obligation to
                  prepay the relevant Loan will not arise until the first
                  occurring end of an Interest Period relative to such Loan to
                  be repaid.

        (b)       The Obligor's Agent and each Obligor hereby irrevocably
                  authorises the Agent to withdraw monies from any Prepayment
                  Escrow Account and apply such monies against prepayments which
                  are due to be made hereunder.

        (c)       The Parties agree that interest which has accrued on any
                  Prepayment Escrow Account may be withdrawn by the Obligor in
                  whose name that Prepayment Escrow Account is held in
                  accordance with the mandate relating to such account PROVIDED
                  THAT no such withdrawal may be made while a Default is
                  continuing.

        (d)       If an amount is paid into a Prepayment Escrow Account pursuant
                  to the provisions of paragraph (e) (ii) of the definition of
                  Permitted Disposals in Clause 1.1 (DEFINITIONS) then the
                  Obligor's Agent shall be entitled, during the 180 or, as
                  appropriate, 360 day period referred to in that paragraph (e)
                  (ii) in relation to such amount to withdraw (or, as the case
                  may be, require the Obligor in whose name such Prepayment
                  Escrow Account is held to withdraw) sums from such account
                  only to the extent that it certifies to the Agent (providing
                  any supporting evidence reasonably required by the Agent) that
                  such sums will be used to acquire Comparable Assets as defined
                  in paragraph (e) of the definition of Permitted Disposals. Any
                  amounts not so applied as specified above during such 180 or,
                  as appropriate, 360 day period shall be promptly applied in
                  repayment of the outstanding Loans in accordance with this
                  Clause 9.9.

9.10    VOLUNTARY CANCELLATION
        (a)       The Obligor's Agent may, if it gives the Agent not less than
                  ten Business Days' (or such shorter period as the Majority
                  Lenders may agree) prior notice, cancel the whole or any part
                  (being a minimum amount of EUR5,000,000) of an Available
                  Facility. The Obligor's Agent may only cancel any amount of
                  the Available Facility relating to Revolving Facility II if
                  either:

                  (i)   the Total Non-Indemnified Unconsolidated Debt has been
                        or will be permanently reduced by at least the same
                        amount prior to any such cancellation and for the
                        avoidance of any doubt the amount of any permanent
                        reduction of Total Non-Indemnified Unconsolidated Debt
                        may only count once for the purpose of this Clause 9.10;
                        or

                  (ii)  the Obligor's Agent certifies to the Agent (providing
                        any supporting evidence thereof reasonably requested by
                        the Agent) that after the proposed cancellation the
                        Available Facility relating to Revolving Facility II
                        will be equal to or greater than Total Non-Indemnified
                        Unconsolidated Debt.

                  Any cancellation under this Clause 9.10 shall reduce the
                  Commitments of the Lenders rateably under that Facility.

        (b)       The Obligor's Agent may, by giving the Agent not less than ten
                  Business Days' prior notice (or such shorter period as the
                  Majority Lenders may agree) of its intention to

                                     -80-
<Page>

                  do so, procure that the relevant Fronting Bank's liability
                  under a Letter of Credit or a Bank Guarantee is reduced to
                  zero (whereupon the Obligor's Agent and the relevant Borrower
                  shall do so).

9.11    VOLUNTARY PREPAYMENT OF TERM FACILITY LOANS
        (a)       A Borrower to which a Term Facility Loan has been made may, if
                  it gives the Agent not less than five Business Days' (or such
                  shorter period as the Majority Lenders may agree) prior
                  notice, prepay the whole or any part of any Term Facility Loan
                  (but, if in part, being an amount that reduces the Base
                  Currency Amount of the relevant Term Facility Loan by a
                  minimum amount of EUR5,000,000 (in the case of a Term Facility
                  Loan which is not a Dollar Facility Loan) or by a minimum
                  amount of $5,000,000 (in the case of a Dollar Facility Loan)
                  or in any other amount to comply with paragraph (d) of this
                  Clause 9.11).

        (b)       A Term Facility Loan may only be prepaid after the last day of
                  the relevant Availability Period (or, if earlier, the day on
                  which the applicable Available Facility is zero) unless
                  paragraph (d) of this Clause 9.11 applies.

        (c)       Subject to paragraph (d) of this Clause 9.11, any prepayment
                  under this Clause 9.11 shall:

                  (i)   in respect of Term Disposal Facility Loans, satisfy the
                        obligations under Clause 7.1 (REPAYMENT OF TERM DISPOSAL
                        FACILITY LOANS) on a pro rata basis; and

                  (ii)  in respect of Term A Facility Loans, Term B Euro
                        Facility Loans, Term B Dollar Facility Loans, Term C
                        Euro Facility Loans and Term C Dollar Facility Loans
                        satisfy the obligations under Clauses 7.2 (REPAYMENT OF
                        TERM A FACILITY LOANS), Clause 7.3 (REPAYMENT OF TERM B
                        DOLLAR FACILITY LOANS), Clause 7.4 (REPAYMENT OF TERM B
                        EURO FACILITY LOANS), Clause 7.5 (REPAYMENT OF TERM C
                        EURO FACILITY LOANS) or, as the case may be, Clause 7.6
                        (REPAYMENT OF TERM C DOLLAR FACILITY LOANS) in the
                        Prepayment Order.

        (d)       Any prepayment of the Facilities from EUR 115,000,000 of the
                  Additional Amount (as defined in the definition of High Yield
                  Notes in Clause 1.1 (DEFINITIONS)) shall be made under this
                  Clause 9.11 and shall be applied in prepayment of the
                  Outstandings as follows:

        (iii)     EUR 60,000,000 shall be used in prepayment of the Term A
                  Facility and immediately after such prepayment there shall be
                  deemed to be an immediate re-borrowing of half of such amount
                  so prepaid resulting in a Term A Facility Loan (the "DEEMED
                  LOAN") deemed to be borrowed by Messer Finance S.A. in euro
                  of EUR 30,000,000. The Deemed Loan shall have a first
                  Interest Period ending on 5 June 2001 and EURIBOR in relation
                  to such first Interest Period shall be deemed to be the same
                  as that which applied to the Term A Facility Loans so
                  prepaid. The Deemed Loan shall be applied by the Agent
                  immediately in partial prepayment of the Term Disposal
                  Facility Loans borrowed by Messer Finance S.A. and to the
                  extent such Term Disposal Facility Loans are in dollars those
                  Term Disposal Facility Loans shall be reduced by such
                  prepayment in euro at the Agent's Spot Rate of Exchange for
                  the purchase of dollars with euro on the date of such
                  prepayment, with the net result being that the Term A

                                     -81-
<Page>

                  Facility is permanently prepaid by EUR30,000,000 on the date
                  of the High Yield Proceeds Loan and the Term Disposal
                  Facility is permanently prepaid by the equivalent in dollars
                  of EUR 30,000,000 on the same date and the Deemed Loan
                  remains outstanding on such date; and

        (iv)      EUR 55,000,000 shall be used in prepayment of the Term C
                  Euro Facility."

9.12    VOLUNTARY PREPAYMENT OF REVOLVING FACILITY LOANS
        The Borrower to which a Revolving Facility Loan has been made may, if it
        gives the Agent not less than five Business Days' (or such shorter
        period as the Majority Lenders may agree) prior notice, prepay the whole
        or any part of a Revolving Facility Loan (but if in part, being an
        amount that reduces the Base Currency Amount of the Revolving Facility
        Loan by a minimum amount of EUR5,000,000).

9.13    PREPAYMENT PREMIUM
        (a)       If, in each case on or before the Prepayment Premium Date:

                  (i)      the whole or any part of any outstanding Prepayment
                           Premium Loan becomes immediately due and payable
                           pursuant to Clause 9.2 (CHANGE OF CONTROL) or Clause
                           9.3 (FLOTATION OR SALE); and/or

                  (ii)     a Borrower voluntarily gives the Agent notice,
                           pursuant to Clause 9.11 (VOLUNTARY PREPAYMENT OF TERM
                           FACILITY LOANS), that it wishes to prepay the whole
                           or any part of a Prepayment Premium Loan,

                  the provisions of paragraph (b) below will apply PROVIDED THAT
                  they will not apply to any voluntary prepayment of a
                  Prepayment Premium Loan made in accordance with paragraph (d)
                  of Clause 9.11 (VOLUNTARY PREPAYMENT OF TERM FACILITY LOANS)
                  to the extent such prepayments are made prior to 90 days after
                  the date hereof.

        (b)       If all or any part of a Prepayment Premium Loan becomes due
                  and payable in the circumstances set out in paragraph (a)
                  above:

                  (i)      an amount equal to the Prepayment Premium applicable
                           to the amount of such Prepayment Premium Loan
                           (excluding any amount which the Obligor's Agent
                           certifies is prepaid as a result of the provisions of
                           paragraph (a)(ii) above out of the amount of Net
                           Disposal Proceeds or Insurance Proceeds or
                           Acquisition Recovery Proceeds which were not required
                           to be used in mandatory prepayment under Clauses 9.5
                           (ASSET DISPOSALS), 9.6 (INSURANCE PROCEEDS) or 9.7
                           (ACQUISITION RECOVERY PROCEEDS) respectively) which
                           becomes due and payable (the "APPLICABLE PREPAYMENT
                           PREMIUM") will become immediately due and payable by
                           the Borrower owing such a Prepayment Premium Loan;

                  (ii)     each Applicable Prepayment Premium shall be paid to
                           the Agent at the same time as the Prepayment Premium
                           Loan (or any part thereof) to which it relates is
                           repaid to the Agent; and

                  (iii)    the Agent shall distribute each Applicable Prepayment
                           Premium between the Lenders rateably according to
                           their participations in each Loan to which that
                           Applicable Prepayment Premium relates.

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<Page>

9.14    RIGHT OF REPAYMENT AND CANCELLATION IN RELATION TO A SINGLE LENDER OR
        FRONTING BANK
        (a)       If:

                  (i)      any sum payable to any Lender or Fronting Bank by an
                           Obligor is required to be increased under paragraph
                           (c) of Clause 14.2 (TAX GROSS-UP); or

                  (ii)     any Lender or Fronting Bank claims indemnification
                           from the Company under Clause 14.3 (TAX INDEMNITY) or
                           Clause 15.1 (INCREASED COSTS),

                  the Obligor's Agent may, whilst the circumstance giving rise
                  to the requirement or indemnification continues, give the
                  Agent notice:

                           (A)      (if such circumstance relates to a Lender)
                                    of cancellation of the Commitment of that
                                    Lender and its intention to procure the
                                    repayment of that Lender's participation in
                                    the Loans; or

                           (B)      (if such circumstance relates to a Fronting
                                    Bank) of cancellation of or of the Obligor's
                                    Agent's intention to procure that Cash
                                    Collateral is provided in respect of that
                                    Fronting Bank's Letters of Credit and Bank
                                    Guarantees.

        (b)       On receipt of a notice referred to in paragraph (a) above, the
                  Commitment of that Lender shall immediately be reduced to
                  zero.

        (c)       On the last day of each Interest Period or, as the case may
                  be, Term which ends after the Obligor's Agent has given notice
                  under paragraph (a) above (or, if earlier, the date specified
                  by the Obligor's Agent in that notice), the Borrowers shall:

                           (A)      (if the circumstance relates to a Lender)
                                    repay that Lender's participation in the
                                    Loans;

                           (B)      (if the circumstance relates to a Lender)
                                    procure either that such Lender's L/C
                                    Proportion of each relevant Letter of Credit
                                    be reduced to zero (by reduction of the
                                    amount of that Letter of Credit in an amount
                                    equal to that Lender's L/C Proportion) or
                                    that Cash Collateral be provided to the
                                    Agent in an amount equal to such Lender's
                                    L/C Proportion of that Letter of Credit);

                           (C)      (if the circumstance relates to a Lender)
                                    procure either that such Lender's Guarantee
                                    Proportion of each relevant Bank Guarantee
                                    be reduced to zero (by reduction of the
                                    amount of that Bank Guarantee in an amount
                                    equal to that Lender's Guarantee Proportion)
                                    or that Cash Collateral be provided to the
                                    Agent in an amount equal to such Lender's
                                    Guarantee Proportion of that Bank
                                    Guarantee); and

                           (D)      (if the circumstance relates to a Fronting
                                    Bank) procure that the relevant Fronting
                                    Bank's liability under any Letters of Credit
                                    and Bank Guarantees issued by it shall
                                    either be reduced to zero or otherwise
                                    secured by the relevant Borrower providing
                                    Cash Collateral in an amount equal to that
                                    Fronting Bank's maximum actual and
                                    contingent liabilities under those Letters
                                    of Credit and Bank Guarantees.

                                     -83-
<Page>

9.15    RESTRICTIONS
        (a)       Any notice of cancellation or prepayment given by any Party
                  under this Clause 9 shall be irrevocable and, unless a
                  contrary indication appears in this Agreement, shall specify
                  the date or dates upon which the relevant cancellation or
                  prepayment is to be made and the amount of that cancellation
                  or prepayment.

        (b)       Any prepayment under this Agreement shall be made together
                  with accrued interest on the amount prepaid and, subject to
                  any Break Costs, without premium or penalty save as provided
                  in Clause 9.13 (PREPAYMENT PREMIUM).

        (c)       No Borrower may reborrow any part of a Term Facility which is
                  prepaid.

        (d)       Unless a contrary indication appears in this Agreement, any
                  part of a Revolving Facility which is prepaid may be
                  reborrowed in accordance with the terms of this Agreement.

        (e)       The Borrowers shall not repay or prepay all or any part of the
                  Loans, reduce the liabilities of the Lenders or Fronting Banks
                  or provide Cash Collateral in respect of Letters of Credit or
                  Bank Guarantees or cancel all or any part of the Commitments
                  except at the times and in the manner expressly provided for
                  in this Agreement.

        (f)       No amount of the Total Commitments cancelled under this
                  Agreement may be subsequently reinstated.

        (g)       If the Agent receives a notice under this Clause 9 it shall
                  promptly forward a copy of that notice to either the Obligor's
                  Agent or the affected Lender, as appropriate.

9.16    AUTOMATIC CANCELLATION
        (a)       If the Closing Date does not occur by 30 June 2001 then the
                  Facilities shall be automatically cancelled on that date.

        (b)       If the Fee Letters relating to the fees referred to in Clauses
                  13.5 (ARRANGEMENT FEE) and 13.6 (AGENCY FEE) and 13.7
                  (SECURITY TRUSTEE FEE) are not all executed, dated and
                  effective within two Business Days of the date of this
                  Agreement then the Facilities shall be automatically cancelled
                  at 11.59pm on second Business Day to occur after the date of
                  this Agreement.

        (c)       If the certificate referred to in Clause 26.11 (MGG ACCESSION)
                  is not delivered to the Agent by 11.59 p.m. on 2 May 2001,
                  then the Facilities shall be automatically cancelled at 11.59
                  p.m. on 2 May 2001.

                                     -84-
<Page>

                                    SECTION 5

                              COSTS OF UTILISATION

10.     INTEREST

10.1    CALCULATION OF INTEREST
        The rate of interest on each Loan for each Interest Period is the
        percentage rate per annum which is the aggregate of the applicable:

        (a)       Margin;

        (b)       LIBOR or, in relation to any Loan in euro, EURIBOR; and

        (c)       Mandatory Cost, if any.

10.2    MARGIN RATCHETS
        (a)       The Margin shall, in respect of all Term A Facility Loans and
                  all Revolving Facility Loans:

                  (i)   from the date hereof until the later of (a) the date on
                        which both the Term Disposal Facility has been repaid in
                        full and the conditions specified in Clause 23.38 (TOTAL
                        DEBT RELIEF AMOUNT) have been met and (b) the date
                        falling 12 months after the date hereof, be the Initial
                        Margin for the relevant Facility; and

                  (ii)  at any other time, subject to Clause 10.4 (DEFAULT
                        MARGIN) and in accordance with the provisions of Clause
                        10.3 (MARGIN CHANGES), be the Initial Margin for the
                        relevant Facility reduced by the amount determined by
                        the Leverage Ratio for the then most recently ended
                        Relevant Period in respect of which financial statements
                        have been delivered to the Agent pursuant to paragraph
                        (a), (b) or (d) of Clause 21.1 (FINANCIAL STATEMENTS) in
                        accordance with the table set out below PROVIDED THAT
                        if, but for this proviso, the applicable Margin would
                        reduce by more than 0.25 at any one time then it shall
                        only reduce by 0.25.
<Table>
<Caption>
         ---------------------------------------------------------- ---------------------------------------
                                LEVERAGE RATIO                             AMOUNT OF REDUCTION FROM
                                                                                INITIAL MARGIN
         ---------------------------------------------------------- ---------------------------------------
        <S>                                                         <C>
            Equal to or greater than 3.5:1                                            0
         ---------------------------------------------------------- ---------------------------------------
            Less than 3.5:1 but equal to or greater than 3.0:1                       0.25
         ---------------------------------------------------------- ---------------------------------------
            Less than 3.0:1 but equal to or greater than 2.5:1                       0.50
         ---------------------------------------------------------- ---------------------------------------
            Less than 2.5:1 but equal to or greater than 2.0:1                       0.75
         ---------------------------------------------------------- ---------------------------------------
            Less than 2.0:1                                                          1.00
         ---------------------------------------------------------- ---------------------------------------
</Table>

        (b)       The Margin shall, in respect of all Term B Euro Facility Loans
                  and all Term B Dollar Facility Loans:

                  (i)      from the date hereof until the later of the (a) date
                           on which both the Term Disposal Facility has been
                           repaid in full and the conditions specified in Clause

                                     -85-
<Page>

                           23.38 (TOTAL DEBT RELIEF AMOUNT) have been met and
                           (b) the date falling 12 months after the date hereof,
                           be the Initial Margin for the Term B Facilities; and

                  (ii)     subject to Clause 10.4 (DEFAULT MARGIN) and in
                           accordance with the provisions of Clause 10.3 (MARGIN
                           CHANGES), at any time when the Leverage Ratio for the
                           then most recently ended Relevant Period in respect
                           of which financial statements have been delivered to
                           the Agent pursuant to paragraph (a), (b) or (d) of
                           Clause 21.1 (FINANCIAL STATEMENTS) is less than 3:1,
                           be the Initial Margin for that Facility less 0.25.

10.3    MARGIN CHANGES
        Any reduction or increase to the Margin provided for by Clause 10.2
        (MARGIN RATCHETS) shall take effect in relation to all future Loans with
        effect from the date the Agent receives the Compliance Certificate
        (together with the accompanying consolidated financial statements of
        Newco 2 and, if applicable, the relevant Auditor's Report) in accordance
        with Clause 21.2 (COMPLIANCE CERTIFICATES) for its most recent Financial
        Quarter. For these purposes, if there is to be a reduction or increase
        in the Margin provided for by Clause 10.2 (MARGIN RATCHETS) and there
        are any existing Term A Facility Loans or Term B Euro Facility Loans
        outstanding at such time, then at the last day of each then current
        Interest Period relating to each such Term A Facility Loan or Term B
        Euro Facility Loan (as applicable) there shall be deemed to be a
        repayment of such Term A Facility Loan or Term B Euro Facility Loan (as
        applicable) and an immediate re-borrowing of a Term A Facility Loan or
        Term B Euro Facility Loan (as applicable) in the same amount and same
        currency as the Term A Facility Loan or Term B Euro Facility Loan (as
        applicable) deemed repaid and any change in the Margin applicable to
        each such new Term A Facility Loan or Term B Euro Facility Loan (as
        applicable) shall take effect in relation to such new Term A Facility
        Loan or Term B Euro Facility Loan (as applicable).

10.4    DEFAULT MARGIN
        No reduction in the Margin provided for by Clause 10.2 (MARGIN RATCHETS)
        will be implemented from the date (a "NO RATCHET DATE") determined by
        the Agent as being the date on which an Event of Default has occurred or
        come into existence until the date (a "RATCHET DATE") specified by the
        Agent as being the date on which it has been demonstrated to its
        satisfaction that such Event of Default is no longer continuing. The
        Margin applicable to any Loan outstanding during the period from any No
        Ratchet Date until the corresponding Ratchet Date shall be the Initial
        Margin. The Agent shall promptly notify the Lenders and the Obligor's
        Agent of any determination that an Event of Default has occurred or
        exists or, as the case may be, that it has been demonstrated to its
        reasonable satisfaction that such is no longer continuing.

10.5    PAYMENT OF INTEREST
        The Borrower to which a Loan has been made shall pay accrued interest on
        that Loan on the last day of each Interest Period (and, if the Interest
        Period is longer than six Months, on the dates falling at six Monthly
        intervals after the first day of the Interest Period).

10.6    DEFAULT INTEREST
        (a)       If an Obligor fails to pay any amount payable by it under a
                  Finance Document on its due date, interest shall accrue on the
                  overdue amount from the due date up to the date

                                     -86-
<Page>

                  of actual payment (both before and after judgment) at a rate
                  one per cent higher than the rate which would have been
                  payable if the overdue amount had, during the period of
                  non-payment, constituted a Loan in the currency of the
                  overdue amount for successive Interest Periods, each of a
                  duration selected by the Agent (acting reasonably). Any
                  interest accruing under this Clause 10.6 shall be immediately
                  payable by the relevant Obligor on demand by the Agent.

        (b)       Default interest (if unpaid) arising on an overdue amount will
                  be compounded with the overdue amount at the end of each
                  Interest Period applicable to that overdue amount but will
                  remain immediately due and payable.

10.7    NOTIFICATION OF RATES OF INTEREST
        The Agent shall promptly notify the Lenders and the relevant Borrower of
        the determination of a rate of interest under this Agreement.

11.     INTEREST PERIODS AND TERMS

11.1    SELECTION OF INTEREST PERIODS AND TERMS
        (a)       A Borrower (or the Obligor's Agent on behalf of a Borrower)
                  may select:

                  (i)      an Interest Period for a Loan in the Utilisation
                           Request for that Loan or (if the Loan has already
                           been borrowed) in a Selection Notice; or

                  (ii)     a Term for a Letter of Credit or Bank Guarantee in
                           the Utilisation Request for that Letter of Credit or,
                           as the case may be, Bank Guarantee.

        (b)       Each Selection Notice for a Term Facility Loan is irrevocable
                  and must be delivered to the Agent by the Borrower (or the
                  Obligor's Agent on behalf of a Borrower) to which that Term
                  Facility Loan was made not later than the Specified Time.

        (c)       If a Borrower (or the Obligor's Agent) fails to deliver a
                  Selection Notice to the Agent in accordance with paragraph (b)
                  above, the relevant Interest Period will, subject to Clause
                  11.2 (CHANGES TO INTEREST PERIODS) and paragraph (j) of this
                  Clause 11.1, be one Month.

        (d)       Subject to this Clause 11, a Borrower (or the Obligor's Agent)
                  may select an Interest Period of one, two, three or six Months
                  or any other period agreed between the Obligor's Agent and the
                  Agent (acting on the instructions of all the Lenders). In
                  addition a Borrower (or the Obligor's Agent on its behalf) may
                  select (in relation to a Term Facility) an Interest Period of
                  less than one Month, if necessary to ensure that there are
                  Loans in respect of that Term Facility (with an aggregate Base
                  Currency Amount equal to or greater than the relevant
                  Repayment Instalment) which have an Interest Period ending on
                  a Term Disposal Facility Repayment Date, Term A Facility
                  Repayment Date, Term B Facility Repayment Date or, as the case
                  may be, Term C Facility Repayment Date for the relevant
                  Borrower(s) to make such Repayment Instalment due on that
                  date.

        (e)       A Borrower (or the Obligor's Agent on behalf of a Borrower)
                  may select a Term for a Letter of Credit or a Bank Guarantee
                  of a period of up to twelve months, ending on or before the
                  Termination Date for the relevant Revolving Facility.

                                     -87-
<Page>

        (f)       An Interest Period for a Loan shall not extend beyond the
                  Termination Date applicable to its Facility. A Term for a
                  Letter of Credit or a Bank Guarantee shall not extend beyond
                  the Termination Date for the relevant Revolving Facility.

        (g)       Each Interest Period for a Term Facility Loan shall start on
                  the Utilisation Date or (if already made) on the last day of
                  its preceding Interest Period.

        (h)       A Revolving Facility Loan has one Interest Period only, which
                  shall start on the Utilisation Date. A Term for a Letter of
                  Credit or a Bank Guarantee shall start on the Utilisation
                  Date.

        (i)       Prior to the last Syndication Date and subject to paragraph
                  (j) below, Interest Periods shall be one month or such other
                  period as specified by the Agent (acting reasonably) and any
                  Interest Period which would otherwise end during the month
                  preceding or extend beyond a Syndication Date shall end on
                  that Syndication Date. Consequently (for the avoidance of
                  doubt) no Selection Notices are required to be delivered by
                  any Borrower prior to the last Syndication Date.

        (j)       The first Interest Period for each Loan made on the Closing
                  Date shall be three Business Days and the first Interest
                  Period for the Deemed Loan referred to in paragraph (d) of
                  Clause 9.11 (VOLUNTARY PREPAYMENT OF TERM FACILITY LOANS)
                  shall end on 5 June 2001.

11.2    CHANGES TO INTEREST PERIODS
        (a)       Prior to determining the interest rate for a Term Facility
                  Loan, the Agent may shorten an Interest Period for any Term
                  Facility Loan to ensure there are sufficient Loans for the
                  relevant Term Facility with Interest Periods ending on a Term
                  Disposal Facility Repayment Date, Term A Facility Repayment
                  Date, Term B Facility Repayment Date or, as the case may be,
                  Term C Facility Repayment Date for the relevant Borrower(s) to
                  make the Repayment Instalment due on that date.

        (b)       If the Agent makes any of the changes to an Interest Period
                  referred to in this Clause 11.2, it shall promptly notify the
                  Obligor's Agent and the Lenders.

11.3    NON-BUSINESS DAYS
        If an Interest Period or Term would otherwise end on a day which is not
        a Business Day, that Interest Period or, as the case may be, Term will
        instead end on the next Business Day in that calendar month (if there is
        one) or the preceding Business Day (if there is not unless such Interest
        Period is for one day, in which case it shall be the immediately
        succeeding Business Day).

11.4    CONSOLIDATION AND DIVISION OF TERM FACILITY LOANS
        (a)       Subject to paragraph (b) below, if two or more Interest
                  Periods:

                  (i)      relate to Loans under the same Term Facility and in
                           the same currency; and

                  (ii)     end on the same date; and

                  (iii)    are made to the same Borrower

                                     -88-
<Page>

                  those Term Facility Loans will, unless that Borrower (or the
                  Obligor's Agent on its behalf) specifies to the contrary in
                  the Selection Notice for the next Interest Period, be
                  consolidated into, and treated as, a single Loan under the
                  relevant Term Facility on the last day of the Interest Period.

        (b)       Subject to Clause 4.4 (MAXIMUM NUMBER OF LOANS, LETTERS OF
                  CREDIT OR BANK GUARANTEE) and Clause 5.3 (CURRENCY AND
                  AMOUNT), if a Borrower (or the Obligor's Agent on its behalf)
                  requests in a Selection Notice that a Term Facility Loan be
                  divided into two or more Loans under the relevant Term
                  Facility, that Term Facility Loan will, on the last day of its
                  Interest Period, be so divided with Base Currency Amounts
                  specified in that Selection Notice, being an aggregate Base
                  Currency Amount equal to the Base Currency Amount of the Term
                  Facility Loan immediately before its division.

        (c)       A Term Facility Loan shall be divided into a number of
                  separate Loans with the same initial Interest Periods as the
                  Term Facility Loan immediately prior to such division on the
                  Debtco Exit Date if the provisions of Clause 26.8 (TRANSFERS
                  ON DEBTCO EXIT DATE) so require.

12.     CHANGES TO THE CALCULATION OF INTEREST

12.1    ABSENCE OF QUOTATIONS
        Subject to Clause 12.2 (MARKET DISRUPTION), if LIBOR or, if applicable,
        EURIBOR is to be determined by reference to the Reference Banks but a
        Reference Bank does not supply a quotation by the Specified Time on the
        Quotation Day, the applicable LIBOR or EURIBOR shall be determined on
        the basis of the quotations of the remaining Reference Banks.

12.2    MARKET DISRUPTION
        (a)       If a Market Disruption Event (as defined in paragraph (b)
                  below) occurs in relation to a Loan for any Interest Period,
                  then the rate of interest on each Lender's share of that Loan
                  for the Interest Period shall be the rate per annum which is
                  the sum of:

                  (i)      the Margin;

                  (ii)     the rate notified to the Agent by that Lender (acting
                           in good faith) as soon as practicable and in any
                           event before interest is due to be paid in respect of
                           that Interest Period, to be that which expresses as a
                           percentage rate per annum the cost to that Lender of
                           funding its participation in that Loan from whatever
                           source it may reasonably select; and

                  (iii)    the Mandatory Cost, if any, applicable to that
                           Lender's participation in the Loan.

        (b)       In this Agreement "MARKET DISRUPTION EVENT" means:

                  (i)      at or about noon on the Quotation Day for the
                           relevant Interest Period the Screen Rate is not
                           available and none or only one of the Reference Banks
                           supplies a rate to the Agent to determine LIBOR or,
                           if applicable, EURIBOR for the relevant currency and
                           Interest Period; or

                  (ii)     before close of business in London on the Quotation
                           Day for the relevant Interest Period, the Agent
                           receives notifications from a Lender or Lenders

                                     -89-

<Page>

                           (whose participations in a Loan exceed 50 per cent.
                           of that Loan) that the cost to it of obtaining
                           matching deposits in the Relevant Interbank Market
                           would be in excess of LIBOR or, if applicable,
                           EURIBOR.

12.3    ALTERNATIVE BASIS OF INTEREST OR FUNDING
        (a)       If a Market Disruption Event occurs and the Agent or the
                  Obligor's Agent so requires, the Agent and the Obligor's Agent
                  shall enter into negotiations (for a period of not more than
                  thirty days) with a view to agreeing a substitute basis for
                  determining the rate of interest.

        (b)       Any alternative basis agreed pursuant to paragraph (a) above
                  shall, with the prior consent of all the Lenders and the
                  Obligor's Agent, be binding on all Parties but when the Market
                  Disruption Event ceases to apply any such alternative basis
                  shall cease to apply and the other provisions of this
                  Agreement relating to determining the rate of interest shall
                  apply once more.

12.4    BREAK COSTS
        (a)       Each Borrower shall, within three Business Days of demand by a
                  Finance Party, pay to that Finance Party its Break Costs
                  attributable to all or any part of a Loan or Unpaid Sum being
                  paid by that Borrower on a day other than the last day of an
                  Interest Period for that Loan or Unpaid Sum.

        (b)       Each Lender shall, as soon as reasonably practicable after a
                  demand by the Agent, provide a certificate confirming the
                  amount of its Break Costs for any Interest Period in which
                  they accrue.

13.     FEES

13.1    COMMITMENT FEE
        (a)       The Obligor's Agent shall, in respect of each Facility and for
                  the period from the date of this Agreement until (but
                  excluding) the earlier to occur of 20 April 2001 and the
                  Closing Date, pay to the Agent (for the account of each
                  Lender) a commitment fee in the relevant Base Currency
                  computed at a rate of 0.375% per annum on each Lender's
                  Available Commitment under each Facility.

        (b)       The accrued commitment fees under paragraph (a) above will
                  only become payable on the earlier to occur of 20 April 2001
                  and the Closing Date (the "FIRST COMMITMENT FEE DATE"). If the
                  Obligor's Agent cancels the Facilities in full prior to the
                  First Commitment Fee Date no commitment fees will be payable
                  under this Agreement.

        (c)       The Obligor's Agent shall, in respect of each Facility, from
                  the earlier to occur of the Closing Date and 20 April 2001
                  (the "RELEVANT DATE") pay to the Agent (for the account of
                  each Lender) a commitment fee in the relevant Base Currency
                  computed at a rate of 0.75% per annum on each Lender's
                  Available Commitment under each Facility for the Availability
                  Period applicable to that Facility (commencing from the
                  Relevant Date).

        (d)       The accrued commitment fees under paragraph (c) above are
                  payable on the last day of each successive period of three
                  Months which ends during the relevant Availability

                                       -90-

<Page>

                  Period (commencing from the earlier to occur of the Closing
                  Date and 20 April 2001), on the last day of the relevant
                  Availability Period and on the date the relevant Lender's
                  Commitment is cancelled.

13.2    LETTER OF CREDIT COMMISSION
        (a)       Each Borrower shall, in respect of each Letter of Credit
                  issued at its request, pay to the Agent (for the account of
                  each Lender) (for distribution in proportion to each Lender's
                  L/C Proportion of that Letter of Credit) a letter of credit
                  commission in the relevant Base Currency at the L/C Commission
                  Rate on the maximum actual and contingent liabilities of the
                  Fronting Bank under the relevant Letter of Credit.

        (b)       The accrued letter of credit commission shall be paid on the
                  last day of each successive period of three Months which ends
                  during the Term of the relevant Letter of Credit and on the
                  relevant Expiry Date.

13.3    BANK GUARANTEE COMMISSION
        (a)       Each Borrower shall, in respect of each Bank Guarantee issued
                  at its request, pay to the Agent (for the account of each
                  Lender) (for distribution in proportion to each Lender's
                  Guarantee Proportion of that Bank Guarantee) a bank guarantee
                  commission in the relevant Base Currency at the Guarantee
                  Commission Rate on the maximum actual and contingent
                  liabilities of the Fronting Bank under the relevant Bank
                  Guarantee.

        (b)       The accrued bank guarantee commission shall be paid on the
                  last day of each successive period of three Months which ends
                  during the Term of the relevant Bank Guarantee and on the
                  relevant Expiry Date.

13.4    FRONTING BANK FEE
        Each Borrower shall, in respect of each Letter of Credit and Bank
        Guarantee issued at its request, pay to the relevant Fronting Bank a fee
        in the relevant Base Currency in the amounts and at the times agreed
        between such Fronting Bank and the Obligor's Agent in a Fee Letter.

13.5    ARRANGEMENT FEE
        The Obligor's Agent shall procure that MGG pays to the relevant
        Arrangers an arrangement fee in the amount and at the times agreed in a
        Fee Letter.

13.6    AGENCY FEE
        The Obligor's Agent shall procure that MGG pays to the Agent (for its
        own account) an agency fee in the amount and at the times agreed in a
        Fee Letter.

13.7    SECURITY TRUSTEE FEE
        The Obligor's Agent shall procure that MGG pays to the Security Trustee
        (for its own account) a security trustee fee in the amount and at the
        times agreed in a Fee Letter.

                                        -91-

<Page>

                                    SECTION 6

                         ADDITIONAL PAYMENT OBLIGATIONS

14.     TAX GROSS UP AND INDEMNITIES

14.1    DEFINITIONS
        (a)       In this Clause 14:

                  "PROTECTED PARTY" means a Finance Party which is or will be,
                  for or on account of Tax, subject to any liability or required
                  to make any payment in relation to a sum received or
                  receivable (or any sum deemed for the purposes of Tax to be
                  received or receivable) under a Finance Document.

                  "QUALIFYING LENDER" means:

                  (i)      in respect of a payment made by an Obligor
                           incorporated in the United Kingdom, a Lender which
                           is:

                           (A)      within the charge to United Kingdom
                                    corporation tax as respects that payment and
                                    that is a Lender in respect of an advance
                                    made by a person that was a bank (as defined
                                    for the purpose of section 349 of the Taxes
                                    Act in section 840A of the Taxes Act) at the
                                    time that advance was made; or

                           (B)      a Treaty Lender with respect to the United
                                    Kingdom;

                  (ii)     in respect of payment made by an Obligor which is
                           incorporated in Germany, means any Lender;

                  (iii)    in respect of a payment made by an Obligor which is
                           incorporated in the United States of America or any
                           state thereof, a Lender which is:

                           (A)      created or organised under the laws of the
                                    United States of America or of any state
                                    thereof; or

                           (B)      a Treaty Lender with respect to the United
                                    States of America; or

                           (C)      entitled to receive payments under this
                                    Agreement without deduction or withholding
                                    of any United States federal income Taxes as
                                    a result of such payments being effectively
                                    connected with the conduct by such Lender of
                                    a trade or business within the United
                                    States, provided such Lender timely has
                                    delivered to the Agent for transmission to
                                    the Obligor making such payment two original
                                    copies of either (1) Internal Revenue
                                    Service Form W-8ECI (or any successor form)
                                    certifying that the payments made pursuant
                                    to the Finance Documents are effectively
                                    connected with the conduct by that Lender of
                                    a trade or business within the United States
                                    or (2) Internal Revenue Service Form W-8BEN
                                    (or any successor form) claiming exemption
                                    from withholding in respect of payments made
                                    pursuant to the Finance Documents under the
                                    portfolio interest exemption or (3) such
                                    other applicable form prescribed by the IRS
                                    certifying as to such Lender's entitlement
                                    to exemption from United States withholding
                                    tax

                                      -92-

<Page>

                                    with respect to all payments to be made
                                    to such Lender under the Finance Documents;
                                    and

                  (iv)     in respect of a payment by an Obligor not
                           incorporated in the United Kingdom, the United States
                           of America or Germany, any Lender.

                  "TAX CREDIT" means a credit against, relief or remission for,
                  or repayment of, any Tax.

                  "TAX DEDUCTION" means a deduction or withholding for or on
                  account of Tax from a payment under a Finance Document.

                  "TAX PAYMENT" means an increased payment made by an Obligor to
                  a Finance Party under Clause 14.2 (TAX GROSS-UP) or a payment
                  under Clause 14.3 (TAX INDEMNITY).

                  "TREATY LENDER" means, in respect of a jurisdiction, a Lender
                  entitled under the provisions of a double taxation treaty to
                  receive payments of interest from a person resident in such
                  jurisdiction without a Tax Deduction (subject to the
                  completion of any necessary procedural formalities).

        (b)       In this Clause 14 a reference to "determines" or "determined"
                  means a determination made in the absolute discretion of the
                  person making the determination.

14.2    TAX GROSS-UP
        (a)       Each Obligor shall make all payments to be made by it without
                  any Tax Deduction, unless a Tax Deduction is required by law.

        (b)       The Obligor's Agent or a Lender shall promptly upon becoming
                  aware that an Obligor must make a Tax Deduction (or that there
                  is any change in the rate or the basis of a Tax Deduction)
                  notify the Agent accordingly. If the Agent receives such
                  notification from a Lender it shall notify the Obligor's Agent
                  and that Obligor.

        (c)       If a Tax Deduction is required by law to be made by an Obligor
                  in one of the circumstances set out in paragraph (d) below,
                  the amount of the payment due from that Obligor shall be
                  increased to an amount which (after making any Tax Deduction)
                  leaves an amount equal to the payment which would have been
                  due if no Tax Deduction had been required.

        (d)       The circumstances referred to in paragraph (c) above are where
                  a person entitled to the payment:

                  (i)   is the Agent or an Arranger (on its own behalf);  or

                  (ii)  is a Qualifying Lender as respects such payment, unless
                        that Qualifying Lender is a Treaty Lender and the
                        Obligor making the payment is able to demonstrate the
                        Tax Deduction is required to be made as a result of the
                        failure of that Qualifying Lender to comply with
                        paragraph (g) below; or

                  (iii) is not or has ceased to be a Qualifying Lender to the
                        extent that this altered status results from any change
                        after the date of this Agreement in (or in the
                        interpretation, administration, or application of) any
                        law or double taxation

                                       -93-

<Page>

                        agreement or any published practice or published
                        concession of any relevant taxing authority.

        (e)       If an Obligor is required to make a Tax Deduction, that
                  Obligor shall make that Tax Deduction and any payment required
                  in connection with that Tax Deduction within the time allowed
                  and in the minimum amount required by law.

        (f)       Within thirty days of making either a Tax Deduction or any
                  payment required in connection with that Tax Deduction, the
                  Obligor making that Tax Deduction shall deliver to the Agent
                  for the Finance Party entitled to the payment evidence
                  reasonably satisfactory to that Finance Party that the Tax
                  Deduction has been made or (as applicable) any appropriate
                  payment paid to the relevant taxing authority.

        (g)       A Treaty Lender and each Obligor which makes a payment to
                  which that Treaty Lender is entitled shall co-operate in
                  completing any procedural formalities necessary for that
                  Obligor to obtain authorisation to make that payment without a
                  Tax Deduction.

14.3    TAX INDEMNITY
        (a)       The Obligor's Agent shall (within ten Business Days of demand
                  by the Agent) pay to a Protected Party an amount equal to the
                  loss, liability or cost which that Protected Party determines
                  will be or has been (directly or indirectly) suffered by that
                  Protected Party for or on account of Tax in relation to any
                  sum received or receivable (or any sum deemed for the purposes
                  of Tax to be received or receivable) under a Finance Document.

        (b)       Paragraph (a) above shall not apply with respect to any Tax
                  assessed on a Protected Party:

                  (i)      under the law of the jurisdiction in which that
                           Protected Party is incorporated or, if different, the
                           jurisdiction (or jurisdictions) in which that
                           Protected Party is treated as resident for tax
                           purposes; or

                  (ii)     under the law of the jurisdiction in which that
                           Protected Party's Facility Office is located in
                           respect of amounts received or receivable in that
                           jurisdiction,

                  if that Tax is imposed on or calculated by reference to the
                  net income received or receivable (but not any sum deemed to
                  be received or receivable) by that Protected Party.

        (c)       A Protected Party making, or intending to make a claim
                  pursuant to paragraph (a) above shall promptly notify the
                  Agent of the event which will give, or has given, rise to the
                  claim, following which the Agent shall notify the Obligor's
                  Agent.

        (d)       A Protected Party shall, on receiving a payment from an
                  Obligor under this Clause 14.3, notify the Agent.

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14.4    TAX CREDIT
        If an Obligor makes a Tax Payment and the relevant Finance Party
        determines in good faith that:

        (a)       a Tax Credit is attributable to that Tax Payment; and

        (b)       that Finance Party has obtained, utilised and retained that
                  Tax Credit,

        the Finance Party shall pay an amount to the Obligor which that Finance
        Party determines will leave it (after that payment) in the same
        after-Tax position as it would have been in had the Tax Payment not been
        made by the Obligor.

14.5    STAMP TAXES
        The Obligor's Agent shall pay and, within ten Business Days of demand,
        indemnify each Finance Party against any cost, loss or liability that
        Finance Party incurs in relation to all stamp duty, registration and
        other similar Taxes payable in respect of any Finance Document.

14.6    VALUE ADDED TAX
        (a)       All consideration payable under a Finance Document by an
                  Obligor to a Finance Party shall be deemed to be exclusive of
                  any VAT. If VAT is chargeable, the Obligor shall pay to the
                  Finance Party (in addition to and at the same time as paying
                  the consideration) an amount equal to the amount of the VAT.

        (b)       Where a Finance Document requires an Obligor to reimburse a
                  Finance Party for any costs or expenses, that Obligor shall
                  also at the same time pay and indemnify that Finance Party
                  against all VAT incurred by that Finance Party in respect of
                  the costs or expenses save to the extent that that Finance
                  Party is entitled to repayment or credit in respect of the
                  VAT.

15.     INCREASED COSTS

15.1    INCREASED COSTS
        (a)       Subject to Clause 15.3 (EXCEPTIONS) the Obligor's Agent shall,
                  within ten Business Days of a demand by the Agent, pay for the
                  account of a Finance Party the amount of any Increased Costs
                  incurred by that Finance Party or any of its Affiliates as a
                  result of (i) the introduction of or any change in (or in the
                  interpretation or application of) any law or regulation or
                  (ii) compliance with any law or regulation made after the date
                  of this Agreement.

        (b)       In this Agreement "INCREASED COSTS" means:

                  (i)      a reduction in the rate of return from the Facilities
                           or on a Finance Party's (or its Affiliate's) overall
                           capital;

                  (ii)     an additional or increased cost; or

                  (iii)    a reduction of any amount due and payable under any
                           Finance Document,

                  which is incurred or suffered by a Finance Party or any of its
                  Affiliates to the extent that it is attributable to that
                  Finance Party having entered into its Commitment or

                                       -95-

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                  funding or performing its obligations under any Finance
                  Document, Letter of Credit or Bank Guarantee.

15.2    INCREASED COST CLAIMS
        (a)       A Finance Party intending to make a claim pursuant to Clause
                  15.1 (INCREASED COSTS) shall notify the Agent of the event
                  giving rise to the claim as soon as reasonably practicable
                  after its relevant Facility Office has become aware of such
                  event giving rise to such claim, following which the Agent
                  shall promptly notify the Obligor's Agent.

        (b)       Each Finance Party shall, as soon as practicable after a
                  demand by the Agent, provide a certificate confirming (in
                  reasonable detail) the amount of its Increased Costs.

15.3    EXCEPTIONS
        (a)       Clause 15.1 (INCREASED COSTS) does not apply to the extent any
                  Increased Cost is:

                  (i)      attributable to a Tax Deduction required by law to be
                           made by an Obligor;

                  (ii)     compensated for by Clause 14.3 (TAX INDEMNITY) (or
                           would have been compensated for under Clause 14.3
                           (TAX INDEMNITY) but was not so compensated solely
                           because one of the exclusions in paragraph (b) of
                           Clause 14.3 (TAX INDEMNITY) applied);

                  (iii)    compensated for by the payment of the Mandatory Cost;
                           or

                  (iv)     attributable to the wilful or grossly negligent
                           breach by the relevant Finance Party or its
                           Affiliates of any law or regulation.

        (b)       In this Clause 15.3, a reference to a "TAX DEDUCTION" has the
                  same meaning given to the term in Clause 14.1 (DEFINITIONS).

16.     OTHER INDEMNITIES

16.1    CURRENCY INDEMNITY
        (a)       If any sum due from the Obligor's Agent or an Obligor under
                  the Finance Documents (a "SUM"), or any order, judgment or
                  award given or made in relation to a Sum, has to be converted
                  from the currency (the "FIRST CURRENCY") in which that Sum is
                  payable into another currency (the "SECOND CURRENCY") for the
                  purpose of:

                  (i)      making or filing a claim or proof against the
                           Obligor's Agent or that Obligor;

                  (ii)     obtaining or enforcing an order, judgment or award in
                           relation to any litigation or arbitration
                           proceedings,

                  the Obligor's Agent or that Obligor (as the case may be) shall
                  as an independent obligation, within three Business Days of
                  demand, indemnify each Finance Party to whom that Sum is due
                  against any cost, loss or liability arising out of or as a
                  result of the conversion including any discrepancy between (A)
                  the rate of exchange used to convert that Sum from the First
                  Currency into the Second Currency and (B) the rate or rates of
                  exchange available to that person at the time of its receipt
                  of that Sum.

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        (b)       The Obligor's Agent and each Obligor waives any right it may
                  have in any jurisdiction to pay any amount under the Finance
                  Documents in a currency or currency unit other than that in
                  which it is expressed to be payable.

16.2    OTHER INDEMNITIES
        The Obligor's Agent shall (or shall procure that an Obligor will),
        within ten Business Days of demand, indemnify each Lender and each
        Fronting Bank against any cost, loss or liability incurred by that
        Lender or, as the case may be, Fronting Bank as a result of:

        (a)       the occurrence of any Event of Default;

        (b)       a failure by the Obligor's Agent or an Obligor to pay any
                  amount due under a Finance Document on its due date, including
                  without limitation, any cost, loss or liability arising as a
                  result of Clause 30 (SHARING AMONG THE LENDERS);

        (c)       funding, or making arrangements to fund, its participation in
                  a Loan requested by a Borrower in a Utilisation Request but
                  not made by reason of the operation of any one or more of the
                  provisions of this Agreement (other than by reason of default
                  or negligence by that Lender alone);

        (d)       issuing or making arrangements to issue a Letter of Credit or
                  Bank Guarantee requested by a Borrower in a Utilisation
                  Request but not issued by reason of the operation of any one
                  or more of the provisions of this Agreement; or

        (e)       a Loan (or part of a Loan) not being prepaid in accordance
                  with a notice of prepayment given by a Borrower or the
                  Obligor's Agent.

16.3    INDEMNITY TO THE AGENT
        The Obligor's Agent shall promptly indemnify the Agent against any cost,
        loss or liability incurred by the Agent (acting reasonably) as a result
        of:

        (a)       investigating any event which it reasonably believes is a
                  Default; or

        (b)       entering into or performing any foreign exchange contract for
                  the purposes of Clause 6 (OPTIONAL CURRENCIES); or

        (c)       acting or relying on any notice, request or instruction which
                  it reasonably believes to be genuine, correct and
                  appropriately authorised.

17.     MITIGATION BY THE LENDERS

17.1    MITIGATION
        (a)       Each Finance Party shall, in consultation with the Obligor's
                  Agent, take all reasonable steps to mitigate any circumstances
                  which arise and which would result in any amount becoming
                  payable under, or cancelled pursuant to, any of Clause 9.1
                  (ILLEGALITY), Clause 14 (TAX GROSS-UP AND INDEMNITIES) or
                  Clause 15 (INCREASED COSTS) including (but not limited to)
                  transferring its rights and obligations under the Finance
                  Documents to another Affiliate or Facility Office.

        (b)       Paragraph (a) above does not in any way limit the obligations
                  of any Obligor under the Finance Documents.

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17.2    LIMITATION OF LIABILITY
        (a)       The Obligor's Agent shall indemnify each Finance Party for all
                  costs and expenses reasonably incurred by that Finance Party
                  as a result of steps taken by it under Clause 17.1
                  (MITIGATION).

        (b)       A Finance Party is not obliged to take any steps under Clause
                  17.1 (MITIGATION) if, in the opinion of that Finance Party
                  (acting reasonably), to do so might be prejudicial to it.

18.     COSTS AND EXPENSES

18.1    TRANSACTION EXPENSES
        The Obligor's Agent shall promptly on demand pay the Agent and the
        Arrangers the amount of all costs and expenses (including legal fees)
        reasonably incurred by any of them in connection with the negotiation,
        preparation, printing, execution and syndication of:

        (a)       this Agreement and any other documents referred to in this
                  Agreement; and

        (b)       any other Finance Documents executed after the date of this
                  Agreement.

18.2    AMENDMENT COSTS
        If (a) an Obligor requests an amendment, waiver or consent or (b) an
        amendment is required pursuant to Clause 31.9 (CHANGE OF CURRENCY), the
        Obligor's Agent shall, within ten Business Days of demand, reimburse the
        Agent for the amount of all costs and expenses (including legal fees)
        reasonably incurred by the Agent in responding to, evaluating,
        negotiating or complying with that request or requirement.

18.3    ENFORCEMENT COSTS
        The Obligor's Agent shall, within ten Business Days of demand, pay to
        each Finance Party the amount of all costs and expenses (including legal
        fees) incurred by that Finance Party in connection with the enforcement
        of, or the preservation of any rights under, any Finance Document.

                                       -98-

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                                    SECTION 7

                                    GUARANTEE

19.     GUARANTEE AND INDEMNITY

19.1    GUARANTEE AND INDEMNITY
        Each Guarantor irrevocably and unconditionally jointly and severally:

        (a)       guarantees to each Finance Party punctual performance by each
                  Borrower of all that Borrower's obligations under the Finance
                  Documents;

        (b)       undertakes with each Finance Party that whenever a Borrower
                  does not pay any amount when due under or in connection with
                  any Finance Document, that Guarantor shall immediately on
                  demand pay that amount as if it was the principal obligor; and

        (c)       indemnifies each Finance Party immediately on demand against
                  any cost, loss or liability suffered by that Finance Party if
                  any obligation guaranteed by it is or becomes unenforceable,
                  invalid or illegal. The amount of the cost, loss or liability
                  shall be equal to the amount which that Finance Party would
                  otherwise have been entitled to recover.

19.2    CONTINUING GUARANTEE
        This guarantee is a continuing guarantee and will extend to the ultimate
        balance of sums payable by any Obligor under the Finance Documents,
        regardless of any intermediate payment or discharge in whole or in part.

19.3    REINSTATEMENT
        If any payment by an Obligor or any discharge given by a Finance Party
        (whether in respect of the obligations of any Obligor or any security
        for those obligations or otherwise) is avoided or reduced as a result of
        insolvency or any similar event:

        (a)       the liability of each Obligor shall continue as if the
                  payment, discharge, avoidance or reduction had not occurred;
                  and

        (b)       each Finance Party shall be entitled to recover the value or
                  amount of that security or payment from each Obligor, as if
                  the payment, discharge, avoidance or reduction had not
                  occurred.

19.4    WAIVER OF DEFENCES
        The obligations of each Guarantor under this Clause 19 will not be
        affected by an act, omission, matter or thing which, but for this
        Clause, would reduce, release or prejudice any of its obligations under
        this Clause 19 (without limitation and whether or not known to it or any
        Finance Party) including:

        (a)       any time, waiver or consent granted to, or composition with,
                  any Obligor or other person;

        (b)       the release of any other Obligor or any other person under the
                  terms of any composition or arrangement with any creditor of
                  any member of the Group;

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        (c)       the taking, variation, compromise, exchange, renewal or
                  release of, or refusal or neglect to perfect, take up or
                  enforce, any rights against, or security over assets of, any
                  Obligor or other person or any non-presentation or
                  non-observance of any formality or other requirement in
                  respect of any instrument or any failure to realise the full
                  value of any security;

        (d)       any incapacity or lack of power, authority or legal
                  personality of or dissolution or change in the members or
                  status of an Obligor or any other person;

        (e)       any amendment (however fundamental) or replacement of a
                  Finance Document or any other document or security;

        (f)       any unenforceability, illegality or invalidity of any
                  obligation of any person under any Finance Document or any
                  other document or security; or

        (g)       any insolvency or similar proceedings.

19.5    IMMEDIATE RECOURSE
        Each Guarantor waives any right it may have of first requiring any
        Finance Party (or any trustee or agent on its behalf) to proceed against
        or enforce any other rights or security or claim payment from any person
        before claiming from that Guarantor under this Clause 19. This waiver
        applies irrespective of any law or any provision of a Finance Document
        to the contrary.

19.6    APPROPRIATIONS
        Until all amounts which may be or become payable by the Obligors under
        or in connection with the Finance Documents have been irrevocably paid
        in full, each Finance Party (or any trustee or agent on its behalf) may:

        (a)       refrain from applying or enforcing any other moneys, security
                  or rights held or received by that Finance Party (or any
                  trustee or agent on its behalf) in respect of those amounts,
                  or apply and enforce the same in such manner and order as it
                  sees fit (whether against those amounts or otherwise) and no
                  Guarantor shall be entitled to the benefit of the same; and

        (b)       hold in an interest-bearing suspense account any moneys
                  received from any Guarantor or on account of any Guarantor's
                  liability under this Clause 19.

19.7    DEFERRAL OF GUARANTORS' RIGHTS
        Until all amounts which may be or become payable by the Obligors under
        or in connection with the Finance Documents have been irrevocably paid
        in full and unless the Agent otherwise directs, no Guarantor will
        exercise any rights which it may have by reason of performance by it of
        its obligations under the Finance Documents:

        (a)       to be indemnified by an Obligor;

        (b)       to claim any contribution from any other guarantor of any
                  Obligor's obligations under the Finance Documents; and/or

        (c)       to take the benefit (in whole or in part and whether by way of
                  subrogation or otherwise) of any rights of the Finance Parties
                  under the Finance Documents or of any

                                     -100-

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                  other guarantee or security taken pursuant to, or in
                  connection with, the Finance Documents by any Finance Party.

19.8    ADDITIONAL SECURITY
        This guarantee is in addition to and is not in any way prejudiced by any
        other guarantee or security now or subsequently held by any Finance
        Party.

19.9    LIMITATION ON GERMAN OBLIGOR GUARANTEE
        (a)       To the extent that the guarantee and indemnity in this Clause
                  19 is given by a German Obligor which is constituted in the
                  form of a GmbH or GmbH & Co. KG (a "RELEVANT GERMAN OBLIGOR")
                  to guarantee obligations of its (direct or indirect)
                  shareholder or a person related to such shareholder within the
                  meaning of Sections 15 et seq. of the German Stock Corporation
                  Act (for clarification purposes, this does not include a
                  Subsidiary of such German Obligor), the Finance Parties agree
                  that the Agent shall not make any demand against such Relevant
                  German Obligor under the guarantee and indemnity until the
                  earlier of:

                  (i)   45 days after the notification in writing to such
                        Relevant German Obligor or its general partner, as the
                        case may be, by the Agent of the Agent's intention to
                        engage a firm of auditors as contemplated in paragraph
                        (b) below; and

                  (ii)  the date on which the Auditors' Determination (as
                        defined in paragraph (e) below) is available to the
                        Agent, if such Auditors' Determination is up to date and
                        in any event prepared as of a date no earlier than 21
                        days prior to the date of enforcement.

        (b)       The Agent shall at all times, acting reasonably and subject to
                  the right of a Relevant German Obligor to itself engage a firm
                  of auditors in accordance with paragraph (d) below, have the
                  right to engage at its sole discretion and at the Relevant
                  German Obligor's expense a firm of auditors of international
                  standard and reputation which shall proceed to audit the
                  Relevant German Obligor or its general partner, as the case
                  may be, with a view to investigating to what extent the
                  Relevant German Obligor's or its general partner's, as the
                  case may be, net assets exceed its registered share capital
                  and to produce an Auditors' Determination on the basis set out
                  in paragraph (e) below.

        (c)       Each Relevant German Obligor or its general partner, as the
                  case may be, shall render all and any reasonable assistance
                  requested by the Agent for the purposes of facilitating the
                  audit referred to in paragraph (b) above and shall allow full
                  access to and inspection of its books and any other necessary
                  documents.

        (d)       Each Relevant German Obligor at all times shall be entitled
                  itself to engage a firm of auditors (subject to the prior
                  agreement of the Agent, not to be unreasonably withheld, as to
                  the identity of such firm of auditors if such Relevant German
                  Obligor intends to instruct a different firm of auditors than
                  that used most recently by it) to produce the Auditors'
                  Determination on the basis set out in paragraph (e) below.

        (e)       The determination by the auditors (the "AUDITORS'
                  DETERMINATION") of the amounts which may be claimed against a
                  Relevant German Obligor under the guarantee and indemnity in
                  this Clause 19 pursuant to Sections 30, 31 of the German
                  Limited Liability

                                        -101-

<Page>

                  Companies Act (GMBH-GESETZ) in conjunction with Section 172a
                  of the German Commercial Code (HANDELSGESETZBUCH), as the case
                  may be, shall take into account the general accepted
                  accounting principles applicable in Germany (GAAP) as well as
                  the applicable court rulings and will be subject to the
                  adjustments referred to in paragraph (f) below. The Agent
                  shall, after it receives an Auditors' Determination produced
                  at its request, deliver the same to the Relevant German
                  Obligor in issue or its general partner, as the case may be.
                  The Relevant German Obligor shall, after it receives an
                  Auditors' Determination produced at its request, deliver the
                  same to the Agent. An Auditors' Determination shall, in the
                  absence of manifest error, be binding on the parties hereto.

        (f)       The maximum amount that may be claimed against a Relevant
                  German Obligor under this Clause 19 shall be the amount
                  specified in an Auditors' Determination on that Relevant
                  German Obligor subject to such Auditors' Determination being
                  up to date and in any event prepared as of a date no earlier
                  than 21 days prior to the date of enforcement PROVIDED THAT
                  for the purposes of the calculation of the amount to be
                  claimed the following balance sheet items shall be adjusted as
                  follows:

                  (i)      the amount of any increase of capital (STAMMKAPITAL)
                           after the date hereof (A) that has been effected
                           without the prior written consent of the Agent
                           (acting on the instructions of the Majority Lenders),
                           (B) that has been effected out of retained earnings
                           (Kapitalerhohung aus Gesellschaftsmitteln) or (C) to
                           the extent that is not fully paid up, shall be
                           deducted from the capital (STAMMKAPITAL); and

                  (ii)     loans and other contractual liabilities incurred in
                           violation of the provisions of the Finance Documents
                           shall be disregarded.

        (g)       If the 45 day period contemplated by paragraph (a) above has
                  passed and the Agent has either not received an Auditors'
                  Determination or has received an Auditors' Determination
                  which, due to lapse of time after its delivery, no longer
                  satisfies the criteria set out in paragraph (f) above, the
                  Agent may proceed to make a demand against the Relevant German
                  Obligor concerned under the guarantee and indemnity in this
                  Clause 19. The maximum amount that may be claimed against such
                  Relevant German Obligor in those circumstances will be the
                  amount determined by the Agent, in good faith by reference to
                  the most recent financial statements delivered pursuant to
                  paragraph (c) of Clause 21.1 (FINANCIAL STATEMENTS), as the
                  amount that would not lead to the situation that such Relevant
                  German Obligor would have insufficient assets to maintain its
                  or its general partner's capital (STAMMKAPITAL). For the
                  purpose of calculating such amount, the adjustments referred
                  to in paragraph (f) above will be made to the most recent
                  financial statements delivered pursuant to paragraph (c) of
                  Clause 21.1 (FINANCIAL STATEMENTS).

        (h)       If the amount payable under the guarantee and indemnity was
                  determined:

                  (i)      in accordance with paragraph (g) above; or

                  (ii)     by reference to an Auditors' Determination in
                           accordance with paragraph (f) above

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                  and an Auditors' Determination subsequently delivered to the
                  Agent confirms that the amount available under the guarantee
                  and indemnity at the time of enforcement was less than the
                  amount recovered by the Agent, the Agent agrees to release (or
                  instruct the Security Trustee to release) an amount of the
                  proceeds equal to the amount by which the recoveries from the
                  Relevant German Obligor exceeded the amount determined to be
                  available.

        (i)       Each Relevant German Obligor who is a Guarantor shall realise
                  in a situation where that Relevant German Obligor does not
                  have (or would not have as the result of the enforcement of
                  the guarantee in this Clause 19 if Clause 19.9 did not apply)
                  sufficient assets to maintain its or its general partner's
                  capital (STAMMKAPITAL), to the extent legally permissible and
                  commercially justifiable any and all of its assets that are
                  shown in the balance sheet with a book value (BUCHWERT) that
                  is significantly lower than the market value of the asset if
                  such asset is not necessary for such Relevant German Obligor's
                  business (BETRIEBSNOTWENDIG).

        (j)       Notwithstanding the above provisions of this Clause 19.9, the
                  provisions of paragraphs (a) to (i) (inclusive) of this Clause
                  19.9 shall not apply:

                  (i)      during the Debtco Structure Period to MGG in its
                           capacity as a Guarantor to the extent that any
                           amounts are outstanding from MGG under Intra-Group
                           Loans made by Debtco to MGG at the time the relevant
                           demand is made against MGG under the guarantee and
                           indemnity contained in this Clause 19 (GUARANTEE AND
                           INDEMNITY);

                  (ii)     to the extent any of the funds borrowed under this
                           Agreement have been onlent to a Relevant German
                           Obligor who is a Guarantor to the extent that any
                           amounts so on-lent to such Relevant German Obligor
                           are still outstanding at the time the relevant demand
                           is made against such Relevant German Obligor under
                           the guarantee and indemnity contained in this Clause
                           19 (GUARANTEE AND INDEMNITY).

19.10   LIMITATION ON US OBLIGOR GUARANTEE
        Notwithstanding anything to the contrary contained herein or in any
        other Finance Document, the maximum liability of each US Guarantor under
        Clause 19.1 (GUARANTEE AND INDEMNITY) shall in no event exceed an amount
        equal to the greatest amount that would not render such US Guarantor's
        obligations hereunder and under the other Finance Documents subject to
        avoidance under Section 548 of the Bankruptcy Code of the United States
        of America (Title 11 of the United States of America Code) or any
        equivalent provision of the laws of any state of the United States of
        America or to being set aside, avoided or annulled under any applicable
        laws of any state of the United States of America relating to fraudulent
        transfers or fraudulent obligations.

19.11   LIMITATION ON FRENCH OBLIGOR GUARANTEE
        Notwithstanding anything to the contrary contained herein or in any
        other Finance Document, the liability of each French Guarantor:

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        19.11.1   shall not include any obligation which if incurred would
                  constitute the provision of financial assistance within the
                  meaning of Article 225-216 of the French Code of Commerce;

        19.11.2   shall be limited to an amount not exceeding at any time the
                  greater of:

                  (a)      the equivalent in euros of the Utilisations (plus any
                           accrued interest commission and fee thereon) on-lent
                           to that French Guarantor calculated by the Agent on
                           the date on which such Utilisation(s) are made; and

                  (b)      90% of the greater of:

                           (i)      the Net Asset Value of that French Guarantor
                                    calculated by reference to the most recent
                                    audited financial statements of that French
                                    Guarantor available at the date it became a
                                    Guarantor; and

                           (ii)     the Net Asset Value of that French Guarantor
                                    calculated by reference to the most recent
                                    audited financial statements of that French
                                    Guarantor available at the date on which the
                                    relevant demand is made on it pursuant to
                                    this Clause 19.

                  For the purposes of this Clause 19.11, "Net Asset Value" of a
                  French Guarantor means the capitaux propres (as defined under
                  the provisions of French accounting laws, decrees and
                  regulations consistently applied) of that French Guarantor. A
                  certificate of the statutory auditors of a French Guarantor as
                  to the Net Asset Value shall be prima facie evidence as to the
                  Net Asset Value of that French Guarantor.

19.12   LIMITATION ON LUXEMBOURG OBLIGOR
        Notwithstanding anything to the contrary contained herein or in any
        other Finance Document, the liability of any Luxembourg Obligor shall
        not include any obligation which if incurred would constitute unlawful
        financial assistance or misuse of corporate assets pursuant to the
        provisions of the amended Luxembourg Companies Act dated 10 August 1915.

19.13   THIRD PARTY RIGHTS OF HEDGE COUNTERPARTIES
        Any Hedge Counterparty which is not a Party but which is a Finance Party
        may enjoy the benefit of and enforce the terms of this Clause 19
        (GUARANTEE AND INDEMNITY) in accordance with the provisions of the
        Contracts (Rights of Third Parties) Act 1999.

                                      -104-

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                                    SECTION 8

               REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

20.     REPRESENTATIONS

20.1    SIGNING REPRESENTATIONS OF THE COMPANY
        Subject to matters specifically identified and disclosed against
        particular representations contained in the Finance Disclosure Letter,
        the Company makes the following representations and warranties to each
        Finance Party on the date of this Agreement:

        (a)       the representations and warranties set out in Clause 20.4
                  (STATUS) to Clause 20.10 (NO FILING OR STAMP TAXES) in
                  relation to itself only;

        (b)       the representations and warranties set out in Clause 20.24
                  (REPORTS), Clause 20.25 (BUSINESS PLAN) and Clause 20.27
                  (GROUP STRUCTURE).

20.2    CLOSING REPRESENTATIONS
        Subject to matters specifically identified and disclosed against
        particular representations contained in the Finance Disclosure Letter,
        during the Closing Period, the Closing Representations are deemed to be
        made by the Obligor's Agent and each Obligor (by reference to the facts
        and circumstances then existing) to the Finance Parties on each of the
        following days or dates if such day or date falls within the Closing
        Period:

        (a)       the date of each Utilisation Request and the first day of each
                  Interest Period and the first day of each Term;

        (b)       the day on which a company becomes (or it is proposed that a
                  company becomes) an Additional Obligor.

20.3    OTHER REPRESENTATIONS
        (a)       Subject to matters specifically identified and disclosed
                  against particular representations contained in the Finance
                  Disclosure Letter, the Obligor's Agent and each Obligor make
                  the representations and warranties set out in Clause 20.12 (NO
                  MISLEADING INFORMATION) to the Finance Parties on the date on
                  which the Information Memorandum is approved by the Obligor's
                  Agent and (save as disclosed in writing by the Obligor's Agent
                  to the Agent after approval of such Information Memorandum and
                  prior to a Syndication Date) on each Syndication Date.

        (b)       Subject to matters specifically identified and disclosed
                  against particular representations contained in the Finance
                  Disclosure Letter the Repeating Representations are deemed to
                  be made by the Obligor's Agent and each Obligor (by reference
                  to the facts and circumstances then existing) to the Finance
                  Parties on:

                  (i)   the date of each Utilisation Request, the first day of
                        each Interest Period and the first day of each Term
                        other than any such day or date falling within the
                        Closing Period; and

                  (ii)  the day on which a company becomes (or it is proposed
                        that a company becomes) an Additional Obligor, other
                        than any such day falling within the Closing Period.

                                      -105-

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        (c)       The representations and warranties set out in Clause 20.26
                  (BUDGETS) shall be deemed to be made by the Obligor's Agent
                  and MGG to the Finance Parties on the date each Budget is
                  delivered to the Agent.

        (d)       On each date that the Obligor's Agent is deemed to make the
                  Closing Representations or the Repeating Representations it
                  shall be deemed to make those Closing Representations or
                  Repeating Representations (as the case may be) on behalf of
                  itself and also in respect of Newco 2 and the Company.

20.4    STATUS
        (a)       It is a corporation or company, duly incorporated with limited
                  liability and validly existing under the law of its
                  jurisdiction of incorporation or a partnership duly formed
                  with limited liability.

        (b)       It and each of its Subsidiaries has the power to own its
                  assets and carry on its business as it is being conducted.

        (c)       Each Borrower is acting on its own account when entering into
                  this Agreement and drawing Loans under this Agreement.

20.5    BINDING OBLIGATIONS
        The obligations expressed to be assumed by it in each Transaction
        Document to which it is a party are, subject to the Reservations, legal,
        valid, binding and enforceable obligations.

20.6    NON-CONFLICT WITH OTHER OBLIGATIONS
        The entry into and performance by it of, and of the transactions
        contemplated by, the Transaction Documents to which it is a party do not
        and will not conflict with:

        (a)       any law or regulation applicable to it;

        (b)       its constitutional documents and (in the case of MGG) its
                  constitutional documents and those of any member of the MGG
                  Group; or

        (c)       any agreement or instrument binding upon it or any member of
                  the Group or any of its or any member of the Group's assets,
                  to the extent that such a conflict would reasonably be
                  expected to have a Material Adverse Effect.

20.7    POWER AND AUTHORITY
        It has the power to enter into, perform and deliver, and has taken all
        necessary action to authorise its entry into, performance and delivery
        of, the Transaction Documents to which it is a party and the
        transactions contemplated by those Transaction Documents. No limit on
        its powers will be exceeded as a result of the borrowings, granting of
        Security or giving of guarantees by it contemplated by the Finance
        Documents to which it is a party.

20.8    VALIDITY AND ADMISSIBILITY IN EVIDENCE
        All Authorisations required:

        (a)       to enable it lawfully to enter into, exercise its rights and
                  comply with its obligations in the Transaction Documents to
                  which it is a party; and

                                       -106-

<Page>

        (b)       subject to the Reservations, to make the Transaction Documents
                  to which it is a party admissible in evidence in its
                  jurisdiction of incorporation,

        have been obtained or effected and are in full force and effect, save
        for any filings or registrations required in relation to the Security
        constituted by any Security Document which filings or registrations will
        be made promptly after execution of the relevant Security Document and
        in any event within applicable time limits.

20.9    GOVERNING LAW AND ENFORCEMENT
        (a)       Subject to the Reservations, the choice of English law as the
                  governing law of the Finance Documents (or, in respect of any
                  Subordination Agreements or Security Documents to which it is
                  a party, the relevant governing laws of such Subordination
                  Agreements or Security Documents) will be recognised and
                  enforced in its jurisdiction of incorporation.

        (b)       Subject to the Reservations, any judgment obtained in England
                  in relation to a Finance Document (or, in respect of any
                  Subordination Agreements or Security Documents to which it is
                  a party, any judgement obtained in the courts which are
                  expressed to have jurisdiction to hear disputes under such
                  Subordination Agreements or Security Documents) will be
                  recognised and enforced in its jurisdiction of incorporation.

20.10   NO FILING OR STAMP TAXES
        Save to the extent identified in any legal opinion delivered pursuant to
        Clause 4 (CONDITIONS OF UTILISATION) or Clause 26 (CHANGES TO THE
        OBLIGORS), under the law of its jurisdiction of incorporation it is not
        necessary that the Finance Documents which have been executed be filed,
        recorded or enrolled with any court or other authority in that
        jurisdiction or that any stamp, registration or similar tax be paid on
        or in relation to such Finance Documents or the transactions
        contemplated by such Finance Documents. Any such requirements identified
        in any such legal opinions will promptly be effected or paid either (in
        respect of the Obligor's Agent) after the date of this Agreement or (in
        respect of an Additional Obligor) after it becomes a Party.

20.11   NO DEFAULT
        (a)       No Event of Default is continuing or would reasonably be
                  expected to result from the making of any Utilisation.

        (b)       No other event or circumstance is outstanding which
                  constitutes a default under any other agreement or instrument
                  which is binding on it or any of its Subsidiaries or to which
                  its (or its Subsidiaries') assets are subject which would
                  reasonably be expected to have a Material Adverse Effect.

20.12   NO MISLEADING INFORMATION
        (a)       So far as it is aware after due and careful enquiry, any
                  material factual information provided by it or any of its
                  Subsidiaries (or, in the case of MGG, any of its Holding
                  Companies) (in each case taken as a whole) for the purposes of
                  the Information Memorandum was true and accurate in all
                  material respects as at the date it was provided or as at the
                  date (if any) at which it is stated.

                                       -107-

<Page>

        (b)       The financial projections contained in the Information
                  Memorandum have been prepared on the basis of recent
                  historical information and on the basis of reasonable
                  assumptions at the time of such preparation.

        (c)       Nothing has occurred or been omitted from the Information
                  Memorandum and no information has been given or withheld that
                  results in the material information contained in the
                  Information Memorandum (taken as a whole) being untrue or
                  misleading in any material respect.

        (d)       So far as it is aware after reasonable enquiry, all material
                  written information (taken as a whole) (other than the
                  Information Memorandum) supplied by any member of the Group is
                  true, complete and accurate in all material respects as at the
                  date it was given and is not misleading in any material
                  respect.

20.13   FINANCIAL STATEMENTS
        The Original Financial Statements and (in the case of each of Newco 2,
        MGG and each Borrower) its most recent audited financial statements
        delivered to the Agent pursuant to paragraph (a) or (d) of Clause 21.1
        (FINANCIAL STATEMENTS):

        (a)       were prepared in accordance with Relevant GAAP consistently
                  applied; and

        (b)       fairly represent its financial condition and operations
                  (consolidated in the case of (1) MGG, with respect to the
                  Original Financial Statements and (2) Newco 2, with respect to
                  its financial statements delivered to the Agent pursuant to
                  Clause 21.1 (FINANCIAL STATEMENTS)) during the relevant
                  financial year.

20.14   FINANCIAL YEAR END
        Except as permitted under Clause 23.31 (ACCOUNTING REFERENCE DATE) the
        financial year end of the Newco 2 Group is 31 December.

20.15   PARI PASSU RANKING
        Its payment obligations under the Finance Documents rank at least pari
        passu with the claims of all its other unsecured and unsubordinated
        creditors, except for obligations mandatorily preferred by law applying
        to companies generally.

20.16   NO PROCEEDINGS PENDING OR THREATENED
        No litigation, arbitration or administrative proceedings of or before
        any court, arbitral body or agency which would reasonably be expected to
        have a Material Adverse Effect have been started or (to the best of its
        knowledge and belief) threatened against it or any of its Subsidiaries.
        No labour disputes, which would reasonably be expected to have a
        Material Adverse Effect, have been started or (to the best of its
        knowledge and belief) threatened against it or any of its Subsidiaries.

20.17   ENVIRONMENTAL COMPLIANCE
        It and each of its Subsidiaries has performed and observed in all
        material respects all Environmental Law, Environmental Permits and all
        other material covenants, conditions, restrictions or agreements
        directly or indirectly concerned with any contamination, pollution or
        waste or the release or discharge of any toxic or hazardous substance in
        connection with any real property which is or was at any time owned,
        leased or occupied by it, or any of its

                                       -108-

<Page>

        Subsidiaries or on which it or any of its Subsidiaries has conducted
        any activity where failure to do so would reasonably be expected to
        have a Material Adverse Effect.

20.18   ENVIRONMENTAL CLAIMS
        No Environmental Claim has been commenced or (to the best of its
        knowledge and belief) is threatened against it or any of its
        Subsidiaries where that claim would reasonably be expected to have a
        Material Adverse Effect.

20.19   TAXATION
        (a)       It and each of its Subsidiaries which is a Material Company
                  has duly and punctually paid and discharged all Taxes imposed
                  upon it or its assets within the time period allowed without
                  incurring penalties (save to the extent that (i) payment is
                  being contested in good faith, (ii) it has maintained adequate
                  reserves for those Taxes and (iii) payment can be lawfully
                  withheld or any such non-payment or non-discharge would not
                  reasonably be expected to have a Material Adverse Effect).

        (b)       It and each of its Subsidiaries which is a Material Company is
                  not overdue in the filing of any Tax returns where such late
                  filing would reasonably be expected to have a Material Adverse
                  Effect.

        (c)       No claims are being or are reasonably likely to be asserted
                  against it or any of its Subsidiaries which is a Material
                  Company with respect to Taxes which would reasonably be
                  expected to have a Material Adverse Effect.

20.20   SECURITY AND FINANCIAL INDEBTEDNESS
        (a)       Save for Permitted Security, no Security exists over all or
                  any of the present or future revenues, assets or undertakings
                  of it or any Material Company or Obligor.

        (b)       Save for Permitted Indebtedness, neither it nor any of its
                  Consolidated Subsidiaries has any Financial Indebtedness.

        (c)       The execution of the Finance Documents to which it is a party
                  and the exercise by it of its rights thereunder will not
                  result in the existence or imposition of nor oblige any
                  Material Company or any Obligor to create any Security (save
                  for Permitted Security) in favour of any person over any of
                  its present or future revenues, assets or undertakings.

20.21   SECURITY INTERESTS
        (a)       It is, or will be upon execution of the relevant Security
                  Documents on the Closing Date occurring (if later), the
                  absolute legal and, where applicable, beneficial owner of all
                  the assets over which it purports to create Security pursuant
                  to the Security Documents and (subject to the Reservations)
                  each Security Document to which it is a party creates the
                  Security which that Security Document purports to create or,
                  if that Security Document purports to evidence Security,
                  accurately evidences Security which has been validly created.

        (b)       The shares and, if applicable, limited partnership interests
                  charged, mortgaged or pledged by it pursuant to the Security
                  Documents are all fully paid up (and in the case of limited
                  partnership interests have not been repaid) and not subject to
                  any option to

                                      -109-

<Page>

                  purchase or similar rights save that 66 2/3% of the shares in
                  Newco 2 are subject to the Call Option (as defined in the
                  Business Combination Agreement).

20.22   INTELLECTUAL PROPERTY
        It is not aware of any adverse circumstance relating to validity,
        subsistence or use of any of its or its Subsidiaries' Intellectual
        Property which would reasonably be expected to have a Material Adverse
        Effect.

20.23   GOOD TITLE TO ASSETS
        It and each of its Subsidiaries has good title to or valid leases of or
        other appropriate licence, authorisation or consent to use all assets
        necessary to carry on its business as presently conducted, the absence
        of which would reasonably be expected to have a Material Adverse Effect.

20.24   REPORTS
        Having made all reasonable enquiries in the circumstances of the
        Acquisition and the negotiation of the Acquisition Documents:

        (a)       it is not aware of any materially adverse inaccuracy as to
                  factual matters relating to either the MGG Group or Syngas
                  contained in the Reports; and

        (b)       it is not aware of any facts or matters not stated in the
                  Reports, the omission of which make any statements contained
                  therein (taking the Reports as a whole) misleading in any
                  materially adverse respect.

20.25   BUSINESS PLAN
        (a)       The Business Plan has been prepared using accounting policies,
                  practices and procedures consistent, in all material respects,
                  with IAS.

        (b)       After due and careful consideration, having made all
                  reasonable efforts to make due and careful enquiries in
                  connection with the Acquisition (including, without
                  limitation, discussing the Business Plan with relevant
                  managers employed by members of the MGG Group), it:

                  (i)      is not aware of any material inaccuracy as to factual
                           matters relating to the Group contained in the
                           Business Plan;

                  (ii)     does not regard as unreasonable, or to any material
                           extent, unattainable, any of the forecasts or
                           projections set out in the Business Plan;

                  (iii)    believes that the Cost Savings will in all material
                           respects be achieved on or before the fourth
                           anniversary of the Closing Date;

                  (iv)     believes the assumptions, upon which the forecasts
                           and projections in relation to the Group contained in
                           the Business Plan are based, to be fair and
                           reasonable in all material respects at the time made;

                  (v)      is not aware of any facts or matters omitted from the
                           Business Plan or the Original Financial Statements,
                           the omission of which make any statements contained
                           therein (taken as a whole) misleading in any material
                           respect;

                                     -110-
<Page>

                  (vi)     has made full disclosure of all material facts
                           relating to the Group to all the persons responsible
                           for the preparing of the Business Plan; and

                  (vii)    believes that the disposal of sufficient of the
                           shares of the companies identified in the Disposal
                           Plan and/or the assets of such companies to realise
                           the amount of Net Disposal Proceeds assumed in the
                           Business Plan is achievable before the Term Disposal
                           Facility Repayment Date,

                  PROVIDED THAT the above representations in this Clause 20.25
                  are given subject to the qualification that projections are
                  based on estimates and assumptions and are subject to
                  business, economic and competitive uncertainties and
                  contingencies and that accordingly no assurances can be given
                  or representation made that any of the assumptions are
                  correct, that projections will be attained or that
                  forward-looking statements expressed in the projections will
                  correspond to actual results.

20.26   BUDGETS
        It:

        (a)       regards (as at the date each Budget is delivered to the Agent)
                  as neither unreasonable, nor to any material extent
                  unattainable, any of the forecasts or projections set out in
                  the latest Budget delivered under Clause 21.3 (BUDGETS) or
                  pursuant to Schedule 2 (CONDITIONS PRECEDENT);

        (b)       believes (having made all reasonable enquiries) the
                  assumptions, upon which the forecasts and projections in
                  relation to the Newco 2 Group contained in the latest Budget
                  delivered under Clause 21.3 (BUDGETS) or pursuant to Schedule
                  2 (CONDITIONS PRECEDENT) are based, to be fair and reasonable;
                  and

        (c)       has, to the best of its knowledge and belief (having made all
                  reasonable efforts to make due and careful enquiry), made full
                  disclosure of all material facts relating to the Newco 2 Group
                  to all the persons responsible for the preparing of the latest
                  Budget delivered under Clause 21.3 (BUDGETS) or pursuant to
                  Schedule 2 (CONDITIONS PRECEDENT),

        PROVIDED THAT the above representations in this Clause 20.26 are given
        subject to the qualification that projections are based on estimates and
        assumptions and are subject to business, economic and competitive
        uncertainties and contingencies and that accordingly no assurances can
        be given or representation made that any of the assumptions are correct,
        that projections will be attained or that forward-looking statements
        expressed in the projections will correspond to actual results.

20.27   GROUP STRUCTURE
        The Group Structure Chart delivered to the Agent pursuant to Clause 4
        (CONDITIONS OF UTILISATION) or any revised group structure chart
        delivered to the Agent pursuant to Clause 23.32 (REVISED GROUP
        STRUCTURE) is true, complete and accurate in all material respects.

                                     -111-
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20.28   OWNERSHIP OF OBLIGORS
        From the Closing Date (save as expressly contemplated in the Business
        Combination Agreement on the terms and conditions set out in the
        Business Combination Agreement):

        (a)       the Company will directly and beneficially own 100% of the
                  issued shares of Newco 2; and

        (b)       Newco 2 will directly and beneficially own 100% of the issued
                  shares of MGG (save that during the Debtco Structure Period
                  Newco 2 will directly and beneficially own 100% of the issued
                  shares of Debtco and Debtco will directly and beneficially own
                  100% of the shares of MGG and until the contribution of the
                  Family MGG Shares to Newco 2 in accordance with the BCA
                  becomes effective (as referred to in paragraph 4(d) of Part I
                  of Schedule 2 (CONDITIONS PRECEDENT)) Newco 2 will directly
                  and beneficially own 66 2/3% of the issued shares of MGG).

20.29   CONSENTS AND APPROVALS
        All necessary consents, licences, authorisations and approvals to the
        transactions constituted by the Transaction Documents have been obtained
        and all consents, licences, authorisations and other approvals necessary
        for the conduct of the business of the Group as a whole have been
        obtained, their terms and conditions have been complied with in all
        material respects and they have not been and, so far as it is aware,
        will not be revoked or otherwise terminated, save in each case to the
        extent that the absence of any such consent or filing or variation would
        not reasonably be expected to have a Material Adverse Effect.

20.30   ACQUISITION DOCUMENTS
        (a)       There has been no amendment, variation or waiver of the terms
                  of any of the Acquisition Documents save for any amendments,
                  variations or waivers:

                  (i)      approved in writing by the Agent (acting on the
                           instructions of the Majority Lenders); or

                  (ii)     which are of a minor or technical nature or which
                           could not reasonably be considered to be adverse in
                           any material respect to the interests of any of the
                           Finance Parties.

        (b)       The Acquisition Documents contain all of the terms of the
                  agreement between the Investors, the members of the Group and
                  the Vendor in relation to the Acquisition (other than
                  agreements made between the Investors inter se).

        (c)       It is not aware of any event, fact or circumstance which would
                  constitute a material breach of warranty or misrepresentation
                  or material breach of contract in respect of an Acquisition
                  Document, or otherwise allow it to make any other claim (other
                  than minor claims of a non material nature) against either the
                  Vendor or an Affiliate of the Vendor.

20.31   ISSUE OF SHARE CAPITAL
        There are no agreements in force to which any member of the Group is
        party or corporate resolutions passed which call for the present or
        further issue or allotment of, or grant to any person the right (whether
        conditional or otherwise) to call for the issue or allotment of any

                                     -112-
<Page>

        share or partnership interest (or equivalent) of any member of the MGG
        Group (including an option or right of pre-emption or conversion) other
        than:

        (a)       pursuant to the Singapore Separation Agreement;

        (b)       as expressly provided in the Shareholders' Agreement;

        (c)       rights under employee share ownership plans in relation to
                  shares in members of the MGG Group (other than MGG);

        (d)       rights under shareholders' or joint venture agreements, or
                  under the constituent documents of the relevant entity, held
                  by minority shareholders of members of the MGG Group (other
                  than MGG) or by their Affiliates; and

        (e)       the existing agreement between Neal and Massy Gas Products
                  Ltd. ("NMG"), MGG and Messer Trinidad & Tobago Limited
                  ("MTTL") pursuant to which NMG is required to subscribe for
                  26% of the issued share capital of MTTL.

20.32   NO TRADING
        Save as contemplated by, or otherwise in connection with, the
        Transaction Documents and the transactions contemplated thereby, neither
        the Company or Newco 2 or Debtco or any Treasury Borrower has traded or
        undertaken any commercial activities of any kind or has any liabilities
        or obligations (actual or contingent).

20.33   PENSIONS
        Each member of the Group is in compliance with all applicable laws and
        contracts relating to the pension schemes (if any) operated by it or in
        which it participates, save where any failure to comply would not
        reasonably be expected to have a Material Adverse Effect, and (to the
        extent required by applicable law) each such pension scheme is fully
        funded based on reasonable actuarial assumptions and administered and
        funded in accordance with applicable law (save as would not reasonably
        be expected to have a Material Adverse Effect).

20.34   ERISA AND MULTIEMPLOYER PLANS
        (a)       Neither any US Group Member nor any ERISA Affiliate is making
                  or accruing an obligation to make contributions or has within
                  any of the five calendar years immediately preceding the date
                  of this Agreement made or accrued an obligation to make
                  contributions to any Multiemployer Plan to an extent or in a
                  manner which would reasonably be expected to have a Material
                  Adverse Effect.

        (b)       Each Employee Plan is in compliance in form and operation with
                  ERISA and the Code and all other applicable laws and
                  regulations save where any failure to comply would not
                  reasonably be expected to have a Material Adverse Effect.

        (c)       Each Employee Plan which is intended to be qualified under
                  Section 401(a) of the Code has been determined by the IRS to
                  be so qualified or is in the process of being submitted to the
                  IRS for approval or will be so submitted during the applicable
                  remedial amendment period, and, to the knowledge of the
                  Obligor's Agent, nothing has occurred since the date of such
                  determination that would adversely affect such determination
                  where such adverse effect would reasonably be expected to have
                  a Material Adverse Effect (or, in the case of an Employee Plan
                  with no determination,

                                     -113-
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                  nothing has occurred that would adversely affect such
                  qualification where such adverse effect would reasonably be
                  expected to have a Material Adverse Effect).

        (d)       The fair market value of the assets of each Employee Plan
                  subject to Title IV of ERISA is at least equal to the present
                  value of all accumulated benefit obligations under each such
                  Employee Plan (based on the assumptions used for the purposes
                  of Statement of Financial Accounting Standards No. 87) as of
                  the date of the most recent financial statement reflecting
                  such amounts or, if, as of such date, additional contributions
                  are required, the Obligor's Agent does not believe that the
                  making of such additional contribution to the extent necessary
                  to satisfy legal requirements would reasonably be expected to
                  have a Material Adverse Effect.

        (e)       There are no actions, suits or claims pending against an
                  Employee Plan (other than routine claims for benefits) or, to
                  the knowledge of the Obligor's Agent, any US Group Member or
                  any ERISA Affiliate threatened, which would reasonably be
                  expected to be asserted successfully against any Employee
                  Plan, as to which there is a reasonable possibility of such an
                  assertion and which would reasonably be expected either singly
                  or in the aggregate to have a Material Adverse Effect.

        (f)       Each US Group Member and any ERISA Affiliate has made all
                  material contributions to or under each such Employee Plan
                  required by law within the applicable time limits prescribed
                  thereby, the terms of such Employee Plan, or any contract or
                  agreement requiring contributions to an Employee Plan save
                  where any failure to comply would not reasonably be expected
                  to have a Material Adverse Effect.

        (g)       Neither any US Group Member nor any ERISA Affiliate has ceased
                  operations at a facility so as to become subject to the
                  provisions of Section 4068(a) of ERISA, withdrawn as a
                  substantial employer so as to become subject to the provisions
                  of Section 4063 of ERISA or ceased making contributions to any
                  Employee Plan subject to Section 4064(a) of ERISA to which it
                  made contributions, except where any such ceasing of
                  operations, withdrawal as a substantial employer or ceasing to
                  make contributions would not reasonably be expected to have a
                  Material Adverse Effect.

        (h)       Neither any US Group Member nor any ERISA Affiliate has
                  incurred or reasonably expects to incur any liability to PBGC
                  save for any liability which would not reasonably be expected
                  to have a Material Adverse Effect.

20.35   MARGIN STOCK
        (a)       No US Group Member is engaged principally, or as one of its
                  important activities, in the business of owning or extending
                  credit for the purpose of purchasing or carrying any Margin
                  Stock.

        (b)       The Facilities will not be used, directly or indirectly, for
                  any purpose which might constitute all or any part of the
                  Facilities a "purpose credit" within the meaning of Regulation
                  U or Regulation X.

        (c)       No US Group Member or any agent acting on its behalf has taken
                  or will take any action which might cause the Finance
                  Documents to violate any regulation of the Board of Governors
                  of the Federal Reserve System of the United States.

                                     -114-
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20.36   INVESTMENT COMPANIES
        No US Group Member is subject to regulation under the United States
        Public Utility Holding Company Act of 1935 or the United States
        Investment Company Act of 1940 or any United States federal or state
        statute or regulation limiting its ability to incur indebtedness.

21.     INFORMATION UNDERTAKINGS

        The undertakings in this Clause 21 remain in force from the date of this
        Agreement for so long as any amount is outstanding under the Finance
        Documents or any Commitment is in force. Save as otherwise provided in
        the Finance Documents (in particular, but without limitation, pursuant
        to Clause 25.7 (DISCLOSURE OF INFORMATION)) and save for disclosure to
        their professional advisers, the Lenders shall treat information
        received pursuant to this Clause 21 as confidential.

21.1    FINANCIAL STATEMENTS
        The Obligor's Agent shall supply to the Agent in sufficient copies for
        all the Lenders:

        (a)       as soon as the same become available, but in any event within
                  120 days after the end of each of the financial years of Newco
                  2 which are for the twelve months ending on 31 December:

                  (i)      the audited consolidated financial statements of
                           Newco 2 for that financial year; and

                  (ii)     the unconsolidated audited financial statements of
                           each Borrower for that financial year; and

                  (iii)    the audited consolidated financial statements of MGG
                           for that financial year; and

        (b)       as soon as the same become available, but in any event within
                  45 days after the end of each quarter of each of the financial
                  years of Newco 2, the consolidated financial statements of
                  Newco 2 for that financial quarter consisting of a balance
                  sheet and profit and loss statement and cash flow statement
                  for such financial quarter (and, if any financial quarter of
                  Newco 2 does not end on a Quarter Date, as soon as the same
                  become available, but in any event within 45 days after each
                  Quarter Date, the consolidated financial statements of Newco 2
                  for the three months ending on that Quarter Date consisting of
                  a balance sheet and profit and loss statement and cash flow
                  statement for such three month period); and

        (c)       as soon as the same become available, but in any event within
                  30 days after the end of each calendar month, commencing with
                  the first full calendar month after the Closing Date, the
                  consolidated profit and loss statement of Newco 2 for that
                  calendar month showing the performance relative to the Budget
                  during such calendar month and for the calendar year to date,
                  together with the amount of Capital Expenditure for that
                  calendar month and the financial liabilities of the Newco 2
                  Group as at the end of such calendar month (such profit and
                  loss statement to provide as a minimum the information
                  provided in the monthly management reports as at the date of
                  this Agreement); and

                                     -115-
<Page>

        (d)       as soon as the same become available, but in any event within
                  120 days after the end of each calendar year in which the
                  financial year of Newco 2 ending on 31 December is for a
                  period of less than twelve months:

                  (i)      the pro forma summary of the audited consolidated
                           financial statements of Newco 2 for that calendar
                           year; and

                  (ii)     the pro forma summary of the unconsolidated audited
                           financial statements of each Borrower for that
                           calendar year; and

                  (iii)    the pro forma summary of the audited consolidated
                           financial statements of MGG for that calendar year;
                           and

        (e)       as soon as the same become available, but in any event within
                  45 days of the end of each financial quarter of MGG ending
                  after 1 January 2001 but on or before the end of the financial
                  quarter in which the Closing Date occurs, the consolidated
                  financial statements of MGG for that financial quarter
                  consisting of a balance sheet and profit and loss statement
                  and cash flow statement for such financial quarter.

21.2    COMPLIANCE CERTIFICATES
        (a)       The Obligor's Agent shall supply to the Agent, with each set
                  of financial statements delivered pursuant to paragraph (a)(i)
                  or (b) or (d) of Clause 21.1 (FINANCIAL STATEMENTS), a
                  Compliance Certificate signed by any Prokurist of Newco 2
                  setting out (in reasonable detail) computations as to
                  compliance with Clause 22 (FINANCIAL COVENANTS) and Clause
                  23.30 (GUARANTOR GROUP AND SECURITY COVERAGE) and the Material
                  Companies falling within paragraphs (b) and (c) of the
                  definition of Material Company as at the date as at which
                  those financial statements were drawn up and the details
                  listed in paragraphs (i), (ii) and (iii) of the definition of
                  Relevant Debt Relief Amount relating to any disposals during
                  the period to which such financial statements relate which it
                  wishes to include for the purposes of paragraphs (a) and (b)
                  of the definition of Relevant Debt Relief Amount.

        (b)       The Obligor's Agent shall supply to the Agent with each set of
                  financial statements delivered pursuant to paragraph (a)(i) or
                  (d)(i) of Clause 21.1 (FINANCIAL STATEMENTS) an Auditor's
                  Report reporting on the Compliance Certificate accompanying
                  such financial statements.

21.3    BUDGETS
        (a)       The Obligor's Agent shall, as soon as the same become
                  available, and in any event no later than 15 days prior to the
                  beginning of each calendar year, deliver to the Agent in
                  sufficient copies for the Lenders an annual budget (in a form
                  agreed with the Agent) prepared by reference to each calendar
                  month in respect of such calendar year including:

                  (i)      forecasts of any projected disposals (including
                           timing and amount of any projected disposals) on a
                           consolidated basis of the Newco 2 Group for such
                           calendar year;

                  (ii)     projected profit and loss accounts (including
                           projected turnover and operating costs) and projected
                           balance sheets and cash flow statements, together
                           with the

                                     -116-
<Page>

                           main operating assumptions relating to such
                           projected financial statements, on a monthly basis,
                           for such calendar year on a consolidated basis for
                           the Newco 2 Group;

                  (iii)    revisions to the projections set out in the Business
                           Plan, together with the main operating assumptions
                           relating thereto, for such calendar year until 31
                           December 2010, based on the financial condition and
                           performance and prospects of the Newco 2 Group at
                           such time;

                  (iv)     projected Capital Expenditure to be incurred on a
                           monthly basis for such calendar year on a
                           consolidated basis for the Newco 2 Group;

                  (v)      projected EBIT and EBITDA as at the end of each
                           calendar month in such calendar year; and

                  (vi)     a qualitative analysis and commentary from the
                           management on its proposed activities for such
                           calendar year.

        (b)       The Obligor's Agent shall, as soon as the same become
                  available, and in any event no later than 15 August in each
                  year, deliver to the Agent in sufficient copies for the
                  Lenders an update to the annual budget previously delivered to
                  the Agent pursuant to paragraph (a) above in respect of that
                  year.

        (c)       The Obligor's Agent shall provide the Agent with details of
                  any material changes in the projections delivered under this
                  Clause 21.3 as soon as reasonably practicable after it becomes
                  aware of any such change.

21.4    REQUIREMENTS AS TO FINANCIAL STATEMENTS
        (a)       Each set of financial statements delivered by the Obligor's
                  Agent pursuant to Clause 21.1 (FINANCIAL STATEMENTS) shall be
                  certified by a board member of the relevant company as fairly
                  presenting in all material respects its financial condition as
                  at the date as at which those financial statements were drawn
                  up.

        (b)       Subject to paragraph (d) below, the Obligor's Agent shall
                  procure that each set of financial statements of the Newco 2
                  Group or a Borrower delivered pursuant to Clause 21.1
                  (FINANCIAL STATEMENTS) is prepared using Relevant GAAP, and in
                  the case of the consolidated financial statements of Newco 2
                  only, accounting practices and financial reference periods
                  consistent with those applied in the preparation of the
                  Original Financial Statements unless, in relation to the
                  consolidated financial statements of Newco 2, it notifies the
                  Agent that there has been a change in IAS, or the accounting
                  practices or reference periods, and Newco 2's auditors deliver
                  to the Agent:

                  (i)      a description of any change necessary for those
                           financial statements to reflect the IAS, accounting
                           practices and reference periods upon which the
                           Original Financial Statements were prepared; and

                  (ii)     sufficient information, in form and substance as may
                           be reasonably required by the Agent, to enable the
                           Lenders to determine whether Clause 22 (FINANCIAL
                           COVENANTS) has been complied with and make an
                           accurate comparison between

                                     -117-
<Page>

                           the financial position indicated in those financial
                           statements and the Original Financial Statements.

                  Any reference in this Agreement to those financial statements
                  shall be construed as a reference to those financial
                  statements as adjusted to reflect the basis upon which the
                  Original Financial Statements were prepared.

        (c)       If the Obligor's Agent notifies the Agent of a change in
                  accordance with paragraph (b) above then the Obligor's Agent
                  and Agent (acting on the Majority Lenders' instructions) shall
                  enter into negotiations in good faith with a view to agreeing:

                  (i)      whether or not the change might result in any
                           material alteration in the commercial effect of any
                           of the terms of this Agreement; and

                  (ii)     if so, any amendments to this Agreement which may be
                           necessary to ensure that the change does not result
                           in any material alteration in the commercial effect
                           of those terms,

                  and if any amendments are agreed they shall take effect and be
                  binding on each of the Parties in accordance with their terms.

        (d)       If the Obligor's Agent notifies the Agent in writing that it
                  wishes the consolidated financial statements of Newco 2 and
                  MGG to be delivered under Clause 21.1 (FINANCIAL STATEMENTS)
                  to be prepared using US GAAP and provides with such
                  notification a description from Newco 2's auditors of the
                  differences for Newco 2's and MGG's consolidated financial
                  statements between US GAAP and IAS as applied to the Original
                  Financial Statements, then the Obligor's Agent and the Agent
                  (acting on the Majority Lenders' instructions) shall enter
                  into negotiations in good faith with a view to agreeing any
                  amendments to this Agreement which may be necessary to ensure
                  that if in future the consolidated financial statements of
                  Newco 2 were to be permitted to be delivered pursuant to
                  Clause 21.1 (FINANCIAL STATEMENTS) prepared using US GAAP
                  rather than IAS such change would not result in any material
                  alteration to the commercial effect of the terms of this
                  Agreement. If any amendments are agreed they shall take effect
                  and be binding on each of the Parties in accordance with their
                  terms and future consolidated financial statements of Newco 2
                  may be delivered pursuant to Clause 21.1 (FINANCIAL
                  STATEMENTS) prepared using US GAAP.

        (e)       Each Lender acknowledges that it shall not unreasonably
                  withhold or delay its consent in relation to any request from
                  the Obligor's Agent under paragraphs (c) or (d) of this Clause
                  21.4.

21.5    INFORMATION: MISCELLANEOUS
        The Obligor's Agent shall supply to the Agent (in sufficient copies for
        all the Lenders, if the Agent so requests):

        (a)       all documents dispatched by the Obligor's Agent to its
                  shareholders (or any class of them) or its creditors generally
                  pursuant to applicable legal requirements at the same time as
                  they are dispatched;

                                     -118-
<Page>

        (b)       promptly upon becoming aware of them, the details of any
                  litigation, arbitration or administrative proceedings which
                  are current, threatened or pending against any member of the
                  MGG Group, and which would reasonably be expected to have a
                  Material Adverse Effect;

        (c)       promptly notify the Agent in writing upon becoming aware of
                  any pollution or contamination of the environment in respect
                  of which any member of the Group may incur expenditure in
                  excess of EUR10,000,000 (or its equivalent) to clean up or
                  remedy together with details of such pollution or
                  contamination; and

        (d)       promptly, such further information regarding the financial
                  condition, business and operations of any member of the Group
                  as any Finance Party (through the Agent) may reasonably
                  request.

21.6    NOTIFICATION OF DEFAULT
        Each Obligor shall notify the Agent of any Default (and the steps, if
        any, being taken to remedy it) promptly upon becoming aware of its
        occurrence (unless that Obligor is aware that a notification has already
        been provided by another Obligor).

21.7    ERISA RELATED INFORMATION
        (a)       The Obligor's Agent shall procure that each US Group Member
                  and each ERISA Affiliate (each a "RELEVANT COMPANY" for the
                  purposes of this Clause 21.7) shall:

                  (i)   promptly and in any event within thirty days after any
                        Relevant Company knows or has reason to know that any
                        ERISA Event which would reasonably be expected to have a
                        Material Adverse Effect has occurred; and

                  (ii)  promptly and in any event within ten days after any
                        Relevant Company knows or has reason to know that a
                        request for a minimum funding waiver under Section 412
                        of the Code has been filed with respect to any Title IV
                        Plan or Multiemployer Plan,

                  deliver to the Agent a written statement of the Chief
                  Financial Officer of such Relevant Company describing such
                  ERISA Event or waiver request and the action, if any, which it
                  proposes to take with respect thereto and a copy of any notice
                  filed with the PBGC or the IRS pertaining thereto.

        (b)       The Obligor's Agent shall procure that each Relevant Company
                  shall simultaneously with the date that any Relevant Company
                  files a notice of intent to terminate any Title IV Plan, if
                  such termination would require material additional
                  contributions in order to be considered a standard termination
                  within the meaning of Section 4041(b) of ERISA, deliver to the
                  Agent a copy of each notice.

22.     FINANCIAL COVENANTS

22.1    FINANCIAL DEFINITIONS
        In this Clause 22:

        "CAPITAL EXPENDITURE" means any expenditure or obligations in respect of
        expenditure (including any obligation in respect of the capital element
        of any Finance Lease) for the acquisition of equipment, fixed assets,
        real property, intangible assets and other assets of a

                                     -119-
<Page>

        capital nature, or for the replacements or substitution therefor or
        additions or improvements thereto, that in any such case have a useful
        life or more than one year together with the costs incurred in
        connection therewith but excluding any cash payments in respect of
        expenditure on Permitted Acquisitions and excluding any expenditure
        or obligations in respect of expenditure in respect of Restructuring
        Expenses and excluding any expenditure eliminated on consolidation.

        "CASH" means, at any time, cash at bank and credited to an account in
        the sole name of a member of the Newco Group.

        "CASH EQUIVALENT INVESTMENTS" means certificates of deposit and debt
        securities which are not convertible into any other form of security,
        are not issued or guaranteed by any member of the Newco 2 Group and have
        a maturity of twelve months or less.

        "CURRENT ASSETS" means the aggregate of inventories of each member of
        the Newco Group (including advanced payments made), trade accounts
        receivable of each member of the Newco 2 Group and receivables of each
        member of the Newco 2 Group relating to long-term construction contracts
        but excluding amounts receivable in respect of Restructuring Expenses
        and Exceptional Items.

        "CURRENT LIABILITIES" means the aggregate of trade accounts payable by
        each member of the Newco 2 Group and advance payments received by each
        member of the Newco 2 Group on orders (in each case, falling due within
        twelve months from the date of computation) but excluding liabilities in
        respect of Restructuring Expenses and Exceptional Items.

        "EBITDA" means, for any period, the consolidated profit from operations
        of the Newco 2 Group for that period and, in respect of any part (the
        "PRE-CLOSING PERIOD") of such period which falls prior to the Closing
        Date, the consolidated profit from operations of the MGG Group for that
        Pre-Closing Period:

        (a)       excluding any Exceptional Items;

        (b)       adding back (in each case only to the extent deducted in
                  calculating consolidated profit from operations):

                  (i)      any amount attributable to amortisation of intangible
                           assets (including goodwill);

                  (ii)     any amount attributable to depreciation of tangible
                           assets;

                  (iii)    any amount attributable to Restructuring Expenses
                           (which is not otherwise excluded by virtue of being
                           an Exceptional Item); and

                  (iv)     any amount of expense incurred that is attributable
                           to financing or refinancing Unconsolidated Debt;

        (c)       adding any cash dividends declared by any person which is not
                  a member of the MGG Group in favour of a member of the MGG
                  Group during that period; and

                                       -120-

<Page>

        (d)       deducting (to the extent otherwise included) any amounts
                  returned to any member of the MGG Group in respect of monies
                  paid by that member of the MGG Group in relation to
                  Unconsolidated Debt,

        PROVIDED THAT no amount shall be excluded, deducted or added back more
        than once.

        "EXCEPTIONAL ITEMS" means items which are required (due to their size,
        nature or incidence) to be disclosed separately in accordance with
        paragraphs 16 - 18 of international accounting standard 8 of IAS.

        "EXCESS CASH FLOW" means, for any period for which it is being
        calculated, Operating Cash Flow for that period less Total Debt Service
        for that period but adding back (to the extent included in Total Debt
        Service) mandatory prepayments made during that period pursuant to
        Clause 9.4 (EXCESS CASH FLOW) and Clause 9.5 (ASSET DISPOSALS).

        "FINANCIAL QUARTER" means the period commencing on the day after one
        Quarter Date and ending on the next Quarter Date.

        "NET CASH INTEREST PAYABLE" means, in respect of any period and without
        double counting, the aggregate amount of the interest (including the
        interest element of any Finance Lease), commission, fees, discounts and
        other finance payments payable by the Newco 2 Group in respect of any
        Indebtedness for Borrowed Money (other than arising under permitted
        Intra-Group Loans) which have accrued during that period,

        (a)       ADDING any commission, fees, discounts and other finance
                  payments expensed by the Newco 2 Group under any interest rate
                  hedging arrangement during that period;

        (b)       DEDUCTING any commission, fees, discounts and other finance
                  payments receivable by the Newco 2 Group during that period
                  under any interest rate hedging instrument permitted by this
                  Agreement;

        (c)       DEDUCTING any interest receivable by the Newco 2 Group on any
                  deposit or bank account during that period;

        (d)       EXCLUDING any capitalised interest in respect of the Mezzanine
                  Outstandings, any Direct Mezzanine Refinancing Facility and
                  any Refinancing Notes (for the avoidance of doubt, any
                  interest which has been capitalised in respect of the
                  Mezzanine Outstandings which becomes payable upon any
                  refinancing in full of the Mezzanine Facility permitted
                  hereunder shall be excluded pursuant to this paragraph (d));

        (e)       EXCLUDING (for the avoidance of doubt) any arrangement,
                  underwriting or other front end fees payable in respect of (or
                  any prepayment fees in respect of) facilities providing
                  Indebtedness for Borrowed Money; and

        (f)       EXCLUDING (for the avoidance of doubt) capitalised borrowing
                  costs relating to the construction of fixed assets PROVIDED
                  THAT such costs have been incurred as Capital Expenditure.

                                      -121-

<Page>

        "OPERATING CASH FLOW" means, in respect of any period, EBITDA for such
period after:

        (a)       adding back:

                  (i)      any decrease in the amount of Working Capital at the
                           end of such a period compared against the Working
                           Capital at the start of such a period;

                  (ii)     any cash receipt in respect of any Exceptional Item
                           (other than in respect of any disposal);

                  (iii)    any increase in the amount of Working Capital
                           attributed to any increase of Current Assets in the
                           first two Financial Quarters ending after the Closing
                           Date related to the discontinuance of the Existing
                           Factoring Programme;

                  (iv)     the book value of any disposal of assets in the
                           ordinary course of business during that period;

                  (v)      any increases in long term provisions;

                  (vi)     any indemnities received in cash by any member of the
                           MGG Group in relation to Unconsolidated Debt (or, to
                           the extent otherwise included, paid directly to the
                           creditor in respect thereof); and

                  (vii)    receipts by any member of the Newco 2 Group in
                           respect of Taxes; and

        (b)       deducting:

                  (i)      (to the extent otherwise included) any amount of
                           Capital Expenditure actually paid by any member of
                           the Newco 2 Group during that period (other than
                           Capital Expenditure using the Additional Basket)
                           pursuant to paragraph (c)(iii) of Clause 22.3
                           (CAPITAL EXPENDITURE);

                  (ii)     any increase in the amount of Working Capital at the
                           end of such a period compared against the Working
                           Capital at the start of such a period;

                  (iii)    (to the extent otherwise included) any amount
                           actually paid in respect of taxes on the profits of
                           any member of the Newco 2 Group;

                  (iv)     any cash payment in respect of any Exceptional Item;

                  (v)      (to the extent not deducted under paragraph (b) (iv)
                           above) any cash payment in respect of Restructuring
                           Expenses;

                  (vi)     any cash investment in a person which is not a member
                           of the MGG Group other than in respect of
                           Unconsolidated Debt;

                  (vii)    (to the extent otherwise included) any decrease in
                           long term provisions; and

                  (viii)   the amount of any dividends actually paid in cash by
                           any member of the MGG Group to any person who is not
                           a member of the MGG Group and any cash dividends
                           declared by any member of the MGG Group to any person
                           which is not a member of the MGG Group,

                                      -122-

<Page>

        and no amount shall be included or excluded more than once save that
        (except for the purposes of calculating Excess Cash Flow) any cash
        payment made in 2001 or 2002 in respect of any Restructuring Expenses
        which is otherwise deducted under paragraph (b) above shall be added
        back.

        "QUARTER DATE" means each of 31 March, 30 June, 30 September and 31
        December.

        "RELEVANT PERIOD" means:

        (a)       the period beginning on 1 January 2001 and ending on 30
                  September 2001; and

        (b)       each period of twelve months ending on the last day of each
                  Quarter Date falling after 30 September 2001.

        "TOTAL DEBT" means, at any time, the aggregate of the Indebtedness for
        Borrowed Money (without double counting) of the Newco 2 Group at that
        time expressed in euros (and if any such Indebtedness for Borrowed Money
        is not denominated in euros then the amount of such Indebtedness for
        Borrowed Money shall be converted into euros using the same principles
        as those used in establishing a euro denominated figure for operating
        profit of the Newco 2 Group for the applicable period ending on the date
        at which the Total Debt figure is being calculated, with the exception
        that for Indebtedness for Borrowed Money covered under any currency
        hedging arrangement entered into by the Newco 2 Group the exchange rate
        to be used shall be the effective rate under that currency hedging
        arrangement) excluding:

        (a)       any Indebtedness for Borrowed Money arising under any
                  permitted Intra-Group Loan;

        (b)       any Indebtedness for Borrowed Money owed by Newco 2 under any
                  loan from a Holding Company of Newco 2 to Newco 2;

        (c)       any Indebtedness for Borrowed Money to the extent that such
                  Indebtedness for Borrowed Money is supported by any Letter of
                  Credit or Bank Guarantee issued under this Agreement; and

        (d)       any Indebtedness for Borrowed Money to the extent that the
                  creditor of such Indebtedness for Borrowed Money has been (and
                  continues at that time to be) provided with first priority
                  Security over a deposit in a bank account securing such
                  Indebtedness for Borrowed Money,

        but adding Uncovered Non-Indemnified Unconsolidated Debt at that time.

        "TOTAL DEBT SERVICE" means, in respect of any period and without double
        counting, the aggregate of:

        (a)       Net Cash Interest Payable for that period; and

        (b)       the aggregate of scheduled repayments and mandatory
                  prepayments of Total Debt falling due during that period (but
                  excluding:

                  (i)      any amounts falling due under either Revolving
                           Facility other than any payments required to be made
                           in permanent reduction of either Revolving Facility;

                                      -123-

<Page>

                  (ii)     any prepayments required to be made pursuant to
                           paragraph (a) of Clause 9.5 (ASSET DISPOSALS)); and

                  (iii)    any mandatory repayments of Existing Indebtedness
                           falling due as a result of any provisions contained
                           in the relevant agreement pursuant to which such
                           Existing Indebtedness was provided relating to the
                           change of control of any member of the Newco 2 Group
                           as a result of the MGG Acquisition or otherwise
                           triggered by the MGG Acquisition or the entering into
                           of the Finance Documents.

        For the avoidance of doubt, "SCHEDULED REPAYMENTS" are repayments due
        under the relevant agreement as reduced from time to time (in accordance
        with the provisions of that agreement) as a consequence of any
        prepayment.

        "TOTAL SENIOR DEBT" means, at any time (without double counting), the
        aggregate of the Indebtedness for Borrowed Money of the MGG Group at
        such time expressed in euros (and if any such Indebtedness for Borrowed
        Money is not denominated in euros then the amount of such Indebtedness
        for Borrowed Money shall be converted into euros using the same
        principles as those used in establishing a euro denominated figure for
        operating profit of the Newco 2 Group for the applicable period ending
        on the date at which the Total Senior Debt figure is being calculated,
        with the exception that for Indebtedness for Borrowed Money covered
        under any currency hedging arrangement entered into by the Newco 2 Group
        the exchange rate to be used shall be the effective rate under that
        currency hedging arrangement):

        (a)       excluding any Indebtedness for Borrowed Money arising under
                  any permitted Intra-Group Loan made between members of the MGG
                  Group;

        (b)       excluding any Indebtedness for Borrowed Money to the extent
                  that such Indebtedness for Borrowed Money is supported by any
                  Letter of Credit or Bank Guarantee issued under this
                  Agreement;

        (c)       excluding any Indebtedness for Borrowed Money to the extent
                  that the creditor of such Indebtedness for Borrowed Money has
                  been (and continues at that time to be) provided with first
                  priority Security over a deposit in a bank account securing
                  such Indebtedness for Borrowed Money;

        (d)       less (to the extent otherwise included) any Indebtedness for
                  Borrowed Money outstanding under the Mezzanine Facility
                  Agreement or the Direct Mezzanine Refinancing Facility at such
                  time;

        (e)       less (to the extent otherwise included) any Indebtedness for
                  Borrowed Money owing by MGG or, as the case may be, Debtco in
                  respect of any High Yield Proceeds Loan, any Exchange Notes
                  Loan and in respect of any Newco 2 Loan;

        (f)       less (to the extent otherwise included) any Indebtedness for
                  Borrowed Money (not falling within paragraphs (b) or (c)
                  above) which is subordinated to the Facilities on terms
                  acceptable to the Majority Lenders; and

        (g)       plus Uncovered Non-Indemnified Unconsolidated Debt at
                  that time.

                                        -124-

<Page>

        "UNCOVERED NON-INDEMNIFIED UNCONSOLIDATED DEBT" at any time means the
        amount of Revolving Facility II which is not at such time utilised less
        an amount (if any) certified in the then latest Compliance Certificate
        by which Total Non-Indemnified Unconsolidated Debt has been permanently
        reduced (by reason of the expiry of a guarantee or indemnity given by a
        member of the MGG Group which is not to be renewed or as a result of the
        disposal of the MGG Group's interest in a Joint Venture or
        Unconsolidated Subsidiary of MGG or payment of a sum under such a
        guarantee or indemnity by a member of the MGG Group or otherwise) other
        than by reason of a payment in respect of any Non-Indemnified
        Unconsolidated Debt from the proceeds of a Revolving Facility II Loan or
        under a Letter of Credit or Bank Guarantee issued under Revolving
        Facility II and which such reduction has not been used to enable a
        Utilisation under Revolving Facility II to be used for general working
        capital requirements of the MGG Group pursuant to the provisions to
        paragraph (c) of Clause 3.1 (PURPOSE).

        "WORKING CAPITAL" means at any time Current Assets less Current
        Liabilities at that time.

22.2    FINANCIAL CONDITION
        The Obligor's Agent shall ensure that:

        (a)       EBITDA TO NET CASH INTEREST PAYABLE: The ratio of EBITDA for
                  the Relevant Period ending on each Quarter Date specified in
                  column 1 below to Net Cash Interest Payable for each Relevant
                  Period ended on such Quarter Date shall not be less than the
                  ratio set out in column 2 below opposite such Quarter Date.

<Table>
<Caption>

                  -------------------------------  -----------------------------------
                             COLUMN 1                           COLUMN 2
                           QUARTER DATE             EBITDA: NET CASH INTEREST PAYABLE
                  -------------------------------  -----------------------------------
                 <S>                              <C>
                  31 December 2001                              2.15:1.0
                  -------------------------------  -----------------------------------
                  31 March 2002                                 2.15:1.0
                  -------------------------------  -----------------------------------
                  30 June 2002                                  2.25:1.0
                  -------------------------------  -----------------------------------
                  30 September 2002                             2.35:1.0
                  -------------------------------  -----------------------------------
                  31 December 2002                              2.50:1.0
                  -------------------------------  -----------------------------------
                  31 March 2003                                 2.60:1.0
                  -------------------------------  -----------------------------------
                  30 June 2003                                  2.60:1.0
                  -------------------------------  -----------------------------------
                  30 September 2003                             2.70:1.0
                  -------------------------------  -----------------------------------
                  31 December 2003                              2.75:1.0
                  -------------------------------  -----------------------------------
                  31 March 2004                                 2.85:1.0
                  -------------------------------  -----------------------------------
                  30 June 2004                                  3.00:1.0
                  -------------------------------  -----------------------------------
                  30 September 2004                             3.05:1.0
                  -------------------------------  -----------------------------------
                  31 December 2004                              3.10:1.0
                  -------------------------------  -----------------------------------
                  31 March 2005                                 3.25:1.0
                  -------------------------------  -----------------------------------
                  30 June 2005                                  3.35:1.0
                  -------------------------------  -----------------------------------
                  30 September 2005                             3.50:1.0
                  -------------------------------  -----------------------------------
                  31 December 2005                              3.60:1.0
                  -------------------------------  -----------------------------------
                  31 March 2006 and each
                  Quarter Date thereafter                       3.75:1.0
                  -------------------------------  -----------------------------------

</Table>

        (b)       TOTAL SENIOR DEBT TO EBITDA: The ratio of Total Senior Debt on
                  each of the Quarter Dates specified in column 1 below to
                  EBITDA for the Relevant Period ending on such Quarter Date
                  shall not be more than the ratio set out in column 2 below
                  corresponding to that Quarter Date.

                                       -125-

<Page>

<Table>
<Caption>

                  -------------------------------  -----------------------------------
                             COLUMN 1                          COLUMN 2
                           QUARTER DATE              TOTAL SENIOR DEBT : EBITDA
                  -------------------------------  -----------------------------------
                  <S>                              <C>
                  31 December 2001                            4.00:1.0
                  -------------------------------  -----------------------------------
                  31 March 2002                               3.90:1.0
                  -------------------------------  -----------------------------------
                  30 June 2002                                3.80:1.0
                  -------------------------------  -----------------------------------
                  30 September 2002                           3.50:1.0
                  -------------------------------  -----------------------------------
                  31 December 2002                            3.00:1.0
                  -------------------------------  -----------------------------------
                  31 March 2003                               2.85:1.0
                  -------------------------------  -----------------------------------
                  30 June 2003                                2.75:1.0
                  -------------------------------  -----------------------------------
                  30 September 2003                           2.70:1.0
                  -------------------------------  -----------------------------------
                  31 December 2003                            2.55:1.0
                  -------------------------------  -----------------------------------
                  31 March 2004                               2.45:1.0
                  -------------------------------  -----------------------------------
                  30 June 2004                                2.30:1.0
                  -------------------------------  -----------------------------------
                  30 September 2004                           2.20:1.0
                  -------------------------------  -----------------------------------
                  31 December 2004                            2.10:1.0
                  -------------------------------  -----------------------------------
                  31 March 2005                               2.00:1.0
                  -------------------------------  -----------------------------------
                  30 June 2005                                1.90:1.0
                  -------------------------------  -----------------------------------
                  30 September 2005                           1.80:1.0
                  -------------------------------  -----------------------------------
                  31 December 2005                            1.70:1.0
                  -------------------------------  -----------------------------------
                  31 March 2006 and each Quarter              1.50:1.0
                  Date thereafter
                  -------------------------------  -----------------------------------

</Table>

        (c)       CASH FLOW TO TOTAL DEBT SERVICE: The ratio of Operating Cash
                  Flow to Total Debt Service for each Relevant Period ended on
                  each Quarter Date specified in column 1 below shall not be
                  less than the ratio set out in column 2 below opposite such
                  Quarter Date.

<Table>
<Caption>

                  -------------------------------  ----------------------------------------
                              COLUMN 1                            COLUMN 2
                            QUARTER DATE            OPERATING CASH FLOW: TOTAL DEBT SERVICE
                  -------------------------------  ----------------------------------------
                 <S>                               <C>
                  30 June 2002                                    1.00:1.0
                  -------------------------------  ----------------------------------------
                  30 September 2002                               1.00:1.0
                  -------------------------------  ----------------------------------------
                  31 December 2002                                1.00:1.0
                  -------------------------------  ----------------------------------------
                  31 March 2003                                   1.00:1.0
                  -------------------------------  ----------------------------------------
                  30 June 2003                                    1.00:1.0
                  -------------------------------  ----------------------------------------
                  30 September 2003                               1.05:1.0
                  -------------------------------  ----------------------------------------
                  31 December 2003                                1.05:1.0
                  -------------------------------  ----------------------------------------
                  31 March 2004 and each Quarter                  1.10:1.0
                  Date thereafter
                  -------------------------------  ----------------------------------------

</Table>

        (d)       TOTAL DEBT TO EBITDA: The ratio of Total Debt on each of the
                  Quarter Dates specified in column 1 below to EBITDA for the
                  Relevant Period ending on such Quarter Date shall not be more
                  than the ratio set out in column 2 below corresponding to that
                  Quarter Date.

<Table>
<Caption>

                  -------------------------------  ---------------------------------
                              COLUMN 1                           COLUMN 2
                            QUARTER DATE                    TOTAL DEBT: EBITDA
                  -------------------------------  ---------------------------------
                 <S>                               <C>
                  31 December 2001                               5.25:1.0
                  -------------------------------  ---------------------------------
                  31 March 2002                                  5.15:1.0
                  -------------------------------  ---------------------------------
                  30 June 2002                                   5.00:1.0
                  -------------------------------  ---------------------------------

</Table>

                                        -126-

<Page>

<Table>
<Caption>

                  -------------------------------  ---------------------------------
                              COLUMN 1                           COLUMN 2
                            QUARTER DATE                    TOTAL DEBT: EBITDA
                  -------------------------------  ---------------------------------
                 <S>                               <C>
                  30 September 2002                              4.70:1.0
                  -------------------------------  ---------------------------------
                  31 December 2002                               4.10:1.0
                  -------------------------------  ---------------------------------
                  31 March 2003                                  3.90:1.0
                  -------------------------------  ---------------------------------
                  30 June 2003                                   3.85:1.0
                  -------------------------------  ---------------------------------
                  30 September 2003                              3.75:1.0
                  -------------------------------  ---------------------------------
                  31 December 2003                               3.60:1.0
                  -------------------------------  ---------------------------------
                  31 March 2004                                  3.50:1.0
                  -------------------------------  ---------------------------------
                  30 June 2004                                   3.35:1.0
                  -------------------------------  ---------------------------------
                  30 September 2004                              3.25:1.0
                  -------------------------------  ---------------------------------
                  31 December 2004                               3.10:1.0
                  -------------------------------  ---------------------------------
                  31 March 2005                                  3.00:1.0
                  -------------------------------  ---------------------------------
                  30 June 2005                                   2.90:1.0
                  -------------------------------  ---------------------------------
                  30 September 2005                              2.80:1.0
                  -------------------------------  ---------------------------------
                  31 December 2005                               2.70:1.0
                  -------------------------------  ---------------------------------
                  31 March 2006 and each Quarter                 2.50:1.0
                  Date ending thereafter
                  -------------------------------  ---------------------------------

</Table>

22.3    CAPITAL EXPENDITURE
        (a)       The Obligor's Agent shall ensure that the Newco 2 Group (and,
                  to the extent that any such period occurs prior to the Closing
                  Date, the Newco 2 Group and the MGG Group combined) shall not
                  incur Capital Expenditure in any Financial Quarter specified
                  in Column 1 below in excess of the amount set out in Column 2
                  below as applicable for such Financial Quarter:

<Table>
<Caption>

                   COLUMN 1                             COLUMN 2
                   CALENDAR YEAR ENDING                 MAXIMUM CAPITAL
                                                        EXPENDITURE (EUROS)
                  <S>                                  <C>
                   31 December 2001                     39,800,000
                   31 March 2002                        54,200,000
                   30 June 2002                         51,100,000
                   30 September 2002                    49,600,000
                   31 December 2002                     51,300,000

</Table>

                  provided always that the Obligor's Agent shall ensure that the
                  Newco 2 Group (including, prior to the Closing Date, the MGG
                  Group) shall not incur Capital Expenditure in the calendar
                  year ending 31 December 2001 or the calendar year ending 31
                  December 2002 in excess of the amount specified in Column 2 of
                  paragraph (b) below applicable to such calendar year.

        (b)       The Obligor's Agent shall ensure that the Newco 2 Group shall
                  not incur Capital Expenditure in any calendar year specified
                  in Column 1 below in excess of the amount set out in Column 2
                  below as applicable for such calendar year:

                                       -127-

<Page>

<Table>
<Caption>

                   COLUMN 1                             COLUMN 2
                   CALENDAR YEAR ENDING                 MAXIMUM CAPITAL
                                                        EXPENDITURE (EUROS)
                  <S>                                  <C>
                   31 December 2001                     179,000,000
                   31 December 2002                     179,000,000
                   31 December 2003                     180,000,000
                   31 December 2004                     187,600,000
                   31 December 2005                     190,000,000
                   31 December 2006                     200,000,000
                   31 December 2007                     200,000,000

</Table>

        (c)       Notwithstanding paragraphs (a) and (b) above:

                  (i)      to the extent that in any Financial Quarter ending in
                           2001 or in any Financial Quarter ending in 2002 the
                           amount spent in making Capital Expenditure on assets
                           is less than the maximum expenditure limit for such
                           Financial Quarter, an amount equal to 100% of the
                           amount of such shortfall (the "RELEVANT FQ AMOUNT")
                           may be carried forward to the following Financial
                           Quarter in that calendar year only and added to the
                           maximum expenditure limit specified in Column 2 of
                           paragraph (a) above in respect of such following
                           Financial Quarter but provided that if such Relevant
                           FQ Amount is not spent within such following
                           Financial Quarter it shall cease to be available. For
                           the purposes of determining whether the Relevant FQ
                           Amount has been spent in such following Financial
                           Quarter, it will be presumed that such Relevant FQ
                           Amount is spent before all of the other Capital
                           Expenditure permitted by paragraph (a) above to be
                           spent in such following Financial Quarter has been
                           spent;

                  (ii)     to the extent that in any calendar year the amount
                           spent in making Capital Expenditure on assets is less
                           than the maximum expenditure limit for such period,
                           an amount equal to 50% of the amount of such
                           shortfall (the "RELEVANT AMOUNT") may be carried
                           forward to the following calendar year only and added
                           to the maximum expenditure limit specified in Column
                           2 of paragraph (b) above in respect of such following
                           calendar year (and in respect of any Relevant Amount
                           carried forward from 2001 to 2002, such Relevant
                           Amount shall be added so that the maximum capital
                           expenditure permitted in each Financial Quarter in
                           2002 is increased pro rata) but provided further that
                           if such Relevant Amount is not spent within such
                           following calendar year it shall cease to be
                           available. For the purposes of determining whether
                           the Relevant Amount has been spent in such following
                           calendar year, it will be presumed that such Relevant
                           Amount is spent before all of the other Capital
                           Expenditure permitted by paragraph (b) above (or, in
                           the case of any Relevant Amount carried forward from
                           2001 to 2002, paragraph (a) above) to be spent in
                           such following calendar year has been spent; and

                  (iii)    an amount of the Additional Basket may be added to
                           the maximum Capital Expenditure amount permitted in
                           respect of any calendar year commencing after 31
                           December 2000,

                                       -128-

<Page>

                  PROVIDED THAT the amount of such permitted maximum Capital
                  Expenditure for any calendar year specified in Column 1 of
                  paragraph (b) above shall not in any event exceed 150% of the
                  maximum amount which would be permitted to be incurred without
                  any additional amounts being added to such maximum amount
                  under this paragraph (c).

22.4    FINANCIAL TESTING
        The financial covenants set out in Clause 22.2 (FINANCIAL CONDITION) and
        the requirements of Clause 22.3 (CAPITAL EXPENDITURE) shall be tested by
        reference to each Compliance Certificate (and the accompanying financial
        statements) and Auditor's Report delivered pursuant to Clause 21.2
        (COMPLIANCE CERTIFICATES).

22.5    ADJUSTMENTS
        Notwithstanding any other provision of this Agreement, for the purpose
        of calculating the ratio of Total Senior Debt to EBITDA and the ratio of
        Total Debt to EBITDA in relation to the Relevant Period ending 30
        September 2001, EBITDA shall be an amount equal to EBITDA for the period
        of 9 months ending on 30 September 2001 multiplied by four and divided
        by three.

23.     GENERAL UNDERTAKINGS

        The undertakings in this Clause 23 remain in force from the date of this
        Agreement for so long as any amount is outstanding under the Finance
        Documents or any Commitment is in force.

23.1    AUTHORISATIONS
        (a)       The Obligor's Agent and each Obligor shall promptly (and the
                  Obligor's Agent shall procure that Newco 2 shall promptly):

                  (i)      obtain, comply with and do all that is necessary to
                           maintain in full force and effect; and

                  (ii)     supply certified copies to the Agent of,

                  any Authorisation required under any law or regulation of its
                  jurisdiction of incorporation to enable it to perform its
                  obligations under the Finance Documents and, subject to the
                  Reservations, to ensure the legality, validity, enforceability
                  or admissibility in evidence in its jurisdiction of
                  incorporation of any Finance Document.

        (b)       Each Obligor shall (and the Obligor's Agent shall ensure that
                  each Material Company shall):

                  (i)      ensure that it has the right and is duly qualified to
                           conduct its business as it is conducted from time to
                           time in all applicable jurisdictions;

                  (ii)     obtain, comply with in all material respects and do
                           all that is necessary to maintain in full force and
                           effect any Authorisation which is necessary for the
                           conduct of its business or the business of the Newco
                           2 Group as a whole; and

                  (iii)    upon the Agent's written request supply the Agent
                           with copies of any such Authorisations.

                                       -129-

<Page>

23.2    COMPLIANCE WITH LAWS
        The Obligor's Agent and each Obligor shall (and the Obligor's Agent
        shall procure that Newco 2 shall) comply in all respects with all laws
        to which it may be subject, if failure so to comply would materially
        impair its ability to perform its obligations under the Finance
        Documents.

23.3    NEGATIVE PLEDGE
        (a)       No Obligor shall (and the Obligor's Agent shall ensure that no
                  Material Company will) create or permit to subsist any
                  Security over any of its assets.

        (b)       No Obligor shall (and the Obligor's Agent shall ensure that no
                  Material Company will):

                  (i)      sell, transfer or otherwise dispose of any of its
                           assets on terms whereby they are or may be leased to
                           or re-acquired by any other member of the Group
                           (other than, for the avoidance of doubt, any such
                           disposal and consequential lease between members of
                           the Group);

                  (ii)     sell, transfer or otherwise dispose of any of its
                           receivables on recourse terms;

                  (iii)    enter into any arrangement under which money or the
                           benefit of a bank or other account may be applied,
                           set-off or made subject to a combination of accounts;
                           or

                  (iv)     enter into any other preferential arrangement having
                           a similar effect,

                  in circumstances where the arrangement or transaction is
                  entered into primarily as a method of raising Financial
                  Indebtedness or of financing the acquisition of an asset.

        (c)       Paragraphs (a) and (b) above do not apply to Permitted
                  Security.

        (d)       The Obligor's Agent shall procure that Newco 2 shall not
                  create or permit to subsist any Security over any of its
                  assets or any Quasi Security in respect of any of its assets
                  other than:

                  (i)      under the Security Documents;

                  (ii)     under any Permitted High Yield Security;

                  (iii)    under any Permitted Exchange Notes Security; and

                  (iv)     under any Permitted Security falling within
                           paragraphs (c)(i), (j) or (l) of the definition of
                           Permitted Security.

        (e)       No Obligor shall (and the Obligor's Agent shall ensure that no
                  member of the Group will) create or permit to subsist any
                  Permitted Security falling within paragraph (m) or (n) of the
                  definition of Permitted Security in Clause 1.1 (DEFINITIONS)
                  over any of its assets where such assets are specifically
                  secured under any Security Document.

23.4    LOANS AND GUARANTEES
        No Obligor shall (and the Obligor's Agent shall ensure that no member of
        the Newco 2 Group will) make any loans, grant any credit or give any
        guarantee or indemnity (except as required

                                       -130-

<Page>

        by the Finance Documents) to or for the benefit of any person or
        otherwise voluntarily assume any liability, whether actual or
        contingent, in respect of any obligation of any other person other
        than Permitted Loans and Guarantees.

23.5    FINANCIAL INDEBTEDNESS
        (a)       No Obligor shall (and the Obligor's Agent shall ensure that no
                  member of the Newco 2 Group will) incur, create or permit to
                  subsist or have outstanding any Financial Indebtedness or
                  enter into any agreement or arrangement whereby it is entitled
                  to incur, create or permit to subsist any Financial
                  Indebtedness other than, in either case, Permitted
                  Indebtedness.

        (b)       The Obligor's Agent shall ensure that (without double
                  counting) the aggregate of Total Debt (as defined in Clause 22
                  (FINANCIAL COVENANTS)) shall at no time exceed
                  EUR2,250,000,000 (or its equivalent in other currencies, using
                  the exchange rate quoted in the Financial Times as at the date
                  hereof).

23.6    ACQUISITIONS
        Other than the Acquisition or Permitted Acquisitions no Obligor shall
        (and the Obligor's Agent shall ensure that no member of the Group will):

        (a)       purchase, subscribe for or otherwise acquire any shares (or
                  other securities or any interest therein) in, or incorporate,
                  any other company or agree to do any of the foregoing; or

        (b)       purchase or otherwise acquire any assets (other than in the
                  ordinary course of business or pursuant to any Permitted
                  Capital Expenditure) or (without limitation to any of the
                  foregoing) acquire any business or interest therein or agree
                  to do so.

23.7    JOINT VENTURES AND NON WHOLLY-OWNED SUBSIDIARIES
        (a)       The Obligor's Agent shall ensure that the aggregate amount of:

                  (i)      outstanding loans permitted pursuant to paragraphs
                           (b)(iii) and (d) of the definition of Permitted Loans
                           and Guarantees;

                  (ii)     the aggregate consideration (both cash and non-cash)
                           paid for acquisitions permitted pursuant to paragraph
                           (e) of the definition of Permitted Acquisitions in
                           relation to acquisitions of any shares or investments
                           in a Non Wholly-Owned Subsidiary that is not an
                           Obligor;

                  (iii)    the aggregate consideration (both cash and non-cash)
                           paid for acquisitions permitted pursuant to paragraph
                           (f) of the definition of Permitted Acquisitions;

                  (iv)     outstanding guarantees and indemnities permitted
                           pursuant to paragraphs (i) of the definition of
                           Permitted Loans and Guarantees; and

                  (v)      outstanding guarantees and indemnities from MGG or
                           Debtco or a wholly-owned Subsidiary of MGG or Debtco
                           to a Non Wholly-Owned Subsidiary that is not an
                           Obligor permitted pursuant to paragraph (j) of the
                           definition of Permitted Loans and Guarantees,

                                      -131-

<Page>

                  shall not at any time (the "RELEVANT TIME") exceed
                  EUR100,000,000 (or its equivalent in other currencies).

        (b)       Save as provided in paragraph (c) below, the following shall
                  not count towards the permitted euro amounts specified in
                  paragraph (a) of this Clause:

                  (i)      loans to Non Wholly-Owned Subsidiaries to the extent
                           that they are used to repay Existing Indebtedness or
                           guarantees of such Existing Indebtedness;

                  (ii)     equity investments in Non Wholly-Owned Subsidiaries
                           or MGG Joint Ventures if as a consequence of making
                           such equity investments such entities become
                           wholly-owned Subsidiaries of MGG;

                  (iii)    any Indemnified Unconsolidated Debt;

                  (iv)     loans existing on the Closing Date to Non
                           Wholly-Owned Subsidiaries, MGG Joint Ventures and
                           Unconsolidated Subsidiaries;

                  (v)      guarantees and indemnities existing on the Closing
                           Date in respect of indebtedness of Non Wholly-Owned
                           Subsidiaries, MGG Joint Ventures and Unconsolidated
                           Subsidiaries;

                  (vi)     loans permitted pursuant to paragraph (g) of the
                           definition of Permitted Loans and Guarantees;

                  (vii)    any loans to Non Wholly-Owned Subsidiaries, MGG Joint
                           Ventures and Unconsolidated Subsidiaries to the
                           extent they are supported by any Letter of Credit or
                           Bank Guarantee issued under Revolving Facility II;
                           and

                  (viii)   any guarantee given by MGG guaranteeing indebtedness
                           owing by any borrower under a Treasury Borrower Loan
                           Agreement.

        (c)       Any equity investments of the type referred to in paragraph
                  (b)(ii) above shall, whilst the entities into which they are
                  contributed are not wholly-owned Subsidiaries, count towards
                  the relevant euro amount specified in paragraph (a) above
                  provided that:

                  (i)      upon all of the shares of any such entity which are
                           held by members of the MGG Group being disposed of to
                           non-members of the MGG Group such equity investments
                           which counted towards such euro amount shall cease to
                           count towards such euro amount; and

                  (ii)     (subject to paragraph (i) of this paragraph (c)) if
                           any such entity becomes a wholly-owned Subsidiary of
                           MGG, then at the election of the Obligor's Agent at
                           the time such entity becomes a wholly-owned
                           Subsidiary of MGG any such equity investments may
                           remain allocated against the relevant euro amount
                           specified in paragraph (a) above or be treated as
                           being an amount funded out of the Additional Basket
                           at that time or count towards the relevant euro
                           amount specified in paragraph (k) of the definition
                           of Permitted Acquisitions (in relation to the year in
                           which the relevant expenditure was made) or any
                           combination thereof, but unless such election is made
                           by the Obligor's Agent such equity

                                      -132-

<Page>

                           investments shall be deemed to remain counting
                           towards the relevant euro amount specified in
                           paragraph (k) of the definition of Permitted
                           Acquisitions.

23.8    JOINT VENTURES
        No Obligor shall, and the Obligor's Agent shall procure that no member
        of the Group shall, enter into or acquire or subscribe (or agree to
        enter into or acquire or subscribe) for any shares, stocks, securities
        or other interest in or transfer of any assets to or lend to or
        guarantee or give security for the obligations of any Joint Ventures,
        Non Wholly-Owned Subsidiaries that are not Guarantors or Unconsolidated
        Subsidiaries of Newco 2 save for Permitted Acquisitions or Permitted
        Loans and Guarantees.

23.9    DIVIDENDS AND DISTRIBUTIONS
        The Obligor's Agent shall ensure that no member of the MGG Group will
        pay, make or declare any dividend, return on capital, repayment of
        capital contributions or other distribution (whether in cash or in kind)
        or make any distribution of assets or other payment whatsoever in
        respect of share capital whether directly or indirectly, save for
        Permitted Distributions.

23.10   SUBORDINATED DEBT
        (a)       The Obligor's Agent shall ensure that no member of the MGG
                  Group will pay any interest or return on principal or
                  repayment of principal or other distribution (in cash or in
                  kind) or make any distribution of assets or other payment
                  whatsoever in respect of any indebtedness:

                  (i)      in respect of any High Yield Proceeds Loan, save as
                           permitted under the High Yield Proceeds Loan
                           Agreement relating thereto and the High Yield
                           Subordination Agreement relating thereto;

                  (ii)     under the Mezzanine Facility Agreement or the Direct
                           Mezzanine Refinancing Facility, save as permitted
                           under the terms of the Intercreditor Deed applicable
                           thereto;

                  (iii)    in respect of any Newco 2 Loan, save as permitted
                           under the Newco 2 Loan Agreement and the Newco 2
                           Subordination Agreement relating thereto and save as
                           any such payment is an MGG Permitted Distribution or
                           a Debtco Permitted Distribution (as the case may be);

                  (iv)     in respect of any Exchange Notes Loan, save as
                           permitted under the Exchange Notes Loan Agreement
                           relating thereto and Exchange Notes Subordination
                           Agreement relating thereto.

        (b)       MGG (and, during the Debtco Structure Period, Debtco) shall
                  ensure that it diligently enforces its rights under any
                  Subordination Agreement.

23.11   DISPOSALS
        No Obligor shall (and the Obligor's Agent shall ensure that no other
        member of the Group will), enter into a single transaction or a series
        of transactions (whether related or not) and whether voluntary or
        involuntary to sell, lease, transfer or otherwise dispose of any asset
        other than Permitted Disposals.

                                        -133-

<Page>

23.12   MERGER
        (a)       No Obligor shall (and the Obligor's Agent shall ensure that no
                  other member of the Group will) enter into any amalgamation,
                  demerger, merger or corporate reconstruction unless the
                  Majority Lenders have given their prior written consent
                  thereto (such consent not to be unreasonably withheld) save
                  that:

                  (i)      Hoechst Newco 3 may merge into the Company (with the
                           Company being the surviving entity) as expressly
                           contemplated in the Business Combination Agreement;

                  (ii)     the Company or Newco 2 (or both) may be converted
                           from a GmbH (a limited liability company) or an AG (a
                           stock corporation) (respectively) to a GmbH & Co.
                           KGaA (a partnership limited by shares) or a KG (a
                           limited partnership) or a GmbH (a limited liability
                           company);

                  (iii)    a member of the Group may merge with another member
                           of the Group pursuant to a solvent re-organisation
                           PROVIDED THAT (1) MGG may not merge with any of its
                           Holding Companies, (2) if MGG merges with any of its
                           Subsidiaries MGG shall be the surviving entity, (3)
                           the Agent is given 30 Business Days' notice by the
                           Obligor's Agent of any such merger and the Majority
                           Lenders do not object to such merger (on the basis
                           that they believe it would reasonably be expected to
                           be prejudicial to any Security granted pursuant to
                           the Security Documents) and (4) the surviving entity
                           of any such merger would be liable for the
                           obligations of the entity it has merged with.

        (b)       Paragraph (a) above is subject to the provisions of Clause
                  23.36 (LIMITATION ON THE LENDERS' CONTROL OVER GERMAN
                  OBLIGORS).

23.13   CHANGE OF BUSINESS
        (a)       The Obligor's Agent shall procure that no substantial change
                  is made to the general nature of the business of the MGG Group
                  from that carried on at the date of this Agreement.

        (b)       The Obligor's Agent shall procure that Newco 2 shall not carry
                  on any business, own any assets (other than (i) Newco 2's
                  shareholding in MGG or Debtco, (ii) rights under Intra-Group
                  Loans permitted pursuant to the terms of this Agreement and
                  (iii) any claims for rebates or indemnification with respect
                  to Taxes and (iv) cash at bank) and shall not incur any
                  liabilities of any nature whatsoever save for: (i) any
                  Security contemplated pursuant to the terms of this Agreement
                  or the Mezzanine Finance Documents or any Direct Mezzanine
                  Refinancing Facility; (ii) professional fees and
                  administration costs in the ordinary course of business; (iii)
                  any liabilities under the Finance Documents, Mezzanine Finance
                  Documents, any Direct Mezzanine Refinancing Facility or the
                  High Yield Documents and any Exchange Notes Documents; (iv)
                  any liabilities under Intra-Group Loans permitted pursuant to
                  the terms of this Agreement; (v) any liabilities incurred
                  pursuant to the Acquisition Documents, (vi) any liabilities
                  under the Newco 2 Receivable and under any other loans made to
                  Newco 2 from the Company and (vii) any liabilities in respect
                  of Taxes.

                                       -134-

<Page>

        (c)       Neither any Treasury Borrower nor Debtco shall carry on any
                  business, own any assets (other than (i) Debtco's shareholding
                  in MGG and, (ii) rights under Intra-Group Loans permitted
                  pursuant to the terms of this Agreement and (iii) cash at
                  bank) or incur any liabilities of any nature whatsoever save
                  for: (i) any Security contemplated pursuant to the terms of
                  this Agreement or the Mezzanine Finance Documents or any
                  Direct Mezzanine Refinancing Facility; (ii) professional fees
                  and administration costs in the ordinary course of business;
                  (iii) any liabilities under the Finance Documents, Mezzanine
                  Finance Documents or any Direct Mezzanine Refinancing
                  Facility; (iv) any liabilities under Intra-Group Loans
                  permitted pursuant to the terms of this Agreement; and (v) in
                  the case of Debtco, any liabilities under any High Yield
                  Proceeds Loan Agreement or Newco 2 Loan Agreement or Exchange
                  Notes Loan Agreement to which it is party.

        (d)       The Obligor's Agent shall procure that the Company shall not
                  carry on any business, own any assets (other than (i) its
                  shareholding in Newco 2, (ii) its shareholding in any Holding
                  Operating Company and (should any Holding Operating Company
                  cease to be or fail to become a direct Subsidiary of the
                  Company) a shareholding in one other operating company if such
                  shareholding is reasonably considered by the Obligor's Agent
                  to be required for the purposes of German trade tax
                  consolidation, (iii) the receivable owed by Hoechst Newco 3 on
                  exercise of the Call Option (as defined in the Business
                  Combination Agreement), (iv) the Newco 2 Receivable, (v) its
                  rights under the Acquisition Documents and (vi) cash at bank
                  and (vii) its rights under any loan made to it or by it which
                  is not prohibited by the terms of this Agreement) or incur any
                  liabilities of any nature whatsoever save for: (i) any
                  liabilities in respect of Taxes; (ii) any liabilities incurred
                  pursuant to the Acquisition Documents; (iii) professional fees
                  and administration costs in the ordinary course of business;
                  (iv) any liabilities under the Finance Documents, Mezzanine
                  Finance Documents or any Direct Mezzanine Refinancing
                  Facility; (v) any liabilities under any loans made to it which
                  are not prohibited by the terms of this Agreement; and (vi)
                  any liabilities under subordination agreements subordinating
                  its claims against any of its Subsidiaries to the Refinancing
                  Notes.

        (e)       Paragraphs (a), (b), (c) and (d) above are subject to the
                  provisions of Clause 23.36 (LIMITATION ON THE LENDERS' CONTROL
                  OVER GERMAN OBLIGORS).

23.14   INSURANCE
        (a)       Each Obligor shall (and the Obligor's Agent shall ensure that
                  each member of the MGG Group will) maintain insurances on and
                  in relation to its business and assets with reputable
                  underwriters or insurance companies against those risks and to
                  the extent as is usual for companies carrying on the same or
                  substantially similar business in the country or countries in
                  which it owns or leases property or otherwise conducts its
                  business (including, without limitation, loss of earnings,
                  business interruption and directors and officers liability
                  cover where available on a cost-effective basis).

        (b)       Each Obligor shall (if so requested in writing) supply the
                  Agent with copies of all insurance policies or certificates of
                  insurance evidencing compliance with paragraph (a) above or
                  (in the absence of the same) such other evidence of the
                  existence of such policies as may be reasonably acceptable to
                  the Agent.

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        (c)       Each Obligor shall notify the Agent of any material changes to
                  the insurance cover it (and, in the case of the Obligor's
                  Agent, each member of the MGG Group) from time to time has in
                  place.

23.15   ENVIRONMENTAL COMPLIANCE
        The Obligor's Agent shall (and the Obligor's Agent shall ensure that
        each member of the MGG Group will) comply in all material respects with
        all Environmental Law and obtain and maintain any Environmental Permits
        and take all reasonable steps in anticipation of known or expected
        future changes to or obligations under the same, in each case, where
        failure to do so would reasonably be expected to have a Material Adverse
        Effect.

23.16   ENVIRONMENTAL CLAIMS
        The Obligor's Agent shall inform the Agent in writing as soon as
        reasonably practicable upon becoming aware of the same:

        (a)       if any Environmental Claim has been commenced or (to the best
                  of the Obligor's Agent's knowledge and belief) is threatened
                  against any member of the Group; or

        (b)       of any facts or circumstances which will or are reasonably
                  likely to result in any Environmental Claim being commenced or
                  threatened against any member of the Group,

        where the claim would reasonably be expected, if determined against that
        member of the Group, to have a Material Adverse Effect.

23.17   TAXATION
        (a)       Each Obligor shall (and the Obligor's Agent shall ensure that
                  each Material Company will) duly and punctually pay and
                  discharge all material Taxes imposed upon it or its assets
                  within the time period allowed without incurring penalties
                  (save to the extent that (i) payment is being contested in
                  good faith, (ii) adequate reserves are being maintained for
                  those Taxes and (iii) where such payment can be lawfully
                  withheld).

        (b)       No Obligor shall (and the Obligor's Agent shall ensure that no
                  Material Company will) be materially overdue in the filing of
                  any tax returns.

        (c)       Each Obligor shall (and the Obligor's Agent shall ensure that
                  each member of the Group will) do all such things as are
                  necessary to ensure that no claims are or are reasonably
                  likely to be asserted against any member of the Group with
                  respect to Taxes which would reasonably be expected to have a
                  Material Adverse Effect.

        (d)       No Obligor shall (and the Obligor's Agent shall ensure that no
                  member of the Group will) enter into any arrangements in
                  relation to Taxes which may give rise to:

                  (i)      either any Holding Company of MGG having a claim
                           against any member of the MGG Group, unless
                           subordinated in a manner confirmed in writing by the
                           Agent as being satisfactory; or

                  (ii)     any member of the MGG Group being liable for any
                           obligation of any Holding Company of MGG,

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                  except that each member of the Group incorporated in Germany
                  may enter into an arrangement pursuant to which it forms a
                  consolidated group with the Company and/or Newco 2 and/or
                  Debtco for German trade tax and/or German VAT purposes only.

23.18   SECURITY
        Each Obligor shall, at its own expense, take all such action and the
        Obligor's Agent shall ensure that it and Newco 2 and any other member of
        the Newco 2 Group shall, at its own expense, take all such action:

        (a)       as the Agent or the Security Trustee may require (acting
                  reasonably) for the purpose of perfecting or protecting the
                  Finance Parties' rights under and preserving the Security
                  intended to be created or evidenced by any of the Finance
                  Documents; and

        (b)       as the Agent or the Security Trustee may require following the
                  making of any declaration pursuant to Clause 24.15
                  (ACCELERATION) for facilitating the realisation of any such
                  Security or any part thereof.

23.19   PENSIONS
        (a)       The Obligor's Agent will, if requested by the Agent, deliver
                  to the Agent at such time as those reports are prepared in
                  order to comply with then current statutory or auditing
                  requirements (if any), actuarial reports in relation to the
                  pension schemes for the time being operated by members of the
                  Group.

        (b)       The Obligor's Agent shall (and shall procure that each member
                  of the Group will) ensure that all pension schemes applicable
                  to it are fully funded (where required by applicable law)
                  based on reasonable actuarial assumptions and are administered
                  and funded in accordance with applicable law where failure to
                  do so would reasonably be expected to have a Material Adverse
                  Effect.

23.20   ACCESS
        The Obligor's Agent shall ensure that any one or more representatives,
        agents and advisers of the Agent will, on reasonable grounds and with
        reasonable prior notice (but not more often than once during each
        financial year of Newco 2 unless the Agent reasonably believes that an
        Event of Default has occurred), be allowed to have access to the assets,
        books, records and premises of each member of the Group and to inspect
        the same during normal business hours (at the expense of the Obligor's
        Agent).

23.21   PRESERVATION OF ASSETS
        Each Obligor shall (and the Obligor's Agent shall ensure that each
        member of the Group will) maintain and preserve all of its assets that
        are necessary in the conduct of the business of the MGG Group (taken as
        a whole) as conducted at the date of this Agreement in good working
        order and condition, ordinary wear and tear excepted and where failure
        to do so would reasonably be expected to have a Material Adverse Effect.

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23.22   INTELLECTUAL PROPERTY
        Each Obligor shall (and the Obligor's Agent shall ensure that each
        member of the Group will), save where failure to do so would not
        reasonably be expected to have a Material Adverse Effect:

        (a)       make such registrations and pay such fees and other amounts as
                  are necessary to keep those registered Intellectual Property
                  Rights of the Group in force and to record its interest in
                  those Intellectual Property Rights;

        (b)       observe and comply with all material obligations and laws to
                  which it in its capacity as registered proprietor, beneficial
                  owner, user, licensor or licensee of the Intellectual Property
                  Rights (or any part thereof) is subject;

        (c)       do all acts as are reasonably practicable (including, without
                  limitation, the institution of legal proceedings) to maintain,
                  protect and safeguard the Intellectual Property of the Group
                  as a whole; and

        (d)       not terminate or discontinue the use of any such Intellectual
                  Property save that licensing arrangements in relation to such
                  Intellectual Property may be entered into PROVIDED THAT such
                  licensing arrangements:

                  (i)      do not allow any further sub-licensing by the
                           licensee; and

                  (ii)     do not have a material adverse effect on the value of
                           any of the Intellectual Property licensed under such.

23.23   VENDOR WARRANTIES AND ACQUISITION CLOSING CONDITIONS
        (a)       The Obligor's Agent shall ensure that the Company and any
                  other relevant Obligor will diligently pursue all material
                  claims for breach of contract or warranty by, or
                  misrepresentation by, or indemnity or other claim against the
                  Vendor or any of the Vendor's Affiliates under or in
                  connection with any Acquisition Documents, unless the Agent
                  (acting on the instruction of the Majority Lenders) has
                  consented in writing to such claim not being made.

        (b)       If the Majority Lenders (through the Agent) notify the
                  Obligor's Agent that in their opinion one or more of the
                  Acquisition Closing Conditions has not been satisfied the
                  Obligor's Agent shall ensure that the Company shall promptly
                  exercise its rights under the Acquisition Documents in
                  relation to the non-satisfaction of such Acquisition Closing
                  Condition(s).

23.24   AMENDMENTS
        Neither the Obligor's Agent nor any relevant Obligor shall (and the
        Obligor's Agent shall ensure that the Company shall not) amend, vary,
        novate, supplement or terminate any of the Acquisition Documents, the
        Shareholders' Agreement, any of the Mezzanine Finance Documents, any
        documents relating to any Direct Mezzanine Refinancing, any Exchange
        Notes Documents, any Exchange Notes Loan Agreement any of the High Yield
        Documents, any High Yield Proceeds Loan Agreement, any Newco 2 Loan
        Agreement, any Subordination Agreement, the constitutional documents or
        any other document delivered to the Agent pursuant to Clause 4
        (CONDITIONS OF UTILISATION) or Clause 26 (CHANGES TO THE OBLIGORS) or
        waive any right thereunder other than:

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<Page>

        (a)       any amendment, variation or waiver which is of a minor or
                  technical nature; or

        (b)       any amendment, variation or waiver which could not reasonably
                  be expected to have an adverse effect on the rights of the
                  Finance Parties under the Finance Documents or be prejudicial
                  to the interests of the Finance Parties under the Finance
                  Documents; or

        (c)       (in the case of any of the Mezzanine Finance Documents or any
                  documents relating to any Direct Mezzanine Refinancing) any
                  amendment, variation, novation or supplement thereto which is
                  not expressly prohibited under the terms of the applicable
                  Intercreditor Deed;

        (d)       (in the case of the High Yield Documents) any amendment,
                  variation, novation, supplement of any such High Yield
                  Document or waiver of any right thereunder which is not
                  inconsistent with the definition of High Yield Notes in Clause
                  1.1 (DEFINITIONS); or

        (e)       in respect of the Mezzanine Finance Documents, the termination
                  thereof in circumstances where the Mezzanine Outstandings have
                  either:

                  (i)      been fully refinanced by the proceeds of High Yield
                           Proceeds Loans or any Direct Mezzanine Refinancing;
                           or

                  (ii)     been fully replaced by Exchange Notes;

        (f)       in the case of any High Yield Proceeds Loan Agreement, Newco 2
                  Loan Agreement or any relevant Subordination Agreement, any
                  amendment, variation, novation, supplement of any such
                  agreement which is required to ensure that the Debtco
                  Introduction Date or the Debtco Exit Date occurs or (in the
                  case of the High Yield Proceeds Loan Agreement only) any
                  change which is permitted to be made under the terms of the
                  High Yield Subordination Agreement;

        (g)       in the case of any Exchange Notes Loan Agreement, any change
                  which is permitted to be made under the terms of the Exchange
                  Notes Subordination Agreement;

        (h)       in the case of any Exchange Notes Documents, any amendment,
                  variation, novation or supplement of any such document or
                  waiver of any right thereunder which is not inconsistent with
                  the definition of Exchange Notes in Clause 1.1 (DEFINITIONS);

        (i)       as expressly permitted or required pursuant to any Finance
                  Document;

        (j)       as consented to in writing by the Majority Lenders, it being
                  noted that in the event of any request for the increase of
                  capital (Stammkapital) of any German Obligor which is
                  constituted in the form of a GmbH as a result of any such
                  capital increase the maximum amount that may be claimed
                  against such German Obligor under any guarantee or security
                  provided by such German Obligor may be reduced pursuant to
                  paragraph (f) of Clause 19.9 (LIMITATION ON GERMAN OBLIGOR
                  GUARANTEE) of this Agreement and corresponding provisions in
                  the relevant Security Documents to which such German Obligor
                  is a party.

                                       -139-

<Page>

23.25   TRANSACTIONS WITH RELATED PARTIES
        No Obligor shall (and the Obligor's Agent shall ensure that no member of
        the MGG Group will) enter into any arrangement or contract with any of
        its Related Parties other than where:

        (a)       both parties to the arrangement are members of the MGG Group;

        (b)       such arrangement or contract is entered into on an arm's
                  length basis in good faith and in the commercial interests of
                  the members of the MGG Group party thereto; or

        (c)       such arrangement or contract is expressly permitted under the
                  terms of the Finance Documents.

23.26   FEES AND COMMISSIONS
        No Obligor shall (and the Obligor's Agent shall ensure that no member of
        the Group will) pay any fees or commissions to any person other than:

        (a)       any fees payable on arm's length terms to third parties who
                  have rendered service or advice to such Group member required
                  by such Group member in the ordinary course of business;

        (b)       non-executive director fees payable to any non-executive
                  directors of any member of the Group; and

        (c)       as required under the Finance Documents, the Mezzanine Finance
                  Documents, any Direct Mezzanine Refinancing Facility, any
                  Exchange Notes Documents or the High Yield Documents; and

        (d)       any fees payable in connection with the Acquisition or the
                  Finance Documents or the Mezzanine Finance Documents or the
                  Direct Mezzanine Refinancing Facility or the High Yield
                  Documents or the Exchange Notes Documents.

23.27   TREASURY TRANSACTIONS
        No Obligor shall (and the Obligor's Agent shall ensure that no member of
        the Group will) enter into any Treasury Transaction which is not a
        Permitted Treasury Transaction.

23.28   THE ACQUISITION
        The Obligor's Agent shall (and shall ensure that each member of the
        Group will):

        (a)       in relation to the Acquisition, comply in all material
                  respects with all material applicable laws and all material
                  requirements of relevant regulatory authorities;

        (b)       at the request of the Agent, provide the Agent with any
                  material information in its possession relating to the
                  Acquisition;

        (c)       use reasonable endeavours to ensure that no publicity
                  material, press releases or other public documents in relation
                  to the Acquisition (other than those required by law or
                  regulation) are published or released by or on behalf of it,
                  or by its advisers which refer to any of the Finance Parties,
                  the Finance Documents or the Facilities, unless such reference
                  and the context in which it appears have previously been
                  approved by the Agent (such approval not to be unreasonably
                  withheld or delayed); and

                                      -140-
<Page>

        (d)       not withhold its consent, after the Closing Date, to any
                  reasonable request by the Agent or the Arrangers to publicise
                  the Facilities and the involvement of all or any of the
                  Finance Parties in the Facilities and the transactions
                  contemplated thereby.

23.29   HEDGING
        The Obligor's Agent and the Borrowers shall procure that Borrowers
        approved by the Agent shall, in accordance with the terms of the Hedging
        Letter, enter into Hedging Agreements (satisfactory to the Agent (acting
        reasonably)) which:

        (a)       satisfy the requirements of the Hedging Letter; and

        (b)       rank PARI PASSU with the claims of the Finance Parties under
                  the Finance Documents.

23.30   GUARANTOR GROUP AND SECURITY COVERAGE
        (a)       Subject to paragraph (d) of this Clause 23.30, the Obligor's
                  Agent shall ensure that as at the end of each calendar year
                  (beginning with the calendar year ended 31 December 2001):

                  (i)      the aggregate (without double counting) of (1) the
                           EBITDA of each of the Guarantors (but ignoring losses
                           before interest and tax of any Guarantor) and (2) the
                           EBITDA of each Consolidated Subsidiary of MGG which
                           is not a Guarantor (but ignoring any losses before
                           interest and tax of that Consolidated Subsidiary) in
                           respect of which 95% or more of its voting and issued
                           share capital is pledged pursuant to a Security
                           Document (the Guarantors referred to in paragraph (1)
                           of this paragraph (a)(i) taken together with the
                           Subsidiaries referred to in paragraph (2) of this
                           paragraph (a)(i) being collectively referred to as
                           the "SECURITY PARTIES"); and

                  (ii)     the aggregate gross assets (without double counting
                           and excluding assets which are not included on
                           consolidation) of the Security Parties,

                  shall equal or exceed (in the case of paragraph (a)(i) above)
                  75 per cent. of the consolidated EBITDA and (in the case of
                  paragraph (a)(ii) above) 60 per cent. of the consolidated
                  gross assets of the Newco 2 Group, each as determined by
                  reference to the most recent Compliance Certificate and
                  Auditor's Report delivered pursuant to Clause 21.2 (COMPLIANCE
                  CERTIFICATES) in connection with the financial statements
                  delivered pursuant to paragraph (a)(i) or (a)(iii) and (if
                  relevant) paragraph (d)(i) or (d)(iii) of Clause 21.1
                  (FINANCIAL STATEMENTS).

        (b)       Subject to paragraph (d) of this Clause 23.30, the Obligor's
                  Agent shall ensure that as at the end of each calendar year
                  (beginning with the calendar year ending 31 December 2001):

                  (i)      the aggregate (without double counting) of the EBITDA
                           of each of the Guarantors (but ignoring losses before
                           interest and tax of any Guarantor); and

                  (ii)     the aggregate gross assets (without double counting
                           and excluding assets which are not included on
                           consolidation) of the Guarantors,

                                      -141-
<Page>

                  shall equal or exceed (in the case of paragraph (b)(i) above)
                  65 per cent. of the consolidated EBITDA and (in the case of
                  paragraph (b)(ii) above) 55 per cent. of the consolidated
                  gross assets of the Newco 2 Group, each as determined by
                  reference to the most recent Compliance Certificate and
                  Auditor's Report delivered pursuant to Clause 21.2 (COMPLIANCE
                  CERTIFICATES) in connection with the financial statements
                  delivered pursuant to paragraph (a)(i) or (a)(iii) and (if
                  relevant) paragraph (d)(i) or (d)(iii) of Clause 21.1
                  (FINANCIAL STATEMENTS).

        (c)       For these purposes, EBITDA in relation to the Newco 2 Group is
                  calculated as defined in Clause 22.2 (FINANCIAL DEFINITIONS)
                  and EBITDA of any Security Party shall be calculated on the
                  same principles as that definition but on an unconsolidated
                  basis.

        (d)       If a Compliance Certificate or Auditor's Report delivered
                  pursuant to Clause 21.2 (COMPLIANCE CERTIFICATES) in
                  connection with the financial statements delivered pursuant to
                  paragraph (a) (i) or (d) (i) and/or paragraph (a) (iii) or (d)
                  (iii) of Clause 21.1 (FINANCIAL STATEMENTS) shows that any of
                  the requirements of paragraphs (a) or (b) of this Clause 23.30
                  are not satisfied, then it shall not be treated as a breach of
                  this Clause 23.30 nor shall a Default occur under Clause 24.3
                  (OTHER OBLIGATIONS) in relation to such non satisfaction if on
                  or before the date falling 60 days after delivery of such
                  Compliance Certificate or Auditor's Report either the managing
                  director or two board members of Newco 2 provide a certificate
                  to the Agent (on behalf of the Finance Parties) (together with
                  any supporting documentation reasonably requested by the
                  Agent) certifying that the failure to satisfy the percentage
                  requirements of paragraphs (a) and (b) above was due to the
                  sale of member(s) of the MGG Group with negative EBITDA or the
                  following conditions are satisfied:

                  (i)      additional member(s) of the MGG Group become
                           Additional Guarantor(s) in accordance with Clause
                           26.4 (ADDITIONAL GUARANTORS); and/or

                  (ii)     additional Security Document(s) are entered into
                           creating pledge(s) over a Consolidated Subsidiary or
                           Consolidated Subsidiaries of MGG which are not
                           Guarantors in respect of which 95% or more (or, in
                           the case of Messer Carburos S.A., 89% or more) of its
                           voting and issued share capital are pledged pursuant
                           to such Security Document(s) (and the Agent is
                           provided with legal opinions satisfactory to it
                           (acting reasonably) in relation to each such Security
                           Document from its legal counsel in relation to the
                           law of the jurisdiction of incorporation of the
                           pledgor and the law governing the Security Document)

                           (the Additional Guarantors referred to in paragraphs
                           (i) and the Consolidated Subsidiaries referred to in
                           paragraph (ii) of this paragraph (d) being
                           collectively referred to as the "TOP UP SECURITY
                           PARTIES"); and

                  (iii)    any Prokurist of Newco 2 provides a certificate
                           addressed to the Agent (on behalf of itself and the
                           Finance Parties) confirming (1) the EBITDA of each of
                           the Top Up Security Parties (ignoring losses before
                           interest and tax) and (2) the aggregate gross assets
                           of each of the Top Up Security Parties in respect of
                           the applicable calendar year and (3) that if the Top
                           Up Security Parties had been

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<Page>

                           taken into account as Security Parties or Guarantors
                           (as the case may be) for the purposes of Clause 23.30
                           (a) and (b) for the applicable calendar year then:

                           (A)      the aggregate (without double counting) of
                                    the EBITDA of each of the Security Parties
                                    (but ignoring losses before interest and tax
                                    of any Security Party) and the aggregate
                                    gross assets (without double counting) of
                                    the Security Parties as at the end of the
                                    applicable calendar year equalled or
                                    exceeded (as appropriate) 80% of the
                                    consolidated EBITDA and 65% of the
                                    consolidated gross assets of the Newco 2
                                    Group; and

                           (B)      the aggregate (without double counting) of
                                    the EBITDA of each of the Guarantors (but
                                    ignoring losses before interest and tax of
                                    any Guarantor) and the aggregate gross
                                    assets (without double counting) of the
                                    Guarantors equalled or exceeded (as
                                    appropriate) 70% of the consolidated EBTIDA
                                    and 60% of the consolidated gross assets of
                                    the Newco 2 Group; and

                  (iv)     the auditors of Newco 2 provide a report addressed to
                           the Agent (on behalf of the Finance Parties)
                           confirming the calculations set out in the
                           certificate referred to in paragraph (iii) of this
                           paragraph (d).

        (e)       The Obligor's Agent shall not be required to meet any of the
                  above requirements of this Clause 23.30 to the extent that it
                  satisfies the Agent that it cannot meet such requirements by
                  reason of legal or regulatory impediment which are beyond its
                  or any member of the Newco 2 Group's control or the factors
                  referred to in paragraph 4(a) of Schedule 15 (SECURITY
                  PRINCIPLES). The Obligor's Agent shall use reasonable
                  endeavours to ensure that relevant members of the Newco 2
                  Group do all that is necessary in order to ensure that such
                  relevant members of the Newco 2 Group can become an Additional
                  Guarantor and/or grant a pledge over shares in a Consolidated
                  Subsidiary (as the case may be).

        (f)       Without prejudice to its obligations under paragraphs (a), (b)
                  and (d) above, the Obligor's Agent shall procure that each
                  person that is at any time a Guarantor under (and as defined
                  in) the Mezzanine Facility Agreement or a guarantor of any of
                  the Direct Mezzanine Refinancing is also a Guarantor under
                  this Agreement at that time.

23.31   ACCOUNTING REFERENCE DATE
        The Obligor's Agent shall ensure that Newco 2 retains (and shall ensure
        that each member of the Newco 2 Group will retain) 31 December as its
        accounting reference date and shall not change the duration of any of
        its financial years, save that:

        (a)       Newco 2 and its Subsidiaries incorporated in Germany may
                  change their accounting reference dates to the first Quarter
                  Date after the Closing Date PROVIDED THAT the Obligor's Agent
                  shall use all reasonable endeavours to ensure that after any
                  such change the accounting reference dates of Newco 2 and each
                  of its Subsidiaries incorporated in Germany are, as soon as
                  reasonably practicable, changed back to 31 December 2001; and

        (b)       Newco 2 and its Subsidiaries incorporated in Germany may
                  change their accounting reference dates to the first Quarter
                  Date following the completion of the transactions

                                      -143-
<Page>

                  contemplated by the Business Combination Agreement relating to
                  the transfer of 66 2/3% of the shares of Newco 2 to Hoechst
                  Newco 3 and then the transfer of the shares of Hoechst Newco
                  3 to the Company, PROVIDED THAT the Obligor's Agent shall use
                  all reasonable endeavours to ensure that after any such change
                  the accounting reference dates of Newco 2 and each of its
                  Subsidiaries incorporated in Germany are, as soon as
                  reasonably practicable, changed back to 31 December 2002.

23.32   REVISED GROUP STRUCTURE
        If the Obligor's Agent or an Obligor becomes aware of any inaccuracies
        (as at the Closing Date) in the Group Structure Chart delivered to the
        Agent pursuant to Clause 4 (CONDITIONS OF UTILISATION) it will deliver
        to the Agent as soon as is reasonably practicable thereafter a revised
        structure chart for the Group (covering the same categories of
        information as the Group Structure Chart).

23.33   SYNDICATION
        The Obligor's Agent shall provide reasonable assistance to the Arrangers
        in the preparation of the Information Memorandum and the primary and
        general syndication of the Facilities (including, without limitation, by
        making senior management available for the purpose of making
        presentations to, or meeting, potential lending institutions) and will
        comply with all reasonable requests for information from potential
        syndicate members prior to completion of syndication. The Obligor's
        Agent and each Obligor agree to be bound by the terms and conditions of
        the Syndication Letter.

23.34   FEDERAL RESERVE REGULATIONS
        The Obligor's Agent shall procure that each Borrower which is a US Group
        Member will use the Facilities without violating Regulations T, U and X.

23.35   COMPLIANCE WITH ERISA
        The Obligor's Agent shall procure that each US Group Member and each
        ERISA Affiliate (each a "RELEVANT COMPANY") shall not cause or permit to
        occur (a) an event which would result in the imposition of Security
        under Section 412 of the Code or Section 302 or 4068 of ERISA or (b) an
        ERISA Event that would reasonably be expected to have a Material Adverse
        Effect.

23.36   LIMITATION ON THE LENDERS' CONTROL OVER GERMAN OBLIGORS
        (a)       The provisions of Clause 23.12 (MERGER) and Clause 23.13
                  (CHANGE OF BUSINESS) (the "RELEVANT RESTRICTIVE UNDERTAKINGS")
                  shall only apply to each German Obligor in the following
                  manner:

                  (i)      each German Obligor shall give the Agent no less than
                           twenty Business Days' prior written notice of the
                           intention of it to carry out any acts or take any
                           steps inconsistent with the Relevant Restrictive
                           Undertakings;

                  (ii)     the Agent shall be entitled within ten Business Days
                           of receipt of such a notice from a German Obligor to
                           request that such German Obligor supply the Agent
                           with any relevant information in connection with the
                           proposed action or steps referred to in such notice;
                           and

                  (iii)    the Agent shall, if it decides that the proposed
                           action or steps set out in such notice would
                           reasonably be expected to be materially prejudicial
                           to the interests

                                      -144-
<Page>

                           of the Finance Parties under the Finance Documents,
                           notify the relevant German Obligor of such a decision
                           within twenty Business Days of its receipt of such a
                           notice.

        (b)       If:

                  (i)      the Agent notifies a German Obligor that the proposed
                           action or steps set out in a notice delivered by such
                           German Obligor pursuant to paragraph (a) above would
                           reasonably be expected to be materially prejudicial
                           to the interests of the Finance Parties under the
                           Finance Documents; and

                  (ii)     the relevant German Obligor nevertheless proceeds to
                           carry out such proposed action or steps,

                  the Agent shall be entitled to (and, if so instructed by the
                  Majority Lenders, shall) exercise all or any of its rights
                  under Clause 24.15 (ACCELERATION).

23.37   CONDITIONS SUBSEQUENT
        (a)       The Obligor's Agent shall (and shall procure that each Initial
                  Guarantor will) use its best efforts to obtain all releases
                  and perform all other acts required to discharge in full the
                  Security which secures any Financial Indebtedness which is to
                  be repaid as a condition precedent under paragraph 5(g) of
                  Part I of Schedule 2 (CONDITIONS PRECEDENT) on or before the
                  Closing Date, and in any event the Obligor's Agent shall
                  ensure that all such releases are obtained and shall perform
                  all such other acts within 30 days of the Closing Date.

        (b)       The Obligor's Agent shall use its best endeavours to procure
                  that the following reports from KPMG are provided as soon as
                  reasonably practicable after the Closing Date (together with
                  Reliance Letters relating thereto) in form and substance
                  satisfactory to the Arrangers (acting reasonably):

                  (i)      a report discussing the Business Plan and its
                           underlying assumptions (the "PROJECTIONS REPORT");
                           and

                  (ii)     a report discussing the results of the MGG Group in
                           the year 2000 (the "2000 OUTTURN REPORT").

        (c)       The Obligor's Agent shall procure that the Original Financial
                  Statements of MGG are delivered to the Agent as soon as
                  reasonably practicable and in any event within 10 days of the
                  Closing Date.

23.38   TOTAL DEBT RELIEF AMOUNT
        The Obligor's Agent shall ensure that the aggregate of the amount of the
        Term Disposal Facility which has been repaid and Relevant Debt Relief
        Amount as at the Term Disposal Facility Repayment Date is equal to or
        greater than EUR255,000,000 (or its equivalent in other currencies).

23.39   DEBTCO EXIT DATE
        If for any reason, after the Debtco Introduction Date, no German thin
        capitalisation would apply if the Debtco Exit Date were to occur, then
        at the request of the Majority Lenders the Obligor's Agent shall use all
        reasonable endeavours to ensure that the Debtco Exit Date occurs.

                                      -145-

<Page>

23.40   PAYMENTS UNDER DEBTCO INTRA-GROUP LOANS
        Notwithstanding any other provision of any Finance Document, Debtco and
        MGG shall ensure that each payment in respect of principal under any
        Intra-Group Loan to which Debtco is the lender and MGG is the borrower
        is either immediately used to reduce the Outstandings or the Mezzanine
        Outstandings (unless prohibited by the terms of the Intercreditor Deed)
        or placed in a bank account in Germany of Debtco which is subject to a
        Security Document.

24.     EVENTS OF DEFAULT

        Each of the events or circumstances set out in this Clause 24 is an
        Event of Default.

24.1    NON-PAYMENT
        An Obligor does not pay on the due date any amount payable pursuant to a
        Finance Document at the place at and in the currency in which it is
        expressed to be payable unless:

        (a)       its failure to pay is caused by administrative or technical
                  error; and

        (b)       payment is made within three Business Days of its due date.

24.2    FINANCIAL COVENANTS
        Any requirement of Clause 22 (FINANCIAL COVENANTS) is not satisfied.

24.3    OTHER OBLIGATIONS
        (a)       An Obligor or the Company or Newco 2 does not comply with any
                  provision of the Finance Documents (other than those referred
                  to in Clause 24.1 (NON-PAYMENT) and Clause 22 (FINANCIAL
                  COVENANTS)).

        (b)       No Event of Default under paragraph (a) above in relation to
                  Clause 23.1 (AUTHORISATION), Clause 23.2 (COMPLIANCE WITH
                  LAWS), Clause 23.14 (INSURANCE), Clause 23.15 (ENVIRONMENTAL
                  COMPLIANCE), Clause 23.16 (ENVIRONMENTAL CLAIMS), Clause 23.17
                  (TAXATION), Clause 23.18 (SECURITY), Clause 23.19 (PENSIONS),
                  23.20 (ACCESS), Clause 23.21 (PRESERVATION OF ASSETS), Clause
                  23.22 (INTELLECTUAL PROPERTY), Clause 23.23 (VENDOR WARRANTIES
                  AND ACQUISITION CLOSING CONDITIONS), Clause 23.28 (THE
                  Acquisition), Clause 23.32 (REVISED GROUP STRUCTURE), Clause
                  23.33 (SYNDICATION) or Clause 23.35 (COMPLIANCE WITH ERISA)
                  will occur if the failure to comply is capable of remedy and
                  is remedied within twenty one Business Days of the earlier to
                  occur of the date of the Agent giving notice to the Obligor's
                  Agent or the Obligor's Agent becoming aware of the failure to
                  comply.

24.4    MISREPRESENTATION
        Any representation or written statement made or deemed to be made by an
        Obligor or the Company or Newco 2 in the Finance Documents or any other
        document delivered by or on behalf of any Obligor or the Company under
        or in connection with any Finance Document is or proves to have been
        incorrect or misleading in any material respect when made or deemed to
        be made unless (save in relation to the Closing Representations) the
        underlying circumstances (if capable of remedy) are remedied within
        twenty one Business Days of the earlier to occur of the date of the
        Agent giving notice to the Obligor's Agent or the Obligor's Agent
        becoming aware of such underlying circumstances.

                                      -146-
<Page>

24.5    CROSS DEFAULT
        (a)       Any Financial Indebtedness of any Material Company is not paid
                  when due nor within any originally applicable grace period.

        (b)       Any Financial Indebtedness of any Material Company is declared
                  to be or otherwise becomes due and payable prior to its
                  specified maturity as a result of an event of default (however
                  described).

        (c)       Any commitment for any Financial Indebtedness of any Material
                  Company is cancelled or suspended by a creditor of such
                  Material Company as a result of an event of default (however
                  described).

        (d)       Any creditor of any Material Company becomes entitled to
                  declare any Financial Indebtedness of such Material Company
                  due and payable prior to its specified maturity as a result of
                  an event of default (however described).

        (e)       No Default will occur under this Clause 24.5 if:

                  (i)   the aggregate amount of Financial Indebtedness or
                        commitment for Financial Indebtedness falling within
                        paragraphs (a) to (d) above is less than EUR10,000,000
                        (or its equivalent in any other currency or currencies);
                        or

                  (ii)  such Financial Indebtedness is repaid in full within 10
                        days of the earlier to occur of the date of the Agent
                        giving notice to the Obligor's Agent of such event or
                        circumstance or the Obligor's Agent becoming aware of
                        such event or circumstance.

        (f)       For the purposes of this Clause 24.5, to the extent that any
                  Financial Indebtedness is supported by a Letter of Credit or
                  Bank Guarantee issued under this Agreement or the creditor of
                  any Financial Indebtedness has been provided with first
                  priority security over a deposit in a bank account securing
                  such Financial Indebtedness, then the amount of such Financial
                  Indebtedness which is supported by such Letter of Credit or
                  Bank Guarantee or security shall not count as Financial
                  Indebtedness for so long as such Letter of Credit or Bank
                  Guarantee or security remains in force.

24.6    INSOLVENCY
        (a)       Any Material Company (other than a German Group Member) is
                  unable or admits inability to pay its debts as they fall due
                  or suspends making payments on any of its debts.

        (b)       The value of the assets of any Material Company (other than a
                  German Group Member) is less than its liabilities (taking into
                  account contingent and prospective liabilities).

        (c)       The Company or any German Group Member who is a Material
                  Company ceases or suspends generally payment of its debts or
                  publicly announces an intention to do so (or is deemed for the
                  purposes of any law applicable to it to be) or is over
                  indebted (UBERSCHULDUNG) within the meaning of section 19 of
                  the German Insolvency Code or unable or deemed unable to pay
                  its debts as they fall due (ZAHLUNGSUNFAHIGKEIT or DROHENDE
                  ZAHLUNGSUNFAHIGKEIT).

                                      -147-
<Page>

        (d)       Any event occurs or proceedings are taken with respect to the
                  Company or any Material Company which has a similar or
                  equivalent effect to any of the provisions set out in
                  paragraphs (a) to (c) above.

        (e)       The Company or any Material Company, by reason of actual or
                  anticipated financial difficulties, commences negotiations
                  with one or more of its creditors with a view to rescheduling
                  any of its indebtedness.

        (f)       A moratorium is declared in respect of any indebtedness of the
                  Company or any Material Company.

24.7    INSOLVENCY PROCEEDINGS
        Any corporate action, legal proceedings or other procedure or step is
        taken in relation to:

        (a)       the suspension of payments, a moratorium of any indebtedness,
                  winding-up, dissolution, administration or reorganisation (by
                  way of voluntary arrangement, scheme of arrangement or
                  otherwise) of the Company or any Material Company other than a
                  solvent liquidation or reorganisation of any Material Company
                  (other than Newco 2) which is not an Obligor;

        (b)       a composition, assignment or arrangement with any creditor of
                  the Company or any Material Company;

        (c)       the appointment of a liquidator (other than in respect of a
                  solvent liquidation of a Material Company (other than Newco 2)
                  which is not an Obligor), receiver, administrator,
                  administrative receiver, compulsory manager or other similar
                  officer in respect of the Company or any Material Company or
                  any of its assets; or

        (d)       enforcement of any Security over any assets having a value
                  greater than EUR10,000,000 (or its equivalent in any other
                  currency or currencies) of any Material Company,

        or any analogous procedure or step is taken in any jurisdiction.

        (e)       No Event of Default will occur under this Clause 24.7 if the
                  Majority Lenders (acting reasonably) are satisfied that the
                  Company or the relevant Material Company (as the case may be)
                  is contesting in good faith and by appropriate proceedings the
                  relevant corporate action, legal proceedings or other
                  procedure or step and that it is reasonably likely that such
                  action, proceedings or steps will be discharged within 60 days
                  of their commencement.

24.8    CREDITORS' PROCESS
        Any expropriation, attachment, sequestration, distress or execution
        affects any asset or assets of a Material Company having an aggregate
        value of EUR10,000,000 (or its equivalent in any other currency or
        currencies) and is not discharged within 60 days.

24.9    TRANSACTION SECURITY
        (a)       Any Obligor, the Company or Newco 2 fails to perform or comply
                  with any of the material obligations assumed by it in the
                  Security Documents.

                                      -148-
<Page>

        (b)       At any time any of the Transaction Security is or becomes
                  unlawful or (subject to the Reservations) is not, or ceases to
                  be, legal, valid, binding or enforceable or otherwise ceases
                  to be effective, in a manner and to an extent which the
                  Majority Lenders reasonably consider to be materially
                  prejudicial to the interests of the Finance Parties under the
                  Finance Documents.

        (c)       No Event of Default will occur under paragraph (a) of this
                  Clause 24.9 if the failure is capable of remedy and it is
                  remedied within 21 Business Days of the earlier of the date
                  the Agent gives notice to the Obligor's Agent or the Obligor's
                  Agent becoming aware of the failure to comply.

24.10   OTHER INDEBTEDNESS
        Any event of default (howsoever described) occurs under the Mezzanine
        Facility Agreement or any High Yield Notes or any Direct Mezzanine
        Refinancing or any Exchange Notes.

24.11   SUBORDINATION AGREEMENTS
        Any party to any Intercreditor Deed or any Subordination Agreement or
        any Newco 2 Loan Agreement or any High Yield Proceeds Loan Agreement or
        any Exchange Notes Loan Agreement (other than any Finance Party) fails
        to comply with its obligations under any such agreement in a manner
        which is reasonably likely to be materially prejudicial to the interests
        of any Finance Party under the Finance Documents.

24.12   UNLAWFULNESS
        It is or becomes unlawful for an Obligor to perform any of its
        obligations under the Finance Documents in circumstances or to an extent
        which the Majority Lenders reasonably consider to be material
        prejudicial to the interests of any Finance Party under the Finance
        Documents.

24.13   REPUDIATION
        An Obligor repudiates a Finance Document or any of the Transaction
        Security or evidences an intention to repudiate a Finance Document or
        any of the Transaction Security.

24.14   MATERIAL ADVERSE CHANGE
        Any event or circumstance occurs which would reasonably be expected to
        have a Material Adverse Effect.

24.15   ACCELERATION
        Subject to Clause 24.16 (CLOSING PERIOD) and 24.17 (CLEAN-UP PERIOD) on
        and at any time after the occurrence of an Event of Default which is
        continuing, or otherwise in accordance with Clause 23.36 (LIMITATION ON
        THE LENDERS' CONTROL OVER GERMAN OBLIGORS), the Agent may, and shall if
        so directed by the Majority Lenders, by notice to the Obligor's Agent:

        (a)       cancel the Total Commitments whereupon they shall immediately
                  be cancelled;

        (b)       declare that all or part of the Loans, together with accrued
                  interest, and all other amounts accrued under the Finance
                  Documents be immediately due and payable, whereupon they shall
                  become immediately due and payable;

        (c)       declare that all or part of the Loans be payable on demand,
                  whereupon they shall immediately become payable on demand by
                  the Agent on the instructions of the Majority Lenders;

                                      -149-
<Page>

        (d)       exercise, or direct the Security Trustee to exercise, all or
                  any of its or, as the case may be, the Security Trustee's
                  rights, remedies, powers or discretions under any of the
                  Finance Documents; and/or

        (e)       require the Borrowers to:

                  (i)      procure that the liabilities of each of the Lenders
                           and the Fronting Banks under each Letter of Credit
                           and Bank Guarantee are promptly reduced to zero; or

                  (ii)     provide Cash Collateral for each Letter of Credit and
                           Bank Guarantee in an amount specified by the Agent
                           and in the currency of that Letter of Credit or, as
                           the case may be, Bank Guarantee.

24.16   CLOSING PERIOD
        During the Closing Period none of the Finance Parties shall be entitled
        to take any action under Clause 24.15 (ACCELERATION) or rescind,
        terminate or cancel this Agreement or the Facilities unless:

                  (i)      a Closing Event of Default has occurred which is
                           continuing; and/or

                  (ii)     the Acquisition Closing Conditions have not been
                           satisfied or have been waived (either partially or
                           entirely) by the Company or MGG (unless
                           (notwithstanding the Acquisition Closing Conditions
                           not having been so satisfied without being partially
                           or entirely waived by the Company or MGG (except in
                           accordance with Clause 23.24 (AMENDMENTS))) the
                           Company is obliged pursuant to the terms of the
                           Business Combination Agreement to consummate the MGG
                           Acquisition on the Closing Date), and/or

                  (iii)    any of the Closing Representations made or deemed to
                           be made by the Obligor's Agent and each Obligor are
                           not true in all material respects,

                  PROVIDED THAT immediately upon the expiry of the Closing
                  Period (subject to Clause 24.17 (CLEAN-UP PERIOD)) all such
                  rights, remedies and entitlements which would have been
                  available to the Finance Parties but for this Clause 24.16
                  shall be available to the Finance Parties notwithstanding that
                  they may not have been used or available for use during the
                  Closing Period.

24.17   CLEAN-UP PERIOD
        Until the Clean-Up Date, the Events of Default set out in Clause 24.3
        (OTHER OBLIGATIONS) (save in so far as it relates to Clause 23.37
        (CONDITIONS SUBSEQUENT)), Clause 24.4 (MISREPRESENTATION) and Clause
        24.5 (CROSS DEFAULT) shall not apply to any member of the MGG Group if
        reasonable steps are being taken by the Obligor's Agent and (as
        appropriate) any member of the MGG Group to cure any such Event of
        Default, unless such Event of Default:

                  (i)      is reasonably likely to have a material adverse
                           effect on the ability of any Obligor to perform its
                           payment obligations under the Finance Documents; or

                                      -150-
<Page>

                  (ii)     has been procured, or approved, by any Holding
                           Company of MGG or any of the Obligors (other than by
                           way of any such company entering into any of the
                           Transaction Documents).

                                      -151-
<Page>

                                    SECTION 9

                               CHANGES TO PARTIES

25.     CHANGES TO THE LENDERS

25.1    ASSIGNMENTS AND TRANSFERS BY THE LENDERS
        Subject to this Clause 25, a Lender (the "EXISTING LENDER") may:

        (a)       assign any of its rights; or

        (b)       transfer by novation any of its rights and obligations,

        to another person (the "NEW LENDER"). The Agent shall maintain a
        book-entry registration transfer system (the "REGISTER") for the
        purposes of all assignments and transfers made pursuant to this Clause
        25.

25.2    CONDITIONS OF ASSIGNMENT OR TRANSFER
        (a)       The consent of neither the Obligor's Agent nor any other
                  Obligor is required for an assignment or transfer by a Lender.

        (b)       The consent of the Bookrunners is required for an assignment
                  or transfer by a Lender at any time prior to the last
                  Syndication Date, save that no such consent is required for an
                  assignment or transfer by a Lender to any of its Affiliates.

        (c)       If a Lender wishes to enter into an assignment or transfer in
                  relation to a Revolving Facility at a time when any Letters of
                  Credit or Bank Guarantees are outstanding under that Revolving
                  Facility, the consent of the relevant Fronting Banks in
                  respect of such Letters of Credit or Bank Guarantees will be
                  required (such consent not to be unreasonably withheld or
                  delayed).

        (d)       An assignment will only be effective on the Agent recording
                  the assignment on the Register and receipt by the Agent of
                  written confirmation from the New Lender (in form and
                  substance satisfactory to the Agent) that the New Lender will
                  assume the same obligations to the other Finance Parties as it
                  would have been under if it was an Original Lender.

        (e)       A transfer will only be effective if the procedure set out in
                  Clause 25.5 (PROCEDURE FOR TRANSFER) is complied with.

        (f)       A Lender may transfer or assign all or any part of its share
                  of a Facility without transferring or assigning any part of
                  its share of any other Facility.

        (g)       If:

                  (i)      a Lender assigns or transfers any of its rights or
                           obligations under the Finance Documents or changes
                           its Facility Office; and

                  (ii)     as a result of circumstances existing at the date the
                           assignment, transfer or change occurs, an Obligor
                           would be obliged to make a payment to the New Lender
                           or Lender acting through its new Facility Office
                           under Clause 14 (TAX GROSS-UP AND INDEMNITIES) or
                           Clause 15 (INCREASED COSTS),

                                      -152-
<Page>

                  then the New Lender or Lender acting through its new Facility
                  Office is only entitled to receive payment under those Clauses
                  to the same extent as the Existing Lender or Lender acting
                  through its previous Facility Office would have been if the
                  assignment, transfer or change had not occurred PROVIDED THAT
                  this clause 25.2(g) shall not affect any obligation of an
                  Obligor to make a payment under Clause 14 (TAX GROSS-UP AND
                  INDEMNITIES) that results from a deduction of tax imposed on
                  the Agent by section 118E(3) of the Income and Corporation
                  Taxes Act 1988.

        (h)       If a Lender transfers or assigns part but not all of its share
                  of the Facilities to a person other than one of its Affiliates
                  then such transfer or assignment must be in a minimum amount
                  of EUR1,000,000 of its Commitment (or, if such partial
                  transfer or assignment relates to a Dollar Facility or the
                  Term Disposal Facility in a minimum amount of $1,000,000).

        (i)       If the Lender to whom the assignment or transfer is being made
                  is not party to the Intercreditor Deed as a Senior Lender then
                  (if it does not become a Lender pursuant to a Transfer
                  Certificate) it shall duly execute and deliver to the Security
                  Trustee and the Agent a deed of accession in the form required
                  under the Intercreditor Deed so as to become a Senior Lender
                  under the Intercreditor Deed.

25.3    ASSIGNMENT OR TRANSFER FEE
        The New Lender shall, on the date upon which an assignment or transfer
        takes effect, pay to the Agent (for its own account) a fee of EUR750
        PROVIDED THAT no such fee shall be paid in relation to any assignment or
        transfer:

        (a)       by a Lender to one of its Affiliates; or

        (b)       made pursuant to primary or general syndication of the
                  Facilities.

25.4    LIMITATION OF RESPONSIBILITY OF EXISTING LENDERS
        (a)       Unless expressly agreed to the contrary, an Existing Lender
                  makes no representation or warranty and assumes no
                  responsibility to a New Lender for:

                  (i)      the legality, validity, effectiveness, adequacy or
                           enforceability of the Finance Documents or any other
                           documents;

                  (ii)     the financial condition of any Obligor;

                  (iii)    the performance and observance by any Obligor or the
                           Company or Newco 2 of its obligations under the
                           Finance Documents or any other documents; or

                  (iv)     the accuracy of any statements (whether written or
                           oral) made in or in connection with any Finance
                           Document or any other document,

                  and any representations or warranties implied by law are
                  excluded.

        (b)       Each New Lender confirms to the Existing Lender and the other
                  Finance Parties that it:

                  (i)   has made (and shall continue to make) its own
                        independent investigation and assessment of the
                        financial condition and affairs of each Obligor and its
                        related

                                      -153-
<Page>

                        entities in connection with its participation in
                        this Agreement and has not relied exclusively on any
                        information provided to it by the Existing Lender in
                        connection with any Finance Document; and

                  (ii)  will continue to make its own independent appraisal of
                        the creditworthiness of each Obligor and its related
                        entities whilst any amount is or may be outstanding
                        under the Finance Documents or any Commitment is in
                        force.

        (c)       Nothing in any Finance Document obliges an Existing Lender to:

                  (i)      accept a re-transfer from a New Lender of any of the
                           rights and obligations assigned or transferred under
                           this Clause 25; or

                  (ii)     support any losses directly or indirectly incurred by
                           the New Lender by reason of the non-performance by
                           any Obligor, the Company or Newco 2 of its
                           obligations under the Finance Documents or otherwise.

25.5    PROCEDURE FOR TRANSFER
        (a)       Subject to the conditions set out in Clause 25.2 (CONDITIONS
                  OF ASSIGNMENT OR TRANSFER) a transfer is effected in
                  accordance with paragraph (b) below when the Agent executes an
                  otherwise duly completed Transfer Certificate delivered to it
                  by the Existing Lender and the New Lender and the transfer is
                  recorded by the Agent on the Register. The Agent shall, as
                  soon as reasonably practicable after receipt by it of a duly
                  completed Transfer Certificate appearing on its face to comply
                  with the terms of this Agreement and delivered in accordance
                  with the terms of this Agreement, execute that Transfer
                  Certificate.

        (b)       On the Transfer Date:

                  (i)      to the extent that in the Transfer Certificate the
                           Existing Lender seeks to transfer by novation its
                           rights and obligations under the Finance Documents
                           each of the Obligors (which term shall include for
                           the purposes of this Clause 25.5 the Company and
                           Newco 2) and the Existing Lender shall be released
                           from further obligations towards one another under
                           the Finance Documents and their respective rights
                           against one another shall be cancelled (being the
                           "DISCHARGED RIGHTS AND OBLIGATIONS");

                  (ii)     each of the Obligors and the New Lender shall assume
                           obligations towards one another and/or acquire rights
                           against one another which differ from the Discharged
                           Rights and Obligations only insofar as that Obligor
                           and the New Lender have assumed and/or acquired the
                           same in place of that Obligor and the Existing
                           Lender;

                  (iii)    the Agent, the Security Trustee, the Arrangers, the
                           New Lender, the other Lenders and any relevant
                           Fronting Banks shall acquire the same rights and
                           assume the same obligations between themselves as
                           they would have acquired and assumed had the New
                           Lender been an Original Lender with the rights and/or
                           obligations acquired or assumed by it as a result of
                           the transfer and to that extent the Agent, the
                           Security Trustee, the Arrangers, any relevant
                           Fronting

                                      -154-
<Page>

                           Banks and the Existing Lender shall each be released
                           from further obligations to each other under this
                           Agreement; and

                  (iv)     the New Lender shall become a Party as a "Lender".

25.6    SUB-PARTICIPATIONS BY LENDERS
        Any Lender may, without the consent of the Obligor's Agent or any
        Obligor, enter into with any person:

        (a)       sub-participation agreements relating to this Agreement;
                  and/or

        (b)       any other transactions under which payments are to be made by
                  reference to this Agreement or any Obligor.

25.7    DISCLOSURE OF INFORMATION
        Any Lender may disclose to any of its Affiliates and any other person:

        (a)       to (or through) whom that Lender assigns or transfers (or
                  proposes to assign or transfer) all or any of its rights and
                  obligations under this Agreement;

        (b)       with (or through) whom that Lender enters into (or proposes to
                  enter into) any sub-participation in relation to, or any other
                  transaction under which payments are to be made by reference
                  to, this Agreement or any Obligor; or

        (c)       to whom, and to the extent that, information is required to be
                  disclosed by any applicable law or regulation,

        any information about any Obligor, the Group and the Finance Documents
        as that Lender shall consider appropriate if, in relation to paragraphs
        (a) and (b) above, the person to whom the information is to be given has
        entered into a Confidentiality Undertaking.

26.     CHANGES TO THE OBLIGORS

26.1    ASSIGNMENT AND TRANSFERS BY OBLIGORS
        No Obligor may assign any of its rights or transfer any of its rights or
        obligations under the Finance Documents other than as provided in Clause
        26.7 (TRANSFERS ON DEBTCO INTRODUCTION DATE) or Clause 26.8 (TRANSFER ON
        DEBTCO EXIT DATE).

26.2    ADDITIONAL BORROWERS
        (a)       The Obligor's Agent may request that MGG and/or any
                  Consolidated Subsidiary of MGG 99% or more of whose voting and
                  issued share capital is owned directly or indirectly by MGG
                  becomes an Additional Borrower. That Consolidated Subsidiary
                  or MGG (as the case may be) shall become an Additional
                  Borrower if:

                  (i)      (other than in the case of any Initial Borrower) all
                           the Lenders approve the addition of that Consolidated
                           Subsidiary or, if that Consolidated Subsidiary is
                           incorporated in Luxembourg, The Netherlands, Germany
                           or in any state of the United States of America, the
                           Majority Lenders approve the addition of that
                           Consolidated Subsidiary as an Additional Borrower
                           (such approval not to be unreasonably withheld it
                           being noted that as at the date hereof there are
                           German

                                      -155-
<Page>

                           thin capitalisation concerns which would mean that
                           while MGG is a Borrower no other German Member
                           should be a Borrower);

                  (ii)     the Obligor's Agent delivers to the Agent a duly
                           completed and executed Accession Letter;

                  (iii)    the Obligor's Agent confirms that no Default (or,
                           during the Closing Period, no Closing Event of
                           Default) is continuing or would occur as a result of
                           that Consolidated Subsidiary or MGG (as the case may
                           be) becoming an Additional Borrower; and

                  (iv)     the Agent has received all of the documents and other
                           evidence listed in Part II of Schedule 2 (CONDITIONS
                           PRECEDENT) in relation to that Additional Borrower,
                           each in form and substance satisfactory to the Agent.

        (b)       The Obligor's Agent may request that Debtco becomes an
                  Additional Borrower. Debtco shall become an Additional
                  Borrower if:

                  (i)      the Obligor's Agent delivers to the Agent a duly
                           completed and executed Accession Letter;

                  (ii)     the Obligor's Agent confirms that no Default is
                           continuing or would occur as a result of Debtco
                           becoming an Additional Borrower;

                  (iii)    the Agent has received all of the documents and other
                           evidence listed in Part III of Schedule 2 (CONDITIONS
                           PRECEDENT) in relation to Debtco, each in form and
                           substance satisfactory to the Agent; and

                  (iv)     no High Yield Notes have been issued and twelve
                           Months have elapsed since the date of this Agreement.

        (c)       The Agent shall notify the Obligor's Agent and the Lenders
                  promptly upon being satisfied that it has received (in form
                  and substance satisfactory to it) all the documents and other
                  evidence listed in Part II (or Part III, in the case of the
                  accession of Debtco) of Schedule 2 (CONDITIONS PRECEDENT).

26.3    RESIGNATION OF A BORROWER
        (a)       The Obligor's Agent may request that a Borrower (other than
                  MGG) ceases to be a Borrower by delivering to the Agent a
                  Resignation Letter.

        (b)       The Agent shall accept a Resignation Letter and notify the
                  Obligor's Agent and the Lenders of its acceptance if:

                  (i)      no Default is continuing or would result from the
                           acceptance of the Resignation Letter (and the
                           Obligor's Agent has confirmed this is the case); and

                  (ii)     that Borrower is under no actual or contingent
                           obligations (in respect of principal or interest in
                           relation to any Loan made to it or in respect of any
                           actual or contingent obligations relating to a Bank
                           Guarantee or Letter of Credit issued at its request)
                           as a Borrower under any Finance Documents,

                                      -156-
<Page>

                  whereupon that company shall cease to be a Borrower and shall
                  have no further rights or obligations under the Finance
                  Documents.

26.4    ADDITIONAL GUARANTORS
        (a)       The Obligor's Agent may request that any member of the MGG
                  Group (or, with effect from the Debtco Introduction Date,
                  Debtco) becomes an Additional Guarantor. That member of the
                  MGG Group or Debtco, as the case may be, shall become an
                  Additional Guarantor if:

                  (i)      the Obligor's Agent delivers to the Agent a duly
                           completed and executed Accession Letter or, in the
                           case of Messer Austria GmbH, the duly executed
                           Austrian Guarantee; and

                  (ii)     the Agent has received all of the documents and other
                           evidence listed in Part II (or, in the case of
                           Debtco, Part III) of Schedule 2 (CONDITIONS
                           PRECEDENT) in relation to that Additional Guarantor
                           (other than, in the case of Messer Austria GmbH, an
                           Accession Letter), each in form and substance
                           satisfactory to the Agent.

        (b)       The Agent shall notify the Obligor's Agent and the Lenders
                  promptly upon being satisfied that it has received (in form
                  and substance satisfactory to it) all the documents and other
                  evidence listed in Part II (or, in the case of Debtco, Part
                  III) of Schedule 2 (CONDITIONS PRECEDENT).

26.5    REPETITION OF REPRESENTATIONS
        Delivery of an Accession Letter constitutes confirmation by the relevant
        Consolidated Subsidiary of MGG or Debtco (as the case may be) that the
        Repeating Representations (or, during the Closing Period, the Closing
        Representations) are true and correct in relation to it as at the date
        of delivery as if made by reference to the facts and circumstances then
        existing.

26.6    RESIGNATION OF A GUARANTOR
        (a)       The Obligor's Agent may request that a Guarantor (other than
                  MGG) ceases to be a Guarantor by delivering to the Agent a
                  Resignation Letter.

        (b)       The Agent shall accept a Resignation Letter and notify the
                  Obligor's Agent and the Lenders of its acceptance if:

                  (i)      no Default is continuing or would result from the
                           acceptance of the Resignation Letter (and the
                           Obligor's Agent has confirmed this is the case);

                  (ii)     all the Lenders have consented to the request of the
                           Obligor's Agent PROVIDED THAT if the shares in such
                           Guarantor have been (or are about to be) sold
                           pursuant to a Permitted Disposal, then all the
                           Lenders shall be deemed to consent to such request.

26.7    TRANSFERS ON DEBTCO INTRODUCTION DATE
        (a)       All of the Parties agree that if there have been any
                  Utilisations made prior to the Debtco Introduction Date at the
                  request of any Borrower whose Relevant Jurisdiction is Germany
                  (a "RELEVANT GERMAN BORROWER") then on the Debtco Introduction
                  Date

                                      -157-
<Page>

                  the rights and obligations of the Relevant German Borrowers as
                  Borrowers shall be automatically transferred to Debtco so that
                  on such date:

                  (i)      each of the Relevant German Borrowers (other than
                           Debtco) who have had Loans made to them or who have
                           had Letters of Credit or Bank Guarantees issued at
                           their request prior to the Debtco Introduction Date
                           shall be released from their obligations as Borrowers
                           (but not as Guarantors) under the Finance Documents
                           and their rights as Borrowers shall be cancelled
                           (being the "GERMAN BORROWERS DISCHARGED RIGHTS AND
                           OBLIGATIONS");

                  (ii)     Debtco shall assume obligations and acquire rights
                           under the Finance Documents which differ from the
                           German Borrowers Discharged Rights and Obligations
                           only insofar as Debtco has assumed and/or acquired
                           the same in place of the Relevant German Borrowers.

        (b)       Each Relevant German Borrower and Debtco agree that Debtco
                  shall be deemed to have made loans to each Relevant German
                  Borrower on the Debtco Introduction Date immediately after the
                  transfers referred to in paragraph (a) above in an amount
                  equal to the sum of:

                  (i)      the aggregate Outstandings of the Loans made to that
                           Relevant German Borrower immediately prior to the
                           transfer referred to in paragraph (a) above; and

                  (ii)     the aggregate interest, commissions and fees accrued
                           but not paid in relation to the Utilisations referred
                           to in paragraph (i) of this paragraph (b) in relation
                           to that Relevant German Borrower and in relation to
                           any Letters of Credit and Bank Guarantees issued at
                           that Relevant German Borrower's request.

        (c)       Each Relevant German Borrower agrees to indemnify Debtco on
                  demand in respect of any amount demanded by any Finance Party
                  from Debtco pursuant to the provisions of Clause 8 (BORROWER'S
                  LIABILITIES IN RELATION TO LETTERS OF CREDIT AND BANK
                  GUARANTEES) in connection with a Letter of Credit or Bank
                  Guarantee requested by that Relevant German Borrower.

26.8    TRANSFERS ON DEBTCO EXIT DATE
        (a)       All of the Parties agree that if on the Debtco Exit Date there
                  are any Utilisations in respect of which Debtco is the
                  Borrower, then on the Debtco Exit Date the rights and
                  obligations of Debtco as a Borrower in respect of such
                  Utilisations shall be automatically transferred to the Initial
                  German Borrowers in the amounts specified in the Debtco Exit
                  Transfer Certificate (and if any Term Facility Loan is
                  transferred in parts to different Initial German Borrowers
                  then such Loan shall be divided into a number of loans equal
                  to the number of Borrowers to whom it is being transferred
                  PROVIDED THAT the provisions of Clause 4.4 (MAXIMUM NUMBER OF
                  LOANS, LETTERS OF CREDIT OR BANK GUARANTEES) and Clause 5.3
                  (CURRENCY AND AMOUNT) are complied with) so that on the Debtco
                  Exit Date:

                                      -158-
<Page>

                  (i)      Debtco shall be released from its obligations as a
                           Borrower under the Finance Documents and its rights
                           as a Borrower shall be cancelled (being the "DEBTCO
                           DISCHARGED RIGHTS AND OBLIGATIONS");

                  (ii)     each Initial German Borrower shall assume obligations
                           and acquire rights under the Finance Documents in
                           relation to each Utilisation or part of each
                           Utilisation identified as being transferred to it in
                           the Debtco Exit Transfer Certificate which differ
                           from the Debtco Discharged Rights and Obligations in
                           respect of each such Utilisation or, as the case may
                           be, each such part of each Utilisation only insofar
                           as such Initial German Borrower has assumed the same
                           in place of Debtco.

26.9    GERMAN SECURITY AND DEBTCO INTRODUCTION DATE
        Waiving section 418 of the German Civil Code, the Parties agree that any
        Security created by any Relevant German Borrower prior to the Debtco
        Introduction Date shall not be affected by any transfer or assumption of
        the obligations secured by that Security to or by Debtco.

26.10   COMPANY CEASES TO BE PARTY ON MGG ACCESSION
        The Parties agree that the Company shall cease to have any obligations
        hereunder on the first date upon which the following conditions have
        been satisfied: (1) MGG is a Borrower and Guarantor hereunder and (2)
        the certificate referred to in Clause 26.11 (MGG ACCESSION) has been
        delivered to the Agent. For the avoidance of any doubt, any
        representation made or deemed made by the Company pursuant to Clause 20
        (REPRESENTATIONS) shall, if the circumstances described in Clause 24.4
        (MISREPRESENTATION) are satisfied, be capable of constituting an Event
        of Default under Clause 24.4 (MISREPRESENTATION) after the Company has
        ceased to be a Party and the breach by the Company of any of its
        obligations expressed to be assumed by it prior to the date the Company
        has ceased to be a Party shall be capable of constituting an Event of
        Default under Clause 24.1 (NON-PAYMENT) or Clause 24.3 (OTHER
        OBLIGATIONS). Any obligation owed by the Company hereunder immediately
        prior to MGG becoming a Party shall be assumed by MGG upon MGG becoming
        a Party.

26.11   MGG ACCESSION
        Notwithstanding and superceding any other provision in any Finance
        Document, MGG shall have no rights and no obligations under this
        Agreement or any other Finance Document until it has become a Guarantor
        and Borrower hereunder and in addition has delivered a certificate to
        the Agent confirming that the MGG Acquisition has completed in
        accordance with the terms of the Acquisition Documents. If such a
        certificate has not been delivered (whether in original or by fax) by
        11.59 p.m. on 2 May 2001, any Security granted by MGG to any Finance
        Party under any Security Document shall be released, and treated for the
        purposes of this Agreement as if it had never been given and any fees
        actually paid under Clause 13 or any other payments actually made to the
        Finance Parties by MGG under this Agreement or similar payments by MGG
        under any of the other Finance Documents shall be promptly repaid to
        MGG.

                                      -159-

<Page>

                                   SECTION 10

                               THE FINANCE PARTIES

27.     ROLE OF THE AGENT AND THE ARRANGERS AND THE OBLIGOR'S AGENT

27.1    APPOINTMENT OF THE AGENT
        (a)       Each of the Arrangers, the Lenders and the Fronting Banks
                  appoints the Agent to act as its agent under and in connection
                  with the Finance Documents.

        (b)       Each of the Arrangers, the Lenders and the Fronting Banks
                  authorises the Agent to exercise the rights, powers,
                  authorities and discretions specifically given to the Agent
                  under or in connection with the Finance Documents together
                  with any other incidental rights, powers, authorities and
                  discretions.

27.2    DUTIES OF THE AGENT
        (a)       The Agent shall promptly forward to a Party the original or a
                  copy of any document which is delivered to the Agent for that
                  Party by any other Party.

        (b)       If the Agent receives notice from a Party referring to this
                  Agreement, describing a Default and stating that the
                  circumstance described is a Default, it shall promptly notify
                  the Lenders and, where appropriate, the Fronting Banks.

        (c)       The Agent shall promptly notify the Lenders and, where
                  appropriate, the Fronting Banks of any Default arising under
                  Clause 24.1 (NON-PAYMENT).

        (d)       The Agent's duties under the Finance Documents are solely
                  mechanical and administrative in nature.

27.3    ROLE OF THE ARRANGERS
        Except as specifically provided in the Finance Documents, the Arrangers
        have no obligations of any kind to any other Party under or in
        connection with any Finance Document.

27.4    NO FIDUCIARY DUTIES
        (a)       Nothing in this Agreement constitutes the Agent, an Arranger
                  or a Fronting Bank as a trustee or fiduciary of any other
                  person.

        (b)       Neither the Agent, an Arranger nor any Fronting Bank shall be
                  bound to account to any Lender for any sum or the profit
                  element of any sum received by it for its own account.

27.5    BUSINESS WITH THE GROUP
        The Agent, the Arrangers and the Fronting Banks may accept deposits
        from, lend money to and generally engage in any kind of banking or other
        business (including, without limitation, providing advice) with any
        member of the Group.

27.6    RIGHTS AND DISCRETIONS OF THE AGENT
        (a)       The Agent may rely on:

                  (i)      any representation, notice or document believed by it
                           to be genuine, correct and appropriately authorised;
                           and

                                     -160-
<Page>

                  (ii)     any statement made by a director, authorised
                           signatory or employee of any person regarding any
                           matters which may reasonably be assumed to be within
                           his knowledge or within his power to verify.

        (b)       The Agent may assume (unless it has received notice to the
                  contrary in its capacity as agent for the Lenders) that:

                  (i)      no Default has occurred (unless it has actual
                           knowledge of a Default arising under Clause 24.1
                           (NON-PAYMENT));

                  (ii)     any right, power, authority or discretion vested in
                           any Party or the Majority Lenders has not been
                           exercised;

                  (iii)    any notice or request made by the Obligor's Agent
                           (other than a Utilisation Request or Selection
                           Notice) is made on behalf of and with the consent and
                           knowledge of all the Obligors; and

                  (iv)     any Utilisation Request or Selection Notice made by
                           the Obligor's Agent on behalf of any Borrower is made
                           on behalf of and with the consent and knowledge of
                           that Borrower.

        (c)       The Agent may engage, pay for and rely on the advice or
                  services of any lawyers, accountants, surveyors or other
                  experts.

        (d)       The Agent may act in relation to the Finance Documents through
                  its personnel and agents.

27.7    MAJORITY LENDERS' INSTRUCTIONS
        (a)       Unless a contrary indication appears in a Finance Document,
                  the Agent shall (a) act in accordance with any instructions
                  given to it by the Majority Lenders (or, if so instructed by
                  the Majority Lenders, refrain from acting or exercising any
                  right, power, authority or discretion vested in it as Agent)
                  and (b) not be liable for any act (or omission) if it acts (or
                  refrains from taking any action) in accordance with such an
                  instruction of the Majority Lenders.

        (b)       Unless a contrary indication appears in a Finance Document,
                  any instructions given by the Majority Lenders will be binding
                  on all the Lenders and the Arrangers.

        (c)       The Agent may refrain from acting in accordance with the
                  instructions of the Majority Lenders (or, if appropriate, the
                  Lenders) until it has received such security as it may require
                  for any cost, loss or liability (together with any associated
                  VAT) which it may incur in complying with the instructions.

        (d)       In the absence of instructions from the Majority Lenders, (or,
                  if appropriate, the Lenders) the Agent may act (or refrain
                  from taking action) as it considers to be in the best interest
                  of the Lenders.

        (e)       The Agent is not authorised to act on behalf of a Lender
                  (without first obtaining that Lender's consent) in any legal
                  or arbitration proceedings relating to any Finance Document.

                                     -161-
<Page>

27.8    RESPONSIBILITY FOR DOCUMENTATION
        Neither the Agent nor any Arranger:

        (a)       is responsible for the adequacy, accuracy and/or completeness
                  of any information (whether oral or written) supplied by the
                  Agent, any Arranger, an Obligor or any other person given in
                  or in connection with any Finance Document or any Information
                  Memorandum; or

        (b)       is responsible for the legality, validity, effectiveness,
                  adequacy or enforceability of any Finance Document or any
                  other agreement, arrangement or document entered into, made or
                  executed in anticipation of or in connection with any Finance
                  Document.

27.9    EXCLUSION OF LIABILITY
        (a)       Without limiting paragraph (b) below, the Agent will not be
                  liable for any action taken by it under or in connection with
                  any Finance Document, unless directly caused by its gross
                  negligence or wilful misconduct.

        (b)       No Party may take any proceedings against any officer,
                  employee or agent of the Agent in respect of any claim it
                  might have against the Agent or in respect of any act or
                  omission of any kind by that officer, employee or agent in
                  relation to any Finance Document and any officer, employee or
                  agent of the Agent may rely on this Clause. Any third party
                  referred to in this paragraph (b) may enjoy the benefit of and
                  enforce the terms of this paragraph in accordance with the
                  provisions of the Contracts (Rights of Third Parties) Act
                  1999.

        (c)       The Agent will not be liable for any delay (or any related
                  consequences) in crediting an account with an amount required
                  under the Finance Documents to be paid by the Agent if the
                  Agent has taken all necessary steps as soon as reasonably
                  practicable to comply with the regulations or operating
                  procedures of any recognised clearing or settlement system
                  used by the Agent for that purpose.

27.10   LENDERS' INDEMNITY TO THE AGENT
        Each Lender shall (in proportion to its share of the Total Commitments
        or, if the Total Commitments are then zero, to its share of the Total
        Commitments immediately prior to their reduction to zero) indemnify the
        Agent, within three Business Days of demand, against any cost, loss or
        liability incurred by the Agent (otherwise than by reason of the Agent's
        gross negligence or wilful misconduct) in acting as Agent under the
        Finance Documents (unless the Agent has been reimbursed by an Obligor or
        the Company pursuant to a Finance Document). For the purpose of
        determining all or any part of the Total Commitments for the purpose of
        this Clause 27.10 at any time, the amount in dollars of all Term B
        Dollar Facility Commitments and all Term C Dollar Facility Commitments
        and all Term Disposal Facility Commitments shall be calculated in euro
        at the Agent's Spot Rate of Exchange on the date of this Agreement.

27.11   RESIGNATION OF THE AGENT
        (a)       The Agent may resign and appoint one of its Affiliates acting
                  through an office in the United Kingdom or in Germany as
                  successor by giving notice to the Lenders and the Obligor's
                  Agent.

                                     -162-
<Page>

        (b)       Alternatively the Agent may resign by giving notice to the
                  Lenders and the Obligor's Agent, in which case the Majority
                  Lenders (after consultation with the Obligor's Agent) may
                  appoint a successor Agent.

        (c)       If the Majority Lenders have not appointed a successor Agent
                  in accordance with paragraph (b) above within 30 days after
                  notice of resignation was given, the Agent (after consultation
                  with the Obligor's Agent) may appoint a successor Agent
                  (acting through an office in the United Kingdom or Germany).

        (d)       The retiring Agent shall, at its own cost, make available to
                  the successor Agent such documents and records and provide
                  such assistance as the successor Agent may reasonably request
                  for the purposes of performing its functions as Agent under
                  the Finance Documents.

        (e)       The Agent's resignation notice shall only take effect upon the
                  appointment of a successor.

        (f)       Upon the appointment of a successor, the retiring Agent shall
                  be discharged from any further obligation in respect of the
                  Finance Documents but shall remain entitled to the benefit of
                  this Clause 27. Its successor and each of the other Parties
                  shall have the same rights and obligations amongst themselves
                  as they would have had if such successor had been an original
                  Party.

        (g)       After consultation with the Obligor's Agent, the Majority
                  Lenders may, by notice to the Agent, require it to resign in
                  accordance with paragraph (b) above. In this event, the Agent
                  shall resign in accordance with paragraph (b) above.

27.12   CONFIDENTIALITY
        (a)       In acting as agent for the Finance Parties, the Agent shall be
                  regarded as acting through its agency division which shall be
                  treated as a separate entity from any other of its divisions
                  or departments.

        (b)       If information is received by another division or department
                  of the Agent, it may be treated as confidential to that
                  division or department and the Agent shall not be deemed to
                  have notice of it.

        (c)       Notwithstanding any other provision of any Finance Document to
                  the contrary, neither the Agent nor any Arranger is obliged to
                  disclose to any other person (i) any confidential information
                  or (ii) any other information if the disclosure would or might
                  in its reasonable opinion constitute a breach of any law or a
                  breach of a fiduciary duty.

27.13   RELATIONSHIP WITH THE LENDERS
        (a)       The Agent may treat each Lender as a Lender, entitled to
                  payments under this Agreement and acting through its Facility
                  Office unless it has received not less than five Business Days
                  prior notice from that Lender to the contrary in accordance
                  with the terms of this Agreement.

                                     -163-
<Page>

        (b)       Each Lender shall supply the Agent with any information
                  required by the Agent in order to calculate the Mandatory Cost
                  in accordance with Schedule 4 (MANDATORY COST FORMULAE).

27.14   CREDIT APPRAISAL BY THE LENDERS AND THE FRONTING BANKS
        Without affecting the responsibility of any Obligor for information
        supplied by it or on its behalf in connection with any Finance Document,
        each Lender and each Fronting Bank confirms to the Agent and the
        Arrangers that it has been, and will continue to be, solely responsible
        for making its own independent appraisal and investigation of all risks
        arising under or in connection with any Finance Document including but
        not limited to:

        (a)       the financial condition, status and nature of each member of
                  the Group;

        (b)       the legality, validity, effectiveness, adequacy or
                  enforceability of any Finance Document and any other
                  agreement, arrangement or document entered into, made or
                  executed in anticipation of, under or in connection with any
                  Finance Document;

        (c)       whether that Lender or, as the case may be, Fronting Bank has
                  recourse, and the nature and extent of that recourse, against
                  any Party or any of its respective assets under or in
                  connection with any Finance Document, the transactions
                  contemplated by the Finance Documents or any other agreement,
                  arrangement or document entered into, made or executed in
                  anticipation of, under or in connection with any Finance
                  Document; and

        (d)       the adequacy, accuracy and/or completeness of the Information
                  Memorandum and any other information provided by the Agent,
                  any Party or by any other person under or in connection with
                  any Finance Document, the transactions contemplated by the
                  Finance Documents or any other agreement, arrangement or
                  document entered into, made or executed in anticipation of,
                  under or in connection with any Finance Document.

27.15   REFERENCE BANKS
        If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender
        of which it is an Affiliate) ceases to be a Lender, the Agent shall (in
        consultation with the Obligor's Agent) appoint another Lender or an
        Affiliate of a Lender to replace that Reference Bank.

27.16   OBLIGOR'S AGENT
        Each Obligor irrevocably authorises the Obligor's Agent to act on its
        behalf as its agent in relation to the Finance Documents and irrevocably
        authorises:

        (a)       the Obligor's Agent on its behalf to supply all information
                  concerning itself, its financial condition and otherwise to
                  the relevant persons contemplated under this Agreement and to
                  give all notices and instructions (including, in the case of a
                  Borrower (and without limitation), Utilisation Requests and
                  Selection Notices) on its behalf under the Finance Documents
                  without further reference to or the consent of such Obligor;
                  and

        (b)       each Finance Party to give any notice, demand or other
                  communication to be given to or served on such Obligor
                  pursuant to the Finance Documents to the Obligor's Agent on
                  its behalf;

                                     -164-
<Page>

        and in each such case such Obligor will be bound thereby as though such
        Obligor itself had supplied such information, given such notice and
        instructions or received any such notice, demand or other communication.

27.17   RELIANCE, PRIORITY AND ENGAGEMENT LETTERS
        Each Finance Party confirms that each of the Arrangers and the Agent and
        the Security Trustee has authority to accept on its behalf the terms of
        any Reliance Letter, Priority Letter or engagement letters relating to
        the Reports or any reports or letters provided by accountants in
        connection with the Finance Documents or the transactions contemplated
        therein and to bind it in respect of such Reports, reports or letters
        and to sign such letters on its behalf and further confirms that it
        accepts the terms and qualifications set out in such letters.

28.     THE LENDERS AND THE FRONTING BANKS

28.1    LENDERS' INDEMNITY
        If any Borrower fails to comply with its obligations under Clause 8.2
        (BORROWERS' INDEMNITY TO FRONTING BANKS) the Agent shall:

        (a)       in respect of a Letter of Credit, make demand on each Lender
                  for its share of that L/C Amount and, subject to Clause 28.2
                  (DIRECT PARTICIPATION)), each Lender shall indemnify each
                  Fronting Bank for that Lender's L/C Proportion of each L/C
                  Amount; and

        (b)       in respect of a Bank Guarantee, make demand on each Lender for
                  its share of that Guarantee Amount and, subject to Clause 28.2
                  (DIRECT PARTICIPATION)), each Lender shall indemnify each
                  Fronting Bank for that Lender's Guarantee Proportion of each
                  Guarantee Amount.

28.2    DIRECT PARTICIPATION
        (a)       If any Lender is not permitted (by its constitutional
                  documents or any applicable law) to comply with Clause 28.1
                  (LENDERS' INDEMNITY) then that Lender will not be obliged to
                  comply with Clause 28.1 (LENDERS' INDEMNITY) and shall instead
                  be deemed to have taken:

                  (i)   in respect of a Letter of Credit, on the date such
                        Letter of Credit is issued (or if later, on the date
                        that L/C Proportion is transferred or assigned to such
                        Lender in accordance with the terms of this Agreement),
                        an undivided interest and participation in that Letter
                        of Credit in an amount equal to that Lender's L/C
                        Proportion of that Letter of Credit; and

                  (ii)  in respect of a Bank Guarantee, on the date such Bank
                        Guarantee is issued (or if later, on the date that
                        Guarantee Proportion is transferred or assigned to such
                        Lender in accordance with the terms of this Agreement),
                        an undivided interest and participation in that Bank
                        Guarantee in an amount equal to that Lender's Guarantee
                        Proportion of that Bank Guarantee.

                                     -165-
<Page>

        (b)       On receipt of demand by the Agent in accordance with Clause
                  28.1 (LENDERS' INDEMNITY), each such Lender shall pay to the
                  Agent (for the account of the Fronting Bank):

                  (i)      in respect of a Letter of Credit, its L/C Proportion
                           of any L/C Amount; or

                  (ii)     in respect of a Bank Guarantee, its Guarantee
                           Proportion of any Guarantee Amount.

28.3    OBLIGATIONS NOT DISCHARGED
        Neither the obligations of each Lender in this Clause 28 nor the rights,
        powers and remedies conferred upon any Fronting Bank by this Agreement
        or by law shall be discharged, impaired or otherwise affected by:

        (a)       the winding-up, dissolution, administration or re-organisation
                  of the relevant Fronting Bank, any Borrower or any other
                  person or any change in its status, function, control or
                  ownership;

        (b)       any of the obligations of the relevant Fronting Bank, any
                  Borrower or any other person under this Agreement, under a
                  Letter of Credit, under a Bank Guarantee or under any other
                  security taken in respect of its obligations under this
                  Agreement or under a Letter of Credit or Bank Guarantee being
                  or becoming illegal, invalid, unenforceable or ineffective in
                  any respect;

        (c)       time or other indulgence being granted or agreed to be granted
                  to the relevant Fronting Bank, the relevant Borrower or any
                  other person in respect of its obligations under this
                  Agreement, under a Letter of Credit, under a Bank Guarantee or
                  under any other security;

        (d)       any amendment to, or any variation, waiver or release of, any
                  obligation of the relevant Fronting Bank, the relevant
                  Borrower or any other person under this Agreement, under a
                  Letter of Credit, under a Bank Guarantee or under any other
                  security; and

        (e)       any other act, event or omission which, but for this Clause 28
                  might operate to discharge, impair or otherwise affect any of
                  the obligations of each Lender in this Agreement contained or
                  any of the rights, powers or remedies conferred upon any
                  Fronting Bank by this Agreement or by law.

        The obligations of each Lender in this Agreement contained shall be in
        addition to and independent of every other security which any Fronting
        Bank may at any time hold in respect of any Letter of Credit or Bank
        Guarantee.

28.4    SETTLEMENT CONDITIONAL
        Any settlement or discharge between a Lender and a Fronting Bank shall
        be conditional upon no security or payment to any Fronting Bank by a
        Lender or any other person on behalf of a Lender being avoided or
        reduced by virtue of any laws relating to bankruptcy, insolvency,
        liquidation or similar laws of general application and, if any such
        security or payment is so avoided or reduced, such Fronting Bank shall
        be entitled to recover the value or amount of

                                     -166-
<Page>

        such security or payment from such Lender subsequently as if such
        settlement or discharge had not occurred.

28.5    EXERCISE OF RIGHTS
        No Fronting Bank shall be obliged before exercising any of the rights,
        powers or remedies conferred upon them in respect of any Lender by this
        Agreement or by law:

        (a)       to take any action or obtain judgment in any court against any
                  Obligor;

        (b)       to make or file any claim or proof in a winding-up or
                  dissolution of any Obligor; or

        (c)       to enforce or seek to enforce any other security taken in
                  respect of any of the obligations of the Obligors under this
                  Agreement.

28.6    BENEFICIARY A LENDER
        Where the beneficiary of any Letter of Credit or Bank Guarantee (the
        "BENEFICIARY") is also a Lender (the "INDEMNIFYING BANK") then the
        Beneficiary in its capacity as such shall be treated as a separate
        entity from such Indemnifying Bank for all purposes of the Finance
        Documents.

29.     CONDUCT OF BUSINESS BY THE FINANCE PARTIES

        No provision of this Agreement will:

        (a)       interfere with the right of any Finance Party to arrange its
                  affairs (tax or otherwise) in whatever manner it thinks fit;

        (b)       oblige any Finance Party to investigate or claim any credit,
                  relief, remission or repayment available to it or the extent,
                  order and manner of any claim; or

        (c)       oblige any Finance Party to disclose any information relating
                  to its affairs (tax or otherwise) or any computations in
                  respect of Tax.

30.     SHARING AMONG THE LENDERS

30.1    PAYMENTS TO LENDERS
        If a Lender (a "RECOVERING LENDER") receives or recovers any amount from
        an Obligor other than in accordance with Clause 31 (PAYMENT MECHANICS)
        and applies that amount to a payment due under the Finance Documents
        then:

        (a)       the Recovering Lender shall, within three Business Days,
                  notify details of the receipt or recovery, to the Agent;

        (b)       the Agent shall determine whether the receipt or recovery is
                  in excess of the amount the Recovering Lender would have been
                  paid had the receipt or recovery been received or made by the
                  Agent and distributed in accordance with Clause 31 (PAYMENT
                  MECHANICS), without taking account of any Tax which would be
                  imposed on the Agent in relation to the receipt, recovery or
                  distribution; and

        (c)       the Recovering Lender shall, within three Business Days of
                  demand by the Agent, pay to the Agent an amount (the "SHARING
                  PAYMENT") equal to such receipt or recovery less any amount
                  which the Agent determines may be retained by the Recovering

                                     -167-
<Page>

                  Lender as its share of any payment to be made, in accordance
                  with Clause 31.5 (PARTIAL PAYMENTS).

30.2    REDISTRIBUTION OF PAYMENTS
        The Agent shall treat the Sharing Payment as if it had been paid by the
        relevant Obligor and distribute it between the Finance Parties (other
        than the Recovering Lender) in accordance with Clause 31.5 (PARTIAL
        PAYMENTS).

30.3    RECOVERING LENDER'S RIGHTS
        (a)       On a distribution by the Agent under Clause 30.2
                  (REDISTRIBUTION OF PAYMENTS), the Recovering Lender will be
                  subrogated to the rights of the Finance Parties which have
                  shared in the redistribution.

        (b)       If and to the extent that the Recovering Lender is not able to
                  rely on its rights under paragraph (a) above, the relevant
                  Obligor shall be liable to the Recovering Lender for a debt
                  equal to the Sharing Payment which is immediately due and
                  payable.

30.4    REVERSAL OF REDISTRIBUTION
        If any part of the Sharing Payment received or recovered by a Recovering
        Lender becomes repayable and is repaid by that Recovering Lender, then:

        (a)       each Lender which has received a share of the relevant Sharing
                  Payment pursuant to Clause 30.2 (REDISTRIBUTION OF PAYMENTS)
                  shall, upon request of the Agent, pay to the Agent for account
                  of that Recovering Lender an amount equal to its share of the
                  Sharing Payment (together with such amount as is necessary to
                  reimburse that Recovering Lender for its proportion of any
                  interest on the Sharing Payment which that Recovering Lender
                  is required to pay); and

        (b)       that Recovering Lender's rights of subrogation in respect of
                  any reimbursement shall be cancelled and the relevant Obligor
                  will be liable to the reimbursing Lender for the amount so
                  reimbursed.

30.5    EXCEPTIONS
        (a)       This Clause 30 shall not apply to the extent that the
                  Recovering Lender would not, after making any payment pursuant
                  to this Clause, have a valid and enforceable claim against the
                  relevant Obligor.

        (b)       A Recovering Lender is not obliged to share with any other
                  Lender any amount which the Recovering Lender has received or
                  recovered as a result of taking legal or arbitration
                  proceedings, if:

                  (i)      it notified the other Lenders of the legal or
                           arbitration proceedings; and

                  (ii)     the other Lender had an opportunity to participate in
                           those legal or arbitration proceedings but did not do
                           so as soon as reasonably practicable having received
                           notice or did not take separate legal or arbitration
                           proceedings.

                                     -168-
<Page>

                                   SECTION 11

                                 ADMINISTRATION

31.     PAYMENT MECHANICS

31.1    PAYMENTS TO THE AGENT
        (a)       On each date on which an Obligor or a Lender is required to
                  make a payment under a Finance Document, that Obligor or
                  Lender shall make the same available to the Agent (unless a
                  contrary indication appears in a Finance Document) for value
                  on the due date at the time and in such funds specified by the
                  Agent as being customary at the time for settlement of
                  transactions in the relevant currency in the place of payment.

        (b)       Payment shall be made to such account in the principal
                  financial centre of the country of that currency (or, in
                  relation to euro, in a principal financial centre in a
                  Participating Member State or London) with such bank as the
                  Agent specifies.

31.2    DISTRIBUTIONS BY THE AGENT
        Each payment received by the Agent under the Finance Documents for
        another Party shall, subject to Clause 31.3 (DISTRIBUTIONS TO AN
        OBLIGOR) and Clause 31.4 (CLAWBACK) be made available by the Agent as
        soon as practicable after receipt to the Party entitled to receive
        payment in accordance with this Agreement (in the case of a Lender, for
        the account of its Facility Office), to such account as that Party may
        notify to the Agent by not less than five Business Days' notice with a
        bank in the principal financial centre of the country of that currency
        (or, in relation to euro, in the principal financial centre of a
        Participating Member State or London).

31.3    DISTRIBUTIONS TO AN OBLIGOR
        The Agent may (with the consent of the Obligor or in accordance with
        Clause 32 (SET-OFF)) apply any amount received by it for that Obligor in
        or towards payment (on the date and in the currency and funds of
        receipt) of any amount due from that Obligor under the Finance Documents
        or in or towards purchase of any amount of any currency to be so
        applied.

31.4    CLAWBACK
        (a)       Where a sum is to be paid to the Agent under the Finance
                  Documents for another Party, the Agent is not obliged to pay
                  that sum to that other Party (or to enter into or perform any
                  related exchange contract) until it has been able to establish
                  to its satisfaction that it has actually received that sum.

        (b)       If the Agent pays an amount to another Party and it proves to
                  be the case that the Agent had not actually received that
                  amount, then the Party to whom that amount (or the proceeds of
                  any related exchange contract) was paid by the Agent shall on
                  demand refund the same to the Agent together with interest on
                  that amount from the date of payment to the date of receipt by
                  the Agent, calculated by the Agent to reflect its cost of
                  funds.

31.5    PARTIAL PAYMENTS
        (a)       If the Agent receives a payment that is insufficient to
                  discharge all the amounts then due and payable by an Obligor
                  under the Finance Documents, the Agent shall apply

                                     -169-
<Page>

                  that payment towards the obligations of that Obligor under
                  the Finance Documents in the following order:

                  (i)      FIRST, in or towards payment pro rata of any unpaid
                           fees, costs and expenses of the Agent under the
                           Finance Documents;

                  (ii)     SECONDLY, in or towards payment of any demand made by
                           a Fronting Bank in respect of a payment made or to be
                           made by it under a Letter of Credit or a Bank
                           Guarantee due but unpaid;

                  (iii)    THIRDLY, in or towards payment pro rata of any
                           accrued interest, commission or Fronting Bank fees
                           due but unpaid under this Agreement;

                  (iv)     FOURTHLY, in or towards payment pro rata of any
                           Outstandings due but unpaid under this Agreement; and

                  (v)      FIFTHLY, in or towards payment pro rata of any other
                           sum due but unpaid under the Finance Documents.

        (b)       The Agent shall, if so directed by the Majority Lenders, vary
                  the order set out in paragraphs (a)(ii) to (v) above.

        (c)       Paragraphs (a) and (b) above will override any appropriation
                  made by an Obligor.

31.6    NO SET-OFF BY OBLIGORS
        All payments to be made by an Obligor under the Finance Documents shall
        be calculated and be made without (and free and clear of any deduction
        for) set-off or counterclaim.

31.7    BUSINESS DAYS
        (a)       Any payment which is due to be made on a day that is not a
                  Business Day shall be made on the next Business Day in the
                  same calendar month (if there is one) or the preceding
                  Business Day (if there is not).

        (b)       During any extension of the due date for payment of any
                  principal or an Unpaid Sum under this Agreement interest is
                  payable on the principal at the rate payable on the original
                  due date.

31.8    CURRENCY OF ACCOUNT
        (a)       Subject to paragraphs (b) to (f) below, euro is the currency
                  of account and payment for any sum due from an Obligor under
                  any Finance Document.

        (b)       A repayment of a Loan or Unpaid Sum or a part of a Loan or
                  Unpaid Sum shall be made in the currency in which that Loan or
                  Unpaid Sum is denominated on its due date.

        (c)       Each payment in respect of a Letter of Credit or a Bank
                  Guarantee (including any Cash Collateral in respect of a
                  Letter of Credit or a Bank Guarantee) shall be made in the
                  currency in which that Letter of Credit or, as the case may
                  be, Bank Guarantee is denominated.

        (d)       Each payment of interest shall be made in the currency in
                  which the sum in respect of which the interest is payable was
                  denominated when that interest accrued.

                                      -170-

<Page>

        (e)       Each payment in respect of costs, expenses or Taxes shall be
                  made in the currency in which the costs, expenses or Taxes are
                  incurred.

        (f)       Any amount expressed to be payable in a currency other than
                  euro shall be paid in that other currency.

31.9    CHANGE OF CURRENCY
        (a)       Unless otherwise prohibited by law, if more than one currency
                  or currency unit are at the same time recognised by the
                  central bank of any country as the lawful currency of that
                  country, then:

                  (i)   any reference in the Finance Documents to, and any
                        obligations arising under the Finance Documents in, the
                        currency of that country shall be translated into, or
                        paid in, the currency or currency unit of that country
                        designated by the Agent (after consultation with the
                        Obligor's Agent); and

                  (ii)  any translation from one currency or currency unit to
                        another shall be at the official rate of exchange
                        recognised by the central bank for the conversion of
                        that currency or currency unit into the other, rounded
                        up or down by the Agent (acting reasonably).

        (b)       If a change in any currency of a country occurs, this
                  Agreement will, to the extent the Agent (acting reasonably and
                  after consultation with the Obligor's Agent) specifies to be
                  necessary, be amended to comply with any generally accepted
                  conventions and market practice in the Relevant Interbank
                  Market and otherwise to reflect the change in currency.

32.     SET-OFF

        After an Event of Default has occurred and for so long as it is
        continuing a Finance Party may set off any matured obligation due from
        an Obligor or the Obligor's Agent under the Finance Documents (to the
        extent beneficially owned by that Finance Party) against any matured
        obligation owed by that Finance Party to that Obligor or the Obligor's
        Agent (as the case may be), regardless of the place of payment, booking
        branch or currency of either obligation. If the obligations are in
        different currencies, the Finance Party may convert either obligation at
        a market rate of exchange in its usual course of business for the
        purpose of the set-off. If a Finance Party does exercise its right of
        set-off pursuant to this Clause 32 it shall give written notice (through
        the Agent) of such action to the Obligor's Agent or the relevant Obligor
        (as the case may be) as soon as is reasonably practicable thereafter.

33.     NOTICES

33.1    COMMUNICATIONS IN WRITING
        Any communication to be made under or in connection with the Finance
        Documents shall be made in writing and, unless otherwise stated, may be
        made by fax, letter or telex.

                                       -171-

<Page>

33.2    ADDRESSES
        The address, fax number and telex number (and the department or officer,
        if any, for whose attention the communication is to be made) of each
        Party for any communication or document to be made or delivered under or
        in connection with the Finance Documents is:

        (a)       in the case of the Company, that identified with its name
                  below;

        (b)       in the case of each Lender, each Fronting Bank or any Obligor,
                  that notified in writing to the Agent on or prior to the date
                  on which it becomes a Party; and

        (c)       in the case of the Agent or the Security Trustee, that
                  identified with its name below,

        or any substitute address, fax number, telex number or department or
        officer as the Party may notify to the Agent (or the Agent may notify to
        the other Parties, if a change is made by the Agent) by not less than
        five Business Days' notice.

33.3    DELIVERY
        (a)       Any communication or document made or delivered by one person
                  to another under or in connection with the Finance Documents
                  will only be effective:

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

                  (ii)  if by way of letter, when it has been left at the
                        relevant address or five Business Days after being
                        deposited in the post postage prepaid in an envelope
                        addressed to it at that address; or

                  (iii) if by way of telex, when despatched, but only if, at the
                        time of transmission, the correct answerback appears at
                        the start and at the end of the sender's copy of the
                        notice;

                  and, if a particular department or officer is specified as
                  part of its address details provided under Clause 33.2
                  (ADDRESSES), if addressed to that department or officer.

        (b)       Any communication or document to be made or delivered to the
                  Agent or the Security Trustee will be effective only when
                  actually received by the Agent or, as the case may be, the
                  Security Trustee and then only if it is expressly marked for
                  the attention of the department or officer identified with the
                  Agent's or, as the case may be, the Security Trustee's
                  signature below (or any substitute department or officer as
                  the Agent or the Security Trustee shall specify for this
                  purpose).

        (c)       All notices from or to an Obligor shall be sent through the
                  Agent.

        (d)       Any communication or document made or delivered to the
                  Obligor's Agent in accordance with this Clause will be deemed
                  to have been made or delivered to each of the Obligors.

33.4    NOTIFICATION OF ADDRESS, FAX NUMBER AND TELEX NUMBER
        Promptly upon receipt of notification of an address, fax number and
        telex number or change of address, fax number or telex number pursuant
        to Clause 33.2 (ADDRESSES) or changing its own address, fax number or
        telex number, the Agent shall notify the other Parties.

                                       -172-

<Page>

33.5    ENGLISH LANGUAGE
        (a)       Any notice given under or in connection with any Finance
                  Document must be in English.

        (b)       All other documents provided under or in connection with any
                  Finance Document must be:

                  (i)      in English; or

                  (ii)     if not in English, and if so required by the Agent,
                           accompanied by a certified English translation and,
                           in this case, the English translation will prevail
                           unless the document is a constitutional, statutory or
                           other official document.

34.     CALCULATIONS AND CERTIFICATES

34.1    ACCOUNTS
        In any litigation or arbitration proceedings arising out of or in
        connection with a Finance Document, the entries made in the accounts
        maintained by a Finance Party are PRIMA FACIE evidence of the matters to
        which they relate.

34.2    CERTIFICATES AND DETERMINATIONS
        Any certification or determination by a Finance Party of a rate or
        amount under any Finance Document and by a Fronting Bank as to the
        amount paid out by that Fronting Bank in respect of any Letter of Credit
        or Bank Guarantee is, in the absence of manifest error, conclusive
        evidence of the matters to which it relates.

34.3    DAY COUNT CONVENTION
        Any interest, commission or fee accruing under a Finance Document will
        accrue from day to day and is calculated on the basis of the actual
        number of days elapsed and a year of 360 days or, in any case where the
        practice in the Relevant Interbank Market differs, in accordance with
        that market practice.

35.     PARTIAL INVALIDITY

        If, at any time, any provision of the Finance Documents is or becomes
        illegal, invalid or unenforceable in any respect under any law of any
        jurisdiction, neither the legality, validity or enforceability of the
        remaining provisions nor the legality, validity or enforceability of
        such provision under the law of any other jurisdiction will in any way
        be affected or impaired.

36.     REMEDIES AND WAIVERS

        No failure to exercise, nor any delay in exercising, on the part of any
        Finance Party, any right or remedy under the Finance Documents shall
        operate as a waiver, nor shall any single or partial exercise of any
        right or remedy prevent any further or other exercise or the exercise of
        any other right or remedy. The rights and remedies provided in this
        Agreement are cumulative and not exclusive of any rights or remedies
        provided by law.

37.     AMENDMENTS AND WAIVERS

37.1    REQUIRED CONSENTS
        (a)       Subject to Clause 37.2 (EXCEPTIONS) and Clause 37.5 (AMENDMENT
                  TO CORRECT MANIFEST ERROR) any term of the Finance Documents
                  may be amended or waived only with the

                                      -173-

<Page>

                  consent of the Majority Lenders and the Obligors and any such
                  amendment or waiver will be binding on all Parties.

        (b)       The Agent may effect, on behalf of any Finance Party, any
                  amendment or waiver permitted by this Clause 37.

37.2    EXCEPTIONS
        (a)       An amendment or waiver that has the effect of changing or
                  which relates to:

                  (i)      the definition of "Majority Lenders" in Clause 1.1
                           (DEFINITIONS);

                  (ii)     an extension to the date of payment of any amount
                           under the Finance Documents;

                  (iii)    a reduction in the Margin, the L/C Commission Rate,
                           the Guarantee Commission Rate or the amount of any
                           payment of principal, interest, fees or commission
                           payable;

                  (iv)     an increase in Commitment;

                  (v)      a change to the Borrowers or Guarantors other than in
                           accordance with Clause 26 (CHANGES TO THE OBLIGORS);

                  (vi)     any provision which expressly requires the consent of
                           all the Lenders; or

                  (vii)    Clause 2.2 (LENDERS' AND FRONTING BANKS' RIGHTS AND
                           OBLIGATIONS), Clause 25 (CHANGES TO THE LENDERS) or
                           this Clause 37,

                  shall not be made without the prior consent of all the
                  Lenders.

        (b)       An amendment or waiver which relates to the rights or
                  obligations of the Agent, the Security Trustee or any Arranger
                  may not be effected without the consent of the Agent, the
                  Security Trustee or, as the case may be, that Arranger.

37.3    AMENDMENTS BY SECURITY TRUSTEE
        Unless the provisions of any Finance Document expressly provide
        otherwise, the Security Trustee may, if authorised by the Majority
        Lenders, amend the terms of, waive any of the requirements of, or grant
        consents under, any of the Security Documents, any such amendment,
        waiver or consent being binding on all the parties to this Agreement
        PROVIDED THAT:

        (a)       the prior consent of all of the Lenders is required to
                  authorise any amendment of any Security Document which would
                  affect the nature or the scope of the Transaction Security or
                  the manner in which proceeds of enforcement are distributed;
                  and

        (b)       no waiver or amendment may impose any new or additional
                  obligations on any person without the consent of that person.

37.4    AMENDMENTS BY OBLIGOR'S AGENT
        The Obligor's Agent (acting on behalf of each of the Obligors) may agree
        any amendment to or modification of the provisions of any of the Finance
        Documents or any schedule thereto, or

                                        -174-

<Page>

        grant any waiver or consent in relation thereto and the Obligors
        will be bound by any such amendment or modification.

37.5    AMENDMENT TO CORRECT MANIFEST ERROR
        The Agent may agree with the Obligor's Agent (acting on behalf of each
        of the Obligors) any amendment to or the modification of the provisions
        of any of the Finance Documents or any schedule thereto, which is
        necessary to correct a manifest error and the Obligors will be bound by
        any such amendment or modification.

38.     COUNTERPARTS

        Each Finance Document may be executed in any number of counterparts, and
        this has the same effect as if the signatures on the counterparts were
        on a single copy of the Finance Document.

                                        -175-

<Page>

                                   SECTION 12

                          GOVERNING LAW AND ENFORCEMENT

39.     GOVERNING LAW

        This Agreement is governed by English law.

40.     ENFORCEMENT

40.1    JURISDICTION OF ENGLISH COURTS
        (a)       The courts of England have exclusive jurisdiction to settle
                  any dispute arising out of or in connection with this
                  Agreement (including a dispute regarding the existence,
                  validity or termination of this Agreement) (a "DISPUTE").

        (b)       The Parties agree that the courts of England are the most
                  appropriate and convenient courts to settle Disputes and
                  accordingly no Party will argue to the contrary.

        (c)       This Clause 40.1 is for the benefit of the Finance Parties
                  only. As a result, no Finance Party shall be prevented from
                  taking proceedings relating to a Dispute in any other courts
                  with jurisdiction. To the extent allowed by law, the Finance
                  Parties may take concurrent proceedings in any number of
                  jurisdictions.

40.2    SERVICE OF PROCESS
        Without prejudice to any other mode of service allowed under any
        relevant law, the Company and each Obligor (other than an Obligor
        incorporated in England and Wales):

        (a)       irrevocably appoints Messer UK Limited as its agent for
                  service of process in relation to any proceedings before the
                  English courts in connection with any Finance Document; and

        (b)       agrees that failure by a process agent to notify the Company
                  or (as the case may be) the relevant Obligor of the process
                  will not invalidate the proceedings concerned.

        If the appointment of Messer UK Limited by any Obligor ceases to be
        effective, the relevant Obligor shall immediately appoint another
        person in England to accept service of process on its behalf in England
        in connection with any Finance Document. If an Obligor fails to do so
        (and such failure continues for a period of not less than fourteen
        days), the Agent shall be entitled to appoint such a person by notice
        to such Obligor.

41.     WAIVER OF JURY TRIAL

        Each of the Finance Parties irrevocably waives trial by jury in any
        action or proceeding with respect to any Finance Document.

THIS AGREEMENT HAS BEEN ENTERED INTO ON THE DATE STATED AT THE BEGINNING OF THIS
AGREEMENT.

                                      -176-

<Page>

                                   SCHEDULE 1

                               THE CLOSING PARTIES

                                     PART I
                              THE INITIAL OBLIGORS

<Table>
<Caption>

---------------------------------------------------------- -------------------------------------------------------
NAME OF INITIAL BORROWER                                   JURISDICTION OF INCORPORATION AND REGISTRATION NUMBER
                                                           (OR EQUIVALENT, IF ANY)
---------------------------------------------------------- -------------------------------------------------------
<S>                                                        <C>
Messer Griesheim GmbH                                      Germany, Frankfurt, HRB7812 registered in the
                                                           HANDELSREGISTER (commercial register) of the
                                                           AMTSGERICHT (local court) of Frankfurt am Main, under
                                                           HRB7812
---------------------------------------------------------- -------------------------------------------------------
Messer Griesheim Industries, Inc.                          U.S.A., 0815454, State of Delaware
---------------------------------------------------------- -------------------------------------------------------
Messer Finance S.A.                                        Luxembourg
---------------------------------------------------------- -------------------------------------------------------

</Table>

<Table>
<Caption>

---------------------------------------------------------- -------------------------------------------------------
NAME OF INITIAL GUARANTOR                                  JURISDICTION OF INCORPORATION AND REGISTRATION NUMBER
                                                           (OR EQUIVALENT, IF ANY)
---------------------------------------------------------- -------------------------------------------------------
<S>                                                        <C>
Messer Griesheim GmbH                                      Germany, Frankfurt, HRB7812 registered
                                                           with the AMTSGERICHT (local court) of
                                                           Frankfurt am Main in the HANDELSREGISTER
                                                           (commercial register) under HRB7812
---------------------------------------------------------- -------------------------------------------------------
Messer Griesheim Industries, Inc.                          U.S.A., 0815454, State of Delaware
---------------------------------------------------------- -------------------------------------------------------
Messer Finance S.A.                                        Luxembourg
---------------------------------------------------------- -------------------------------------------------------
Messer UK Limited                                          England, 232592
---------------------------------------------------------- -------------------------------------------------------
Messer Griesheim Industriegase GmbH                        Germany, Leipzig, HRB1854 registered in
                                                           the HANDELSREGISTER (commercial register)
                                                           of the AMTSGERICHT (local court) of
                                                           Leipzig, under HRB1854
---------------------------------------------------------- -------------------------------------------------------
Messer Medical GmbH                                        Germany, Krefeld, HRB5807 registered in the
                                                           HANDELSREGISTER (commercial register)
                                                           of the AMTSGERICHT (local court) of
                                                           Krefeld under HRB5807
---------------------------------------------------------- -------------------------------------------------------
Messer International GmbH                                  Germany, Frankfurt, HRB 48453 registered in the
                                                           HANDELSREGISTER (commercial register) of the
                                                           AMTSGERICHT (local court) of Frankfurt am Main under
                                                           HRB 48431
---------------------------------------------------------- -------------------------------------------------------
Messer France S.A.                                         France, 300 560 588
---------------------------------------------------------- -------------------------------------------------------

                                      -177-

<Page>
---------------------------------------------------------- -------------------------------------------------------
Messer Nederland B.V.                                      The Netherlands, seat (statutaire zetel) in Moerdijk
                                                           and registered number 20069636
---------------------------------------------------------- -------------------------------------------------------
MG Generon, Inc.                                           U.S.A., 2574 231, State of Delaware
---------------------------------------------------------- -------------------------------------------------------
GVP, Inc.                                                  U.S.A., 2638386, State of Delaware
---------------------------------------------------------- -------------------------------------------------------
Messer Austria GmbH                                        Austria, FN 111741a
---------------------------------------------------------- -------------------------------------------------------

</Table>

                                         -178-

<Page>

                                     PART II
                              THE ORIGINAL LENDERS

<Table>
<Caption>

--------------------- ------------------- ------------------- ------------------- ------------------- -------------------
NAME OF ORIGINAL        TERM DISPOSAL      TERM A FACILITY       TERM B EURO        TERM B DOLLAR        TERM C EURO
LENDER                     FACILITY           COMMITMENT           FACILITY            FACILITY            FACILITY
                          COMMITMENT            (EUR)             COMMITMENT          COMMITMENT          COMMITMENT
                             ($)                                    (EUR)                ($)                (EUR)
--------------------- ------------------- ------------------- ------------------- ------------------- -------------------
<S>                   <C>                 <C>                 <C>                 <C>                 <C>
Goldman Sachs           60,335,219.23       107,262,611.96      45,586,610.08       41,027,949.07       45,586,610.08
Credit Partners,
L.P.
--------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Bayerische Hypo-        60,335,219.23       107,262,611.96      45,586,610.08       41,027,949.07       45,586,610.08
und Vereinsbank AG
--------------------- ------------------- ------------------- ------------------- ------------------- -------------------
The Chase Manhattan     60,335,219.23       107,262,611.96      45,586,610.08       41,027,949.07       45,586,610.08
Bank
--------------------- ------------------- ------------------- ------------------- ------------------- -------------------
The Royal Bank of       43,994,342.32       78,212,164.13       33,240,169.76       29,916,152.78       33,240,169.76
Scotland plc
--------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Total                    225,000,000         400,000,000         170,000,000         153,000,000         170,000,000
--------------------- ------------------- ------------------- ------------------- ------------------- -------------------

<Caption>

---------------------------------------- ------------------- -------------------
NAME OF ORIGINAL       TERM C DOLLAR         REVOLVING           REVOLVING
LENDER                    FACILITY           FACILITY I         FACILITY II
                         COMMITMENT          COMMITMENT          COMMITMENT
                            ($)                (EUR)               (EUR)
---------------------------------------- ------------------- -------------------
<S>                   <C>                 <C>                 <C>
Goldman Sachs          43,441,357.84       69,720,697.77       13,407,826.49
Credit Partners,
L.P.
---------------------------------------- ------------------- -------------------
Bayerische Hypo-       43,441,357.84       69,720,697.77       13,407,826.49
und Vereinsbank AG
---------------------------------------- ------------------- -------------------
The Chase Manhattan    43,441,357.84       69,720,697.77       13,407,826.49
Bank
---------------------------------------- ------------------- -------------------
The Royal Bank of      31,675,926.47       50,837,906.68        9,776,520.52
Scotland plc
---------------------------------------- ------------------- -------------------
Total                   162,000,000         260,000,000          50,000,000
---------------------------------------- ------------------- -------------------

</Table>

                                       -179-

<Page>

                                   SCHEDULE 2
                              CONDITIONS PRECEDENT

                                     PART I
                   CONDITIONS PRECEDENT TO INITIAL UTILISATION

1.      CORPORATE DOCUMENTS

        (a)       A copy of the constitutional documents of the Company and
                  Newco 2 in the form required by the Agent together with a copy
                  of the resolutions of the shareholders of the Company and/or
                  Newco 2 adopting such changes to the constitutive documents of
                  the Company and/or Newco 2 as the Agent shall have reasonably
                  required.

        (b)       A copy of a resolution of the board of directors (or the
                  equivalent thereof) of each of the Company and Newco 2:

                  (i)      approving the terms of, and the transactions
                           contemplated by, the Transaction Documents to which
                           it is a party and resolving that it execute the
                           Transaction Documents to which it is a party;

                  (ii)     authorising a specified person or persons to execute
                           the Transaction Documents to which it is a party on
                           its behalf; and

                  (iii)    authorising a specified person or persons, on its
                           behalf, to sign and/or despatch all documents and
                           notices (including, if relevant, any Utilisation
                           Request and Selection Notice) to be signed and/or
                           despatched by it under or in connection with the
                           Finance Documents to which it is a party.

        (c)       A specimen of the signature of each person authorised by the
                  resolution referred to in paragraph (b) above.

        (d)       Where the Lenders' relevant counsel deems such to be either
                  necessary or desirable either in place of or in addition to
                  the resolution referred to in paragraph (b) above, a
                  certificate or extract from a public commercial registry or
                  other evidence setting out the names and signatures of the
                  persons authorised to sign, on behalf of each of the Company
                  and Newco 2, each Transaction Document to which such company
                  is or is to be a party and any documents to be delivered by
                  such company pursuant to any of the Transaction Documents.

        (e)       Where the Lenders' relevant counsel deems such to be either
                  necessary or desirable for the Company and Newco 2, either a
                  copy of a resolution signed by all the holders of the issued
                  shares in such company or a resolution of the supervisory
                  board, work council or equivalent supervisory body of such
                  company, approving the terms of, and the transactions
                  contemplated by, the Finance Documents to which that company
                  is a party.

        (f)       The constitutive documents of MGG in the form required by the
                  Agent.

        (g)       Any resolutions of the shareholders of MGG adopting such
                  changes to the constitutive documents of MGG as the Agent
                  shall have reasonably required to,

                                      -180-

<Page>

                  among other things, remove any restriction on any transfer
                  of shares or partnership interests (or equivalent) in MGG
                  pursuant to any enforcement of the Security Documents
                  creating security over such shares.

        (h)       The Group Structure Chart.

        (i)       A certificate of an authorised signatory of each of the
                  Company and Newco 2 certifying that each copy document
                  relating to it specified in this paragraph 1 (CORPORATE
                  DOCUMENTS) of Part 1 of Schedule 2 is correct, complete and in
                  full force and effect as at a date no earlier than the date of
                  this Agreement.

2.      ACCOUNTS AND REPORTS

        (a)       The Business Plan (together with a list of the operating and
                  market assumptions made for the purpose of the Business Plan).

        (b)       The Reports (other than the 2000 Outturn Report and the
                  Projections Report referred to in paragraph (b) of the
                  definition of Reports) either addressed to, or with Reliance
                  Letters in favour of, the Security Trustee (on behalf of the
                  Finance Parties and the Mezzanine Finance Parties) or any
                  Arranger on behalf of the Finance Parties and any Mezzanine
                  Arranger on behalf of the Mezzanine Finance Parties or to the
                  relevant Finance Parties and the relevant Mezzanine Finance
                  Parties.

        (c)       The Priority Letter, duly executed by the parties to it.

        (d)       Budget (on a quarterly basis) for 2001.

3.      ACQUISITION DOCUMENTS AND RELATED MATTERS

        (a)       Copies of each Acquisition Document.

        (b)       Evidence that the MGG Acquisition has completed in accordance
                  with the terms of the Acquisition Documents and that either
                  the Transferred Assets and Transferred Liabilities (as defined
                  in the Singapore Separation Agreement) have been transferred
                  to Singapore SPV or that to the extent that any such
                  Transferred Assets or Transferred Liabilities have not been so
                  transferred the Agent is satisfied (acting reasonably) that
                  provisions are in place to provide that the MGG Group is
                  economically in substantially the same position as if those
                  Transferred Assets or Transferred Liabilities had been so
                  transferred.

        (c)       A certificate of an authorised signatory of the Company
                  certifying that:

                  (i)      No condition of the Acquisition (in particular the
                           Acquisition Closing Conditions) and no right or
                           entitlement of the Initial Sponsors or the Investors,
                           the Company or any member of the Group (whether to
                           receive documents or otherwise) under the Acquisition
                           Documents has been waived or modified except with the
                           prior written consent of the Majority Lenders and
                           that the Acquisition Documents contain the full
                           agreement of the parties thereto as to the matters
                           set out therein;

                                     -181-

<Page>

                  (ii)     following the making of the first Loans under the
                           Term Facilities no Group member shall have any
                           Financial Indebtedness outstanding (other than
                           Permitted Indebtedness).

        (d)       Evidence that the Antitrust Approvals (as defined in the
                  Business Combination Agreement) have been granted.

        (e)       Confirmation from MGG as to the amount of the Hoechst Closing
                  Amount (as defined in section 4.5 of the Singapore Separation
                  Agreement).

4.      OTHER FINANCING DOCUMENTS

        (a)       Copies of:

                  (i)      the executed Shareholders' Agreement together with
                           the agreed amendment relating to, INTER ALIA, the
                           treatment of proceeds received by the Company under
                           the BCA;

                  (ii)     the executed Mezzanine Facility Agreement and the
                           Mezzanine Fee Letters; and

                  (iii)    the executed China Subordination Agreement.

        (b)       Evidence satisfactory to the Agent that an aggregate amount of
                  at least EUR500,000,000 has been contributed by the Initial
                  Sponsors to the Company in cash through the subscription for,
                  and issue of, fully paid up shares of the Company and that the
                  Investors are the sole shareholders in the Company as at the
                  Closing Date.

        (c)       Evidence satisfactory to the Agent that loans equal to the
                  full amount of the facilities made available under the
                  Mezzanine Facility Agreement will be made under the Mezzanine
                  Facility Agreement either on or prior to the date the first
                  Utilisation is made.

        (d)       Evidence satisfactory to the Agent that Newco 2 owns 66 2/3
                  percent. of the issued share capital of MGG and that MIG has
                  contributed the Family MGG Shares to Newco 2 and that Newco 2
                  will, upon the registration of the increase in the share
                  capital of Newco 2, be the owner of 100 per cent. of the
                  issued share capital of MGG.

        (e)       The Funds Flow Statement.

        (f)       The Hedging Letter duly signed by the parties thereto.

        (g)       The Fee Letter referred to in Clause 13.5 (ARRANGEMENT FEE)
                  duly signed by the parties thereto.

        (h)       The Fee Letter referred to in Clause 13.6 (AGENCY FEE) duly
                  signed by the parties thereto.

        (i)       The Fee Letter referred to in Clause 13.7 (SECURITY TRUSTEE
                  FEE) duly signed by the parties thereto.

        (j)       The Syndication Letter duly signed by the parties thereto.

                                      -182-

<Page>

        (k)       A certificate of an authorised signatory of the Company
                  certifying that each copy document delivered to the Agent
                  pursuant to paragraphs 3 and 4 of this Part 1 of Schedule 2 is
                  correct, complete and in full force and effect as at a date no
                  earlier than the date of this Agreement.

5.      SECURITY, GUARANTEE AND PRIORITY DOCUMENTS

        (a)       Share Pledge by Newco 2 over 100% of the shares in MGG (it
                  being noted that such pledge will only be effective over
                  shares in MGG representing 66 2/3% of the registered share
                  capital of MGG until the required capital increase in the
                  share capital of Newco 2 is registered so as to make the
                  contribution of the Family MGG Shares to Newco 2 effective).

        (b)       Duly executed copy of the Intercreditor Deed.

        (c)       Where the Lenders' relevant counsel deems such to be either
                  necessary or desirable, any recordings, filings or other
                  action required to perfect the Security purported to be
                  created by the Security Documents referred to above
                  (including, without limitation, delivery of share certificates
                  and stock transfer forms executed in blank in relation to
                  pledged shares, noting of pledges on share registers,
                  application for registration of security and notices of
                  assignment).

        (d)       Duly executed Accession Letter by each Initial Borrower,
                  together with the satisfaction of the requirements of Clause
                  26.2 (ADDITIONAL BORROWERS) for the accession of each Initial
                  Borrower as an Additional Borrower.

        (e)       Duly executed Accession Letter by each Initial Guarantor
                  (other than Messer Austria GmbH), together with the
                  satisfaction of the requirements of Clause 26.4 (ADDITIONAL
                  GUARANTORS) for the accession of each Initial Guarantor as an
                  Additional Guarantor.

        (f)       Evidence (based on the management accounts of the MGG Group)
                  that upon the Initial Guarantors acceding as Guarantors and
                  providing the Security to be provided in accordance with
                  Schedule 15 (SECURITY PRINCIPLES):

                  (i)      the aggregate (without double counting) of (1) the
                           EBITDA of each of the Guarantors (but ignoring losses
                           before interest and tax of any Guarantor) and (2) the
                           EBITDA of each Consolidated Subsidiary of MGG which
                           is not a Guarantor (but ignoring any losses before
                           interest and tax of that Consolidated Subsidiary) in
                           respect of which 95% or more of its voting and issued
                           share capital is pledged pursuant to a Security
                           Document (the Guarantors referred to in paragraph (1)
                           of this paragraph (f)(i) taken together with the
                           Subsidiaries referred to in paragraph (2) of this
                           paragraph (f)(i) being collectively referred to as
                           the "SECURITY PARTIES"); and

                  (ii)     the aggregate gross assets (without double counting
                           and excluding assets which are not included on
                           consolidation) of the Security Parties,

                  exceed (in relation to (i) above) 80 per cent. of the
                  consolidated EBITDA and (in relation to (ii) above) 65 per
                  cent. of the consolidated gross assets of the Newco 2 Group;
                  and

                                      -183-

<Page>

                  (iii)    the aggregate (without double counting) of the EBITDA
                           of each of the Guarantors (but ignoring losses before
                           interest and tax of any Guarantor); and

                  (iv)     the aggregate gross assets (without double counting
                           and excluding assets which are not included on
                           consolidation) of the Guarantors,

                  exceed (in relation to (iii) above) 70 per cent. of the
                  consolidated EBITDA and (in relation to (iv) above) 60 per
                  cent. of the consolidated gross assets of the Newco 2 Group.

        (g)       Evidence satisfactory to the Agent in relation to the Initial
                  Guarantors that on the first Utilisation of the Facilities any
                  Financial Indebtedness which benefits from Security or Quasi
                  Security over assets which will also be subject to the
                  Security to be created under any Security Documents to be
                  entered into by such Initial Guarantors will be repaid.

        (h)       Duly executed Austrian Guarantee, together with all of the
                  documents and evidence referred to in Part II of this Schedule
                  in relation to Messer Austria GmbH other than paragraph 1
                  thereof.

        (i)       An original executed irrevocable power of attorney from MIG
                  authorising the Security Trustee to execute a pledge on behalf
                  of MIG over all of its shares in MGG if Newco 2 does not own
                  100% of the shares in MGG within 20 days of the date of such
                  power of attorney (which is anticipated to be signed on the
                  Closing Date), together with evidence that such power of
                  attorney has been duly executed by a duly authorised
                  signatory.

6.      LEGAL OPINIONS

        (a)       A legal opinion of Clifford Chance LLP, London, legal advisers
                  to the Arrangers and the Agent in England, substantially in
                  the form distributed to the Original Lenders prior to signing
                  this Agreement.

        (b)       A legal opinion of Clifford Chance Punder, legal advisers to
                  the Arrangers and the Agent in Germany, substantially in the
                  form distributed to the Original Lenders prior to signing this
                  Agreement.

7.      OTHER DOCUMENTS AND EVIDENCE

        (a)       A copy of any other Authorisation or other document, opinion
                  or assurance which the Agent reasonably considers to be
                  necessary (if it has notified the Company accordingly) in
                  connection with the entry into and performance of the
                  transactions contemplated by any Finance Document or for the
                  validity and enforceability of any Finance Document.

        (b)       Evidence that the fees, costs and expenses then due pursuant
                  to Clause 13 (FEES) and Clause 18 (COSTS AND EXPENSES) have
                  been paid or will be paid by or on the first Utilisation Date.

                                     -184-

<Page>

        (c)       A copy of a Certificate of Merger from the Secretary of State
                  of the State of Delaware evidencing that Messer AGS, Inc. has
                  merged into Messer Griesheim Industries, Inc. (with Messer
                  Griesheim Industries, Inc. as the surviving entity).

        (d)       A signed copy of the engagement letter between MGG and KPMG
                  pursuant to which KPMG agrees to provide Auditors Reports.

8.      AGREED FORM DOCUMENTS

        (a)       Agreed form of Permitted Exchange Notes Security.

        (b)       Agreed form of Permitted High Yield Security.

        (c)       Agreed forms of Treasury Borrower Loan Agreement.

        (d)       Agreed form of High Yield Subordination Agreement.

        (e)       Agreed form of Exchange Notes Subordination Agreement.

        (f)       Agreed form of Newco 2 Loan Subordination Agreement.

                                     -185-

<Page>

                                     PART II
                       CONDITIONS PRECEDENT REQUIRED TO BE
                       DELIVERED BY AN ADDITIONAL OBLIGOR

1.      An Accession Letter, duly executed by the Additional Obligor and the
        Obligor's Agent.

2.      A copy of the constitutional documents of the Additional Obligor in the
        form required by the Agent together with a copy of the resolutions of
        the shareholders of the Additional Obligor adopting such changes to the
        constitutive documents of the Additional Obligor as the Agent shall have
        required.

3.      Where the Lenders' relevant counsel deems such to be either necessary or
        desirable, a copy of a resolution of the board of directors (or the
        equivalent thereof) of the Additional Obligor:

        (a)       approving the terms of, and the transactions contemplated by,
                  the Finance Documents to which it is a party and resolving
                  that it execute the Finance Documents to which it is a party;

        (b)       authorising a specified person or persons to execute the
                  Finance Documents to which it is a party on its behalf; and

        (c)       authorising a specified person or persons, on its behalf, to
                  sign and/or despatch all documents and notices (including, if
                  relevant, any Utilisation Request and Selection Notice) to be
                  signed and/or despatched by it under or in connection with the
                  Finance Documents to which it is a party.

4.      A specimen of the signature of each person authorised by the resolution
        referred to in paragraph 3(b) above.

5.      Where the Lenders' relevant counsel deems such to be either necessary or
        desirable either in place of or in addition to the resolution referred
        to in paragraph 3 above, a certificate or extract from a public
        commercial registry or other evidence setting out the names and
        signatures of the persons authorised to sign, on behalf of the
        Additional Obligor, each Finance Document to which the Additional
        Obligor is or is to be a party and any documents to be delivered by the
        Additional Obligor pursuant to any of the Finance Documents.

6.      Where the Lenders' relevant counsel deems such to be either necessary or
        desirable for an Additional Guarantor, either a copy of a resolution
        signed by all the holders of the issued shares in such Additional
        Guarantor or a resolution of the supervisory board, work council or
        equivalent supervisory body of such Additional Guarantor, approving the
        terms of, and the transactions contemplated by, the Finance Documents to
        which that Additional Guarantor is a party.

7.      A certificate of the Additional Obligor (signed by a director or
        equivalent) confirming that borrowing or guaranteeing, as appropriate,
        the Total Commitments would not cause any borrowing, guaranteeing or
        similar limit (which is imposed by law or under its constitutive
        documents and binding on it) to be exceeded.

                                      -186-

<Page>

8.      A certificate of an authorised signatory of the Additional Obligor
        certifying that each copy document listed in paragraphs 1 through 7 of
        this Part II of Schedule 2 is correct, complete and in full force and
        effect as at a date no earlier than the date of the Accession Letter.

9.      A copy of any other Authorisation or other document, opinion or
        assurance which the Agent considers (acting reasonably) to be necessary
        or desirable in connection with the entry into and performance of the
        transactions contemplated by the Accession Letter or for the validity
        and enforceability of any Finance Document.

10.     If available, the latest audited financial statements of the Additional
        Obligor.

11.     A legal opinion of Clifford Chance LLP, London, legal advisers to the
        Arrangers and the Agent in England.

12.     If the Additional Obligor is incorporated in a jurisdiction other than
        England, a legal opinion of the legal advisers to the Arrangers and the
        Agent in the jurisdiction in which the Additional Obligor is
        incorporated.

13.     If the Security to be granted by the proposed Additional Obligor
        involves the laws of any jurisdiction other than England and the
        jurisdiction of an incorporation of the proposed Additional Obligor,
        legal opinion(s) from the legal advisers to the Arrangers and Agent or
        the legal advisers to the Obligor's Agent in relation to the laws of
        such other jurisdiction.

14.     If the proposed Additional Obligor is incorporated in a jurisdiction
        other than England and is not to be a party to this Agreement, evidence
        that the process agent specified in Clause 40.2 (SERVICE OF PROCESS), if
        not an Obligor, has accepted its appointment in relation to the proposed
        Additional Obligor.

15.     If the Additional Obligor is to become an Additional Borrower, the
        accession of such an Additional Obligor to this Agreement as an
        Additional Guarantor.

16.     Duly executed deed of accession to the Intercreditor Deed by the
        Additional Obligor as an Obligor, Intra-Group Borrower and Intra-Group
        Lender.

17.     Such Security Documents creating such Security as the Agent reasonably
        requires in accordance with the Security Principles, duly executed by
        the Additional Obligor and the Security Trustee (or, if appropriate, the
        Finance Parties).

18.     If the Additional Obligor is incorporated in any state of the United
        States of America, a certificate of solvency signed by the Chief
        Financial Officer of such Additional Obligor.

19.     Where the Lenders' relevant counsel reasonably deems such to be either
        necessary or advisable, any recordings, filings or other action required
        to perfect the Security purported to be created by the Security
        Documents referred to above (including, without limitation, delivery of
        share certificates and stock transfer forms executed in blank in
        relation to pledged shares, noting of pledges on share registers,
        application for registration of security and notices of assignment).

20.     The constitutive documents of any member of the Group whose shares are
        subject to Security under any of the Security Documents referred to
        above in the form required by the Agent together with any resolutions of
        the shareholders of such member of the Group adopting such

                                      -187-

<Page>

        changes to the constitutive documents of such member of the Group as
        the Agent shall have reasonably required to, among other things, remove
        any restriction on any transfer of shares or partnership interests (or
        equivalent) in such member of the Group pursuant to any enforcement of
        any of such Security Documents.

21.     If the Additional Obligor is a Treasury Borrower, a Treasury Borrower
        Loan Agreement executed by it.

                                       -188-

<Page>

                                    PART III
                 ADDITIONAL CONDITIONS PRECEDENT REQUIRED TO BE
                  DELIVERED BY DEBTCO AS AN ADDITIONAL OBLIGOR

1.      All of the documents and evidence referred to in Part II of this
        Schedule.

2.      Evidence that, immediately upon acceding as an Additional Obligor,
        Debtco will be the sole shareholder of MGG.

3.      Evidence that, immediately upon acceding as an Additional Obligor,
        Debtco will assume the rights and obligations of MGG under the Mezzanine
        Facility Agreement or any Direct Mezzanine Refinancing.

4.
        (a)       If at the time of Debtco's accession Newco 2 has not pledged
                  100% of the shares in MGG pursuant to a Security Document, a
                  share pledge over 100% of the shares in MGG.

        (b)       If at the time of Debtco's accession Newco 2 has pledged 100%
                  of the shares in MGG pursuant to a Security Document, evidence
                  that such share pledge remains in force and is acknowledged by
                  Debtco.

5.      An assignment of all of Debtco's receivables pursuant to a Global
        Assignment Agreement, such assignment to include (without limitation and
        unless secured pursuant to a pledge referred to in paragraph 6 below) an
        assignment of all of Debtco's rights under all Intra-Group Loans where
        it is the lender.

6.      An assignment over any Intra-Group Loans by Debtco where Debtco is the
        lender, such pledge to include a waiver of Debtco's rights and
        obligations against the borrowers of such Intra-Group Loans upon the
        suspensive condition (AUFSCHIEBENDE BEDINGUNG) of the receipt of a
        notice by the Security Trustee of the sale of shares in MGG following
        enforcement of the share pledge over the shares in MGG.

7.      Security over Debtco's bank accounts pursuant to an Account Pledge,
        including over a bank account opened by it with the Agent which is
        identified as a Prepayment Escrow Account and pursuant to which no
        amounts may be withdrawn from the Prepayment Escrow Account other than
        as provided in Clause 9 (REPAYMENT AND CANCELLATION).

8.      Evidence from appropriate advisers and other appropriate sources that
        having Debtco as the German Group Member which is a Borrower under this
        Agreement and the Mezzanine Facility Agreement might reasonably be
        expected to be more materially advantageous from an overall German Tax
        perspective than having MGG as the German Group Member which is a
        Borrower under this Agreement and the Mezzanine Facility Agreement.

                                       -189-

<Page>

                                   SCHEDULE 3

                                    REQUESTS

                                     PART I

                               UTILISATION REQUEST

From:    [BORROWER]

To:      [AGENT]

Dated:

Dear Sirs

   [MESSER GRIESHEIM GMBH] - EUR1,050,000,000 AND $540,000,000 SENIOR FACILITIES
                AGREEMENT DATED - 2001 (THE "FACILITY AGREEMENT")

1.      [We wish to borrow a Loan on the following terms]/[We wish [NAME OF
        FRONTING BANK] to issue a [Letter of Credit]/[Bank Guarantee] as
        follows:]

<Table>
       <S>                                           <C>
        Proposed Utilisation Date:                    [                ] (or, if that is not a Business Day,
                                                      the next Business Day)

        Facility to be utilised:                      [Term Disposal Facility]/[Term A Facility]/[Term B
                                                      Euro Facility]/[Term B Dollar Facility]/[Term C
                                                      Euro Facility]/[Term C Dollar Facility]/ [Revolving
                                                      Facility I]/[Revolving Facility II]*

        Currency of [Loan]/[Letter of Credit/
        [Bank Guarantee]:                             [                ]

        Amount:                                       [       ] or, if less, the Available Facility

        [Interest Period:]                            [                ]

        [Expiry Date:]                                [                ]

        [Fronting Bank:]                              [                ]
</Table>

2.      We confirm that each condition specified in Clause 4.2 (FURTHER
        CONDITIONS PRECEDENT) required to be satisfied in connection with this
        Utilisation is satisfied on the date of this Utilisation Request.

3.      [The proceeds of this Loan should be credited to [ACCOUNT].]/[The
        [Letter of Credit/Bank Guarantee] should be issued in favour of [NAME OF
        BENEFICIARY] in the form attached and delivered to the recipient at
        [ADDRESS OF BENEFICIARY] and is requested to be issued for the following
        purpose: [ ]].

4.      This Utilisation Request is irrevocable, save that if it relates solely
        to the issue of a Letter of Credit or Bank Guarantee in which case it
        may be revoked by notice in writing to the Agent and the relevant
        Fronting Bank at any time prior to the requested Letter of Credit or
        Bank Guarantee being issued.

                                     -190-
<Page>

                                Yours faithfully

                         -----------------------------
                            authorised signatory for
                          [NAME OF RELEVANT BORROWER]
* delete as appropriate

                                     -191-
<Page>

                                     PART II

                                SELECTION NOTICE(1)

                      APPLICABLE TO A TERM FACILITIES LOAN

From:    [BORROWER]

To:      [AGENT]

Dated:

Dear Sirs

  [MESSER GRIESHEIM GMBH] - EUR1,050,000,000 AND $540,000,000 SENIOR FACILITIES
               AGREEMENT DATED - 2001 (THE "FACILITY AGREEMENT")
1.      We refer to the following [Term Disposal Facility]/[Term A
        Facility]/[Term B Euro Facility]/[Term B Dollar Facility]/[Term C Euro
        Facility]/[Term C Dollar Facility] Loan[s] in [IDENTIFY CURRENCY] with
        an Interest Period ending on [__________]*.

2.      [We request that the above [Term Disposal Facility]/[Term A
        Facility]/[Term B Euro Facility]/[Term B Dollar Facility]/[Term C Euro
        Facility]/[Term C Dollar Facility] Loan[s] be divided into [     ] [Term
        Disposal Facility]/[Term A Facility]/[Term B Euro Facility]/[Term B
        Dollar Facility]/[Term C Euro Facility]/[Term C Dollar Facility] Loans
        with the following Base Currency Amounts and Interest Periods:] **

        OR

        [We request that the next Interest Period for the above [Term Disposal
        Facility]/[Term A Facility]/[Term B Dollar Facility]/[Term C Euro
        Facility]/ [Term C Dollar Facility] Loan[s] is [    ]].***

3.      We request that the above [Term Disposal Facility]/[Term A
        Facility]/[Term B Dollar Facility]/[Term C Euro Facility] Loan[s]
        [is]/[are] [denominated in the same currency for the next Interest
        Period]/[denominated in the following currencies: [           ]. As this
        results in a change of currency we confirm that each applicable
        condition specified in Clause 4.2 (FURTHER CONDITIONS PRECEDENT) is
        satisfied on the date of this Selection Notice. The proceeds of any
        change in currency should be credited to [ACCOUNT].] .

4.      This Selection Notice is irrevocable.

                                Yours faithfully

--------------------------------------------------------------------------------

(1) This may be used to (i) select the currency of an existing Term A Facility
    Loan for its next Interest Period, (ii) request the division of an existing
    Term Facility Loan into two or more Term Facility Loans having specified
    Base Currency Amounts and Interest Periods, and (iii) select the duration of
    the next Interest Period for an existing Term Facility Loan.

*     Insert details of all Term Facility Loans in the same currency which have
      an Interest Period ending on the same date.

**    Use this option if division of Term Facility Loans is requested.

***   Use this option if sub-division is not required.

                                     -192-
<Page>

                          --------------------------
                           authorised signatory for
         [the Obligor's Agent on behalf of] [name of relevant Borrower]

                                     -193-
<Page>

                                   SCHEDULE 4

                             MANDATORY COST FORMULAE

1.      The Mandatory Cost is an addition to the interest rate in relation to
        the cost of compliance with (a) the requirements of the Bank of England
        and/or the Financial Services Authority (or, in either case, any other
        authority which replaces all or any of its functions) or (b) the
        requirements of the European Central Bank.

2.      On the first day of each Interest Period (or as soon as possible
        thereafter) the Agent shall calculate, as a percentage rate, a rate (the
        "ADDITIONAL COST RATE") in accordance with the paragraphs set out below.
        The Mandatory Cost will be calculated by the Agent as a weighted average
        of the Lenders' Additional Cost Rates (weighted in proportion to the
        percentage participation of each Lender in the relevant Loan) and will
        be expressed as a percentage rate per annum.

3.      The Additional Cost Rate for any Lender lending from a Facility Office
        in a Participating Member State will be the percentage notified by that
        Lender to the Agent as the cost of complying with the minimum reserve
        requirements of the European Central Bank.

4.      The Additional Cost Rate for any Lender lending from a Facility Office
        in the United Kingdom will be calculated by the Agent as follows:

        (a)       in relation to a domestic sterling Loan:

                       AB + C(B - D) + E x 0.01
                       ------------------------ per cent. per annum
                              100 - (A + C)

        (b)       in relation to a Loan in any currency other than domestic
                  sterling:

                       E x 0.01
                       -------- per cent. per annum.
                          300
        Where:

         A        is the percentage of Eligible Liabilities (assuming these to
                  be in excess of any stated minimum) which that Lender is from
                  time to time required to maintain as an interest free cash
                  ratio deposit with the Bank of England to comply with cash
                  ratio requirements.

         B        is the percentage rate of interest (excluding the Margin and
                  the Mandatory Cost) payable for the relevant Interest Period
                  on the Loan.

         C        is the percentage (if any) of Eligible Liabilities which that
                  Lender is required from time to time to maintain as interest
                  bearing Special Deposits with the Bank of England.

         D        is the percentage rate per annum payable by the Bank of
                  England to the Agent on interest bearing Special Deposits.

                                     -194-
<Page>

         E        is the rate of charge payable by that Lender to the Financial
                  Services Authority pursuant to the Fees Regulations (but, for
                  this purpose, ignoring any minimum fee required pursuant to
                  the Fees Regulations) and expressed in pounds per
                  L1,000,000 of the Fee Base of that Lender.

5.      For the purposes of this Schedule:

        (a)       "ELIGIBLE LIABILITIES" and "SPECIAL DEPOSITS" have the
                  meanings given to them from time to time under or pursuant to
                  the Bank of England Act 1998 or (as may be appropriate) by the
                  Bank of England;

        (b)       "FEES REGULATIONS" means the Banking Supervision (Fees)
                  Regulations 2000 or such other law or regulation as may be in
                  force from time to time in respect of the payment of fees for
                  banking supervision; and

        (c)       "FEE BASE" has the meaning given to it, and will be calculated
                  in accordance with, the Fees Regulations.

6.      In application of the above formulae, A, B, C and D will be included in
        the formulae as percentages (i.e. 5 per cent. will be included in the
        formula as 5 and not as 0.05). A negative result obtained by subtracting
        D from B shall be taken as zero. The resulting figures shall be rounded
        to four decimal places.

7.      Each Lender shall supply any information required by the Agent for the
        purpose of calculating its Additional Cost Rate. In particular, but
        without limitation, each Lender shall supply the following information
        in writing on or prior to the date on which it becomes a Lender:

        (a)       its jurisdiction of incorporation and the jurisdiction of its
                  Facility Office; and

        (b)       any other information that the Agent may reasonably require
                  for such purpose.

        Each Lender shall promptly notify the Agent in writing of any change to
        the information provided by it pursuant to this paragraph.

8.      The percentages or rates of charge of each Lender for the purpose of A,
        C and E above shall be determined by the Agent based upon the
        information supplied to it pursuant to paragraph 7 above and on the
        assumption that, unless a Lender notifies the Agent to the contrary,
        each Lender's obligations in relation to cash ratio deposits, Special
        Deposits and the Fees Regulations are the same as those of a typical
        bank from its jurisdiction of incorporation with a Facility Office in
        the same jurisdiction as its Facility Office.

9.      The Agent shall have no liability to any person if such determination
        results in an Additional Cost Rate which over or under compensates any
        Lender and shall be entitled to assume that the information provided by
        any Lender pursuant to paragraphs 3 and 7 above is true and correct in
        all respects.

10.     Any determination by the Agent pursuant to this Schedule in relation to
        a formula, the Mandatory Cost, an Additional Cost Rate or any amount
        payable to a Lender shall, in the absence of manifest error, be
        conclusive and binding on all Parties.

                                     -195-
<Page>

11.     The Agent may from time to time, after consultation with the Obligor's
        Agent and the Lenders, determine and notify to all Parties any
        amendments which are required to be made to this Schedule in order to
        comply with any change in law, regulation or any requirements from time
        to time imposed by the Bank of England, the Financial Services Authority
        or the European Central Bank (or, in any case, any other authority which
        replaces all or any of its functions) and any such determination shall,
        in the absence of manifest error, be conclusive and binding on all
        Parties.

                                     -196-
<Page>

                                   SCHEDULE 5

                          FORM OF TRANSFER CERTIFICATES

                                     PART I

To:      [                 ] as Agent and [          ] as Security Trustee

From:    [THE EXISTING LENDER] (the "EXISTING LENDER") and [THE NEW LENDER]
         (the "NEW LENDER")

Dated:

  [MESSER GRIESHEIM GMBH] - EUR1,050,000,000 AND $540,000,000 SENIOR FACILITIES
                AGREEMENT DATED - 2001 (THE "FACILITY AGREEMENT")
1.      We refer to Clause 25.5 (PROCEDURE FOR TRANSFER):

        (a)       The Existing Lender and the New Lender agree to the Existing
                  Lender and the New Lender transferring by novation all or part
                  of the Existing Lender's Commitment, rights and obligations
                  referred to in the Schedule in accordance with Clause 25.5
                  (PROCEDURE FOR TRANSFER).

        (b)       The proposed Transfer Date is [                      ].

        (c)       The Facility Office and address, fax number and attention
                  details for notices of the New Lender for the purposes of
                  Clause 33.2 (ADDRESSES) and Clause 31 (NOTICES) of the
                  Intercreditor Deed are set out in the Schedule.

2.      The New Lender expressly acknowledges the limitations on the Existing
        Lender's obligations set out in paragraph (c) of Clause 25.4 (LIMITATION
        OF RESPONSIBILITY OF EXISTING LENDERS).

3.      The New Lender confirms that it has received a copy of each of the
        Security Documents governed by German law which are pledges, is aware of
        their contents and hereby expressly consents to the declarations of the
        Security Trustee made on behalf of the New Lender as future pledgee in
        such Security Documents.

4.      The New Lender hereby agrees with each other person who is or who
        becomes a party to the Intercreditor Deed that with effect on and from
        the Transfer Date it will be bound by the Intercreditor Deed referred to
        in the Facility Agreement as a Senior Lender [and Hedge Counterparty]
        ([each] as defined in the Intercreditor Deed) as if it had been party to
        the Intercreditor Deed in that capacity.

5.      This Transfer Certificate is executed as a deed by the New Lender and is
        governed by English law.

                                  THE SCHEDULE

               COMMITMENT/RIGHTS AND OBLIGATIONS TO BE TRANSFERRED

                            [INSERT RELEVANT DETAILS]
   [FACILITY OFFICE ADDRESS, FAX NUMBER AND ATTENTION DETAILS FOR NOTICES AND
                         ACCOUNT DETAILS FOR PAYMENTS,]

                                     -197-
<Page>

                                                 EXECUTED AS A DEED

                                                 By:

        [Existing Lender]                        [New Lender]

        By:                                      acting by [insert
                                                 signatory/signatories names] in
                                                 the presence of:

                                                 Signature of witness:

                                                 Name of witness:

                                                 Address of witness:

        This Transfer Certificate is accepted by the Agent and the Transfer Date
        is confirmed as [ ] and the Agent hereby confirms that the transfer has
        been recorded in the Register on the Transfer Date.

        [Agent]

        By:

                                     -198-
<Page>

                                     PART II

                         LMA TRANSFER CERTIFICATE (PAR)

To:    [           ] as Agent and [           ] as Security Trustee

BANK:                                                          Date:

TRANSFEREE:

This Transfer Certificate is entered into pursuant to (i) the agreement (the
"SALE AGREEMENT") evidenced by the Confirmation dated             between the
Bank and the Transferee (acting directly or through their respective agents)
and (ii) the Credit Agreement and (iii) the Intercreditor Deed (as defined in
the Credit Agreement) and is entered into by the Transferee as a deed.

On the Transfer Date, the transfer by way of novation from the Bank to the
Transferee on the terms set out herein and in the Credit Agreement shall become
effective subject to:-

        (i)       the Sale Agreement and the terms and conditions incorporated
                  in the Sale Agreement;

        (ii)      the terms and conditions annexed hereto; and

        (iii)     the schedule annexed hereto,

all of which are incorporated herein by reference.

The Transferee hereby agrees with each other person who is or who becomes a
party to the Intercreditor Deed that with effect on and from the Transfer Date
it will be bound by the Intercreditor Deed as a Senior Lender [and Hedge
Counterparty] ([each] as defined in the Intercreditor Deed) as if it had been
party to the Intercreditor Deed in that capacity. The address specified in the
Schedule hereto shall also be the address of the Transferee for the purpose of
Clause 31 (NOTICES) of the Intercreditor Deed.

THE BANK                                                      THE TRANSFEREE
[           ]                                                  [           ]
By:                                                           By:

THE AGENT

This Transfer Certificate is accepted by the Agent and the Transfer Date is
confirmed as [           ] and the Agent hereby confirms that the transfer has
been recorded in the Register on this Transfer Date.

[Name of Agent]

By:

                                     -199-
<Page>

                                  THE SCHEDULE

<Table>

<S>                                                          <C>
CREDIT AGREEMENT DETAILS:
Borrower(s):                                                 _________________________________________
Credit Agreement Dated                                       _________________________________________
Guarantor(s):                                                _________________________________________
Agent Bank:                                                   No     Yes (specify)____________________
Security:                                                    _________________________________________
Total Facility Amount:                                       _________________________________________
Governing Law:                                               _________________________________________
Additional Information:                                      _________________________________________

TRANSFER DETAILS:
Name of Tranche Facility:                                    _________________      __________________
Nature (Revolving, Term, Acceptances
   Guarantee/Letter of Credit, Other):                       _________________      __________________
Final Maturity:                                              _________________      __________________
PARTICIPATION TRANSFERRED
Commitment transferred1                                      _________________      __________________
      Drawn Amount (details below):(1)                       _________________      __________________
      Undrawn Amount:(1)                                     _________________      __________________
Settlement Date:                                             _________________________________________

DETAILS OF OUTSTANDING CREDITS(1)
      Specify in respect of each Credit:
      Transferred Portion (amount):                          _________________
      Tranche/Facility:                                      _________________
      Nature:                                                Term Revolver Acceptance Guarantee/Letter
                                                             of Credit
                                                             Other (specify)__________________
<Caption>
              Details of other Credits are set out on the attached sheet

<S>                                                          <C>
ADMINISTRATION DETAILS
Bank's Receiving Account:                                    ________________________________
Transferee's Receiving Account:                              ________________________________

ADDRESSES
Bank                                                         Transferee
[            ]                                               [             ]
Address:                                                     Address:
Telephone:                                                   Telephone:
Facsimile:                                                   Facsimile:
Telex:                                                       Telex:
Attn/Ref                                                     Attn/Ref

</Table>

-------------------------------------------------------------------------------

(1)  As at the date of the Tranfer Certificate

                                      -200-
<Page>

                              TERMS AND CONDITIONS

These are the Terms and Conditions applicable to the transfer certificate
including the Schedule thereto (the "TRANSFER CERTIFICATE") to which they are
annexed.

1.      INTERPRETATION

        In these Terms and Conditions words and expressions shall (unless
        otherwise expressly defined herein) bear the meaning given to them in
        the Transfer Certificate, the Credit Agreement or the Sale Agreement.

2.      TRANSFER

        The Bank requests the Transferee to accept and procure the transfer by
        novation of all or a part (as applicable) of such participation of the
        Bank under the Credit Agreement as is set out in the relevant part of
        the Transfer Certificate under the heading "Participation Transferred"
        (the "Purchased Assets") by counter-signing and delivering the Transfer
        Certificate to the Agent at its address for the service of notice
        specified in the Credit Agreement. On the Transfer Date the Transferee
        shall pay to the Bank the Settlement Amount as specified in the pricing
        letter between the Bank and the Transferee dated the date of the
        Transfer Certificate (adjusted, if applicable, in accordance with the
        Sale Agreement) and completion of the transfer will take place.

3.      EFFECTIVENESS OF TRANSFER

        The Transferee hereby requests the Agent to accept the Transfer
        Certificate as being delivered to the Agent pursuant to and for the
        purposes of the Credit Agreement so as to take effect in accordance with
        the terms of the Credit Agreement on the Transfer Date or on such later
        date as may be determined in accordance with the terms thereof.

4.      TRANSFEREE'S UNDERTAKING

        The Transferee hereby undertakes with the Agent and the Bank and each of
        the other parties to the Credit Documentation that it will perform in
        accordance with its terms all those obligations which by the terms
        thereof will be assumed by it after delivery of the Transfer Certificate
        to the Agent and satisfaction of the conditions (if any) subject to
        which the Transfer Certificate is to take effect.

5.      PAYMENTS

5.1     PLACE

        All payments by either party to the other under the Transfer Certificate
        shall be made to the Receiving Account of that other party. Each party
        may designate a different account as its Receiving Account for payment
        by giving the other not less than five Business Days notice before the
        due date for payment.

                                      -201-
<Page>

5.2     FUNDS

        Payments under the Transfer Certificate shall be made in the currency in
        which the amount is denominated for value on the due date at such times
        and in such funds as are customary at the time for settlement of
        transactions in that currency.

6.      THE AGENT

        The Agent shall not be required to concern itself with the Sale
        Agreement and may rely on the Transfer Certificate without taking
        account of the provisions of such agreement.

7.      ASSIGNMENT OF RIGHTS

        The Transfer Certificate shall be binding upon and ensure to the benefit
        of each party and its successors and permitted assigns PROVIDED THAT
        neither party may assign or transfer its rights thereunder without the
        prior written consent of the other party.

8.      GOVERNING LAW AND JURISDICTION

        The Transfer Certificate (including, without limitation, these Terms and
        Conditions) shall be governed by and construed in accordance with the
        laws of England, and the parties submit to the non-exclusive
        jurisdiction of the English courts.

        Each party irrevocably appoints the person described as process agent
        (if any) specified in the Sale Agreement to receive on its behalf
        service of any action, suit or other proceedings in connection with the
        Transfer Certificate. If any person appointed as process agent ceases to
        act for any reason the appointing party shall notify the other party and
        shall promptly appoint another person incorporated within England and
        Wales to act as its process agent.

9.      GERMAN LAW SECURITY

        The Transferee confirms that it has received a copy of each of the
        Security Documents governed by German law which are pledges, is aware of
        their contents and hereby expressly consents to the declarations of the
        Security Trustee made on behalf of the New Lender as future pledgee in
        such Security Documents

                                      -202-
<Page>

                                    PART III

                        DEBTCO EXIT TRANSFER CERTIFICATE

To:      [    ] as Agent

From:    [Debtco] ("DEBTCO") and [Initial German Borrowers] (the "INITIAL GERMAN
BORROWERS")

Dated:

 [MESSER GRIESHEIM GMBH] - EUR1,050,000,000 AND $540,000,000 SENIOR FACILITIES
             AGREEMENT DATED - 2001 (THE "FACILITY AGREEMENT")

1.      This is to record that transfers referred to in paragraph (a) of Clause
        26.8 (TRANSFERS ON DEBTCO EXIT DATE) which are to take effect in
        accordance with such Clause on the Debtco Exit Date in respect of the
        following Utilisations are to be transferred from Debtco to the Initial
        German Obligors as follows:

<Table>
<Caption>

           UTILISATION            AMOUNT OF         CURRENT INTEREST    AMOUNT TRANSFERRED      INITIAL GERMAN
                                 UTILISATION           PERIOD/TERM                             BORROWER TO WHOM
                                                                                                 TRANSFERRED
           <S>                   <C>                <C>                 <C>                    <C>
</Table>
      [for example, Term A
      Facility Loan]

2.      This certificate is governed by English law.

        [Debtco]                                 [Each Initial German Borrower]

        By:                                       By:

        Accepted by the Agent

        [Agent]

        By:

        Date:

                                      -203-
<Page>

                                   SCHEDULE 6

                            FORM OF ACCESSION LETTER

To:      [       ] as Agent and [        ] as Security Trustee

From:    [SUBSIDIARY] and [Obligor's Agent]

Dated:

Dear Sirs

  [MESSER GRIESHEIM GMBH] - EUR1,050,000,000 AND $540,000,000 SENIOR FACILITIES
                AGREEMENT DATED - 2001 (THE "FACILITY AGREEMENT")

1.      [SUBSIDIARY] agrees to become an Additional [Borrower]/[Guarantor] and
        to be bound by the terms of the Facility Agreement as an Additional
        [Borrower]/[Guarantor] pursuant to Clause [26.2 (ADDITIONAL
        BORROWERS)]/[Clause 26.4 (ADDITIONAL GUARANTORS)] of the Facility
        Agreement [except that [insert any agreed limitations on the
        [Guarantor's] obligations under Clause 19 (GUARANTEE AND INDEMNITY)].
        [SUBSIDIARY] is a company duly incorporated under the laws of [NAME OF
        RELEVANT JURISDICTION].

2.      [Subsidiary] hereby agrees with each other person who is or who becomes
        a party to the Intercreditor Deed (as defined in the Facility Agreement)
        that with effect on and from the date hereof it will be bound by the
        Intercreditor Deed as an Obligor, Intra-Group Lender and Intra-Group
        Borrower (each as defined in the Intercreditor Deed).

3.      [SUBSIDIARY'S] administrative details are as follows:

        Address:

        Fax No:

        Attention:

4.      This letter is governed by English law.

5.      [The Obligor's Agent confirms that [SUBSIDIARY] is a Treasury
        Borrower].*

        This Accession Letter is entered into by [SUBSIDIARY] as a deed.

                                                              EXECUTED as a deed

                                                              by

        [Obligor's Agent]                                     [Subsidiary]

-------------------------------------------------------------------------------

* Only include if relevant.

                                      -204-
<Page>

                                     acting by [name of  signatory/ies]  in the
                                     presence of:

                                     Signature of witness:

                                     Name of witness:

                                     Address of witness:

[Note: each of the following needs to be added if a Luxembourg company is
acceding as an Obligor:

FOR PURPOSES OF ARTICLE 1 OF THE PROTOCOL ANNEXED TO THE CONVENTION ON
JURISDICTION AND THE ENFORCEMENT OF JUDGMENTS IN CIVIL AND COMMERCIAL MATTERS,
SIGNED IN BRUSSELS ON 27 SEPTEMBER 1968 AND WITHOUT PREJUDICE TO THE FOREGOING
EXECUTION OF THE INTERCREDITOR DEED BY THE PARTIES HERETO [MESSER FINANCE S.A.]
EXPRESSLY AND SPECIFICALLY CONFIRMS ITS AGREEMENT TO THE PROVISIONS OF CLAUSE 38
OF THE INTERCREDITOR DEED.

 ..................................

[Messer Finance S.A.]

[MESSER FINANCE S.A.] DECLARES TO HAVE SPECIFIC KNOWLEDGE OF AND EXPRESSLY AND
SPECIFICALLY ACCEPTS, FOR THE PURPOSES OF ARTICLE 1135-1 OF THE LUXEMBOURG CIVIL
CODE, THE CONTENT OF THE FOLLOWING CLAUSES OF THE INTERCREDITOR DEED: 9.1, 9.2,
11.3, 14.2, 14.3, 14.5, 19.5, 22.1, 34.7, 34.10, 34.14, 34.18, 34.19 AND 38.1.

 ..................................

[Messer Finance S.A.]

FOR PURPOSES OF ARTICLE 1 OF THE PROTOCOL ANNEXED TO THE CONVENTION ON
JURISDICTION AND THE ENFORCEMENT OF JUDGMENTS IN CIVIL AND COMMERCIAL MATTERS,
SIGNED IN BRUSSELS ON 27 SEPTEMBER 1968 AND WITHOUT PREJUDICE TO THE FOREGOING
EXECUTION OF THIS AGREEMENT BY THE PARTIES HERETO [MESSER FINANCE S.A.]
EXPRESSLY AND SPECIFICALLY CONFIRMS ITS AGREEMENT TO THE PROVISIONS OF CLAUSE
40.1 OF THE FACILITY AGREEMENT.

 ..................................

[Messer Finance S.A.]

[MESSER FINANCE S.A.] DECLARES TO HAVE SPECIFIC KNOWLEDGE OF AND EXPRESSLY AND
SPECIFICALLY ACCEPTS, FOR THE PURPOSES OF ARTICLE 1135-1 OF THE LUXEMBOURG CIVIL
CODE, THE CONTENT OF THE FOLLOWING CLAUSES OF THE FACILITY AGREEMENT: CLAUSES 8,
9, 14, 16, 17.2, 19.24, 25.4, 27.9, 40.

 ..................................

[Messer Finance S.A.]

                                      -205-

<Page>

                                      -206-

<Page>

                                   SCHEDULE 7

                           FORM OF RESIGNATION LETTER

To:   [      ] as Agent

From: [RESIGNING OBLIGOR] and [Obligor's Agent]

Dated:

Dear Sirs

   [CORNELIA VERWALTUNGSGESELLSCHAFT MBH] - EUR1,050,000,000 AND $540,000,000
      SENIOR FACILITIES AGREEMENT DATED - 2001 (THE "FACILITY AGREEMENT")

1.      Pursuant to [Clause 26.3 (RESIGNATION OF A BORROWER)]/[Clause 26.6
        (RESIGNATION OF A GUARANTOR)], we request that [RESIGNING OBLIGOR] be
        released from its obligations as a [Borrower]/[Guarantor] under the
        Facility Agreement.

2.      We confirm that:

        (a)       no Default is continuing or would result from the acceptance
                  of this request; and

        (b)       [that [resigning Borrower] is under no actual or contingent
                  obligations (in respect of principal or interest in relation
                  to any Loan made to it or in respect of any actual or
                  contingent obligations relating to a Bank Guarantee or Letter
                  of Credit issued at its request) as a Borrower under any
                  Finance Document.]*

3.      This letter is governed by English law.

        [Obligor's Agent]                   [Subsidiary]

        By:                                 By:

-------------------------------------------------------------------------------

* Insert if Borrower resigning.

                                      -207-
<Page>

                                   SCHEDULE 8

                         FORM OF COMPLIANCE CERTIFICATE

To:    [     ] as Agent

From:  [Newco 2]

Dated:

Dear Sirs

    [COMPANY] - EUR1,050,000,000 AND $531,000,000 SENIOR FACILITIES AGREEMENT
                     DATED - 2001 (THE "FACILITY AGREEMENT")

1.      We refer to the Facility Agreement.  This is a Compliance Certificate.

2.      We confirm that:

        (a)       The ratio of the EBITDA for the Relevant Period ending on
                  [Quarter Date] to the Net Cash Interest Payable for the
                  Relevant Period ended on such Quarter Date was [ ]:1.0.

        (b)       The ratio of Total Senior Debt on [Quarter Date] to EBITDA of
                  the Newco 2 Group for the Relevant Period ending on such
                  Quarter Date was [ ]:1.0.

        (c)       The ratio of Operating Cash Flow to Total Debt Service for the
                  Relevant Period ended on [Quarter Date] was [ ]:1.0.

        (d)       The ratio of Total Debt on [Quarter Date] to the EBITDA of the
                  Newco 2 Group for the Relevant Period ending on such Quarter
                  Date was [ ]:1.0.

        (e)       Total Debt on [Quarter Date] was EUR [    ].

        (f)       [The aggregate Capital Expenditure of the members of the Newco
                  2 Group for the Financial Quarter ended [ ] [2001/2002] was
                  [  ]/The aggregate Capital Expenditure of the members of the
                  Newco 2 Group for the calendar year ended on [ ] was [ ].

3.      On the basis of above, we confirm that:

        (a)       the Margin in respect of Term A Facility Loans and Revolving
                  Loans after your receipt of this Compliance Certificate will
                  be [ ] per cent. per annum; and

        (b)       the Margin in respect of Term B Euro Facility Loans and Term B
                  Dollar Facility Loans after your receipt of this Compliance
                  Certificate will be [ ] per cent. per annum; and

        (c)       the Margin in respect of Term C Euro Facility Loans and Term C
                  Dollar Facility Loans after your receipt of this Compliance
                  Certificate will be [ ] per cent. per annum.

4.      [We also confirm that:

                                      -208-
<Page>

        (a)       the aggregate EBITDA of the Security Parties for the Relevant
                  Period ended on [ ] was [ ]% of the consolidated EBITDA of the
                  Newco 2 Group for that Relevant Period;

        (b)       the aggregate gross assets of the Security Parties as at [ ]
                  was [ ]% of the consolidated gross assets of the Newco 2 Group
                  as at such date;

        (d)       the aggregate EBITDA of the Guarantors for the Relevant Period
                  ended on [ ] was [ ]% of the consolidated EBITDA of the Newco
                  2 Group for that Relevant Period;

        (e)       the aggregate gross assets (without double counting and
                  excluding assets which are not included on consolidation) of
                  the Guarantors as at [ ] was [ ]% of the consolidated gross
                  assets of the Newco 2 Group as at such date; and

        (f)       the Material Companies for the purposes of paragraphs (b) and
                  (c) of the definition of Material Company are as follows:

                  [                      ]

5.      For the purpose of the definition of Relevant Debt Relief Amount we
        hereby confirm that the following assets were disposed of during the
        [Financial Quarter/calendar year ended [ ]]: [insert details of assets]
        and of those assets [ ] were assets disposed of under the Disposal Plan
        and [ ] were assets falling within paragraph (i) of the definition of
        Permitted Disposals and the Debt Relief Amount relating to each such
        disposal is as follows: [include amount and how calculated].

6.      [We confirm that no Default is continuing.]*

         ..........................
         Prokurist
         of
         [Newco 2]

-------------------------------------------------------------------------------

* If this statement cannot be made, the certificate should indentify any
Default that is continuing and the steps, if any, being taken to remedy it.

                                      -209-
<Page>

                                   SCHEDULE 9

                             RESTRUCTURING PROGRAMME

In 2000 MGG management commissioned separate studies by Roland Berger and Arthur
D. Little for the purpose of achieving substantial cost savings by restructuring
its operations and through investment in its information technology (IT)
processes both at the headquarters and at the regional levels. Based in part on
the results of these studies, MGG management approved a restructuring programme
for the Group. Restructuring of the Group's IT capabilities has been underway
since 2000, and the general cost savings phase of the programme is anticipated
to be introduced in March 2001. The entire restructuring programme is
anticipated to be completed by the end of 2003.

COST SAVINGS

The cost savings phase of the restructuring programme involves the relocation of
the Group's corporate headquarters from Frankfurt am Main to Krefeld, Germany,
the reorganisation of certain of the Group's existing lines of business and
related relocation of business and personnel, streamlining functions of the
Group's management and personnel, and the introduction of new operational
procedures to optimise production capacity. Implementation of these measures
will require expenditures in the following categories:

1.      Reduction in headcount - Europe Engineering Group

2.      Reduction in headcount - Operations throughout Europe

3.      Optimization of bulk gas transportation in Europe

4.      Efficient cylinder management throughout Europe

5.      Reduction of Marketing & Sales Personnel in Europe

6.      Streamlining of application activities throughout European organisation

7.      Corporate Office headcount reduction

8.      Relocation of Corporate Office from Frankfurt to Krefeld

9.      Reduction in headcount - Non-core Regional Headquarters (i.e. expats,
        regional offices).

10.     Headcount reduction in IT Germany

11.     General Administration headcount reduction in Germany

12.     Other General Administration reduction - Europe (non-German)

The types of expenses and costs that will be associated with these categories
are:

o    relocation and moving expenses

o    severance payments

o    penalty fees for the termination of commercial real estate and equipment
     leases

o    investment in new office equipment and furniture

                                      -210-
<Page>

o    capital expenditure in IT in connection with operational improvements and

o    associated ancillary fees and costs, including depreciation of capital
     costs

o    potential penalty fees for the termination of supplier / distribution
     agreements.

o    write-off of operational fixed assets (i.e. tanks, cylinders, etc.)

IT RESTRUCTURING

The Group's IT capabilities and infrastructure are being upgraded, with
improvements being made in information technology in connection with managing
the Group's supply chain in Europe, and its business to business integration
with customers and suppliers, and its financial management systems.

This will include purchase and installation of new hardware/software in
connection with:

1.      European supply chain management systems

2.      Cylinder management system for transportation of gas cylinders
        throughout Europe

3.      Introduction of business to business applications and integration

4.      New financial management and accounting software

5.      IT infrastructure to support the above projects

Other costs will include:

o    training

o    installation

o    maintenance

o    trial and associated start-up costs

o    depreciation of capital expenditures

                                      -211-
<Page>

                                   SCHEDULE 10

                                   TIMETABLES

                                     PART I
                                      LOANS
<Table>
<Caption>

                                            LOANS IN EURO      LOANS IN STERLING  LOANS IN         LOANS IN
                                                                                  DOLLARS          OTHER
                                                                                                   CURRENCIES
<S>                                         <C>                <C>                <C>              <C>
Agent notifies the Obligor's Agent if a                                                            U-4
currency is approved as an Optional
Currency in accordance with Clause 4.3
(CONDITIONS RELATING TO OPTIONAL
CURRENCIES AND THE EURO UNIT) (if
relevant)

Delivery of a duly completed Utilisation    U-3                U-1                U-3              U-3
Request (Clause 5.1 (DELIVERY OF A          9.30am             9.30am             9.30am           9.30am
UTILISATION REQUEST) or a Selection
Notice (Clause 11.1 (SELECTION OF           (U noon for UR     (U noon for UR     (U noon for UR
INTEREST PERIODS AND TERMS))                and U9.30am for    and U9.30am for    and U9.30am
                                            SN if Loan to be   SN if Loan to be   for SN if Loan
                                            made on Closing    made on Closing    to be made on
                                            Date)              Date)              Closing Date)

Agent determines amount of the Loan in      U-3                U-1                U-3              U-3
Optional Currency in accordance with        11.00am            11.00am            11.00am          11.00am
Clause 6.3 (CHANGE OF CURRENCY)
                                            (U1.00pm for       UR (U1.00pm for    (U1.00pm
                                            UR and             UR and             for UR and
                                            U11.00am for       UR11.00am for      U11.00am
                                            SN if Loan to      SN if Loan to      for SN if
                                            be made on         be made on         Loan to be
                                            Closing Date)      Closing Date)      made on
                                                                                  Closing
                                                                                  Date)

Agent determines (in relation to a          U-3                U-1                U-3              U-3
Utilisation) the Base Currency Amount of    Noon               Noon               Noon             Noon
the Loan, if required under Clause 5.4
(LENDERS' AND                               (U1.00pm for       (U1.00pm for       (U1.00pm for
                                            UR and             UR and             UR and

                                      -212-
<Page>

FRONTING BANKS'                             U11.00am for       U11.00am for       U11.00am
PARTICIPATION)                              SN if Loan to      SN if Loan to      for SN if
                                            be made on         be made on         Loan to be
                                            Closing Date)      Closing Date)      made on
                                                                                  Closing
                                                                                  Date)

Agent notifies the Lenders of the Loan in   U-3                U-1                U-3              U-3
accordance with Clause 5.4 (LENDERS' AND    3.00pm             3.00pm             3.00pm           3.00pm
FRONTING BANKS' PARTICIPATION)
                                            (U2.00pm for       (U2.00pm for UR    (U2.00pm
                                            UR and U           UR and U           for UR and
                                            noon for SN if     noon for SN if     U noon for
                                            Loan to be         Loan to be         SN if Loan
                                            made on            made on            to be made
                                            Closing Date)      Closing Date)      on Closing
                                                                                  Date)

Agent receives a notification from a        U-3                U-1                U-3              U-3
Lender under Clause 6.2 (UNAVAILABILITY     5.00pm             5.00pm             5.00pm           5.00pm
OF A CURRENCY)
                                            (Not               (Not               (Not
                                            applicable if      applicable if      applicable if
                                            Loan to be         Loan to be         Loan to be
                                            made on            made on            made on
                                            Closing Date)      Closing Date)      Closing
                                                                                  Date)

Agent gives notice in accordance with       U-2                U                  U-2              U-2
Clause 6.2 (UNAVAILABILITY OF A CURRENCY)   9.30am             9.30am             9.30am           9.30am

                                            (U2.00pm for       (U2.00pm for UR    (U2.00pm
                                            UR and U           and U for          for UR and
                                            noon for SN if     noon for SN if     U noon for
                                            Loan to be         Loan to be         SN if Loan
                                            made on            made on            to be made
                                            Closing Date)      Closing Date)      on Closing
                                                                                  Date)

LIBOR or EURIBOR is fixed                   Quotation Day      Quotation Day      Quotation        Quotation
                                            as of 11:00        as of 11:00        Day as of        Day as of
                                            a.m. London        a.m.               11:00 a.m.       11:00 a.m.
                                            time in respect
                                            of LIBOR and       (as soon as        (as soon as
                                            as of 11:00        practicable on     practicable

                                      -213-

<Page>

                                            a.m Brussels       U for UR and       on U for UR
                                            time in respect    U noon for SN      and U noon
                                            of EURIBOR         if Loan to be      for SN if
                                                               made on            Loan to be
                                            (as soon as        Closing Date)      made on
                                            practicable on                        Closing
                                            U for UR and                          Date)
                                            U noon for SN
                                            if Loan to be
                                            made on
                                            Closing Date)

</Table>

"U"      = date of utilisation

"U - X" = X Business Days prior to date of utilisation

"UR"     = Utilisation Request

SN       = Selection Notice

                                      -214-

<Page>

                                     PART II

                      LETTERS OF CREDIT AND BANK GUARANTEES

<Table>
<Caption>
                                                    LETTERS OF CREDIT/BANK
                                                    GUARANTEES
<S>                                                 <C>
Delivery of a duly completed Utilisation                    U-5
Request (Clause 5.1 (DELIVERY OF A
UTILISATION REQUEST)                                      9:30am

Agent notifies the Lenders and the relevant                 U-3
Fronting Bank of the Letter of Credit or
Bank Guarantee in accordance with Clause                   Noon
5.4 (LENDERS' AND FRONTING BANKS'
PARTICIPATION).

Delivery of written notice to the Agent                     U-4
requesting an extension to the Term of a
Letter of Credit or Bank Guarantee in                     4:00pm
accordance with Clause 5.6 (RENEWAL OF A
LETTER OF CREDIT OR BANK GUARANTEE)

</Table>

"U" = date of utilisation

"U - X" = X Business Days prior to date of utilisation

                                      -215-

<Page>

                                   SCHEDULE 11

                             FORM OF BANK GUARANTEE

To:      [Beneficiary]

                                                               Date:  [     ]

Dear Sirs

IRRECOVERABLE GUARANTEE NO. [    ]

1.      In this letter:

        "BORROWER" means [DETAILS].

        "BUSINESS DAY" means a day (not being a Saturday, Sunday or public
        holiday) on which banks and foreign exchange markets are open for
        dealings in London.

        "EXPIRY DATE" means [DETAILS].

        "FACILITY" means [DETAILS].

        "ISSUER" means [DETAILS OF FRONTING BANK].

        "PAYMENT DATE" means the date for payment of a demand being [DETAILS -
        MINIMUM FIVE] business days after the date of receipt of demand.

2.      In consideration of your agreeing to make available the Facility the
        Issuer irrevocably and unconditionally guarantees to you on receipt of
        written demand, the payment and discharge by the Borrower of all amounts
        payable or expressed to be payable to you pursuant to the Facility. This
        guarantee is given subject as follows:

        (a)       any demand made hereunder shall be made in writing addressed
                  to the Issuer or its offices at [DETAILS] (Attention:
                  [DETAILS]) in the form provided in Appendix A;

        (b)       the maximum aggregate liability of the Issuer hereunder
                  (inclusive of all principal, interest, costs and expenses) is
                  [EURO/$ /L/other]; and

        (c)       no demand may be made hereunder after the Expiry Date and only
                  one demand may be made hereunder.

3.      Any payment made hereunder shall be made on the Payment Date in
        [CURRENCY] by payment to the account of the Beneficiary specified in the
        demand.

4.      This guarantee is not assignable or transferable in whole or in part.

5.      This guarantee shall be governed by English law and the courts of
        England shall have exclusive jurisdiction.

                                      -216-
<Page>

Yours faithfully

 .................................
for and on behalf of
[NAME OF FRONTING BANK]

                                      -217-
<Page>

                           APPENDIX TO BANK GUARANTEE

                        [HEADED NOTEPAPER OF BENEFICIARY]

To:    [                   ]

From:  [         ]

BANK GUARANTEE REF. NO. - (the "BANK GUARANTEE")

We refer to the Bank Guarantee. Terms defined in the Bank Guarantee and not
otherwise defined herein bear the same meaning herein.

We certify that:

(a)     we have provided the Facility to the Borrower on the terms and
        conditions approved by you at the time of issue of the Bank Guarantee;

(b)     the terms of the Facility are the same as those prevailing at the time
        of issue of the Bank Guarantee (or, to the extent that they are not, any
        amendments thereto have been approved by you);

(c)     an aggregate amount (the "PAYMENT AMOUNT") of - (comprising - of
        principal and - of interest and/or other charges) fell due for payment
        in - by - on - and remains due and unpaid at the date of this letter.

Accordingly, we hereby request payment under the Bank Guarantee of the Payment
Amount. Payment is to be made to our account (A/C No. -) with - at -.

Yours faithfully

 .................................
for and on behalf of [THE BENEFICIARY]

                                      -218-
<Page>

                                   SCHEDULE 12

                            FORM OF LETTER OF CREDIT

To:      [Beneficiary]

                                                                 Date: [     ]

IRREVOCABLE STANDBY LETTER OF CREDIT NO. [     ]

This Letter of Credit is issued by [               ], (the "ISSUER") at the
request of [     ] in your favour on the following terms:

1.      The Issuer shall not be obliged to make payments under this Letter of
        Credit exceeding in aggregate the maximum amount of [ ]. Any payment
        under this Letter of Credit shall be made in [CURRENCY] and shall reduce
        the Issuer's liability to make payment under this Letter of Credit
        accordingly.

2.      This Letter of Credit shall expire at [ ] a.m./p.m., London time on [ ]
        (the "EXPIRY DATE"). The Issuer will have no liability in respect of any
        demand delivered after such time [and a demand not accompanied by the
        information mentioned in paragraph 3(b) below shall not be validly
        delivered].

3.      Subject to paragraph 2 above, within five business days of receiving (a)
        your demand on the Issuer [in the form set out in the Appendix to this
        Letter of Credit] specifying the amount claimed under this Letter of
        Credit and bearing an endorsement of the above Letter of Credit number
        and (b) [DETAILS OF ANY OTHER DOCUMENTS REQUIRED FROM THE BENEFICIARY TO
        BE INSERTED (INCLUDING A CERTIFICATE VERIFIED AS HAVING BEEN SIGNED BY
        TWO AUTHORISED OFFICERS OF THE BENEFICIARY AUTHORISING DELIVERY OF THE
        DEMAND)], at [DETAILS OF FRONTING BANK'S OFFICE TO BE INSERTED] the
        Issuer agrees to pay to you in the currency specified in paragraph 1
        above, subject to the maximum amount referred to in paragraph 1 above.

4.      Your rights and the rights of the Issuer under this Letter of Credit may
        not be assigned or transferred.

5.      This Letter of Credit is subject to Uniform Customs and Practice for
        Documentary Credits (International Chamber of Commerce, Publication No.
        500 - 1993).

6.      This Letter of Credit is governed by English law and the courts of
        England shall have exclusive jurisdiction.

Yours faithfully

 ........................................
for and on behalf of
[NAME OF FRONTING BANK]

                                      -219-
<Page>

                                   SCHEDULE 13

                        MATERIAL COMPANIES AS AT SIGNING

Messer Griesheim GmbH

Messer Griesheim Industriegase GmbH

Messer UK Limited

Messer France S.A.

Messer Griesheim Industries, Inc.

Messer Hungarogaz Kft

MG de Mexico S.A. de C.V.

Messer Trinidad & Tobago Limited

Messer International GmbH

Messer Nederland B.V.

                                      -220-
<Page>

                                   SCHEDULE 14

                            FORM OF AUDITOR'S REPORT

PRIVATE AND CONFIDENTIAL

The Directors
Messer Griesheim GmbH ("MGG")
and
The directors
DIOGENES Vierte Vermogensverwaltungs Aktiengesellschaft ("NEWCO 2")

Dear Sirs

In accordance with the terms of our engagement letter dated ________, we have
reviewed the preparation of the compliance certificate (attached hereto and
initialled by us for the purposes of identification) (the "COMPLIANCE
CERTIFICATE") which is being provided pursuant to the senior facilities
agreement dated o (the "FACILITIES AGREEMENT") made between, among others,
CORNELIA Verwaltungsgesellschaft mbH, and the persons who become borrowers
pursuant to the provisions of the Facilities Agreement, the persons who become
guarantors pursuant to the provisions of the Facilities Agreement, Goldman Sachs
International as Global Co-ordinator, Goldman Sachs International and others as
Joint Lead Arrangers, the persons named therein as Lenders, the agent and the
security trustee.

RESPONSIBILITY

The compliance certificate (SEE DEFINITION ABOVE), as well as the accompanying
audited financial statements of the Newco 2 Group prepared in accordance with
International Accounting Standards, have been prepared by, and are the sole
responsibility of, the directors of Newco 2. Our responsibility is to report on
the results of our review.

A copy of the compliance certificate and the accompanying financial statements
is attached hereto and initialled by us for the purpose of identification.

BASIS OF OPINION

Our work included a review of the calculations of the financial covenants to
assess if they have been calculated properly in accordance with paragraphs 21.2
(b) and 22 of the Facilities Agreement and have been properly extracted from the
audited accounts, certain specified records of the company, and audited IAS
adjustment schedules.

We planned and performed our work so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial covenants
have been properly calculated on the basis specified in paragraphs 21.2 (b) and
22 of the Facilities Agreement, so far as matters material to their preparation
are concerned and the EBITDA and gross assets numbers for the purposes of Clause
23.30 (GUARANTOR GROUP AND SECURITY COVERAGE) of the Facilities Agreement and
paragraphs (b) and (c) of the definition of Material Companies in Clause 1.1 of
the Facilities Agreement have been properly calculated.

                                      -221-
<Page>

These procedures did not constitute an audit of the financial statements, and
consequently we express no opinion as to whether the financial statements
present fairly the state of affairs of the Newco 2 Group as at ______________.

OPINION

In our opinion, the calculations in sections 2 and 3 of the compliance
certificate have been calculated in accordance with paragraphs 21.2 (b) and 22
of the Facilities Agreement. The Margins referred to in section 3 of the
compliance certificate have been correctly extracted from tables in paragraph
10.2 (a) and (b) of the Facilities Agreement on the basis of the information set
out in section 2.

On the basis that the Security Parties are [list of companies] and the
Guarantors are [list] we confirm that in our opinion the calculations in section
4 (a), (b), (c) and (d) of the compliance certificate have been calculated in
accordance with paragraph 22 of the Facilities Agreement.

In our opinion, the companies listed in section 4 (e) of the compliance
certificate are the Material Companies as defined in paragraphs (b) and (c) of
such definition of the Facilities Agreement.

RESTRICTION ON USE OF REPORT/GOVERNING LAW

This report is exclusively for the information of the addressees and for use
solely in connection with matters relating to paragraphs 21.2 (b), 22, 10.2 (a)
and (b), 23.30 of the Facilities Agreement and the definition of Material
Companies and is not to be copied, quoted or referred to, in whole or in part,
in any other connection without out prior written consent. For the avoidance of
any doubt, this report may be circulated to the Finance Parties (as defined in
the Facilities Agreement) in connection with these paragraphs of the Facilities
Agreement.

The terms of engagement for this report have been established by the directors
of Newco 2 and are based on the General Conditions of Assignment for
Wirtschaftsprufer and Wirtschaftsprufungsgesellschaften in the version dated,
July 1, 2000 ( a copy of which is attached hereto). We will not accept
responsibility to any other party to whom this report may be shown or who may
acquire a copy of the report.

This report is governed by and construed in accordance with the laws of the
Federal Republic of Germany. Place of Jurisdiction for any dispute arising out
to in connection with this letter shall be exclusively [Frankfurt am Main,
Germany].

Yours faithfully

                                      -222-

<Page>

                                   SCHEDULE 15

                               SECURITY PRINCIPLES

This Schedule sets out the principles upon which the type and extent of the
Security to be required from a proposed Additional Obligor is to be decided
upon.

1.      INITIAL OBLIGORS

        The Security to be provided by each of the Initial Obligors incorporated
        in Germany, any state of the United States of America, England, France
        and the Netherlands (each such country or state being a "KEY
        JURISDICTION") and any Initial Obligor incorporated in Austria or
        Luxembourg has already been agreed upon and is to be as follows pursuant
        to Security Documents which are in agreed form:

        (a)       GERMANY

                  Each of the Initial Obligors incorporated in Germany will
                  provide:

                  (i)      pledges by its direct Holding Company or Holding
                           Companies over all of the shares in that Initial
                           Obligor by way of first ranking share pledges and (in
                           favour of the Mezzanine Finance Parties) second
                           ranking share pledges;

                  (ii)     an assignment of its receivables pursuant to a Global
                           Assignment Agreement;

                  (iii)    a security transfer of its intellectual property
                           rights pursuant to a Security Transfer of IP Rights;

                  (iv)     security over its bank accounts by way of first
                           ranking account pledges and (in favour of the
                           Mezzanine Finance Parties) second ranking account
                           pledges (it being noted that such pledge will rank
                           behind any pledge in favour of the German account
                           bank under its General Business Conditions and that
                           the pledgor has the obligation to use its reasonable
                           endeavours to get the account bank to waive or
                           subordinate its pledge);

                  (v)      security over its land pursuant to a notarial deed
                           (creating land charges) and a Security Purpose
                           Agreement (relating to such land charges);

                  (vi)     security by way of transfer of collateral of its
                           stock, machinery and inventory pursuant to a Transfer
                           of Moveables; and

                  (vii)    in the case of MGG, security (governed by English
                           law) will be provided over a bank account opened by
                           it with The Chase Manhattan Bank in London which is
                           identified as a Prepayment Escrow Account and
                           pursuant to which no amounts may be withdrawn other
                           than as provided in Clause 9 (REPAYMENT AND
                           CANCELLATION).

        (b)       FRANCE

                  Each of the Initial Obligors incorporated in France will
                  provide:

                                      -223-

<Page>

                  (i)      pledges by its direct Holding Company or Holding
                           Companies over all of the shares in that Initial
                           Obligor;

                  (ii)     a pledge over its bank accounts pursuant to a Bank
                           Account Pledge.

        (c)       THE NETHERLANDS

                  Each of the Initial Obligors incorporated in The Netherlands
                  will provide:

                  (i)      pledges by its direct Holding Company or Holding
                           Companies over all of the shares in that Initial
                           Obligor;

                  (ii)     a pledge of its receivables;

                  (iii)    a pledge over its stock and assets;

                  (iv)     a pledge of its bank accounts;

                  (v)      a pledge of its intellectual property rights;

                  (vi)     (in the case of a Treasury Borrower incorporated in
                           The Netherlands, in addition to the above) security
                           (governed by English law) over its Intra Group Loans,

                  save that if it is a Treasury Borrower it will only provide
                  the security referred to in paragraphs (i), (iv) and (vi)
                  above.

        (d)       UNITED STATES

                  Each of the Initial Obligors incorporated in a state of the
                  United States of America will provide a pledge and security
                  agreement creating security over all of its assets (other than
                  real property) and a pledge by its direct Holding Company or
                  Holding Companies over all of the shares in that Initial
                  Obligor.

        (e)       ENGLAND

                  Each of the Initial Obligors incorporated in England will
                  provide a debenture creating fixed and floating charges over
                  all of its assets and a charge by its direct Holding Company
                  or Holding Companies over all of the shares in that Initial
                  Obligor.

        (f)       AUSTRIA

                  Each of the Initial Obligors incorporated in Austria will
                  provide pledges by its direct Holding Company or Holding
                  Companies over all of the shares in that Initial Obligor, so
                  that MGG will pledge all of its shares in Messer Austria GmbH.

        (g)       LUXEMBOURG

                  If a Treasury Borrower is incorporated in Luxembourg it will
                  provide:

                  (i)      a pledge by its direct Holding Company over all the
                           shares in such Treasury Borrower;

                  (ii)     a pledge of its receivables;

                                      -224-
<Page>

                  (iii)    an account charge over its bank accounts; and

                  (iv)     in addition to or instead of (ii), security (governed
                           by English law) over its Intra-Group Loans.

        (h)       SECURITY OVER SHARES HELD BY INITIAL OBLIGORS

                  The relevant Initial Obligors listed below shall also provide
                  pledges over all of the shares/partnership interests in the
                  companies indicated below.

<Table>
<Caption>
                  ---------------------------------------------------------------------------------------------------
                  INITIAL OBLIGOR                COMPANY WHOSE SHARES           JURISDICTION OF INCORPORATION
                                                 PLEDGED                        AND REGISTERED NUMBER (OR
                                                                                EQUIVALENT) OF COMPANY WHOSE
                                                                                SHARES PLEDGED
                  <S>                            <C>                            <C>
                  ---------------------------------------------------------------------------------------------------
                  MGG                            Messer AGS GmbH                Germany, registered in the
                                                                                HANDELSREGISTER (commercial
                                                                                register) of the AMTSGERICHT (local
                                                                                court of Hanau under, HRB6265
                  ---------------------------------------------------------------------------------------------------
                  MGG                            Messer Polska Sp. zo.o.        Poland
                  ---------------------------------------------------------------------------------------------------
                  Messer Nederland B.V.          Messer Belgium N.V.            Belgium, BE 402.166.453
                  ---------------------------------------------------------------------------------------------------
                  MGG                            Messer Hungarogaz Kft          Hungary, Cg. 01-09-076414
                  ---------------------------------------------------------------------------------------------------
</Table>

2.      OTHER ADDITIONAL OBLIGORS

        (a)       The Security to be provided by any Additional Obligor which is
                  not an Initial Obligor but which is incorporated in a Key
                  Jurisdiction shall consist of the same type and extent of
                  Security as provided by an Initial Obligor incorporated in
                  such Key Jurisdiction (to the extent relevant to such
                  Additional Obligor) (including, for the avoidance of doubt,
                  pledges from that Additional Obligor's Holding Company or
                  Holding Companies over all of the shares in that Additional
                  Obligor) and shall as far as possible be provided pursuant to
                  a Security Document or Security Documents on the same terms as
                  those provided by such Initial Obligor.

        (b)       In regard to any Additional Obligor not falling within
                  paragraphs 1 or 2(a) above, the presumption shall be that the
                  only Security to be provided by such Additional Obligor is a
                  pledge by its Holding Company or Holding Companies over all of
                  the shares in that Additional Obligor. If the Agent determines
                  (acting reasonably) that Security over all or any of its other
                  assets can be provided at relatively low cost (in terms of
                  legal fees and other costs and expenses associated with any
                  such Security) which would provide some significant value in
                  terms of Security to the Finance Parties then, subject as
                  provided below, the provision of such Security shall be a
                  condition to such Additional Obligor becoming an Additional
                  Obligor if the Agent (acting on the instructions of the
                  Majority Lenders) so requires.

                                      -225-
<Page>

3.      DEBTCO

        The security to be provided by Debtco is specified in Part III of
        Schedule 2 (CONDITIONS PRECEDENT).

4.      GENERAL PRINCIPLES

        (a)       In regard to any proposed Security to be provided by any
                  Additional Obligor, due regard shall be had to:

                  (i)      any risk that the directors of a company being asked
                           to provide Security could be held to be in breach of
                           applicable company or criminal law in providing such
                           Security;

                  (ii)     the practicality and costs involved in taking any
                           such Security; and

                  (iii)    the value of the proposed Security to the Finance
                           Parties in light of the whole of the Security already
                           provided to them at such time.

        (b)       Any Security over any assets of an Additional Obligor shall
                  (to the extent legally possible) secure the obligations of
                  such Additional Obligor under the Finance Documents and the
                  Mezzanine Finance Documents and shall (to the extent legally
                  possible) create first priority Security over such assets. All
                  share pledge Security shall create first priority Security
                  over the shares pledged.

        (c)       Save where it is inappropriate under applicable law or in
                  relation to the specific security being provided, all Security
                  shall only be enforceable upon the occurrence of an
                  Enforcement Event which is continuing. An Enforcement Event is
                  any of the events listed in paragraphs (a), (b), (c) or (e) of
                  Clause 24.15 (ACCELERATION) of this Agreement or paragraphs
                  (a), (b) or (c) of Clause 22.14 of the Mezzanine Facility
                  Agreement.

        (d)       Representations will only relate to the creation of the
                  Security, and undertakings additional to those in this
                  Agreement will only be included to the extent necessary under
                  local law to create Security (such as a fixed charge) where
                  such Undertakings will not interfere with the normal running
                  of the business.

                                      -226-
<Page>

                                   SCHEDULE 16

                                  DISPOSAL PLAN

This Schedule sets out below the members of the MGG Group, the Unconsolidated
Subsidiaries of MGG and the minority interests and assets of the MGG Group and
such Unconsolidated Subsidiaries which are intended to be sold (either by way of
share sale and/or by way of asset sale) pursuant to the disposal programme
intended to be implemented after the Closing Date.

<Table>
<Caption>
-----------------------------------------------------------------------------------------------------------------
COUNTRY                               COMPANY/ASSET                                                          MGG
                                                                                 % SHAREHOLDING/% OF ASSET OWNED
                                                                                            (DIRECT OR INDIRECT)
<S>                                   <C>                                        <C>
-----------------------------------------------------------------------------------------------------------------
CONSOLIDATED SUBSIDIARIES OF MGG
-----------------------------------------------------------------------------------------------------------------
Argentina                             Messer Argentina S.A.                                               99.63%
-----------------------------------------------------------------------------------------------------------------
Australia                             Messer Australia Pty. Ltd.                                            100%
-----------------------------------------------------------------------------------------------------------------
Australia                             Kingstream Steel Limited                                             3.58%
-----------------------------------------------------------------------------------------------------------------
Brazil                                Messer Griesheim do Brasil Ltda.                                    99.99%
-----------------------------------------------------------------------------------------------------------------
US/Canada                             The Canadian Healthcare and US CO2                                    100%
                                      divisions of the MGG Group
-----------------------------------------------------------------------------------------------------------------
China                                 Sichuan Messer Gas Products Co. Ltd.                                  100%
-----------------------------------------------------------------------------------------------------------------
China                                 Hunan Xianggang Messer Gas Products                                    55%
                                      Co. Ltd.
-----------------------------------------------------------------------------------------------------------------
China                                 Messer Sunshine (Ningbo) Gas                                           70%
                                      Products
-----------------------------------------------------------------------------------------------------------------
China                                 Yunnan Messer Gas Products Co. Ltd.                                   100%
-----------------------------------------------------------------------------------------------------------------
China                                 Messer North China Industrial Gas                                     100%
                                      Co., Ltd.
-----------------------------------------------------------------------------------------------------------------
Germany                               Messer Medical GmbH                                                   100%
-----------------------------------------------------------------------------------------------------------------
Guatemala                             Messer de Centroamerica S.A.                                           50%
-----------------------------------------------------------------------------------------------------------------
Guatemala                             Carbox S.A.                                                            25%
------------------------------------- ------------------------------------- -------------------------------------
Guatemala                             Servigil S.A.                                                         100%
-----------------------------------------------------------------------------------------------------------------
US                                    MG Generon, Inc.                                                      100%
-----------------------------------------------------------------------------------------------------------------
Indonesia                             PT Aneka Gas Industri                                                  90%
-----------------------------------------------------------------------------------------------------------------
China                                 SMC Asia Gas Systems Company Limited                                33.33%
-----------------------------------------------------------------------------------------------------------------

                                      -227-
<Page>

China                                 Ningbo Messer Donghai Carbon                                           60%
                                      Dioxide Co. Ltd.
-----------------------------------------------------------------------------------------------------------------
Austria/Germany                       Messer Medical GmbH                                                   100%
-----------------------------------------------------------------------------------------------------------------
Korea                                 Messer Korea Ltd.                                                      75%
-----------------------------------------------------------------------------------------------------------------
Korea                                 Messer Myung Sin Gas Limited                                           50%
-----------------------------------------------------------------------------------------------------------------
Malaysia                              Messer Malaysia Sdn Bhd                                               100%
-----------------------------------------------------------------------------------------------------------------
Malaysia                              Secomex Manufacturing (M) Sdn Bhd                                      49%
-----------------------------------------------------------------------------------------------------------------
Mexico                                Messer Griesheim de Mexico S.A. de                                  99.99%
                                      C.V.
-----------------------------------------------------------------------------------------------------------------
Peru                                  Messer Gases S.A.                                                   91.90%
-----------------------------------------------------------------------------------------------------------------
Peru                                  Messer Gases del Peru S.A.C.                                        99.99%
-----------------------------------------------------------------------------------------------------------------
South Africa                          FedGas (Pty) Ltd.                                                     100%
-----------------------------------------------------------------------------------------------------------------
Taiwan                                Messer Taiwan Co. Ltd.                                                100%
-----------------------------------------------------------------------------------------------------------------
Taiwan                                Messer TPO Enterprise Co.  Ltd.                                        50%
-----------------------------------------------------------------------------------------------------------------
Trinidad & Tobago                     Messer Trinidad & Tobago Limited                                    99.99%
-----------------------------------------------------------------------------------------------------------------
Turkey                                Messer Technik Gazlar Sanayi ve                                        80%
                                      Ticaret Sti
-----------------------------------------------------------------------------------------------------------------
Turkey                                Messer Aligaz Holding AS                                               55%
-----------------------------------------------------------------------------------------------------------------
US                                    MG Generon, Inc.                                                      100%
-----------------------------------------------------------------------------------------------------------------
Venezuela                             Messer Gases S.A.                                                     100%
-----------------------------------------------------------------------------------------------------------------
Zimbabwe                              Messer Zimbabwe (Private) Limited                                     100%
-----------------------------------------------------------------------------------------------------------------
NON-CONSOLIDATED COMPANIES
-----------------------------------------------------------------------------------------------------------------
China                                 Yunnan Zhanhua Messer Gas Products                                     60%
                                      Co. Ltd.
-----------------------------------------------------------------------------------------------------------------
China                                 Messer International Trading                                          100%
                                      (Shanghai) Co. Ltd.
-----------------------------------------------------------------------------------------------------------------
Egypt                                 Messer Egypt S.A.E                                                  49.49%
-----------------------------------------------------------------------------------------------------------------
Egypt                                 Messer Gases Dekheila Co S.A.E                                      46.32%
-----------------------------------------------------------------------------------------------------------------

                                      -228-
<Page>

Honduras                              Messer Honduras S.A. de C.V.                                           50%
-----------------------------------------------------------------------------------------------------------------
India                                 Bombay Oxygen Corporation Limited                         50% plus 1 share
-----------------------------------------------------------------------------------------------------------------
India                                 Goyal MG Gases Ltd.                                                48.955%
-----------------------------------------------------------------------------------------------------------------
Indonesia                             PT Aneka Messer Industrial Gases                                       65%
-----------------------------------------------------------------------------------------------------------------
Nicaragua                             Messer de Nicaragua S.A.                                               50%
-----------------------------------------------------------------------------------------------------------------
Sri Lanka                             Messer Industrial Gases (Private)                                      51%
                                      Limited
-----------------------------------------------------------------------------------------------------------------
Thailand                              Messer Industrial Gases Thailand                                    74.99%
                                      Co. Ltd.
-----------------------------------------------------------------------------------------------------------------
Trinidad & Tobago                     Neal and Massy Gas Products Ltd.                                    42.71%
-----------------------------------------------------------------------------------------------------------------
Turkey                                Messer Aligaz Holding AS                                               50%
-----------------------------------------------------------------------------------------------------------------
Vietnam                               Messer Haiphong Industrial Gases                                       67%
                                      Co. Ltd.
-----------------------------------------------------------------------------------------------------------------
Egypt                                 Messer Gases Suez S.A.E.                                               45%
-----------------------------------------------------------------------------------------------------------------
Vietnam                               Messer Vietnam Industrial Gases Co.                                   100%
                                      Ltd.
-----------------------------------------------------------------------------------------------------------------

</Table>

                                      -229-

<Page>

                                   SCHEDULE 17

                            CENTRAL AMERICAN ENTITIES

<Table>
<Caption>

CENTRAL AMERICAN ENTITIES                                  RELEVANT JURISDICTION         MGG GROUP
                                                                                         SHAREHOLDING
<S>                                                        <C>                           <C>
Messer Griesheim de Mexico S.A. de C.V.                    Mexico                        99.99%

Messer de El Salvador S.A. de C.V.                         El Salvador                   50.00%

Messer de Centroamerica S.A.                               Guatemala                     50.00%

Carbox S.A.                                                Guatemala                     50.00%

Servigil S.A.                                              Guatemala                     100%

Messer de Nicaragua S.A.                                   Nicaragua                     50.00%

Carbox de Nicaragua S.A.                                   Nicaragua                     25.00%

Messer de Honduras S.A. de C.V.                            Honduras                      50.00%

Compania de Productos Atmosfericos S.A. de C.V.            Honduras                      50.00%

Gases Industriales S.A. de C.V.                            Honduras                      50.00%

Coxgas S.A. de C.V.                                        Honduras                      50.00%

Carbox S.A. Honduras                                       Honduras                      50.00%

Greenbelt Holdings Ltd.                                    British Virgin Islands        100.00%

</Table>

                                      -230-
<Page>

SIGNATURES

THE COMPANY

CORNELIA VERWALTUNGSGESELLSCHAFT MBH

By:               WOLFGANG FINK

Address:          c/o Allianz Capital Partners GmbH
                  Theresienstr. 1-7
                  8033 Munchen
                  Germany
                  Attention:        Stefan Sanne

                  and

                  c/o Goldman Sachs International
                  Peterborough Court
                  133 Fleet Street
                  London EC4A 2BB
                  United Kingdom
                  Attention:        Ulrika Werdelin

THE ARRANGERS

GOLDMAN SACHS INTERNATIONAL

By:               SIMON PARRY-WINGFIELD

BAYERISCHE HYPO- UND VEREINSBANK AG

By:               MATTHIAS MAGNUS

                  CHRISTIAN FEDERSPIELER

J.P. MORGAN PLC

By:               JAMES YU

THE ROYAL BANK OF SCOTLAND PLC

By:               GERD BIEDING

                  FRANK SCHAUZ

                                      -231-
<Page>

THE AGENT

CHASE MANHATTAN INTERNATIONAL LIMITED

By:               JAMES B. TREGER

Address:          Trinity Tower
                  9 Thomas More Street
                  London E1 9YT
                  Fax: 0207-777-2360

Attention:        Steve Clarke

THE SECURITY TRUSTEE

CHASE MANHATTAN INTERNATIONAL LIMITED

By:               JAMES B. TREGER

Address:          Trinity Tower
                  9 Thomas More Street
                  London E1 9YT
                  Fax: 0207-777-2360

Attention:        Steve Clarke

THE LENDERS

GOLDMAN SACHS CREDIT PARTNERS, L.P.

By:                        SIMON PARRY-WINGFIELD

Facility Office:           Peterborough Court
                           133 Fleet Street
                           London EC4A 2BB

BAYERISCHE HYPO- UND VEREINSBANK AG

By:                        CHRISTIAN FEDERSPIELER

                           MATTHIAS MAGNUS

Facility Office:           Niederlassung Frankfurt
                           Mainzer Landstr. 23
                           60329 Frankfurt a. Main
                           Germany

                                      -232-
<Page>

THE CHASE MANHATTAN BANK

By:                        JAMES B. TREGER

Facility Office:           125 London Wall
                           London
                           EC2Y 5AJ

THE ROYAL BANK OF SCOTLAND PLC

By:                        FRANK SCHAUZ

                           GERD BIEDING

Facility Office:           Rahmhofstrasse 2-4
                           D-60313 Frankfurt

                                      -233-<Page>

                                                                   EXHIBIT 10.4

<Page>

C L I F F 0 R D                                   LIMITED LIABILITY PARTNERSHIP

C H A N C E

                                                                 CONFORMED COPY

                               DATED 28 APRIL 2001

                      CHASE MANHATTAN INTERNATIONAL LIMITED
                               AS SECURITY TRUSTEE

                           GOLDMAN SACHS INTERNATIONAL
                             AS GLOBAL CO-ORDINATOR

                           GOLDMAN SACHS INTERNATIONAL
                       BAYERISCHE HYPO- UND VEREINSBANK AG
                                 J.P. MORGAN PLC
                                       AND
                         THE ROYAL BANK OF SCOTLAND PLC
                               AS SENIOR ARRANGERS

                           GOLDMAN SACHS INTERNATIONAL
                       BAYERISCHE HYPO- UND VEREINSBANK AG
                                       AND
                         THE ROYAL BANK OF SCOTLAND PLC
                             AS MEZZANINE ARRANGERS

                      CHASE MANHATTAN INTERNATIONAL LIMITED
                                 AS SENIOR AGENT

                               THE SENIOR LENDERS
                                  NAMED HEREIN

                   HYPOVEREINSBANK LUXEMBOURG SOCIETE ANONYME
                               AS MEZZANINE AGENT

                              THE MEZZANINE LENDERS
                                  NAMED HEREIN

                                   AND OTHERS

                 -----------------------------------------------

                               INTERCREDITOR DEED

                 -----------------------------------------------

<Page>

                                              CONTENTS

<Table>
<Caption>
CLAUSE                                                                                               PAGE
<S>                                                                                                  <C>
1.    Interpretation And Definitions ..................................................................2

2.    Consent To The Finance Documents And Security Documents ........................................11

3.    Ranking.........................................................................................11

4.    Undertakings Of The Intercreditor Obligors .....................................................13

5.    Undertakings Of The Intra-Group Lenders ........................................................13

6.    Undertakings Of The Mezzanine Beneficiaries ....................................................14

7.    Accession And Undertakings Of Hedge Counterparties .............................................15

8.    Undertakings In Respect Of The Senior Liabilities ..............................................18

9.    Consents And Entrenched Provisions .............................................................19

10.   Permitted Payments .............................................................................20

11.   Turnover .......................................................................................21

12.   Suspension Of Permitted Payments ...............................................................22

13.   Subordination ..................................................................................24

14.   Distributions ..................................................................................25

15.   Filing Of Claims ...............................................................................27

16.   Restrictions On Enforcement ....................................................................28

17.   Permitted Enforcement ..........................................................................30

18.   Preservation....................................................................................31

19.   Enforcement Of Transaction Security.............................................................31

20.   Sales By Security Trustee.......................................................................33

21.   Priority Of Transaction Security................................................................34

22.   Appropriation...................................................................................35

23.   Discharge Of Senior Liabilities.................................................................36

24.   Intercreditor Obligors' Acknowledgement.........................................................36

25.   Defences........................................................................................37

26.   Disclosure......................................................................................37

27.   Repayments......................................................................................38

28.   Amendments......................................................................................39

29.   Reports.........................................................................................39

30.   New Intra-Group Lenders And Borrowers...........................................................40

31.   Notices.........................................................................................40

32.   Miscellaneous...................................................................................41

<Page>

33.   Assignments And Transfers.......................................................................43

34.   The Security Trustee............................................................................44

35.   Status Of Intercreditor Obligors................................................................52

36.   Expenses........................................................................................53

37.   Governing Law...................................................................................53

38.   Jurisdiction ...................................................................................53

SCHEDULE 1          THE ORIGINAL LENDERS .............................................................55
    Part A          The Original Senior Lenders ......................................................55
    Part B          The Original Mezzanine Lenders ...................................................56

SCHEDULE 2          THE ORIGINAL HEDGE COUNTERPARTIES ................................................57

SCHEDULE 3          THE ORIGINAL SENIOR BORROWERS ....................................................58

SCHEDULE 4          THE ORIGINAL GUARANTORS ..........................................................59
    Part A          The Original Senior Guarantors ...................................................59
    Part B          The Original Mezzanine Guarantors ................................................60

SCHEDULE 5          INTRA GROUP LENDERS AND BORROWERS ................................................61
    Part A          Intra-Group Lenders ..............................................................61
    Part B          Intra-Group Borrowers ............................................................62

SCHEDULE 6          FORM OF DEED OF ACCESSION ........................................................63
</Table>

<Page>

THIS INTERCREDITOR DEED is dated 28 April 2001

BETWEEN:

(1)      CHASE MANHATTAN INTERNATIONAL LIMITED as security trustee (the
         "SECURITY TRUSTEE");

(2)      GOLDMAN SACHS INTERNATIONAL as global co-ordinator (the "GLOBAL
         CO-ORDINATOR");

(3)      GOLDMAN SACHS INTERNATIONAL, BAYERISCHE HYPO- UND VEREINSBANK AG, J.P.
         MORGAN PLC and THE ROYAL BANK OF SCOTLAND PLC as joint lead arrangers
         under the Senior Credit Agreement (the "SENIOR ARRANGERS");

(4)      GOLDMAN SACHS INTERNATIONAL, BAYERISCHE HYPO- UND VEREINSBANK AG and
         THE ROYAL BANK OF SCOTLAND PLC as joint lead arrangers under the
         Mezzanine Facility Agreement (the "MEZZANINE ARRANGERS");

(5)      CHASE MANHATTAN INTERNATIONAL LIMITED as agent for the Senior Lenders
         under the Senior Credit Agreement (the "SENIOR AGENT");

(6)      HYPOVEREINSBANK LUXEMBOURG SOCIETE ANONYME as agent for the Mezzanine
         Lenders under the Mezzanine Facility Agreement (the "MEZZANINE AGENT");

(7)      THE FINANCIAL INSTITUTIONS whose names are set out in Part A of
         Schedule 1 as senior lenders (the "ORIGINAL SENIOR LENDERS");

(8)      THE FINANCIAL INSTITUTIONS whose names are set out in Part B of
         Schedule 1 as mezzanine lenders (the "ORIGINAL MEZZANINE LENDERS");

(9)      THE FINANCIAL INSTITUTIONS (if any) whose names are set out in Schedule
         2 as hedge counterparties (the "ORIGINAL HEDGE COUNTERPARTIES");

(10)     THE COMPANIES whose names are set out in Schedule 3 as senior borrowers
         (the "ORIGINAL SENIOR BORROWERS");

(11)     MESSER GRIESHEIM GmbH as the mezzanine borrower (the "MEZZANINE
         BORROWER");

(12)     THE COMPANIES whose names are set out in Part A of Schedule 4 as senior
         guarantors (the "ORIGINAL SENIOR GUARANTORS");

(13)     THE COMPANIES whose names are set out in Part B of Schedule 4 as
         mezzanine guarantors (the "ORIGINAL MEZZANINE GUARANTORS");

(14)     THE COMPANIES whose names are set out in Part A of Schedule 5
         (INTRA-GROUP LENDERS) as intra-group lenders; and

(15)     THE COMPANIES whose names are set out in Part B of Schedule 5
         (INTRA-GROUP BORROWERS) as intra-group borrowers.

                                     - 1 -

<Page>

WHEREAS:

 (A)    By a loan facilities agreement (the "SENIOR CREDIT AGREEMENT") dated on
        or about the date hereof and originally made between the Senior Agent,
        the Senior Arrangers, the Security Trustee, the Original Senior Lenders
        and Cornelia Verwaltungsgesellschaft mbH, the Senior Lenders have agreed
        to make available to the Senior Borrowers term and revolving facilities
        of such amounts and on the terms referred to in the Senior Credit
        Agreement for the purposes therein mentioned.

 (B)    The Hedge Counterparties have entered into or have agreed to or may
        enter into Hedging Agreements with Group Entities pursuant to and in
        accordance with the terms of the Senior Credit Agreement and the
        Mezzanine Facility Agreement.

 (C)    The Transaction Security is to be granted in favour of the Security
        Trustee as trustee for the Beneficiaries as security for certain of the
        obligations of (i) the Intercreditor Obligors under the Senior Documents
        and the Mezzanine Documents and (ii) any Group Entities under any
        Hedging Agreements.

(D)     By a mezzanine facility agreement, dated on or about the date hereof
        (as the same may be amended, restated, supplemented or otherwise
        modified from time to time) between, amongst others, Cornelia
        Verwaltungsgesellschaft mbH, certain financial institutions party
        thereto, HypoVereinsbank Luxembourg Societe Anonyme as agent for the
        Mezzanine Lenders, Chase Manhattan International Limited as the Security
        Trustee, Goldman Sachs International, Bayerische Hypo- Und Vereinsbank
        AG and The Royal Bank of Scotland plc as joint lead arrangers and
        Goldman Sachs International as the Global Co-ordinator (the "MEZZANINE
        FACILITY AGREEMENT") the Mezzanine Lenders have agreed to make available
        term loan facilities of such amounts and on the terms referred to in the
        Mezzanine Facility Agreement for the purposes therein mentioned.

 (E)    It has been agreed between the parties hereto that the claims of the
        Senior Beneficiaries, under the Senior Documents, the claims of the
        Mezzanine Beneficiaries under the Mezzanine Documents and the claims of
        the Intra-Group Lenders against the Intra-Group Borrowers shall be
        regulated and/or subordinated in the manner set out herein.

NOW THIS DEED WITNESSETH and IT IS HEREBY AGREED AND DECLARED as follows:

1.      INTERPRETATION AND DEFINITIONS

1.1     In this Deed:

        "ACCESSION LETTER" has the meaning given to such term in the Senior
        Credit Agreement and/or in the Mezzanine Facility Agreement.

        "ANCILLARY LIABILITIES" in relation to any of the Liabilities means:

         (a)      any refinancing (excluding any refinancing through the issue
                  of High-Yield Notes, Exchange Notes, Direct Mezzanine
                  Refinancing, the High-Yield Proceeds Loan and the Exchange
                  Notes Loan), novation (not being a transfer

                                     - 2 -

<Page>

                  permitted by the Senior Documents or the Mezzanine Documents),
                  refunding, deferral or permitted extension of any of those
                  liabilities;

         (b)      any permitted further advance which may be made under any
                  agreement supplemental to any relevant facilities agreement
                  plus all interest, fees and costs in connection therewith;

         (c)      any claim for damages or restitution in the event of
                  rescission of any such liabilities or otherwise in connection
                  with any relevant facilities agreement;

         (d)      any claim against any Intercreditor Obligor flowing from any
                  recovery by an Intercreditor Obligor of a payment or discharge
                  in respect of those liabilities on the grounds of preference
                  or otherwise; and

         (e)      any amounts (such as post-insolvency interest) which would be
                  included in any of the above but for any discharge,
                  non-provability, unenforceability or non-allowability of the
                  same in any insolvency or other proceedings.

        "APPROVED AFFILIATE BANK" means an affiliate of a Senior Lender which
        (a) the Senior Agent has agreed may be a Hedge Counterparty and (b) is a
        party to this Deed or has become a party to this Deed pursuant to and in
        accordance with the provisions hereof.

        "AUSTRIAN GUARANTEE" means the guarantee dated on or about the date
        hereof granted by Messer Austria GmbH in favour of the Security Trustee.

        "AUSTRIAN GUARANTOR" means Messer Austria GmbH of Am Kanal 2, A-2352
        Gumpoldskirchen, Austria, and registered with the Commercial Register of
        the State Court of Wiener Neustadt under file no FN 111741a.

         "BENEFICIARIES" means each of the Senior Beneficiaries and the
         Mezzanine Beneficiaries.

        "BORROWER" means a Senior Borrower or a Mezzanine Borrower.

        "CONTINUING" means in relation to an Enforcement Event, that the Total
        Commitments under (and as defined in) the Senior Credit Agreement and/or
        the Mezzanine Facility Agreement (as the case may be), have not been
        reinstated or the notice served under Clause 24.15(b), (c) and/or (e) of
        the Senior Credit Agreement or Clause 22.14(b) and/or (c) of the
        Mezzanine Facility Agreement has not been revoked.

        "DEED OF ACCESSION" means a deed of accession substantially in the form
        set out in Schedule 6 (FORM OF DEED OF ACCESSION) executed or to be
        executed by a person intending to become a party hereto.

        "ENFORCEMENT EVENT" means the occurrence of any of the events set out in
        Clause 24.15 (a), (b), (c) and (e) of the Senior Credit Agreement or
        Clause 22.14 (a), (b) and (c) of the Mezzanine Facility Agreement.

         "FINANCE DOCUMENTS" means the Senior Documents, the Mezzanine Documents
         and the Intra-Group Documents.

                                     - 3 -

<Page>

        "GERMAN INTERCREDITOR OBLIGOR" means an Intercreditor Obligor whose
        Relevant Jurisdiction is the Federal Republic of Germany.

         "GUARANTOR" means a Senior Guarantor or a Mezzanine Guarantor.

         "GROUP ENTITY" means any member of the Group.

         "HEDGE COUNTERPARTIES" means:

         (a)       the Original Hedge Counterparties (if any); and

         (b)       any Senior Lender, Approved Affiliate Bank or any other
                   financial institution approved by the Senior Agent and
                   the Mezzanine Agent (acting reasonably) which is a party
                   to an outstanding Hedging Agreement with any Group Entity
                   from time to time and which becomes a party hereto in
                   accordance with the provisions hereof.

        "HEDGING AGREEMENTS" means each of the agreements entered into or to be
        entered into between the Borrowers (approved by the Senior Agent and the
        Mezzanine Agent, acting reasonably) and Hedge Counterparties for the
        purpose of hedging interest rate liabilities in accordance with Clause
        23.29 (HEDGING) of the Senior Credit Agreement and Clause 21.29
        (HEDGING) of the Mezzanine Facility Agreement.

        "HEDGING LIABILITIES" means all present and future sums, liabilities and
        obligations whatsoever (actual or contingent) payable, owing, due or
        incurred by any Borrower to any Hedge Counterparty pursuant to the
        terms of any Hedging Agreement together with all Ancillary Liabilities
        relating thereto, as determined by the relevant Hedge Counterparty and
        agreed by the Senior Agent at any given time.

         "INSOLVENCY EVENT" means in relation to any of MGG, Newco 2 or MIG:

        (a)        ceasing or suspending generally payment of its debts or
                   publicly announces an intention to do so (or is deemed for
                   the purposes of any law applicable to it to be) or is over
                   indebted (UBERSCHULDUNG) within the meaning of section 19 of
                   the German Insolvency Code or unable to or deemed unable to
                   pay its debts as they fall due (ZAHLUNGSUNFAHIGKEIT or
                   DROHENDE ZAHLUNGSUNFAHIGKEIT); or

        (b)        by reason of actual or anticipated financial difficulties,
                   commences negotiations with one or more of its creditors with
                   a view to rescheduling any of its indebtedness.

        "INTERCREDITOR OBLIGORS" means each Borrower, each Guarantor, each
        Intra-Group Lender and each Intra-Group Borrower.

        "INTRA-GROUP BORROWERS" means those Intercreditor Obligors whose names
        are set out in Part B of Schedule 5 (INTRA-GROUP BORROWERS), and any
        other Group Entities who accede to this Deed as Intra-Group Borrowers in
        accordance with the provisions hereof.

        "INTRA-GROUP DOCUMENTS" means any and all agreements and other
        instruments under or by which any Intra-Group Liabilities are
        outstanding, evidenced, secured or

                                     - 4 -
<Page>

        guaranteed in each case as, and including any instrument pursuant to
        which the same is, novated, varied, supplemented or amended from time
        to time.

        "INTRA-GROUP LENDERS" means those Intercreditor Obligors whose names are
        set out in Part A of Schedule 5 (INTRA-GROUP LENDERS), and any other
        Group Entities who accede to this Deed as Intra-Group Lenders in
        accordance with the provisions hereof.

        "INTRA-GROUP LIABILITIES" means all present and future sums,
        liabilities and obligations whatsoever (actual or contingent) payable,
        owing, due or incurred by any Intra-Group Borrower to any Intra-Group
        Lender (whether pursuant to any Intra-Group Loan or otherwise) together
        with all Ancillary Liabilities relating thereto, other than sums,
        liabilities and obligations:

        (a)       arising in the ordinary course of trading;

        (b)       in respect of the High Yield Proceeds Loan;

        (c)       in respect of the Exchange Notes Loan;

        (d)       in respect of any Newco 2 Loan;

        (e)       in respect of any Treasury Borrower Loan Agreement;

        (f)       in respect of any Intra Group Loan where Debtco is the lender
                  and MGG is the borrower; or

        (g)       which relate to Financial Indebtedness owed by an
                  Intercreditor Obligor to a Group Entity, where such Financial
                  Indebtedness has been subordinated to the Senior Liabilities
                  and the Mezzanine Liabilities on terms acceptable to the
                  Majority Senior Lenders and the Majority Mezzanine Lenders
                  (other than under this Deed).

        "LENDERS" means the Senior Lenders, the Mezzanine Lenders and the Hedge
        Counterparties.

        "LIABILITIES" means the Senior Liabilities, the Mezzanine Liabilities
        and the Intra-Group Liabilities.

        "MAJORITY MEZZANINE LENDERS" has the meaning given to "MAJORITY LENDERS"
        in the Mezzanine Facility Agreement.

        "MAJORITY SENIOR LENDERS" has the meaning given to "MAJORITY LENDERS"
        in the Senior Credit Agreement.

        "MATERIAL COVENANT AMENDMENTS" means, in relation to the Senior
        Documents and the Mezzanine Documents, amendments or additions to the
        representations, covenants, financial covenants or events of default set
        out therein, save to the extent that an amendment or addition relaxes
        such representations, covenants, financial covenants or events of
        default PROVIDED THAT any amendments (in the case of sub-clause 6.1.4 of
        Clause 6.1 (UNDERTAKINGS OF MEZZANINE BENEFICIARIES)) which would not
        have a materially adverse effect on the interests of the Senior Lenders
        under any of the Senior

                                     - 5 -
<Page>

        Documents or pursuant to Clause 34.5 of the Mezzanine Facility Agreement
        or (in the case of Clause 8.1 (MATERIAL COVENANT AMENDMENTS) amendments
        which would not have a materially adverse effect on the interests of the
        Mezzanine Lenders under any of the Mezzanine Documents, or amendments
        made pursuant to Clause 37.5 of the Senior Credit Agreement shall not
        constitute a "Material Covenant Amendment".

        "MATERIAL VARIATION" means in relation to the Senior Documents and the
        Mezzanine Documents:

        (a)       increases (exceeding in aggregate 0.5 per cent. per annum) in
                  interest or commission or a change in the basis on which
                  interest, fees or commission accrues, is calculated or is
                  payable (not being, for the avoidance of doubt, fluctuations
                  of LIBOR, EURIBOR, Mandatory Cost or Mezzanine Mandatory Cost)
                  not provided for by the original terms of the documents
                  (unless the change in the basis is not one which could
                  reasonably be expected to give rise to an increase in the cost
                  of interest);

        (b)       alterations of the provisions relating to the amount or dates
                  of repayment;

        (c)       increases in the maximum amounts available to be raised as at
                  the date hereof (excluding any rolled-up or capitalised
                  interest); or

        (d)       any Intercreditor Obligor becoming liable to make an
                  additional payment (or increase an existing payment) (other
                  than arm's length fees payable in connection with a
                  refinancing of the Senior Liabilities on improved terms and
                  other than any payment in respect of any obligation or
                  provision thereof from time to time in effect),

        PROVIDED THAT any variation of a technical or administrative nature only
        shall not constitute a "Material Variation".

        "MEZZANINE AGENT" means the Mezzanine Agent (under and as defined in the
        Mezzanine Facility Agreement) from time to time.

        "MEZZANINE BENEFICIARIES" means each of the Security Trustee, the
        Mezzanine Agent, the Global Co-ordinator, the Mezzanine Arrangers and
        the Mezzanine Lenders.

        "MEZZANINE BORROWER" means the Initial Borrower or the Additional
        Borrower (as such terms are defined in the Mezzanine Facility
        Agreement).

        "MEZZANINE DISCHARGE DATE" means the date on which all Mezzanine
        Liabilities have been fully paid and discharged to the satisfaction of
        the Mezzanine Agent (acting reasonably), whether or not as a result of
        an enforcement.

        "MEZZANINE DOCUMENTS" means the documents defined as "FINANCE DOCUMENTS"
        in the Mezzanine Facility Agreement (with the exception of the Warrant
        Documents, the Priority Letter, this Deed and the Subordination
        Agreements).

        "MEZZANINE ENFORCEMENT EVENT" means the occurrence of any of the events
        fisted in sub-clauses 22.14, (a), (b) or (c) or the Mezzanine Facility
        Agreement.

                                     - 6 -
<Page>

         "MEZZANINE EVENT OF DEFAULT" means any event specified as an event of
         default in Clause 22 of the Mezzanine Facility Agreement.

         "MEZZANINE FINAL MATURITY DATE" has the meaning given to "FINAL
         MATURITY DATE" in the Mezzanine Facility Agreement.

         "MEZZANINE GUARANTOR" means each Original Mezzanine Guarantor or each
         "ADDITIONAL GUARANTOR" under the Mezzanine Facility Agreement once it
         accedes to this Deed in accordance with the provisions hereof.

         "MEZZANINE LENDER" means:

         (a)  the Original Mezzanine Lenders; and

         (b)  any other person who is owed any Mezzanine Liabilities, from time
              to time (including, without limitation, any Transferee (as defined
              in the Mezzanine Facility Agreement)), and who has acceded hereto
              in accordance with the provisions hereof or become bound by the
              provisions hereof.

         "MEZZANINE LIABILITIES" means, subject to Clause 6.2 (POSTPONEMENT OF
         MEZZANINE LIABILITIES), all present and future sums, liabilities and
         obligations whatsoever (actual or contingent) payable, owing, due or
         incurred by any Group Entity to any Mezzanine Beneficiary pursuant to
         the terms of the Mezzanine Documents together with all Ancillary
         Liabilities relating thereto (including, without limitation, interest
         accruing after (as well as before) the commencement of a bankruptcy
         proceeding by or against any U.S. Intercreditor Obligor under U.S. law,
         whether or not a claim for such interest is an allowed claim in such
         proceeding).

         "MEZZANINE MANDATORY COST" has the meaning given to "MANDATORY COST" in
         the Mezzanine Facility Agreement.

         "MEZZANINE OUTSTANDINGS" has the meaning given to "OUTSTANDINGS" in the
         Mezzanine Facility Agreement.

         "MGG" means Messer Griesheim. GmbH, registered in the Handelsregister
         (commercial register) of the Amtsgericht (local court) of Frankfurt am
         Main under HRB 7812.

         "MIG" means Messer Industrie GmbH, a limited liability company
         incorporated in the Federal Republic of Germany in the commercial
         register of the local court of Konigstein am Taunus under HRB 1033.

         "MIG POWER OF ATTORNEY" means the powers of attorney granted or to be
         granted to the Security Trustee in connection with the MIG Share
         Pledges, allowing the Security Trustee to execute the MIG Share Pledges
         on behalf of MIG if the capital increase in respect of DIOGENES Vierte
         Vermogensverwaltungs AG by EUR30,000 to EUR90,000 has not been
         registered within 20 days of the date of such powers of attorney.

         "MIG SHARES PLEDGES" means the first ranking share pledge agreement
         over shares in MGG between INTER ALIA MIG and the Security Trustee,
         and the second ranking share pledge agreement over shares in MGG
         between INTER ALIA MIG and the Security Trustee.

                                     - 7 -

<PAGE>

         "OBLIGOR'S AGENT" has the meaning given to such term in the Senior
         Credit Agreement.

         "PERMITTED ENFORCEMENT ACTION" means:

         (a)      any action prohibited by any of sub-clauses 16.2.1, 16.2.3 or
                  16.2.4 of Clause 16.2 (MEZZANINE LIABILITIES); and/or

         (b)      if a Mezzanine Enforcement Event has occurred and is
                  Continuing, instructing the Security Trustee to enforce any of
                  the Transaction Security.

         "POSTPONED MEZZANINE LIABILITIES" means any Mezzanine Liabilities (and
         any Ancillary Liabilities relating thereto) which do not have priority
         over the Postponed Senior Liabilities by reason of Clause 6.2
         (POSTPONEMENT OF MEZZANINE LIABILITIES).

         "POSTPONED SENIOR LIABILITIES" means any Senior Liabilities (and any
         Ancillary Liabilities relating thereto) which do not have priority over
         the Mezzanine Liabilities by reason of Clause 8 (UNDERTAKINGS IN
         RESPECT OF THE SENIOR LIABILITIES).

         "SECURITY DOCUMENTS" means:

         (a)      the "SECURITY DOCUMENTS", as defined in the Senior Credit
                  Agreement;

         (b)      any present or future document conferring or evidencing any
                  Security, guarantee or other assurance against financial loss
                  for or in respect of any of the Senior Liabilities or the
                  Mezzanine Liabilities; and

         (c)      any Security granted under any covenant for further assurance
                  in any of the documents referred to in paragraphs (a) and (b)
                  above.

         "SENIOR ACCELERATION NOTICE" means a notice referred to in paragraph
         (a) of the definition of "STOP EVENT".

         "SENIOR BENEFICIARIES" means each of the Security Trustee, the Senior
         Agent, the Global Co-ordinator, the Senior Arrangers, the Senior
         Lenders, the Fronting Banks and the Hedge Counterparties.

         "SENIOR BORROWERS" means the Original Senior Borrowers and any
         Additional Borrower once it accedes to this Deed in accordance with the
         provisions hereof.

         "SENIOR DISCHARGE DATE" means the date on which all Senior Liabilities
         (other than the Postponed Senior Liabilities) have been fully paid and
         discharged to the satisfaction of the Senior Agent (acting reasonably),
         whether or not as a result of an enforcement.

         "SENIOR DOCUMENTS" means the documents defined as "FINANCE DOCUMENTS"
         in the Senior Credit Agreement (with the exception of this Deed, the
         Subordination Agreements and the Priority Letter).

         "SENIOR ENFORCEMENT EVENT" means the occurrence of any of the events
         listed in subclauses 24.15(a), (b), (c) or (e) of the Senior Credit
         Agreement.

         "SENIOR EVENT OF DEFAULT" means any event specified as an event of
         default in Clause 24 (EVENTS OF DEFAULT) of the Senior Credit
         Agreement.

                                     - 8 -

<PAGE>

         "SENIOR GUARANTOR" means each Original Senior Guarantor or any
         Additional Guarantor once it accedes to this Deed in accordance with
         the provisions hereof.

         "SENIOR LENDERS" means:

         (a)  the Original Senior Lenders; and

         (b)  and any other person who is owed any Senior Liabilities, from time
              to time (including, without limitation, any Transferee (as defined
              in the Senior Credit Agreement)), and who has acceded hereto in
              accordance with the provisions hereof or become bound by the
              provisions hereof.

         "SENIOR LIABILITIES" means, subject to Clause 8.2 (MATERIAL
         VARIATIONS), all present and future sums, liabilities and obligations
         whatsoever (actual or contingent) payable, owing, due or incurred by
         any Group Entity to any of the Senior Beneficiaries under the Senior
         Documents together with all Ancillary Liabilities relating thereto
         (including, without limitation, interest accruing after (as well as
         before) the commencement of a bankruptcy proceeding by or against any
         U.S. Intercreditor Obligor under U.S. law, whether or not a claim for
         such interest is an allowed claim in such proceeding).

         "STANDSTILL PERIOD" has the meaning given to it in Clause 17.3
         (ENFORCEMENT BY MEZZANINE LENDERS).

         "STOP EVENT" means:

         (a)   a notice has been issued in respect of all Outstandings, under
               paragraphs (b) and (e) of Clause 24.15 (ACCELERATION) of the
               Senior Credit Agreement, and such notice has not been withdrawn;

         (b)   a Senior Event of Default has occurred and is continuing under
               Clause 24.1 (NON-PAYMENT) of the Senior Credit Agreement in an
               amount exceeding EUR150,000 (or its equivalent); or

         (c)   a Senior Event of Default has occurred and is continuing as a
               result of a breach of Clause 22.2 (FINANCIAL CONDITION) of the
               Senior Credit Agreement.

         "STOP NOTICE" means a written notice served by the Senior Agent on the
         Mezzanine Agent and the Obligor's Agent under Clause 12.1 (STOP
         NOTICES).

         "TRANSACTION SECURITY" means the existing and future Security granted
         pursuant to the Security Documents or otherwise in respect of the
         Senior Liabilities and/or Mezzanine Liabilities.

         "TRANSFER CERTIFICATE" has the meaning given to such term in the Senior
         Credit Agreement and/or the Mezzanine Facility Agreement.

         "TRUST PROPERTY" means:

         (a)   the assets secured by, and the rights and powers given under and
               pursuant to the Security Documents including the covenants given
               in respect of the obligations under the Security Documents;

                                     - 9 -

<PAGE>

         (b)   all assets, rights, powers, guarantees, encumbrances or money at
               any time transferred, paid to or vested in the Security Trustee
               as additions to the Trust Property;

         (c)   all investments, property or money at any time representing the
               Trust Property or any part thereof, including all income and
               other sums at any time received or receivable by the Security
               Trustee in respect of the Trust Property (or any part thereof);
               and

         (d)   all rights under the Subordination Agreements.

         "US INTERCREDITOR OBLIGOR" means an Intercreditor Obligor whose
         Relevant Jurisdiction is a state of the United States of America or the
         District of Columbia.

1.2      Unless the context or the express provisions of this Deed otherwise
         require:

         1.2.1    words importing the singular shall include the plural and vice
                  versa;

         1.2.2    references herein to an Act of Parliament or to any particular
                  Act of Parliament shall include any modification, extension or
                  re-enactment thereof for the time being in force and shall
                  also include all instruments, orders, plans, regulations,
                  permissions and directions at any time deriving validity
                  therefrom;

         1.2.3    references herein to all or any documents shall be construed
                  as references to those documents as the same may have been or
                  may be from time to time amended, supplemented or novated in
                  accordance with their terms and, if appropriate, the terms of
                  this Deed;

         1.2.4    any reference herein to a person shall include any person,
                  firm, company, corporation, government, state or agency of a
                  state or any association, trust fund or other entity or
                  partnership (whether or not having separate legal personality)
                  of two or more of the foregoing, or unincorporated
                  association;

         1.2.5    any obligation of an Intercreditor Obligor or any Intra-Group
                  Lender herein to do something shall include an obligation to
                  procure the same to be done and any obligation not to do
                  something shall include an obligation not knowingly to permit,
                  suffer or allow the same;

         1.2.6    headings shall be ignored for the purposes of interpretation;

         1.2.7    references herein to a party, shall be construed so as to
                  include their respective successors in title, transferees and
                  assigns and (where applicable) to any replacement or
                  additional trustee or agent as permitted by and in accordance
                  with the document governing the rights and obligations of such
                  party and subject to the applicable terms hereof;

         1.2.8    references to a "CLAUSE", "SUB-CLAUSE" OR "SCHEDULE" SHALL,
                  subject to any contrary indication, be construed as a
                  reference to a clause or sub-clause hereof or schedule hereto;
                  and

                                     - 10 -

<PAGE>

         1.2.9    "FULLY PAID", "PAYMENT IN FULL", "PAID IN FULL", "DISCHARGED"
                  OR "SATISFIED", as used with respect to the Liabilities, means
                  the receipt of cash equal to the full amount of the
                  Liabilities including, without limitation, the principal
                  amount of the Liabilities, interest thereon (including
                  post-petition interest whether or not a claim for such
                  post-petition interest is an allowed claim) to the date of
                  such payment and all other amounts, including, without
                  limitation, fees, costs, expenses and indemnities, payable
                  in connection therewith provided that any such cash that the
                  Beneficiaries are required to return or disgorge (or
                  disgore through compromise or settlement) shall not be deemed
                  to have been paid to the Beneficiaries for the purposes of
                  determining whether the Liabilities have been "fully paid",
                  "paid in full", "discharged" or "satisfied".

1.3      Terms defined in the Senior Credit Agreement shall, unless otherwise
         defined herein, bear the same meaning herein.

1.4      For the purposes of Clause 16 (RESTRICTIONS ON ENFORCEMENT), Clause 17
         (PERMITTED ENFORCEMENT), Clause 19 (ENFORCEMENT OF TRANSACTION
         SECURITY), Clause 20 (SALES BY SECURITY TRUSTEE) and Clause 34 (THE
         SECURITY TRUSTEE), Transaction Security and Security Documents shall
         both include rights under the Subordination Agreements.

2.       CONSENT TO THE FINANCE DOCUMENTS AND SECURITY DOCUMENTS

2.1      CONSENT TO THE FINANCE AND SECURITY DOCUMENTS

         Subject to the terms of this Deed and the Security Documents, each of
         the Senior Agent, the Senior Arrangers, the Senior Lenders, the Hedge
         Counterparties, the Mezzanine Agent, the Mezzanine Arrangers and the
         Mezzanine Lenders for all purposes hereby consents to the entering into
         and performance of the Finance Documents and the Security Documents by
         the parties thereto and to the giving by the Intercreditor Obligors of
         the Transaction Security so that such actions shall not constitute a
         default under or with respect to the Senior Liabilities, the Mezzanine
         Liabilities or the Hedging Liabilities.

3.       RANKING

3.1      RANKNG
         Each of the Senior Beneficiaries, the Mezzanine Beneficiaries and the
         Intra-Group Lenders hereby agrees and each of the Intercreditor
         Obligors and the Security Trustee acknowledges that:

         3.1.1    the Senior Liabilities (other than the Postponed Senior
                  Liabilities), whether secured or unsecured but subject to
                  Clause 8 (UNDERTAKINGS IN RESPECT OF THE SENIOR LIABILITIES),
                  shall rank in priority to the Mezzanine Liabilities and the
                  Intra-Group Liabilities;

         3.1.2    the Mezzanine Liabilities (other than the Postponed Mezzanine
                  Liabilities), whether secured or unsecured but subject to
                  Clause 6 (UNDERTAKINGS OF THE MEZZANINE BENEFICIARIES), shall
                  rank in priority to the Postponed Senior Liabilities and the
                  Intra-Group Liabilities;

                                     - 11 -

<PAGE>

         3.1.3    the Postponed Senior Liabilities, whether secured or
                  unsecured, shall rank in priority to the Postponed Mezzanine
                  Liabilities and the Intra-Group Liabilities; and

         3.1.4    the Postponed Mezzanine Liabilities, whether secured or
                  unsecured, shall rank in priority to the Intra-Group
                  Liabilities.

3.2      PRIORITIES NOT AFFECTED
         Save as otherwise provided herein (and, in particular, but without
         limitation, in Clause 8 (UNDERTAKINGS IN RESPECT OF THE SENIOR
         LIABILITIES)), the priorities referred to in Clause 3.1 (RANKING) will
         not be affected by any reduction or increase in the principal amount
         secured by the Transaction Security in respect of the Senior
         Liabilities or, as the case may be, the Mezzanine Liabilities or by any
         intermediate reduction or increase in, amendment or variation to any of
         the Finance Documents, or by any variation or satisfaction of, any of
         the Liabilities or any other circumstances.

3.3      EXECUTION AND REGISTRATION
         The provisions of Clause 3.1 (RANKING) shall apply notwithstanding the
         order in which or dates upon which the Finance Documents and this Deed
         are executed or any of them are registered or notice of them is given
         to any person.

3.4      APPLICATION OF PROCEEDS
         If under the terms of any of the Senior Documents the proceeds from any
         Excess Cash Flow, any disposal, sale, conveyance, transfer or
         assignment of assets, any Acquisition Recovery Proceeds or any proceeds
         from any insurance policy or an amount equal thereto or in each case
         any part thereof or an amount equal thereto are required to be applied
         in mandatory prepayment of the Senior Liabilities (other than the
         Postponed Senior Liabilities) then the prior written consent of the
         Mezzanine Agent shall not be required for such application and such
         proceeds or amounts equal thereto shall be applied in or towards
         payment of the Senior Liabilities (other than the Postponed Senior
         Liabilities) in accordance with the terms of the Senior Credit
         Agreement (without any obligation to apply such amounts in or towards
         payment of the Mezzanine Liabilities) and Clause 22 (APPROPRIATION).

3.5      INSOLVENCY OF A GERMAN INTERCREDITOR OBLIGOR
         The Mezzanine Beneficiaries and the Intra-Group Lenders shall, upon the
         request of the Security Trustee, register their claims in the
         insolvency of any German Intercreditor Obligor.

3.6      THE AUSTRIAN GUARANTOR
         Notwithstanding anything to the contrary contained herein or in any
         other Senior Document or Mezzanine Document, the liability of the
         Austrian Guarantor in its capacity as Guarantor shall at all times be
         limited to the effect that at no time shall the direct or indirect
         payment of any moneys or the realisation of any Security given by the
         Austrian Guarantor be required if this would violate mandatory Austrian
         provisions prohibiting the illegal repayment of capital (in particular,
         Sec. 82 seq. of the Austrian Acton Companies with Limited Liability -
         GmbH).

                                     - 12 -

<PAGE>

 4.      UNDERTAKINGS OF THE INTERCREDITOR OBLIGORS

         Each of the Intercreditor Obligors undertakes that (a) in respect of
         the Mezzanine Liabilities it will not until the Senior Discharge Date,
         unless the Majority Senior Lenders otherwise consent in writing, (b) in
         respect of the Postponed Senior Liabilities it will not until the
         Mezzanine Discharge Date, unless the Majority Mezzanine Lenders
         otherwise consent in writing, and (c) in respect of the Intra-Group
         Liabilities, it will not until the later of the Senior Discharge Date
         and the Mezzanine Discharge Date, unless the Majority Senior Lenders
         or, as the case may be, the Majority Mezzanine Lenders otherwise
         consent in writing and subject to Clause 17 (PERMITTED ENFORCEMENT):

         4.1.1    pay, repay, prepay, redeem, purchase or otherwise acquire any
                  of the Mezzanine Liabilities or the Postponed Senior
                  Liabilities save to the extent permitted or contemplated by
                  Clause 10 (PERMITTED PAYMENTS);

         4.1.2    discharge any of the Mezzanine Liabilities or the Postponed
                  Senior Liabilities by set-off, any right of combination of
                  accounts or otherwise save to the extent permitted or
                  contemplated by Clause 10 (PERMITTED PAYMENTS);

         4.1.3    pay, prepay, redeem, purchase or otherwise acquire any of the
                  Intra-Group Liabilities save to the extent permitted or
                  contemplated by Clause 10 (PERMITTED PAYMENTS);

         4.1.4    discharge any of the Intra-Group Liabilities by set-off, any
                  right of combination of accounts or otherwise save to the
                  extent permitted or contemplated by Clause 10 (PERMITTED
                  PAYMENTS);

         4.1.5    create or permit to subsist any Security over any of its
                  assets for, or any guarantee, indemnity or other assurance
                  against financial loss in respect of, any of the Mezzanine
                  Liabilities or the Postponed Senior Liabilities or the Intra.
                  Group Liabilities except, in the case of the Mezzanine
                  Liabilities and the Postponed Senior Liabilities only, the
                  Transaction Security; or

         4.1.6    take or omit any action whereby the ranking or subordination
                  contemplated by this Deed may be impaired.

5.       UNDERTAKINGS OF THE INTRA-GROUP LENDERS

         Each of the Intra-Group Lenders undertakes that it will not, unless the
         Majority Senior Lenders and the Majority Mezzanine Lenders or, after
         the Senior Discharge Date, the Majority Mezzanine Lenders otherwise
         consent (or direct) in writing:

         5.1.1    permit or require any Intra-Group Borrower to pay, repay,
                  prepay, redeem, purchase, defease or otherwise acquire or
                  satisfy in any manner the whole or any part of the Intra-Group
                  Liabilities save to the extent permitted or contemplated by
                  Clause 10 (PERMITTED PAYMENTS);

         5.1.2    save as set out herein or as provided by the provisions of the
                  Senior Credit Agreement or the Mezzanine Facility Agreement,
                  take, accept or receive the benefit of any Security,
                  guarantee, indemnity or other assurance against financial loss
                  in respect of the Intra-Group Liabilities;

                                     - 13 -

<PAGE>

         5.1.3    agree to any amendment, variation, waiver or supplement to any
                  provision of the Intra-Group Documents except to the extent
                  that such amendment, variation, waiver or supplement does not
                  adversely affect the interests of the Senior Lenders and
                  Mezzanine Lenders or the ranking and/or subordination
                  arrangements provided for in this Deed;

         5.1.4    save to the extent permitted or contemplated by Clause 10
                  (PERMITTED PAYMENTS), discharge or seek to discharge all or
                  any part of the Intra-Group Liabilities by set-off, any right
                  of combination of accounts or otherwise; or

         5.1.5    take or omit any action whereby the ranking or subordination
                  contemplated by this Deed may be impaired.

6.       UNDERTAKINGS OF THE MEZZANINE BENEFICIARIES

6.1      UNDERTAKINGS OF MEZZANINE BENEFICIARIES
         Each of the Mezzanine Beneficiaries undertakes that it will not prior
         to the Senior Discharge Date, unless the Majority Senior Lenders
         otherwise consent in writing and subject to Clause 17 (PERMITTED
         ENFORCEMENT):

         6.1.1    permit or require any Intercreditor Obligor to pay, repay,
                  prepay, redeem, purchase or otherwise acquire any of the
                  Mezzanine Liabilities save:

                  (a)      to the extent permitted or contemplated by Clause 10
                           (PERMITTED PAYMENTS); or

                  (b)      in respect of amounts received in accordance with
                           Clause 22 (APPROPRIATION);

         6.1.2    (other than under Mezzanine Documents and the Transaction
                  Security) take, accept or receive the benefit of any Security,
                  guarantee, indemnity or other assurance against financial loss
                  in respect of the Mezzanine Liabilities unless:

                  (a)   first or at the same time there is conferred on the
                        Senior Lenders and the Hedge Counterparties the benefit
                        (ranking first in point of security) of such (or a
                        substantially identical) Security, guarantee, indemnity
                        or other assurance against financial loss in such manner
                        and such form as the Senior Agent may require; or

                  (b)   the Senior Agent shall have declined to take the benefit
                        of such Security, guarantee, indemnity or other
                        assurance against financial loss and shall have notified
                        such decision to the Mezzanine Agent in writing,

                  and in any event the Senior Agent shall have received a legal
                  opinion in form and substance satisfactory to it stating that
                  the Transaction Security and the ranking created hereby will
                  not thereby be prejudiced;

         6.1.3    agree to any Material Variation to the Mezzanine Documents;

         6.1.4    agree to any Material Covenant Amendments in respect of the
                  Mezzanine Documents;

                                     - 14 -

<PAGE>

         6.1.5    discharge or seek to discharge all or any part of the
                  Mezzanine Liabilities by set-off, any right of combination of
                  accounts or otherwise save to the extent (a) the same occurs
                  automatically by operation of law under any applicable law or
                  (b) as permitted by sub-clause 6.1.1; or

         6.1.6    take or omit any action whereby the ranking or subordination
                  contemplated by this Deed may be impaired.

 6.2     POSTPONEMENT OF MEZZANINE LIABILITIES
         Each of the Mezzanine Beneficiaries agrees with each Senior Beneficiary
         that, unless the Majority Senior Lenders otherwise consent in writing:

         6.2.1    if any of the Mezzanine Beneficiaries agree or consent to any
                  Material Variation to the Mezzanine Documents; and

         6.2.2    such a Material Variation results in either an increase in the
                  amount of the Mezzanine Liabilities or an extension of the
                  date on which the Mezzanine Outstandings are to be repaid,

         the amount of either the increase of the Mezzanine Liabilities or, as
         the case may be, the amount of the Mezzanine Outstandings with such an
         extended repayment date will rank, for all purposes of this Deed and
         the Security Documents, behind the Postponed Senior Liabilities.

7.       ACCESSION AND UNDERTAKINGS OF HEDGE COUNTERPARTIES

7.1      ACCESSION OF HEDGE COUNTERPARTY
         If there are no Original Hedge Counterparties then the provisions of
         this Deed relating to Hedge Counterparties will not come into effect
         until such time as a Senior Lender, Approved Affiliate Bank or other
         person approved by the Senior Agent and Mezzanine Agent enters into a
         Hedging Agreement and has either executed a Transfer Certificate in
         relation to the Senior Credit Agreement, or executes and delivers to
         the Security Trustee a Deed of Accession, undertaking to be bound by
         all the provisions of this Deed, together with copies of the Hedging
         Agreements entered into by it. No Senior Lender, Approved Affiliate
         Bank or other person approved by the Senior Agent and Mezzanine Agent
         will be entitled to share in any of the Transaction Security in respect
         of the Hedging Liabilities unless and until it is party to this
         Intercreditor Deed either by executing a Transfer Certificate in
         relation to the Senior Credit Agreement or has executed and delivered
         to the Security Trustee a Deed of Accession. Forthwith upon executing
         a Transfer Certificate in relation to the Senior Credit Agreement or
         executing and delivering a Deed of Accession to the Security Trustee a
         Hedge Counterparty will acquire all its rights and assume all its
         obligations under this Deed. Notwithstanding the foregoing, no person
         may become a Hedge Counterparty unless it is a Senior Lender, Approved
         Affiliate Bank or is approved by the Senior Agent and the Mezzanine
         Agent (acting reasonably).

7.2      UNDERTAKINGS OF HEDGE COUNTERPARTIES
         Until the Senior Discharge Date, except as the Majority Senior Lenders
         have previously consented in writing, no Hedge Counterparty will:

                                     - 15 -

<PAGE>

        7.2.1   demand (other than as may be necessary in order to exercise any
                right to terminate or close out any hedging transaction as
                provided in and permitted under sub-clause 7.2.2) or receive
                payment, prepayment or repayment of, or any distribution in
                respect of or on account of, any of the Hedging Liabilities in
                cash or in kind or apply any money or property in or towards the
                discharge of any Hedging Liabilities except:

                  (a)      for scheduled payments arising under the original
                           terms of the Hedging Agreements (without regard to
                           any amendment made after the date of those Hedging
                           Agreements other than those permitted by the terms of
                           this Deed); and/or

                  (b)      for the proceeds of enforcement of the Transaction
                           Security received and applied in the order permitted
                           by Clause 22 (Appropriation);

         7.2.2    exercise any right it might otherwise have pursuant to any
                  Hedging Agreement to terminate or close out any hedging
                  transactions under such Hedging Agreement or to refuse to make
                  any payment due from it thereunder until either (a) the Senior
                  Agent serves a Senior Acceleration Notice and/or (b) a default
                  on a payment due under a Hedging Agreement, after allowing for
                  any required, notice and any applicable grace period,
                  continues for more than ten Business Days after notice of such
                  default has been given by the relevant Hedge Counterparty to
                  the Senior Agent;

         7.2.3    discharge all or any part of the Hedging Liabilities by
                  set-off, any right of combination of accounts or otherwise
                  except if and to the extent that those Hedging Liabilities are
                  permitted to be paid under sub-clause 7.2.1; or

         7.2.4    take, accept or receive the benefit of any Security,
                  guarantee, indemnity or other assurance against financial loss
                  in respect of the Hedging Liabilities other than under the
                  original terms of the relevant Hedging Agreements, the Senior
                  Credit Agreement, the Mezzanine Facility Agreement, the
                  Transaction Security or any other Security, guarantee,
                  indemnity or other assurance against financial loss granted
                  for the full benefit of the Senior Beneficiaries and the
                  Mezzanine Beneficiaries in accordance with the ranking
                  specified in this Deed.

7.3      TWO WAY PAYMENTS
         Each Intercreditor Obligor and each Hedge Counterparty agrees that:

         7.3.1    any Hedging Agreement to which it is at any time party
                  governing the terms of a hedging transaction will provide for
                  "two-way payments" in the event of a termination of that
                  hedging transaction entered into under such Hedging Agreement
                  whether upon a Termination Event or an Event of Default (each
                  as defined therein), meaning that the defaulting party under
                  that Hedging Agreement will be entitled to receive payment
                  under the relevant termination provisions if the net
                  replacement value of all terminated transactions affected
                  under the Hedging Agreement is in its favour;

                                     - 16 -
<Page>

        7.3.2     if on termination of any hedging transaction under any Hedging
                  Agreement to which it is a party a settlement amount or other
                  amount falls due from the Hedge Counterparty to any
                  Intercreditor Obligor then, if the Transaction Security has
                  become enforceable, that amount shall be paid by such Hedge
                  Counterparty to the Security Trustee and treated as proceeds
                  of enforcement of the Transaction Security for application in
                  the order prescribed in this Deed;

        7.3.3     the Hedge Counterparty, unless the Majority Senior Lenders
                  otherwise agree or require, will promptly (and in any event
                  within 5 business days of the relevant event) exercise any
                  rights it may have to terminate the hedging transactions under
                  the Hedging Agreements after the Senior Agent serves a Senior
                  Acceleration Notice; and

        7.3.4     if the Senior Discharge Date would have occurred but for the
                  fact that Hedging Liabilities only remain outstanding, the
                  Mezzanine Agent acting on the instructions of the Majority
                  Mezzanine Lenders may by notice to the Obligors' Agent direct
                  the Obligors' Agent to terminate or procure the termination of
                  all outstanding hedging transactions under the Hedging
                  Agreements in relation to any Hedge Counterparty if that Hedge
                  Counterparty is requiring any Mezzanine Lender to refrain from
                  taking any step which, but for the provisions of this Deed it
                  would not have been prevented from taking.

7.4     APPROVED AFFILIATE BANK
        To the extent that any Hedge Counterparty is not a Senior Lender, then
        the Senior Lender to which the Approved Affiliate Bank is affiliated
        shall procure that such Approved Affiliate Bank complies with the
        obligations of a Hedge Counterparty as set out in Clause 7.3 (TWO WAY
        PAYMENTS).

7.5     HEDGING AGREEMENTS
        Each Hedge Counterparty will provide the Security Trustee with copies of
        all documents constituting the Hedging Agreements as soon as reasonably
        practicable.

7.6     CHANGES TO HEDGING AGREEMENTS
        Except as the Majority Senior Lenders and the Majority Mezzanine Lenders
        have previously consented in writing prior to the Senior Discharge Date,
        and thereafter except as the Majority Mezzanine Lenders have previously
        consented in writing, no Intercreditor Obligor or Hedge Counterparty
        will amend, vary, supplement or allow to be superseded any provision of
        the Hedging Agreements which would result in:

        7.6.1     any provision in the Hedging Agreements being amended unless
                  the Hedge Counterparty concerned acting reasonably and in good
                  faith certifies that it considers such amendment does not
                  impose restrictions or obligations or conditions on any
                  Intercreditor Obligor which are more onerous than those
                  originally provided for in the Hedging Agreements;

        7.6.2     any payment under the Hedging Agreements being required to be
                  made by an Intercreditor Obligor earlier than the date
                  originally provided for in the Hedging Agreements; or

                                       -17-
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        7.6.3     any Intercreditor Obligor becoming liable to make an
                  additional payment (or increase an existing payment) under any
                  of the Hedging Agreements which liability does not arise from
                  the original provisions of the Hedging Agreements.

8.      UNDERTAKINGS IN RESPECT OF THE SENIOR LIABILITIES

8.1     MATERIAL COVENANT AMENDMENTS
        Each of the Senior Beneficiaries and each Intercreditor Obligor
        undertakes that it will not, unless the Majority Mezzanine Lenders
        otherwise consent in writing, agree to any Material Covenant Amendments
        in respect of the Senior Documents.

8.2     MATERIAL VARIATIONS

        8.2.1     Subject to sub-clause 8.2.2, each of the Senior Beneficiaries
                  agrees with each Mezzanine Beneficiary that, unless the
                  Majority Mezzanine Lenders otherwise consent in writing:

                  (a)    if any of the Senior Beneficiaries agree or consent
                         to any Material Variation to the Senior Documents;
                         and

                  (b)    such a Material Variation results in either an increase
                         in the amount of the Senior Liabilities or an extension
                         of the date on which any Outstandings under the Senior
                         Credit Agreement are to be repaid,

                  the amount of either the increase of the Senior Liabilities
                  or, as the case may be, the amount of Outstandings under the
                  Senior Facility with such an extended repayment date will
                  rank, for all purposes of this Deed and the Security
                  Documents, behind the Mezzanine Liabilities.

        8.2.2     Notwithstanding anything herein to the contrary, the Senior
                  Beneficiaries shall be permitted at any time (and will still
                  preserve their priority over the Mezzanine Liabilities in
                  respect thereof) to:

                  (a)   increase the amount of Outstandings under the Senior
                        Credit Agreement (including without limitation, in
                        excess of the Total Commitments as originally provided
                        in the Senior Credit Agreement) by, in aggregate, an
                        amount of up to EUR200,000,000 or its equivalent (the
                        "SENIOR HEADROOM"); and

                  (b)   extend the date on which any Outstandings under the
                        Senior Credit Agreement are to be repaid PROVIDED THAT
                        (i) such an extension is for a period of no longer than
                        12 months, (ii) such an extension does not extend beyond
                        the Mezzanine Final Maturity Date and (iii) the amount,
                        in aggregate of Outstandings so extended is no greater
                        than the Senior Headroom.

                                       -18-
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8.3     UNDERTAKINGS OF SENIOR BENEFICIARIES
        Each of the Senior Beneficiaries undertakes that it will not prior to
        the Mezzanine Discharge Date, unless the Mezzanine Agent acting on the
        instructions of the Majority Mezzanine Lenders otherwise consents in
        writing:

        8.3.1     permit or require any Intercreditor Obligor to pay, repay,
                  prepay, redeem, purchase or otherwise acquire any of the
                  Postponed Senior Liabilities, save in respect of amounts
                  received in accordance with Clause 22 (APPROPRIATION);

        8.3.2     (other than under the Finance Documents and the Transaction
                  Security) take, accept or receive the benefit of any Security,
                  guarantee, indemnity or other assurance against financial loss
                  in respect of the Postponed Senior Liabilities unless:

                  (a)   first or at the same time there is conferred on the
                        Mezzanine Lenders the benefit (ranking first in point of
                        security) of such (or a substantially identical)
                        Security, guarantee, inderrinity or other assurance
                        against financial loss in such manner and such form as
                        the Mezzanine Agent may require; or

                  (b)   the Mezzanine Agent shall have declined to take the
                        benefit of such Security, guarantee, indemnity or other
                        assurance against financial loss and the Mezzanine Agent
                        shall have notified such decision to the Senior Agent in
                        writing,

                  and, in any event, the Mezzanine Agent shall have received a
                  legal opinion in form and substance satisfactory to it stating
                  that the Transaction Security and the ranking created hereby
                  will not thereby be prejudiced;

        8.3.3     discharge or seek to discharge all or any part of the
                  Postponed Senior Liabilities by set-off, any right of
                  combination of accounts or otherwise save to the extent (a)
                  the same occurs automatically by operation of law under any
                  applicable law or (b) as permitted by sub-clause 8.3.1; or

        8.3.4     take or omit any action whereby the ranking contemplated of
                  the Postponed Senior Liabilities by this Deed may be impaired,

        PROVIDED THAT nothing in this Clause 8.3 shall prevent any enforcement
        of the Security Documents by or on behalf of the Senior Agent and/or the
        Senior Lenders at any time before the Senior Discharge Date.

9.      CONSENTS AND ENTRENCHED PROVISIONS

9.1     CONSENTS AND ENTRENCHED PROVISIONS
        If the Senior Agent, the Senior Lenders or Majority Senior Lenders or,
        after the Senior Discharge Date, the Mezzanine Agent, the Mezzanine
        Lenders or Majority Mezzanine Lenders at the request of any
        Intercreditor Obligor:

        9.1.1     grants any consent, release, approval or waiver to any
                  Intercreditor Obligor pursuant to the terms of any of the
                  Finance Documents;

                                       -19-
<Page>

        9.1.2     makes any determination under, or agrees any amendment,
                  supplement or novation to, any of the Finance Documents; or

        9.1.3     waives any Senior Event of Default or, after the Senior
                  Discharge Date, any Mezzanine Event of Default,

        then the Intra-Group Lenders shall (a) be deemed to have given or made,
        at the same time, a corresponding consent, release, approval,
        determination, amendment, supplement, novation or waiver, in each case
        in equivalent terms, for the purposes of the Intra-Group Documents to
        which they are party, (b) not be permitted to object to any such action
        by the Senior Agent, the Senior Lenders or Majority Senior Lenders (or
        the Mezzanine Agent, the Mezzanine Lenders or Majority Mezzanine
        Lenders), or any Intercreditor Obligor or other Group Entity doing
        anything in accordance with such action, by virtue of anything in the
        Intra-Group Documents and (c) do all such things and execute or procure
        the execution of all such documents as the Senior Agent (or the
        Mezzanine Agent) may require to give effect to the terms of this Clause
        9.

9.2     NO LIABILITY
        None of the Beneficiaries shall be liable for any consent, release,
        approval, determination, amendment, supplement, novation or waiver or
        other action given or taken under Clause 9.1 (CONSENTS AND ENTRENCHED
        PROVISIONS) to any of the Intra-Group Lenders or any other person.

10.     PERMITTED PAYMENTS

        Subject to Clause 12 (SUSPENSION OF PERMITTED PAYMENTS) and Clause 14
        (DISTRIBUTIONS):

        10.11     any Mezzanine Borrower may pay a Mezzanine Liability and the
                  Mezzanine Beneficiaries may receive payment of a Mezzanine
                  Liability if:

                  (a)   it is paid (directly or indirectly) out of the proceeds
                        of the High Yield Notes or out of the proceeds of a
                        Direct Mezzanine Refinancing (in accordance with the
                        provisions of the Senior Credit Agreement);

                  (b)   such payment is made by way of a release of a Mezzanine
                        Liability in return for the issue of Exchange Notes in
                        accordance with the Mezzanine Facility Agreement;

                  (c)   it is a payment or receipt of interest (excluding any
                        interest capitalised but including default interest and
                        any interest compounded under the terms of the Mezzanine
                        Documents); or

                  (d)   it is an amount payable under Clauses 11 (FEES), 16
                        (COSTS AND EXPENSES), 13 (INCREASED COSTS), 7.1
                        (ILLEGALITY) or 7.12 (RIGHT OF REPAYMENT AND
                        CANCELLATION IN RELATION TO A SINGLE MEZZANINE LENDER)
                        of the Mezzanine Facility Agreement each in accordance
                        with the terms of the Mezzanine Documents as at the date
                        hereof or as amended without breaching Clause 6
                        (UNDERTAKINGS OF THE MEZZANINE BENEFICIARIES);

                                       -20-
<Page>

        10.1.2    any Intercreditor Obligor may accept a transfer of, and any
                  Intercreditor Obligor may transfer any Mezzanine Liability if
                  and to the extent provided for in the Mezzanine Facility
                  Agreement;

        10.1.3    prior to the occurrence of any Enforcement Event which is
                  Continuing, any Intra-Group Borrowers may pay an Intra-Group
                  Liability and an Intra-Group Lender may receive payment of an
                  Intra-Group Liability; and

        10.1.4    the Senior Agent acting on the instructions of the Majority
                  Senior Lenders and (after the Senior Discharge Date or, if
                  earlier, at such time as the Mezzanine Lenders are then
                  entitled to enforce in accordance with Clause 17 (PERMITTED
                  ENFORCEMENT)) the Mezzanine Agent acting on the instructions
                  of the Majority Mezzanine Lenders may direct (following
                  service of a notice under Clause 24.15(a), (b), (c) and/or (e)
                  (ACCELERATION) of the Senior Credit Agreement or (as the case
                  may be) Clause 22.14(a), (b) and/or (c) (ACCELERATION) of the
                  Mezzanine Facility Agreement) that an Intra-Group Lender
                  demand repayment, in part or full, of any Intra-Group
                  Liability,

        PROVIDED THAT it is expressly agreed as between the Intercreditor
        Obligors and the Lenders that the obligation to make any payment under
        the Mezzanine Documents or the Intra-Group Documents not permitted to be
        paid under this Deed shall continue and that default interest shall
        accrue thereon in accordance with the provisions of the Mezzanine
        Documents or, as the case may be, the Intra-Group Documents (as each is
        in force at the date hereof or as amended without breaching this Deed)
        and the fact that non-payment of any amount due under the Mezzanine
        Documents has arisen as a result of Clause 12 (SUSPENSION OF PERMITTED
        PAYMENTS) shall not prevent a Mezzanine Event of Default from occurring.

11.      TURNOVER

11.1    SENIOR BENEFICIARIES
        If, whilst the Mezzanine Liabilities are or may be outstanding, any
        Senior Beneficiary receives a payment or distribution in cash or in kind
        of, or on account of, any Postponed Senior Liabilities, the receiving
        Senior Beneficiary will forthwith pay any and all such amounts, less any
        costs, liabilities and expenses reasonably incurred by it in connection
        with its receipt of such payment, to the Security Trustee who shall hold
        such on trust for application in accordance with Clause 22
        (APPROPRIATION).

11.2    MEZZANINE BENEFICIARIES AND INTRA-GROUP LENDERS
        If, whilst the Senior Liabilities are or may be outstanding:

         11.2.1   any Mezzanine Beneficiary or Intra-Group Lender receives a
                  payment or distribution in cash or in kind of, or on account
                  of, any of the Mezzanine Liabilities or, as the case may be,
                  Intra-Group Liabilities not permitted by Clause 6.1.1
                  (UNDERTAKINGS OF MEZZANINE BENEFICIARIES), or Clause 10
                  (PERMITTED PAYMENTS) or made in accordance with Clause 22
                  (APPROPRIATION);

        11.2.2    any Mezzanine Lender receives the proceeds of any enforcement
                  of any Transaction Security otherwise than in the order set
                  out in Clause 22 (APPROPRIATION); or

                                       -21-
<Page>

        11.2.3   any Intercreditor Obligor or any Group Entity or its estate or
                 any liquidator, receiver or like officer consequent upon its
                 winding-up makes any payment or distribution in cash or in
                 kind on account of the purchase or other acquisition of any of
                 the Mezzanine Liabilities or Intra-Group Liabilities,

        the receiving Mezzanine Beneficiary or Intra-Group Lender (as the case
        may be) will (save to the extent it is prohibited from doing so by
        applicable law) forthwith pay any and all such amounts less (in the case
        of a Mezzanine Beneficiary) any costs, liabilities and expenses
        reasonably incurred by it in connection with its receipt of such
        payment, distribution, proceeds or other discharge to the Security
        Trustee, who shall hold such on trust for application in accordance with
        Clause 22 (APPROPRIATION) PROVIDED THAT, in the case of the Mezzanine
        Beneficiaries:

        (a)       the receiving Mezzanine Beneficiary shall only pay such an
                  amount determined by the Senior Agent to be equal to the
                  lesser of:

                  (i)      the outstanding aggregate unrecovered balance of the
                           Senior Liabilities; and

                  (ii)     the amount of such payment, distribution, proceeds,
                           or other discharge; and

        (b)       no Mezzanine Lender shall be required to pay any amount to the
                  Security Trustee on or after the Senior Discharge Date other
                  than Mezzanine Liabilities referred to in sub-clause 22.1.4 of
                  Clause 22.1 (ORDER OF APPLICATION).

11.3    PROTECTION OF BENEFICIARIES

        If a Beneficiary is obliged to pay any amount to the Security Trustee
        in accordance with this Clause 11 (TURNOVER):

        11.3.1   each Intercreditor Obligor shall indemnify that Beneficiary
                 upon demand (to the extent of its liability for the relevant
                 Postponed Senior Liabilities or Mezzanine Liabilities) for any
                 costs, liabilities and expenses incurred by such a Beneficiary
                 as a result of it having to make such a payment; and

        11.3.2   the relevant Intra-Group Liabilities, Postponed Senior
                 Liabilities or, as the case may be, Mezzanine Liabilities in
                 respect of which that Beneficiary received a payment or
                 distribution will be deemed not to have been reduced or
                 discharged in any way or to any extent by the relevant
                 payment, distribution, proceeds or other discharge.

12.     SUSPENSION OF PERMITTED PAYMENTS

12.1    STOP NOTICES
        Any Intercreditor Obligor may make any payment in respect of the
        Mezzanine Liabilities permitted by Clause 10 (PERMITTED PAYMENTS) on the
        relevant payment date if, immediately prior to such payment being made,
        no Stop Notice has been issued to the Mezzanine Agent and copied to the
        Obligor's Agent in accordance with Clause 12.2 (RIGHT TO ISSUE A STOP
        NOTICE) or if a Stop Notice has been so issued, it has ceased to have
        effect under Clause 12.3 (DURATION OF EFFECT OF STOP NOTICE) provided
        that issuing the

                                       -22-
<Page>

        Stop Notice shall not prevent any payment or transfer permitted pursuant
        to Clauses 10.1.1(a) or 10.1.2.

12.2    RIGHT TO ISSUE A STOP NOTICE
        The Senior Agent, acting on the instructions of the Majority Senior
        Lenders, shall be entitled to issue a Stop Notice to the Mezzanine Agent
        with a copy being sent to the Obligor's Agent only if a Stop Event has
        occurred and is continuing unremedied and unwaived PROVIDED THAT:

        12.2.1    no Stop Notice may be served by the Senior Agent in reliance
                  on a particular Senior Event of Default which would constitute
                  a Stop Event more than six months (or four months in respect
                  of a Senior Event of Default arising pursuant to Clause 22.2
                  (FINANCIAL CONDITION) of the Senior Credit Agreement) after
                  the Senior Agent receives notice in writing from any
                  Intercreditor Obligor, Senior Lender, the Mezzanine Agent or
                  any Mezzanine Lender specifying the occurrence constituting
                  that Senior Event of Default and specifying that it
                  constitutes a Senior Event of Default under the Senior Credit
                  Agreement; and

         12.2.2   if:

                  (a)   at the time the Senior Agent wishes to serve a Stop
                        Notice (an "INTENDED STOP NOTICE") in reliance on any
                        Stop Event(s) less than 360 days has elapsed since the
                        service of the most recently preceding Stop Notice (the
                        "PRIOR STOP NOTICE"); and

                  (b)   the Stop Event(s) to be relied upon in relation to the
                        Intended Stop Notice are the same or substantially the
                        same as (or a direct or indirect result of) a Stop Event
                        which was in existence at the time of the Prior Stop
                        Notice (the "RELEVANT EVENT(S)"),

                  the Senior Agent may only serve the Intended Stop Notice if
                  the Relevant Event(s) to be relied upon in respect of the
                  Intended Stop Notice had been cured or waived or complied with
                  for at least 180 days prior to the date of service of the
                  Intended Stop Notice.

12.3    DURATION OF EFFECT OF A STOP NOTICE
        A Stop Notice will cease to have effect on the earlier of:

        12.3.1    the date 150 days after receipt by the Mezzanine Agent of the
                  Stop Notice or, if any Standstill Period is current at any
                  time during such 150 day period, the expiry of such Standstill
                  Period (if earlier);

        12.3.2    the date on which the circumstances specified in the relevant
                  Stop Notice have been cured or waived by the Majority Senior
                  Lenders in writing or have ceased to be continuing (and for
                  this purpose only, in the case of a Stop Event under paragraph
                  (c) of the definition thereof, the breach will be treated as
                  having ceased to be continuing from the time upon which any
                  financial statements or accounts delivered to the Senior Agent
                  under Clause 21 (INFORMATION UNDERTAKINGS) of the Senior
                  Credit Agreement together with the relevant

                                      -23-

<Page>

                  Compliance Certificate establish compliance with Clause 22.2
                  (FINANCIAL CONDITION) of the Senior Credit Agreement);

        12.3.3    the date on which the Senior Agent, acting on the instructions
                  of the Majority Senior Lenders, by notice in writing to the
                  Mezzanine Agent, cancels the Stop Notice; and

         12.3.4   the Senior Discharge Date.

12.4    NOTIFICATION
        The Senior Agent shall promptly notify the Mezzanine Agent that a Stop
        Event has been waived or cured and shall send a copy of such
        notification to the Obligor's Agent.

12.5    FEES
        None of the provisions of this Clause 12 shall prevent the payment to
        the Mezzanine Beneficiaries of any fees payable in accordance with
        Clause 11 (FEES) of the Mezzanine Facility Agreement.

12.6    PARTIAL PAYMENTS
        Any Borrower may make a permitted payment pursuant to Clause 10
        (PERMITTED PAYMENTS) which would otherwise be blocked by this Clause 12
        to the extent that, by reduction of the amount of such permitted
        payment, this Clause 12 can be complied with and the Mezzanine Agent may
        by notice to such Borrower (and the Security Trustee) elect to receive
        part only of a permitted payment for such purpose.

13.     SUBORDINATION

13.1    SENIOR EVENT OF DEFAULT
        After service of a Senior Acceleration Notice (which is not withdrawn or
        cancelled) in respect of all amounts outstanding under the Senior Credit
        Agreement, notwithstanding the terms of the Finance Documents it is
        agreed that:

        13.1.1    all amounts payable under the Finance Documents;

        13.1.2    all proceeds of enforcement of the Transaction Security; and

        13.1.3    any payment or distribution of any kind or character, whether
                  in cash, securities or other property which is payable or
                  deliverable upon or with respect to the Senior Liabilities,
                  the Mezzanine Liabilities or the Intra-Group Liabilities or
                  any part thereof by any Intercreditor Obligor or its estate or
                  any liquidator, receiver or like officer consequent upon its
                  winding-up,

        shall forthwith be paid or delivered direct to the Security Trustee.

13.2    SUBORDINATION ON INSOLVENCY
        If:

        13.2.1    there occurs any distribution, division or application,
                  partial or complete, voluntary or involuntary, by operation of
                  law or otherwise, of all or any part of the assets of any
                  Intercreditor Obligor by reason of the liquidation,
                  dissolution or other winding-up of any Intercreditor Obligor
                  or its businesses or any sale,

                                      -24-

<Page>

                  receivership or insolvency proceeding or assignment for the
                  benefit of creditors (or any analogous process in respect of
                  any Intercreditor Obligor incorporated outside of England);
                  or

        13.2.2    any Intercreditor Obligor goes into liquidation or becomes
                  subject to any insolvency or rehabilitation proceeding,
                  administration, or voluntary arrangement (or any analogous
                  process in respect of any Intercreditor Obligor incorporated
                  outside of England),

        then and in any such event, in relation to such Intercreditor Obligor,
        (a) the Mezzanine Liabilities (subject to Clause 8 (UNDERTAKINGS IN
        RESPECT OF THE SENIOR LIABILITIES)) shall be subordinated to the Senior
        Liabilities (other than the Postponed Senior Liabilities), (b) the
        Postponed Senior Liabilities (subject to Clause 6 (UNDERTAKINGS OF
        MEZZANINE BENEFICIARIES) shall be subordinated to the Mezzanine
        Liabilities and (c) the Intra-Group Liabilities shall be postponed and
        subordinated to the Senior Liabilities and the Mezzanine Liabilities.

13.3    US INTERCREDITOR OBLIGORS
        For the purposes of this Clause 13, the subordination of the
        Intra-Group Liabilities of a US Intercreditor Obligor means that:

        13.3.1   in any bankruptcy, insolvency, receivership or similar
                 proceedings in which any US Intercreditor Obligor is a debtor,
                 or any proceedings for voluntary liquidation, dissolution or
                 winding up of such US Intercreditor Obligor (a "PROCEEDING"),
                 the holders of the Liabilities ("PRIOR LIABILITIES") to which
                 any other Liabilities ("JUNIOR LIABILITIES") are said to be
                 "subordinate" shall be entitled to receive payment in full in
                 cash of all principal of, interest on (including, without
                 limitation, interest accruing after the commencement of such
                 Proceeding, whether or not a claim for such interest is an
                 allowed claim in such Proceeding) and other amounts payable in
                 connection with, such Prior Liabilities before the holders of
                 such Junior Liabilities are entitled to receive any payments
                 or distribution (whether in cash, property or securities) on
                 account of principal, interest or other amounts payable in
                 connection with any such Junior Liabilities; and

        13.3.2   to that end the holders of the Prior Liabilities shall be
                 entitled to receive for application (as provided in Clause 22
                 (APPROPRIATION)) in payment thereof any payment or
                 distribution, whether in cash, property or securities, which
                 may be payable or deliverable in any such Proceeding in
                 respect of such Junior Liabilities, including any such payment
                 or distribution which may be payable or deliverable by virtue
                 of the provisions of any indebtedness which is subordinate and
                 junior in right of payment to such Junior Liabilities.

14.     DISTRIBUTIONS

14.1    PAYMENT TO SECURITY TRUSTEE
        Any amounts paid or delivered to the Security Trustee shall be held by
        the Security Trustee pursuant to this Deed on trust for application in
        accordance with Clause 22 (APPROPRIATION).

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<Page>

14.2    RECEIPT OF AMOUNTS BY BENEFICIARIES
        If any amounts described in Clause 13.1 (SENIOR EVENT OF DEFAULT) are,
        following the service of a Senior Acceleration Notice, received by any
        of the Mezzanine Beneficiaries or the Intra-Group Lenders or the Senior
        Beneficiaries (in respect of the Postponed Senior Liabilities) or any
        person acting on their behalf with respect to the Mezzanine Liabilities,
        the Postponed Senior Liabilities or, as the case may be, the
        Intra-Group Liabilities or any part thereof:

        14.2.1    the relevant Mezzanine Beneficiary (or person acting on its
                  behalf as aforesaid), the relevant Senior Beneficiary in
                  respect of the Postponed Senior Liabilities (or person acting
                  on its behalf as aforesaid) or, as the case may be, the
                  relevant Intra-Group Lender (or person acting on its behalf as
                  aforesaid) will (a) forthwith pay to the Security Trustee an
                  amount equal to the amount received less (in the case of a
                  Mezzanine Beneficiary or a Senior Beneficiary) any costs,
                  liabilities and expenses reasonably incurred by it in
                  connection with its receipt of such payment, to be held on
                  trust by the Security Trustee and applied in accordance with
                  the terms of Clause 22 (APPROPRIATION) and (b) pending such
                  payment hold the same on trust for the Security Trustee;

        14.2.2    each Intercreditor Obligor shall indemnify any such Mezzanine
                  Beneficiary or Senior Beneficiary upon demand (to the extent
                  of its liability for the relevant Mezzanine Liabilities or
                  Postponed Senior Liabilities) for any costs, liabilities and
                  expenses incurred by such a Mezzanine Beneficiary or Senior
                  Beneficiary as a result of it having to make such a payment;
                  and

        14.2.3    the relevant Intra-Group Liabilities, Postponed Senior
                  Liabilities or, as the case may be, Mezzanine Liabilities in
                  respect of which that Beneficiary received such a payment will
                  be deemed not to have been reduced or discharged in any way or
                  to any extent by such a payment.

14.3    EQUIVALENT PAYMENT
        If the trust referred to in Clause 14.2 (RECEIPT OF AMOUNTS BY
        BENEFICIARIES) fails or cannot be given effect to, each Mezzanine
        Beneficiary will pay an amount equal to any such payment or distribution
        in respect of the Mezzanine Liabilities received by such Mezzanine
        Beneficiary, each Senior Beneficiary will pay an amount equal to any
        such payment or distribution in respect of the Postponed Senior
        Liabilities received by such Senior Beneficiary and the Intra-Group
        Lenders will pay an amount equal to such payment or distribution in
        respect of the Intra-Group Liabilities to the Security Trustee less (in
        the case of a Mezzanine Beneficiary or a Senior Beneficiary) any costs,
        liabilities and expenses reasonably incurred by it in connection with
        its receipt of such payment or distribution for application in
        accordance with Clause 22 (APPROPRIATION) and the relevant Mezzanine
        Liabilities, Postponed Senior Liabilities or, as the case may be, Intra
        Group Liabilities in respect of which that Beneficiary received such a
        payment or distribution will be deemed not to have been reduced or
        discharged in any way or to any extent by such a payment.

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<Page>

14.4    PAYMENT BY LIQUIDATOR
        The liquidator or other insolvency representative or trustee of any
        Intercreditor Obligor or its estate is authorised to apply any assets or
        moneys received by him in accordance with the terms of this Deed or as
        instructed by the Security Trustee acting in accordance with this Deed.

14.5    DISCHARGE OF LIABILITIES BY SET-OFF
        Save to the extent that the payment is a permitted payment hereunder, if
        any Mezzanine Liabilities, Postponed Senior Liabilities or Intra-Group
        Liabilities are discharged in whole or in part by a set-off:

        14.5.1    the relevant Mezzanine Beneficiary, Senior Beneficiary (in
                  respect of the Postponed Senior Liabilities) or, as the case
                  may be, Intra-Group Lender will (a) forthwith pay to the
                  Security Trustee an amount equal to the amount of the
                  Mezzanine Liabilities, Postponed Senior Liabilities or, as the
                  case may be, Intra-Group Liabilities discharged by the set-off
                  less (in the case of a Mezzanine Beneficiary or a Senior
                  Beneficiary) any costs, liabilities and expenses reasonably
                  incurred by it in connection with its receipt of such payment,
                  to be held on trust by the Security Trustee and applied in
                  accordance with the terms of Clause 22 (APPROPRIATION) and (b)
                  pending such payment hold the same on trust for the Security
                  Trustee;

        14.5.2    each Intercreditor Obligor shall indemnify any such Mezzanine
                  Beneficiary or Senior Beneficiary upon demand (to the extent
                  of its liability for the relevant Mezzanine Liabilities or
                  Postponed Senior Liabilities) for any costs, liabilities and
                  expenses incurred by such a Mezzanine Beneficiary or Senior
                  Beneficiary as a result of it having to make such a payment;
                  and

        14.5.3    the relevant Intra-Group Liabilities, Postponed Senior
                  Liabilities or, as the case may be, Mezzanine Liabilities in
                  respect of which that Beneficiary exercised such a right of
                  set-off will be deemed not to have been reduced or discharged
                  in any way or to any extent by such a right of set-off.

15.     FILING OF CLAIMS

15.1    FILING OF CLAIMS
        Each of the Senior Beneficiaries, the Mezzanine Beneficiaries and the
        Intra-Group Lenders irrevocably authorises and empowers the Security
        Trustee to demand, sue and prove for, collect and receive every payment
        or distribution referred to in Clause 13.1 (SENIOR EVENTS OF DEFAULT) in
        the circumstances contemplated by that Clause and give good receipt
        therefor and to file claims and take such other proceedings, in the
        Security Trustee's own name, the name of the relevant Senior
        Beneficiary, Mezzanine Beneficiary or, as the case may be, the
        Intra-Group Lenders or otherwise, as the Security Trustee may deem
        necessary or advisable for the enforcement of the provisions of this
        Deed or otherwise to ensure the payment of debts in accordance with the
        terms set out herein.

15.2    POWERS OF ATTORNEY
        15.2.1    The Senior Beneficiaries, the Mezzanine Beneficiaries and the
                  Intra-Group Lenders will execute or procure the execution of
                  and deliver to the Security

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                  Trustee such powers of attorney, forms of proxy or
                  representation as may reasonably be requested by the Security
                  Trustee in order to enable the Security Trustee in the
                  circumstances contemplated by Clause 13.2 (SUBORDINATION ON
                  INSOLVENCY) to enforce any and all claims upon or with respect
                  to the Liabilities or any part thereof and to collect and
                  receive any and all payments or distributions which may be
                  payable or deliverable at any time upon or with respect to the
                  Liabilities or any part thereof and to exercise all powers of
                  convening meeting, voting and representation in respect to the
                  Senior Liabilities, the Mezzanine Liabilities, the Postponed
                  Senior Liabilities or the Intra-Group Liabilities in the
                  circumstances contemplated by Clause 13.2 (SUBORDINATION ON
                  INSOLVENCY) including, without limitation, voting for or
                  against a plan of reorganisation, seeking or declining to seek
                  adequate protection, and objecting or failing to object to any
                  transaction or other occurrence which can only be taken upon
                  notice and a hearing or otherwise is subject to the approval
                  of or absence of objection from any one or more creditors
                  under applicable bankruptcy law.

        15.2.2    Nothing in this Clause 15.2 will entitle the Security Trustee
                  to exercise, or require the Senior Beneficiaries or the
                  Mezzanine Beneficiaries to exercise, any rights, power of
                  voting or representation to waive or amend any of the
                  provisions of the Senior Credit Agreement or the Mezzanine
                  Facility Agreement respectively or otherwise to waive, reduce,
                  discharge, extend the due date for payment of or reschedule
                  any of the Senior Liabilities or, as the case may be, the
                  Mezzanine Liabilities.

15.3    PROOF IN LIQUIDATION
        Without prejudice to the foregoing provisions of this Clause 15 (FILING
        OF CLAIMS) or any other provision hereof, nothing in this Deed shall
        inhibit the Senior Beneficiaries, the Mezzanine Beneficiaries or, with
        the consent of the Security Trustee, the Intra-Group Lenders from
        claiming or proving in the liquidation of any Intercreditor Obligor for
        the amount of the Liabilities owing to them.

16.     RESTRICTIONS ON ENFORCEMENT

16.1    HEDGING LIABILITIES
        So long as any of the Senior Liabilities (other than the Hedging
        Liabilities) are or may be outstanding, the Hedge Counterparties shall
        not be entitled, unless the Majority Senior Lenders otherwise consent in
        writing:

        16.1.1    to accelerate or demand any of the Hedging Liabilities, unless
                  at the same time, or prior to, such acceleration or demand the
                  Senior Liabilities (other than the Hedging Liabilities) have
                  been accelerated; or

        16.1.2    in any manner to enforce any Transaction Security or to
                  require any other person to enforce the same; or

        16.1.3    to sue for or institute legal proceedings to recover all or
                  any part of the Hedging Liabilities; or

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        16.1.4    to petition or apply for or vote in favour of any resolution
                  for the winding-up, dissolution, administration of or
                  voluntary arrangement in relation to any of the Intercreditor
                  Obligors.

16.2    MEZZANINE LIABILITIES
        Subject to either (a) such being permitted by Clause 17 (PERMITTED
        ENFORCEMENT) or (b) the Majority Senior Lenders consenting to such in
        writing, none of the Mezzanine Beneficiaries will (prior to the Senior
        Discharge Date) be entitled to require the Mezzanine Agent:

        16.2.1    otherwise than pursuant to Clause 7.1 (ILLEGALITY) of the
                  Mezzanine Facility Agreement, accelerate any of the Mezzanine
                  Liabilities or otherwise declare any of the Mezzanine
                  Liabilities prematurely due and payable on or by reason of the
                  occurrence of a Mezzanine Event of Default or any other
                  circumstances howsoever described unless at the same time, or
                  prior to, such acceleration, the Senior Liabilities (or any of
                  them) have been accelerated or otherwise declared prematurely
                  due and payable; or

        16.2.2    in any manner enforce any of the Transaction Security by sale,
                  possession, appointment of a receiver or otherwise or to
                  require any other person to enforce the same other than by
                  appointment of an administrative receiver of any Intercreditor
                  Obligor incorporated in England and Wales or similar officer
                  of any Intercreditor Obligor appointed elsewhere, if the
                  purpose of such appointment is to block the appointment in
                  respect of such Intercreditor Obligor of an administrator (or
                  similar officer in any other jurisdiction); or

        16.2.3    sue for or institute legal proceedings to recover all or any
                  part of the Mezzanine Liabilities; or

        16.2.4    petition or apply or vote in favour of any resolution for the
                  winding-up, dissolution, administration of or voluntary
                  arrangement in relation to any of the Intercreditor Obligors,

        PROVIDED THAT, for the avoidance of doubt, the Mezzanine Beneficiaries
        shall be entitled to apply to a court for injunctive relief, an order
        for specific performance or a declaratory order on the interpretation of
        any of the Mezzanine Documents or take any analogous proceedings in
        jurisdictions outside of England and Wales.

16.3    INTRA-GROUP LIABILITIES
        Prior to the Senior Discharge Date and the Mezzanine Discharge Date,
        none of the IntraGroup Lenders shall be entitled to without the consent
        (or direction) of the Senior Agent (or, after the Senior Discharge Date,
        the consent of the Mezzanine Agent, acting on the instructions of the
        Majority Mezzanine Lenders):

        16.3.1    accelerate any of the Intra-Group Liabilities; or

        16.3.2    sue for or institute legal proceedings to recover all or any
                  part of the Intra-Group Liabilities; or

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        16.3.3    petition or apply for or vote in favour of any resolution for
                  the winding-up, dissolution, administration of or voluntary
                  arrangement in relation to any of the Intercreditor Obligors;
                  or

        16.3.4    claim or rank as a creditor in the insolvency, winding-up,
                  bankruptcy or liquidation of any Intercreditor Obligor.

17.     PERMITTED ENFORCEMENT

17.1    ENFORCEMENT NOTICE
        Subject to Clause 17.4 (DEMANDS AGAINST GUARANTORS), if:

        17.1.1   any Mezzanine Event of Default occurs (otherwise than as a
                 direct result of a breach by any Mezzanine Beneficiary of its
                 obligations under the Mezzanine Documents) and is continuing;
                 and

        17.1.2   the Mezzanine Agent certifies to the Senior Agent that such a
                 Mezzanine Event of Default is material in the opinion of the
                 Majority Mezzanine Lenders,

        the Mezzanine Agent may, by written notice (an "ENFORCEMENT NOTICE") to
        the Senior Agent specifying the Mezzanine Event of Default, inform the
        Senior Agent that the Mezzanine Beneficiaries wish to take Permitted
        Enforcement Action.

17.2    SENIOR LENDERS' FAILURE TO ENFORCE
        If:

        17.2.1    the Senior Agent (a) within 14 days of its receipt of an
                  Enforcement Notice, informs the Mezzanine Agent that it
                  proposes to instruct the Security Trustee to enforce the
                  Transaction Security and (b) fails to so instruct the Security
                  Trustee within 28 days of its receipt of such Enforcement
                  Notice; or

        17.2.2    the Senior Agent does not respond to an Enforcement Notice
                  within 14 days of its receipt of such,

        the Mezzanine Agent may instruct the Security Trustee to enforce the
        Transaction Security PROVIDED THAT, for the avoidance of doubt, no such
        instruction may be given unless a Mezzanine Enforcement Event has
        occurred which is Continuing.

17.3    ENFORCEMENT BY MEZZANINE LENDERS
        Subject to Clause 17.4 (DEMANDS AGAINST GUARANTORS), the Mezzanine
        Beneficiaries shall be able to take such Permitted Enforcement Action
        they deem appropriate, upon the expiry of the following relevant period
        (the "STANDSTILL PERIOD") after the Senior Agent's receipt of an
        Enforcement Notice:

        17.3.1    at least 90 days, in the case of a Mezzanine Event of Default
                  relating to failure to pay any amount due under the Mezzanine
                  Documents;

        17.3.2    at least 120 days, in the case of a Mezzanine Event of Default
                  relating to failure to comply with the provisions of Clause
                  22.2 (FINANCIAL COVENANTS) of the Mezzanine Facility
                  Agreement; or

        17.3.3    at least 150 days, in the case of any other Mezzanine Event of
                  Default,

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                  PROVIDED THAT, in each case, the same Mezzanine Event
                  of Default referred to in such Enforcement Notice is
                  continuing.

17.4    DEMANDS AGAINST GUARANTORS
        The Mezzanine Beneficiaries may not make any demand on or take any
        other action against any Intercreditor Obligor in relation to the
        Mezzanine Liabilities in circumstances which would otherwise be
        permitted by this Clause 17 (PERMITTED ENFORCEMENT) where the Security
        Trustee (or any receiver appointed pursuant to any of the Security
        Documents), acting on the instructions of the Majority Senior Lenders
        and in accordance with the terms hereof:

        17.4.1    confirms to the Mezzanine Agent in writing that it is
                  enforcing, taking steps to enforce or has enforced any
                  Transaction Security over the shares of such Guarantor or
                  Intercreditor Obligor or over the shares of any holding
                  company of such Guarantor or Intercreditor Obligor by selling
                  or procuring the sale of all such shares which are subject to
                  such Transaction Security; and

        17.4.2    has not subsequently notified the Mezzanine Agent to the
                  contrary in writing (and, if applicable, the Security Trustee
                  undertakes to notify or procure that any such receiver (or
                  similar Officer in any jurisdiction) notifies the Mezzanine
                  Agent promptly upon such enforcement being discontinued).

18.     PRESERVATION

        Each of the Senior Beneficiaries, the Mezzanine Beneficiaries and the
        Intra-Group Lenders agrees that the subordination effected hereby shall
        be in addition to and shall not prejudice or affect any Security or any
        right or remedy of the Senior Beneficiaries in respect of the Senior
        Liabilities or the Mezzanine Beneficiaries in respect of the Mezzanine
        Liabilities and each of the Senior Beneficiaries, the Mezzanine
        Beneficiaries and the Intra-Group Lenders hereby agrees that the
        obligations and liabilities of each of the Intercreditor Obligors, or
        any other party or parties, for or in respect of the Senior Liabilities
        and the Mezzanine Liabilities (subject to the agreement between the
        Senior Beneficiaries and the Mezzanine Beneficiaries contained in this
        Deed) may in whole or in part, be renewed, extended, amended,
        supplemented, novated, accelerated, compromised, terminated, sold,
        transferred, exchanged, waived or released and that all of the above
        shall be without impairing, abridging, diminishing, releasing or
        affecting the subordination of the Mezzanine Liabilities and the
        Intra-Group Liabilities to the Senior Liabilities (other than the
        Postponed Senior Liabilities) provided for herein and the Intra-Group
        Liabilities and the Postponed Senior Liabilities to the Mezzanine
        Liabilities provided for herein and the Intra-Group Liabilities to the
        Postponed Senior Liabilities provided for herein.

19.     ENFORCEMENT OF TRANSACTION SECURITY

19.1    SENIOR AGENT ENTITLED TO INSTRUCT
        Upon the occurrence of an Enforcement Event, the Senior Agent shall be
        entitled whilst such event is Continuing to instruct the Security
        Trustee to enforce the Transaction Security (including making demands in
        respect of Intra-Group Liabilities) and the Security Trustee shall be
        bound to do so in accordance with the terms of the Security

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        Documents. The Senior Agent agrees to notify the Mezzanine Agent in
        writing if it intends to instruct the Security Trustee to enforce the
        Transaction Security.

19.2    MEZZANINE AGENT ENTITLED TO INSTRUCT
        Upon the occurrence of an Enforcement Event, the Mezzanine Agent shall,
        after the Senior Discharge Date or if it is permitted to do so pursuant
        to Clause 17 (PERMITTED ENFORCEMENT), be entitled whilst such event is
        Continuing to instruct the Security Trustee to enforce the Transaction
        Security (including making demands in respect of Intra-Group
        Liabilities) and the Security Trustee shall be bound to do so in
        accordance with the terms of the Security Documents. If any Postponed
        Senior Liabilities exist, the Mezzanine Agent agrees to notify the
        Senior Agent in writing if it intends to instruct the Security Trustee
        to enforce the Transaction Security.

19.3    MANNER OF ENFORCEMENT
        Prior to the Senior Discharge Date, the Security Trustee will enforce
        the Transaction Security (including making demands in respect of
        Intra-Group Liabilities) pursuant to Clause 19.1 (SENIOR AGENT ENTITLED
        TO INSTRUCT) only on the instructions of the Senior Agent or, as the
        case may be, on the instructions of the Mezzanine Agent (acting on the
        instructions of the Majority Mezzanine Lenders) where the Mezzanine
        Agent instructs the Security Trustee to enforce the Transaction Security
        in accordance with Clause 17 (PERMITTED ENFORCEMENT). In relation to the
        manner of enforcement (apart from the decision or right to commence an
        enforcement, which shall be in accordance with the other provisions of
        this Deed) of the Security Documents, the Security Trustee will always
        act on the directions of the Senior Agent or, after the Senior Discharge
        Date or, where the Mezzanine Agent instructs the Security Trustee to
        enforce the Transaction Security in accordance with Clause 17 (PERMITTED
        ENFORCEMENT), the Mezzanine Agent. The Senior Agent or, after the Senior
        Discharge Date or where the Mezzanine Agent instructs the Security
        Trustee to enforce the Transaction Security in accordance with Clause 17
        (PERMITTED ENFORCEMENT), the Mezzanine Agent is entitled to give such
        directions and do such other things in relation to the enforcement of
        the Transaction Security as they consider appropriate including (without
        limitation) determining the timing and manner of enforcement against any
        particular person or asset. Any partial enforcement of the Transaction
        Security will be considered to be an enforcement of the Transaction
        Security for the purposes of this Deed. The Security Trustee shall
        always have regard to the interests of the Mezzanine Beneficiaries on
        enforcement of the Transaction Security save where the interests of the
        Senior Beneficiaries would be adversely affected.

19.4    INSURANCE PROCEEDS
        The Mezzanine Beneficiaries waive (until the Senior Discharge Date), as
        against the Senior Beneficiaries any rights they may have of requiring
        that insurance proceeds be applied in reinstatement of any assets
        subject to the Transaction Security.

19.5    ENFORCEMENT AND THE INTERCREDITOR OBLIGORS
        The Intercreditor Obligors (except as expressly provided under the
        Senior Documents or the Mezzanine Documents) shall have no right to be
        consulted in relation to or object to any enforcement or other action by
        the Beneficiaries in accordance with the Finance Documents and, for the
        avoidance of doubt, none of the Beneficiaries shall incur any

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        liability to any of the Intercreditor Obligors in relation to such
        action in the absence of fraud, gross negligence or wilful misconduct.

19.6    RELEASE OR SALE OF SUBORDINATED DEBT ON ENFORCEMENT
        In the event that, pursuant to an enforcement of the Transaction
        Security (whether in connection with a recapitalisation or otherwise),
        the Security Trustee wishes to dispose of the share capital of any
        company which the Security Trustee is entitled to dispose of at such
        time, to a bona fide third party for good consideration, the Security
        Trustee is authorised to execute, at or after the time of the disposal
        of such shares, on behalf of the Senior Beneficiaries and the Mezzanine
        Beneficiaries and the Intra Group Lenders a release of the relevant
        company or any of its Subsidiaries from all or any of the past, present
        and future liabilities (both actual and contingent) to all or any of
        such persons under the Senior Documents, the Mezzanine Documents, the
        Intra Group Documents or any other agreements or instruments under or by
        which any sums, liabilities or obligations to any Intra Group Lender are
        outstanding or evidenced and to release any Transaction Security granted
        by such company or any of its Subsidiaries over any of its assets (and
        the Senior Beneficiaries and the Mezzanine Beneficiaries and the Intra
        Group Lenders each undertake to execute such releases or other documents
        as may be necessary to give effect to the above mentioned releases)
        PROVIDED THAT in each such case the proceeds are to be applied in the
        manner provided for in this Deed and the Senior Credit Agreement and the
        Mezzanine Facility Agreement, and any such release may only be given
        after such proceeds have been so applied, and in the case of any
        principal amount outstanding under the Mezzanine Documents, such release
        is made at the same time or immediately after the irrevocable release of
        all principal amounts outstanding under the Senior Documents.

20.     SALES BY SECURITY TRUSTEE
        If:

        20.1.1    pursuant to an enforcement of any of the Transaction Security,
                  the Security Trustee (on the instructions or with the consent,
                  if prior to the Senior Discharge Date, of the Majority Senior
                  Lenders or, if thereafter or where the Mezzanine Agent has
                  instructed the Security Trustee to enforce the Transaction
                  Security in accordance with Clause 17 (PERMITTED ENFORCEMENT),
                  the Majority Mezzanine Lenders), sells or otherwise disposes
                  of any assets to a bona fide third party for good
                  consideration; or

        20.1.2    an Intercreditor Obligor sells or otherwise disposes of any
                  assets at the request of the Security Trustee (on the
                  instructions or with the consent of either (a) the Majority
                  Senior Beneficiaries after a Senior Enforcement Event or (b)
                  after the Senior Discharge Date or where the Mezzanine Agent
                  (acting on the instructions of the Majority Mezzanine Lenders)
                  has instructed the Security Trustee to enforce the Transaction
                  Security in accordance with Clause 17 (PERMITTED ENFORCEMENT),
                  the Majority Mezzanine Lenders, after a Mezzanine Enforcement
                  Event),

        the Security Trustee is hereby authorised by each of the Senior
        Beneficiaries, and the Mezzanine Beneficiaries and the Intra Group
        Lenders to execute on behalf of itself and

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        each such Senior Beneficiary and Mezzanine Beneficiary, without the need
        for any further referral to or authority from such Senior Beneficiary,
        Mezzanine Beneficiary or Intra Group Lender any release of the
        Transaction Security over that asset and, if such asset comprises all of
        the shares in the capital of any Intercreditor Obligor which is an
        Intercreditor Obligor under the Senior Documents or the Mezzanine
        Documents and the Intra Group Documents the Security Trustee is hereby
        further so authorised to execute on behalf of each Senior Beneficiary,
        each Mezzanine Beneficiary or each Intra Group Lender, without the need
        for any further referral to or authority from such Senior Beneficiary,
        Mezzanine Beneficiary or Intra Group Lender, a release of such
        Intercreditor Obligor from all past, present and future liabilities
        (both actual and contingent and including, without limitation, any
        liability to any other Intercreditor Obligor under the Senior Documents
        or the Mezzanine Documents or the Intra Group Documents by way of
        guarantee, contribution or indemnity) in its capacity as an
        Intercreditor Obligor and/or Intra. Group Borrower to release any
        Transaction Security granted by such Intercreditor Obligor over any of
        its assets (and the Senior Beneficiaries and the Mezzanine Beneficiaries
        and the Intra Group Lenders each undertake to execute such releases or
        other documents as may be necessary to give effect to the above
        mentioned releases) PROVIDED THAT in each such case the proceeds are to
        be applied in the manner provided for in this Deed and any such release
        may only be given after such proceeds have been so applied, and in the
        case of any principal amount outstanding under the Mezzanine Documents,
        such release is made at the same time or immediately after the
        irrevocable release of all principal amounts outstanding under the
        Senior Documents.

21.     PRIORITY OF TRANSACTION SECURITY

21.1    PRIORITY OF TRANSACTION SECURITY
        21.1.1    The Transaction Security will, to the extent that it secures
                  Senior Liabilities (other than the Postponed Senior
                  Liabilities) subject to Clause 8 (UNDERTAKINGS IN RESPECT OF
                  SENIOR LIABILITIES):

                  (a)    rank in all respects prior to Transaction Security
                         conferred on the Mezzanine Beneficiaries, regardless of
                         order or manner of registration, perfection,
                         attachment, notice, execution or otherwise; and

                  (b)    secure all the Senior Liabilities (other than the
                         Postponed Senior Liabilities) in priority to the
                         Mezzanine Liabilities, regardless of the date upon
                         which the Senior Liabilities arise, regardless of
                         whether a Senior Beneficiary is obliged to advance
                         monies included in the Senior Liabilities, and
                         regardless of any fluctuations in the amount of Senior
                         Liabilities outstanding or any intermediate discharge
                         of the Senior Liabilities in whole or in part.

        21.1.2    The Transaction Security will, to the extent that it secures
                  Mezzanine Liabilities subject to Clause 6 (UNDERTAKINGS OF
                  MEZZANINE BENEFICIARIES):

                  (a)    rank in all respects prior to Transaction Security
                         conferred on the Senior Beneficiaries in respect of
                         the Postponed Senior Liabilities and

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                         Transaction Security, regardless of order or manner of
                         registration, perfection, attachment, notice, execution
                         or otherwise; and

                  (b)    secure all the Mezzanine Liabilities in priority to the
                         Postponed Senior Liabilities, regardless of the date
                         upon which the Mezzanine Liabilities arise, regardless
                         of whether a Mezzanine Lender is obliged to advance
                         monies included in the Mezzanine Liabilities, and
                         regardless of any fluctuations in the amount of
                         Mezzanine Liabilities outstanding or any intermediate
                         discharge of the Mezzanine Liabilities in whole or in
                         part.

21.2    BENEFICIARIES TO CO-OPERATE
        The Beneficiaries will take all reasonable steps to co-operate with the
        Security Trustee with a view to reflecting the priority of the
        Transaction Security in any register or with any filing or registration
        authority and in giving notice to insurers, debtors liable for
        receivables covered by the Transaction Security and other persons.

21.3    FURTHER ACTIONS TO EVIDENCE PRIORITY
        If the Senior Beneficiaries and/or the Mezzanine Beneficiaries take any
        collateral, additional or substituted Security for all or any part of
        the Senior Liabilities or the Mezzanine Liabilities respectively, the
        Senior Beneficiaries, the Mezzanine Beneficiaries and each of the
        Intercreditor Obligors respectively undertake to execute such documents
        and do such other acts or things as may be necessary to evidence the
        priority of such Security in the manner established by this Deed.

21.4    SECURITY EXISTING IN BREACH
        In the event of any of the Intercreditor Obligors, the Intra Group
        Lenders or the Mezzanine Lenders breaching the terms of sub-clauses
        4.1.5 of Clause 4 (UNDERTAKINGS OF THE INTERCREDITOR OBLIGORS), 5.1.2 of
        Clause 5 (UNDERTAKINGS OF THE INTER-GROUP LENDERS) or 6.1.2 of Clause
        6.1 (UNDERTAKINGS OF MEZZANINE BENEFICIARIES) (as applicable), the
        Security, guarantee, indemnity so granted or given shall be deemed to
        have been granted or given in favour of the Security Trustee to hold on
        the trusts created by this Deed.

22.     APPROPRIATION

22.1    ORDER OF APPLICATION
        All amounts received by the Security Trustee pursuant to any enforcement
        of the Security Documents or otherwise with respect to any of the
        Liabilities, after providing for all of its outgoings, costs, charges,
        expenses and liabilities incurred by or on behalf of the Security
        Trustee and any receiver, attorney or agent in connection with carrying
        out duties and exercising its powers and discretions under the Security
        Documents and any remuneration of the Security Trustee and every
        receiver under the Security Documents and for payments ranking in
        priority as a matter of law, shall be applied by the Security Trustee:

        22.1.1    FIRST in or towards payment of the Senior Liabilities other
                  than the Postponed Senior Liabilities, including, without
                  limitation, any amounts required by way of cash collateral in
                  respect thereof, by payment (via the Senior Agent) in rateable
                  proportions to the amounts then due to the Senior
                  Beneficiaries;

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         22.1.2   SECONDLY in or towards payment, subject to Clause 6
                  (UNDERTAKINGS OF THE MEZZANINE BENEFICIARIES), of the
                  Mezzanine Liabilities other than the Postponed Mezzanine
                  Liabilities, by payment (via the Mezzanine Agent) in rateable
                  proportions to the amounts then due to the Mezzanine
                  Beneficiaries;

         22.1.3   THIRDLY in or towards payment to the Senior Beneficiaries (via
                  the Senior Agent) of any amounts outstanding in respect of the
                  Postponed Senior Liabilities; and

         22.1.4   FOURTHLY in or towards payment to the Mezzanine Beneficiaries
                  (via the Mezzanine Agent) of any amounts outstanding in
                  respect of the Postponed Mezzanine Liabilities.

22.2    APPLICATION OF BALANCE
        Any balance shall be held by the Security Trustee and shall be
        subsequently applied in accordance with sub-clauses 22.1.1, 22.1.2,
        22.1.3 and 22.1.4 as and when relevant amounts become due and may be so
        applied. Any balance held by the Security Trustee on irrevocable
        discharge in full of the Senior Liabilities, including, without
        limitation, any amounts required by way of cash collateral in respect
        thereof, (as to which the Security Trustee shall be entitled to rely on
        a written certificate from the Senior Agent and the Hedge Counterparties
        (if any)) and the Mezzanine Liabilities (as to which the Security
        Trustee shall be entitled to rely on a written certificate from the
        Mezzanine Agent), shall (after providing for payments ranking in
        priority as a matter of law) be paid to the relevant Intercreditor
        Obligor or to such other person as may be entitled thereto.

23.     DISCHARGE OF SENIOR LIABILITIES

        On the Senior Discharge Date (notice of the occurrence of which will be
        given promptly in writing by the Senior Agent to the Mezzanine Agent),
        all the rights and obligations of the Senior Beneficiaries hereunder in
        respect of the Senior Liabilities (other than the Postponed Senior
        Liabilities) shall (to the extent that the Senior Beneficiaries are
        entitled to do so) automatically be assigned to and assumed by the
        Mezzanine Beneficiaries and thereafter references in this Deed to the
        Senior Agent shall be deemed to be references to the Mezzanine Agent
        unless the context otherwise requires.

24.     INTERCREDITOR OBLIGORS' ACKNOWLEDGEMENT

24.1    INTERCREDITOR OBLIGORS' ACKNOWLEDGEMENT
        Each of the Intercreditor Obligors recognises the undertakings and
        obligations to and on the parts of the Senior Beneficiaries and the
        Mezzanine Beneficiaries herein contained and:

        24.1.1    expressly authorises the Security Trustee to enforce the
                  Transaction Security in the manner provided for herein;

        24.1.2    irrevocably waives any rights which each respectively or
                  collectively may now or in the future have to challenge or
                  have set aside any arrangement relating to:

                  (a)      the placing of the proceeds of the enforcement of the
                           Transaction Security in a suspense account; or

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                  (b)      any other matter or thing regarding the order of
                           enforcement of the Transaction Security and the
                           priority of the application of the proceeds of such
                           enforcement; and

        24.1.3    confirms that it does not have any right to enforce any
                  agreement, arrangement or understanding herein contained or to
                  claim any right of estoppel in relation hereto.

 24.2   PRESERVATION OF MEZZANINE LIABILITIES
        Except where expressly provided in this Deed, nothing contained in this
        Deed is intended to or shall impair, as between any Intercreditor
        Obligor and the Mezzanine Beneficiaries, the obligations of any
        Intercreditor Obligor under the Mezzanine Documents, including, without
        limitation, the obligation of the Mezzanine Borrower to pay the
        Mezzanine Beneficiaries all of the relevant Mezzanine Liabilities. Each
        Intercreditor Obligor expressly acknowledges that no failure or delay by
        the Mezzanine Beneficiaries in exercising any of their respective rights
        in relation to a Mezzanine Event of Default as a result of the
        provisions of this Deed shall operate as a waiver or variation of its
        rights with respect thereto.

25.     DEFENCES

        The provisions of this Deed shall not be affected, impaired or revoked
        by any act, omission, transaction, limitation, matter, thing or
        circumstance whatsoever which but for this provision might operate to
        affect the priorities of any of the Transaction Security provided for
        herein including without limitation:

         25.1.1   any time, waiver or indulgence granted to any Intercreditor
                  Obligor or any other person;

         25.1.2   the taking of any Security from any Intercreditor Obligor or
                  any other person or the variation, compromise, renewal or
                  release of, or the failure, refusal or neglect to take,
                  perfect or enforce, any rights remedies or Security from or
                  against any Intercreditor Obligor or any other person or all
                  or any part of the Transaction Security or any other document;

         25.1.3   any legal limitation, disability, incapacity or other
                  circumstances relating to any Intercreditor Obligor or any
                  other person; or

         25.1.4   any amendment, supplement to or novation of any of the Finance
                  Documents.

26.     DISCLOSURE

        Each of the Intercreditor Obligors hereby consents, so long as any of
        the Transaction Security shall remain subsisting, to the disclosure by
        any of the Beneficiaries to each other of such information concerning
        such Intercreditor Obligor to such extent as any Beneficiary shall see
        fit but in no event to any third party without the prior written consent
        of such Intercreditor Obligor except to the extent and in the manner
        permitted under the Senior Documents and the Mezzanine Documents.

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27.      REPAYMENTS

27.1     REPAYMENTS
         No payments, receipts or amounts in respect of set-off as described in
         Clauses 11 (TURNOVER), 14.2 (RECEIPT OF AMOUNTS BY BENEFICIARIES), 14.3
         (EQUIVALENT PAYMENT) or 14.5 (DISCHARGE OF LIABILITIES BY SET-OFF)
         shall, as between any Intercreditor Obligor and its creditors, be
         deemed to constitute payment by any Intercreditor Obligor to any
         Beneficiary in respect of the Senior Liabilities or the Mezzanine
         Liabilities. Any amount paid by any Beneficiary under Clauses II
         (TURNOVER) or 14 (DISTRIBUTIONS) to the Security Trustee shall not
         constitute the discharge of the Liabilities to which such amounts
         relate save to the extent such Beneficiary receives any distribution in
         respect thereof pursuant to the provisions of Clause 22
         (APPROPRIATION).

27.2     TRANSFERS OF SENIOR LIABILITIES
         If at any time and for so long as (a) the Mezzanine Beneficiaries are
         not entitled to receive payments pursuant to Clause 12 (SUSPENSION OF
         PERMITTED PAYMENTS) or (b) a Senior Acceleration Notice has been served
         and not withdrawn, the Mezzanine Agent shall be entitled to request
         that the Senior Lenders (in accordance with Clause [25] (CHANGES TO THE
         LENDERS) of the Senior Credit Agreement) and the Hedge Counterparties
         shall transfer to them or such person or persons as they may reasonably
         select all (and not part only) of their rights and obligations in
         respect of the Senior Liabilities whereupon:

         27.2.1   to the extent that they are lawfully able to do so; and

         27.2.2   upon receipt by the Senior Agent of the amounts referred to in
                  Clause 27.3 (PAYMENT BY MEZZANINE LENDERS),

         each of the Senior Lenders and the Hedge Counterparties shall promptly
         after such receipt so transfer all of its rights and obligations in
         respect of the Senior Liabilities to such person or persons as the
         Mezzanine Lenders shall reasonably select.

27.3     PAYMENT BY MEZZANINE LENDERS
         In consideration of the Senior Lenders and Hedge Counterparties
         transferring their rights and obligations in respect of the Senior
         Liabilities as provided for in Clause 27.2 (TRANSFER OF SENIOR
         LIABILITIES), the Mezzanine Lenders (in such proportions as they may
         agree) shall pay to the Senior Agent for the account of the Senior
         Lenders and the Hedge Counterparties and in the currency in which the
         same are outstanding or incurred:

        27.3.1    an amount equal to all amounts then due to the Senior Lenders
                  and Hedge Counterparties in respect of the Senior Liabilities
                  or outstanding in respect thereof (whether or not due);

        27.3.2    an amount equal to all the costs which will be incurred by the
                  Senior Lenders and Hedge Counterparties (or any of them) in
                  terminating any arrangements which they may have made to fund
                  such due or outstanding amounts; and

        27.3.3    any fees, costs or expenses (including legal fees) which the
                  Senior Agent or the Senior Lenders and Hedge Counterparties or
                  any of them may properly incur in connection with effecting
                  such transfer,

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                  all as certified by the Senior Agent to the Mezzanine Agent
                  within 10 Business Days of receipt of the request for such
                  transfer.

28.     AMENDMENTS

28.1    REQUIRED CONSENTS
        (a)       Subject to Clause 28.2 (EXCEPTIONS) the provisions of this
                  Deed may not be amended (otherwise than in accordance with the
                  terms hereof) except by written agreement between the Majority
                  Senior Lenders and the Majority Mezzanine Lenders and, if any
                  such amendment would impose upon or vary any obligation or
                  right of the Intra-Group Lenders or any Intercreditor Obligor,
                  then the consent and agreement of such party to such amendment
                  shall be required.

        (b)       If the amendment or waiver may impose new or additional
                  obligations on or withdraw or reduce the rights of an Party,
                  the consent of that Party is required.

        (c)       An amendment or waiver which relates to the rights or
                  obligations of the Agents or the Security Trustee may not be
                  effected without the written consent of the Agents or, as the
                  case may be, the Security Trustee.

        (d)       Any amendment or waiver given in accordance with this Clause
                  will be binding on all Parties and the Security Trustee may
                  effect, on behalf of the Senior Beneficiaries and the
                  Mezzanine Beneficiaries any amendment or waiver permitted by
                  this Clause.

28.2    EXCEPTIONS
        Except as otherwise provided in this Deed, any amendment or waiver that
        has the effect of changing or which relates to Clauses 3 (RANKING), 4
        (UNDERTAKINGS OF THE INTERCREDITOR OBLIGORS), 5 (UNDERTAKINGS OF THE
        INTRA-GROUP LENDERS), 6 (UNDERTAKINGS OF THE MEZZANINE BENEFICIARIES), 8
        (UNDERTAKINGS IN RESPECT OF THE SENIOR LIABILITIES), 10 (PERMITTED
        PAYMENTS), 11 (TURNOVER), 12 (SUSPENSION OF PERMITTED PAYMENTS), 13
        (SUBORDINATION), 14 (DISTRIBUTIONS), 16 (RESTRICTION ON ENFORCEMENT),
        16.3.4 (PERMITTED ENFORCEMENT), 19 (ENFORCEMENT OF TRANSACTION
        SECURITY), 21 (PRIORITY OF TRANSACTION SECURITY) and 22 (APPROPRIATION)
        shall not be made without the prior written consent of all the Senior
        Beneficiaries and all the Mezzanine Beneficiaries.

29.     REPORTS

        Nothing in this Deed shall prevent any of the parties hereto making a
        claim for costs or damages in relation to the Reports PROVIDED THAT:

        29.1.1    before any party to this Deed takes such action it will
                  consult with the other parties to this Deed on the nature of
                  such action to be taken; and

        29.1.2    if any Intercreditor Obligor or any Lender (other than (save
                  in respect of the Postponed Senior Liabilities) the Senior
                  Lenders) receives any money before the discharge in full of
                  the Senior Liabilities and Mezzanine Liabilities as a result
                  of making any claim for costs or damages in relation to any
                  Report, it should pay an amount equal to the amount of such
                  monies (less the costs and expenses directly incurred in
                  making such claim) to the Security Trustee to be

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                  held on trust and be applied in accordance with the terms of
                  Clause 22 (APPROPRIATION).

30.     NEW INTRA-GROUP LENDERS AND BORROWERS

        After the threshold in paragraph (b)(vi) in the definition of Permitted
        Loans and Guarantees in the Senior Credit Agreement has been reached, if
        at any time thereafter, there shall be any indebtedness for money
        borrowed or owed by one Group Entity to another Group Entity which (a)
        does not constitute an Intra-Group Liability, (b) is not already
        subordinated pursuant to a Subordination Agreement and (c) is of an
        amount (but not less than EUR10,000,000 or its equivalent), and likely
        to be outstanding for a time, reasonably considered by the Majority
        Senior Lenders or the Majority Mezzanine Lenders to be such that failure
        to subordinate the claims of the Group Entity which is the creditor in
        respect thereof would be materially prejudicial to the interests of the
        Senior Lenders or Mezzanine Lenders respectively, the Obligors' Agent
        shall promptly inform the Senior Agent and the Mezzanine Agent thereof
        and, upon request by the Senior Agent or the Mezzanine Agent, shall
        procure that such indebtedness becomes an Intra-Group Liability and that
        the debtor and creditor in respect thereof become party hereto as an
        Intra-Group Borrower and Intra-Group Lender respectively by execution of
        a Deed of Accession, unless such Intra-Group Borrowers and Intra-Group
        Lenders have executed Accession Letters in relation to the Senior Credit
        Agreement or the Mezzanine Facility Agreement.

31.     NOTICES

31.1    NOTICES OF WRITING
        Each communication to be made hereunder shall be made in writing but,
        unless otherwise stated, may be made by fax, letter or telex.

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

                  (a)      in the case of an original party hereto, that
                           identified in any Finance Document to which it is
                           party;

                  (b)      in the case of a party that accedes to this Deed
                           under a Deed of Accession, that identified in such
                           Deed of Accession,

                  or any substitute address, fax number, telex number or
                  department or officer as the party may notify to the other
                  parties to this Deed by not less than five Business Days'
                  notice.

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

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

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

                  (c)      if by way of telex, when despatched, but only if, at
                           the time of transmission, the correct answerback
                           appears at the start and at the end of the sender's
                           copy of the notice,

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

         31.2.3   If any communication or document would be deemed by this
                  Clause 31 to have been made or received on a day which is not
                  a Business Day, it shall be deemed to have been made or
                  received on the next following Business Day.

31.3    ENGLISH LANGUAGE
        Each communication and document made or delivered by one party to
        another pursuant to this Deed shall be in the English language.

32.     MISCELLANEOUS

32.1    COUNTERPARTS
        This Deed may be executed in any number of counterparts and by the
        different parties hereto on separate counterparts, each of which, when
        executed and delivered, shall constitute an original, but all the
        counterparts shall together constitute one and the same instrument.

32.2    OBLIGATIONS BINDING
        The obligations of the parties who have executed this Deed shall not be
        affected by the fact that not all of the parties hereto have validly
        executed this Deed and such obligations shall be binding INTER SE.

32.3    SEVERABILITY
        If any provision of this Deed is prohibited or unenforceable in any
        jurisdiction in relation to any party hereto, such prohibition or
        unenforceability shall not invalidate the remaining provisions hereof or
        affect the validity or enforceability of such provision in any other
        jurisdiction or in relation to any of the other parties hereto.

32.4    INTEREST ON OVERDUE AMOUNTS
        Each amount payable by the Senior Beneficiaries, the Mezzanine
        Beneficiaries or the Intra-Group Lenders to the Security Trustee which
        is not paid when due and payable shall carry interest until paid (as
        well before as after judgement) payable on demand at a rate of interest
        as would equal the reasonable cost to the Security Trustee of borrowing
        such amount as determined by the Security Trustee.

32.5    BENEFICIARIES ACKNOWLEDGEMENT
        The Beneficiaries hereby acknowledge that the certificate of the Senior
        Agent concerning the amounts due to each Beneficiary in respect of the
        payment obligations of the Intercreditor Obligors under the Senior
        Documents and of the Mezzanine Agent concerning the amounts due to each
        Beneficiary in respect of the payment obligations of

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         the Intercreditor Obligors under the Mezzanine Documents, shall be
         binding upon each Beneficiary hereunder in the absence of manifest
         error.

32.6     PRIORITY CUMULATIVE
         The priority and subordination provisions of this Deed are cumulative.

32.7     DEED TO OVERRIDE
         This Deed overrides anything in the Senior Documents, the Mezzanine
         Documents and the Intra-Group Documents to the contrary, other than any
         provisions of the Subordination Agreements.

32.8     DEED SHALL NOT CONSTITUTE SECURITY
         The parties hereto confirm that this Deed shall not constitute nor
         create nor is it intended to constitute or create any Security.

32.9     AGENT RESIGNATION
         The Senior Agent may not resign or be removed as specified in the
         Senior Credit Agreement unless a replacement Senior Agent agrees with
         all other parties hereto to become the replacement agent under this
         Deed by either execution of a Deed of Accession or executing a Transfer
         Certificate in relation to the Senior Credit Agreement.

32.10    SENIOR AGENT NOTIFICATION
         Promptly after the Senior Agent has been notified by the Senior Lenders
         and the Hedge Counterparties that the Senior Liabilities have been
         irrevocably paid in full, the Senior Agent shall confirm this fact in
         writing to the Mezzanine Agent and the Security Trustee.

32.11    SECURITY IN RELEVANT JURISDICTIONS AND PARALLEL OBLIGATIONS
         32.11.1  For the purposes of (a) taking Transaction Security or the
                  Austrian Guarantee in, or subject to the laws of, a Relevant
                  Jurisdiction and (b) ensuring the continued validity of such
                  Transaction Security, the Beneficiaries and the Intercreditor
                  Obligors agree that despite anything to the contrary contained
                  in any Finance Document:

                  (a)      each Intercreditor Obligor shall pay to the Security
                           Trustee sums equal to, and in the currency of, its
                           Principal Obligations as and when the same fall due
                           for payment under any Finance Document (the "PARALLEL
                           OBLIGATIONS");

                  (b)      the rights of the Beneficiaries to receive payment of
                           the Principal Obligations are several from the rights
                           of the Security Trustee to receive the Parallel
                           Obligations;

                  (c)      the Security Trustee shall have its own independent
                           right to demand payment of the Parallel Obligations
                           by the Intercreditor Obligors;

                  (d)      the payment by an Intercreditor Obligor of its
                           Parallel Obligations to the Security Trustee in
                           accordance with this Clause 32.11 shall be a good
                           discharge of the corresponding Principal Obligations
                           owed by it to the relevant Beneficiary under the
                           relevant Finance Document; and

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                  (e)    nothing in this Deed or any Finance Document shall in
                         any way limit the Security Trustee's right to act in
                         the protection or preservation of, the rights under, or
                         to enforce any, Security Document as contemplated by
                         this Deed or the relevant Security Document.

                  Despite the foregoing, any such payment shall be made to the
                  Senior Agent, or as the case may be, the Mezzanine Agent,
                  unless the Senior Agent, or as the case may be, the Mezzanine
                  Agent directs such payment to be made to the Security Trustee.

                  Without limiting or affecting the Security Trustee's rights
                  against the Intercreditor Obligors (whether under this Clause
                  32.11 or under any other provision of the Finance Documents
                  and subject to sub-clause 32.11.1(e), the Security Trustee
                  agrees with each other Beneficiary (on a several basis) that
                  it will not exercise its rights in respect of the Parallel
                  Obligations except with the consent of the relevant
                  Beneficiary or the Majority Senior Lenders or the Majority
                  Mezzanine Lenders (as applicable).

         32.11.2  For the purposes of this Clause 32.11:

                  (a)      "FRENCH RECEIVABLES ASSIGNMENT" means any assignment
                           of receivables by way of security made pursuant to
                           the provisions of French Law No. 81-1 dated 2
                           January 1981 (as amended);

                  (b)      "RELEVANT JURISDICTION" means Austria, the Kingdom of
                           Belgium, the Republic of France, Germany, Hungary,
                           Luxembourg, The Netherlands or such other
                           jurisdiction as the Obligors' Agent, the Senior Agent
                           and the Mezzanine Agent (acting reasonably) agree is
                           a Relevant Jurisdiction; and

                  (c)      "PRINCIPAL OBLIGATIONS" means:

                         (i)   in respect of each Relevant Jurisdiction (other
                               than The Netherlands) and in relation to an
                               Intercreditor Obligor, any sums owing by it to a
                               Beneficiary (other than the Security Trustee)
                               under any Finance Document other than any French
                               Receivables Assignment; or

                         (ii)  in respect of The Netherlands, has the meaning
                               ascribed thereto in the Security Documents
                               governed by Dutch law.

33.     ASSIGNMENTS AND TRANSFERS

33.1    BENEFICIARIES ENTITLED TO BENEFIT OF DEED
        The parties hereto confirm that any person becoming a Beneficiary (by
        the execution of a substitution or transfer certificate or otherwise)
        shall be entitled to the benefit of the provisions contained herein as
        if it had been originally named a party hereto. Each party hereto makes
        an irrevocable offer, without the need for any further action, to each
        such person which may be accepted by such person becoming a Beneficiary.
        In addition each party hereto (including parties subsequently becoming
        bound by this Deed) irrevocably authorises the Security Trustee to
        agree, on its behalf with any other person intended to

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        become a party hereto as a Beneficiary to the execution of a Deed of
        Accession and/or a Transfer Certificate in relation to the Senior Credit
        Agreement and/or the Mezzanine Facility Agreement so as to make such
        person a party to this Deed as a Beneficiary. The parties hereto agree
        that this authorisation is given to secure the interests of the parties
        under this Deed and is accordingly irrevocable.

33.2    DEED OF ACCESSION
        The parties hereto agree that none of the Senior Lenders or, as the case
        may be, the Mezzanine Lenders or, as the case may be, the Intra-Group
        Lenders will assign or transfer to any person the whole or any part of
        their rights or obligations in respect of the Senior Liabilities or the
        Mezzanine Liabilities or the Intra-Group Liabilities unless the assignee
        or transferee previously or simultaneously agrees with the other parties
        hereto to be bound by the provisions of this Deed as if it was named
        herein and subject to the same rights and obligations (mutatis mutandis)
        as the Senior Beneficiaries or, as the case may be, the Mezzanine
        Beneficiaries or, as the case may be, the Intra-Group Lenders by
        executing and delivering to the Security Trustee (with a copy to the
        Senior Agent and the Mezzanine Agent) a Deed of Accession, or (in the
        case of a Senior Lender or Mezzanine Lender) by executing a Transfer
        Certificate as a transferee in relation to the Senior Credit Agreement
        or the Mezzanine Facility Agreement (as the case may be) or otherwise.

33.3    ACCESSION AS AN INTERCREDITOR OBLIGOR
        If any person becomes a guarantor or otherwise becomes liable for
        (except as a provider) any of the Senior Liabilities, the Mezzanine
        Liabilities or the Intra-Group Liabilities, the Obligors' Agent will
        procure that such person will become a party hereto as an Intercreditor
        Obligor by the execution of a Deed of Accession, or execution of an
        Accession Letter in relation to the Senior Credit Agreement or the
        Mezzanine Facility Agreement.

34.     THE SECURITY TRUSTEE

34.1    APPOINTMENT OF SECURITY TRUSTEE
        Each of the Senior Beneficiaries and the Mezzanine Beneficiaries hereby
        appoint the Security Trustee to act as its trustee in connection
        herewith and authorises the Security Trustee to exercise such rights,
        powers and discretions as are specifically delegated to the Security
        Trustee by the terms hereof together with all rights, powers and
        discretions as are reasonably incidental thereto or necessary to give
        effect to the trusts hereby created and each of the Senior Beneficiaries
        and the Mezzanine Beneficiaries irrevocably authorises the Security
        Trustee on its behalf to enter into any and each Security Document and
        (if applicable) any Subordination Agreement.

34.2    TRUST PROPERTY
        The Security Trustee shall stand possessed of the Trust Property upon
        trust for the benefit of the Beneficiaries on the terms and subject to
        the conditions set out in this Deed. It is hereby agreed that, in
        relation to any jurisdiction the courts of which would not recognise or
        give effect to the trust expressed to be created by this Deed, the
        relationship of the Beneficiaries to the Security Trustee shall be
        construed as one of principal and agent but, to the extent permissible
        under the laws of such jurisdiction, all the other provisions of this
        Deed shall have full force and effect between the parties hereto.

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34.3    DIRECTIONS
        The Beneficiaries shall not have any independent power to enforce the
        Transaction Security or to exercise any rights, discretions or powers or
        to grant any consents or releases under or pursuant to the Security
        Documents or otherwise have direct recourse to the Transaction Security
        except through the Security Trustee. Subject to Clause 34.9 (PROVISION
        OF DIRECTIONS AND INFORMATION) (and subject to its being indemnified to
        its satisfaction), the Security Trustee shall take such action
        (including, without limitation, the exercise of all rights, discretions
        or powers and the granting of consents or releases) or, as the case may
        be, refrain from taking such action under or pursuant to this Deed and
        the Security Documents as the Senior Agent or, subject to the terms
        hereof, the Mezzanine Agent shall specifically direct the Security
        Trustee in writing (and so that only the Senior Agent or, subject to the
        terms hereof, the Mezzanine Agent shall be entitled to give any such
        directions to the Security Trustee). Unless and until the Security
        Trustee shall have received such directions, the Security Trustee shall
        not take any action under this Deed or the Security Documents. The
        provisions of the preceding two sentences of this Clause 34 shall not
        apply where the terms of the Security Documents entitle the Security
        Trustee to take, or refrain from taking, any action and in any such case
        the Security Trustee shall be entitled to take or, as the case may be,
        refrain from taking such action without reference to (and
        notwithstanding any contrary direction from) the Senior Agent or the
        Mezzanine Agent.

34.4    EXERCISE OF POWERS OF ENFORCEMENT
        Subject to Clause 34.3 (DIRECTIONS), at any time after the Security
        Documents have become so enforceable in accordance with their respective
        terms, the Security Trustee shall, acting on the.written directions of
        the Senior Agent or, subject to the terms hereof, the Mezzanine Agent,
        acting reasonably, (but not otherwise), exercise all powers of
        enforcement of the Transaction Security in accordance with such
        directions but not otherwise.

34.5    NO OTHER ACTION
        The Security Trustee shall not be required to take any action or
        exercise any rights, remedies, powers or discretions under or in
        connection with this Deed beyond those which the Senior Agent or,
        subject to the terms hereof, the Mezzanine Agent (acting reasonably)
        shall specifically instruct the Security Trustee in writing to take or
        exercise and then only to the extent stated in the Senior Agent's or, as
        the case may be, the Mezzanine Agent's specific instructions in writing.

34.6    SECURITY TRUSTEE'S ASSUMPTIONS
        The Security Trustee shall be entitled to assume that any instructions
        or certificates received by it from the Senior Agent or the Mezzanine
        Agent under or pursuant to this Deed are (a) given in accordance with
        the provisions of this Deed and (b) given, where appropriate, in
        accordance with directions of persons or the provisions of agreements by
        which the Senior Agent or the Mezzanine Agent (as the case may be) is
        bound and the Security Trustee shall not be liable to any other person
        for any action taken or omitted under or in connection with this Deed in
        accordance with any such instructions or certificates unless caused by
        its gross negligence or wilful misconduct.

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34.7    IDENTITY OF AGENTS
        The Security Trustee shall be entitled (and bound) to assume that the
        identity of the Senior Agent and the Mezzanine Agent is as notified to
        it at the date of this Deed, unless and until it is notified otherwise
        by the retiring such Senior Agent or, as the case may be, Mezzanine
        Agent and the successor agent in writing together with the date from
        which the change becomes effective. The Security Trustee shall be
        entitled to rely upon and assume that any such notification is authentic
        and shall not be liable for any loss occasioned by so assuming or
        relying.

34.8    MODIFICATION TO SECURITY DOCUMENTS
        On the instructions of the Senior Agent or, after the Senior Discharge
        Date, the Mezzanine Agent, the Security Trustee shall concur with the
        Obligors' Agent or any Intercreditor Obligor in making any modification
        to the Security Documents which:

        34.8.1    in the opinion of the Senior Agent or, after the Senior
                  Discharge Date, the Mezzanine Agent, it may be expedient to
                  make and which will not be prejudicial to the interest of the
                  Beneficiaries; or

        34.8.2    is necessary to correct a manifest error.

        Any such modification shall be promptly notified to the Beneficiaries by
        the Senior Agent or the Mezzanine Agent (as the case may be) and shall
        be binding on all the Beneficiaries. For the purposes of this Clause 34,
        (a) the execution of a Security Document by an Intercreditor Obligor and
        (b) the release from the Transaction Security of any property which may
        be so released shall be deemed not to constitute a modification.

34.9    PROVISION OF DIRECTIONS AND INFORMATION
        The parties hereto (other than the Security Trustee) (whether direct or
        through the Senior Agent) shall provide the Security Trustee with all
        necessary directions and information as it may reasonably require for
        the purposes of carrying out its duties and obligations under this Deed.

34.10   NO DUTY OR RESPONSIBILITY
        The Security Trustee shall not have any duty or responsibility, either
        initially or on a continuing basis:

        34.10.1   to provide any Beneficiaries, any Investor, any Intra-Group
                  Lender with any information with respect to any Intercreditor
                  Obligor whenever coming into its possession or to provide any
                  other person with any communication received by it under or in
                  connection with this Deed; or

         34.10.2  to investigate the application of sums distributed pursuant to
                  Clause 22 (APPROPRIATION).

34.11   FURTHER ACTS AND THINGS
         On the instructions of the Senior Agent or, after the Senior Discharge
         Date, the Mezzanine Agent, the Security Trustee shall be entitled to
         agree to and execute and perform any documents and do such other acts
         or things as may in the opinion of the Senior Agent or Mezzanine Agent
         be necessary or expedient to give effect to the

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         provisions of Clauses 28 (AMENDMENTS), 30 (NEW INTRA-GROUP LENDERS AND
         BORROWERS), 32.9 (AGENT RESIGNATION) and 33 (ASSIGNMENTS AND
         TRANSFERS).

34.12    FORMAL NOTICES
         The Security Trustee shall, as soon as practicable upon receipt, send
         to the Senior Agent and the Mezzanine Agent copies of each formal
         notice received by it as Security Trustee from the Obligors'Agent or
         any Intercreditor Obligor.

34.13    NO DELEGATION
         The Security Trustee may not delegate any power, trust, authority or
         discretion vested in it by this Deed and/or the Security Documents to
         any other person without the prior written consent of the Senior Agent
         and the Mezzanine Agent.

34.14    SECURITY TRUSTEE'S DISCRETIONS
         By way of supplement to the Trustee Act 1925, it is expressly declared
         as follows:

         34.14.1   the Security Trustee may in relation to any of the provisions
                   of this Deed act or rely upon the opinion or advice of or any
                   information obtained from any lawyer, accountant, valuer,
                   surveyor, broker, auctioneer or other expert commissioned by
                   the Security Trustee and the Security Trustee shall not be
                   responsible for any loss occasioned by so acting or relying;

         34.14.2   any opinion, advice or information obtained pursuant to
                   sub-clause 34.14.1 may be sent or obtained by letter, telex
                   message, facsimile transmission, telephone or any other means
                   and the Security Trustee shall not be liable for acting on
                   any opinion, advice or information purporting to be so
                   conveyed although the same shall contain some error or shall
                   not be authentic;

        34.14.3    the Security Trustee shall be at liberty to accept as
                   sufficient evidence a certificate signed or purported to be
                   signed on behalf of the Senior Agent or, subject to the
                   terms hereof, the Mezzanine Agent to the effect that any
                   particular dealing, transaction, step or thing is, in the
                   opinion of the Senior Agent or, subject to the terms hereof,
                   the Mezzanine Agent, suitable or expedient or as to any other
                   fact or matter upon which the Security Trustee may require to
                   be satisfied and the Security Trustee shall be in no way
                   bound to call for further evidence or to be responsible for
                   any loss that may be occasioned by acting on any such
                   certificate;

        34.14.4    the Security Trustee may refrain from doing anything which
                   would or might in its opinion be contrary to any law of any
                   jurisdiction or any directive or regulation of any agency of
                   any state or which would or might otherwise render it liable
                   to any person and may do anything which is, in its opinion,
                   necessary to comply with any such law, directive or
                   regulation;

        34.14.5    the Security Trustee shall not be liable for any failure,
                   omission or defect in perfecting the arrangements created by
                   or pursuant to this Deed;

        34.14.6    the Security Trustee and every attorney, agent or other
                   person appointed by it under or in connection with this Deed
                   shall be entitled to be indemnified out of amounts received
                   by the Security Trustee under this Deed against all
                   liabilities

                                      -47-

<Page>
                   and expenses properly incurred in the execution of any power,
                   trust, authority or discretion in connection with this Deed
                   and against all actions, proceedings, costs, claims and
                   demands in respect of any matter or thing done or omitted to
                   be done in any way relating to this Deed;

        34.14.7    all moneys which under the trusts contained in this Deed are
                   received or held by the Security Trustee may be invested in
                   the name of the Security Trustee or any nominee or under the
                   control of the Security Trustee in any investment for the
                   time being authorised by English law for the investment by a
                   trustee of trust moneys or by placing the same on deposit in
                   the name of the Security Trustee or any nominee or under the
                   control of the Security Trustee at such bank or institution
                   (including the Security Trustee) as the Senior Trustee or,
                   subject to the terms hereof, the Mezzanine Agent may direct
                   or in such currency as the Senior Trustee or, subject to the
                   terms hereof, the Mezzanine Agent may direct and the Security
                   Trustee may at any time vary or transfer any such investments
                   for or into other such investments or convert any moneys so
                   deposited into any other currency as the Senior Agent or,
                   subject to the terms hereof, the Mezzanine Agent shall from
                   time to time direct and shall not be responsible for any loss
                   occasioned thereby, whether by depreciation in value,
                   fluctuation in exchange rates or otherwise except for any
                   loss or liability arising from its own gross negligence or
                   wilful misconduct;

        34.14.8    the Security Trustee shall have full power to determine (as
                   between the Security Trustee and the other Finance Parties)
                   all questions and doubts arising in relation to the
                   interpretation or application of any of the provisions of
                   this Deed as it affects the Security Trustee and every such
                   determination (whether made upon a question actually raised
                   or implied in the acts or proceedings of the Security
                   Trustee) shall be conclusive and shall bind the other parties
                   hereto;

        34.14.9    the Security Trustee may in the conduct of the trusts hereof
                   (otherwise than in relation to its right to make any
                   declaration, determination or decision) instead of acting
                   personally employ and pay an agent (whether being a lawyer or
                   other person) to transact or concur in transacting any
                   business and to do or concur in doing any acts required to be
                   done by the Security Trustee (including the receipt and
                   payment of money) and any such agent engaged in any
                   profession or business shall be entitled to be paid all usual
                   professional and other charges for business transacted and
                   acts done by him or any partner or employee of his in
                   connection with the trusts hereof;

        34.14.10   the Security Trustee shall be at liberty to place all title
                   deeds and other documents certifying, representing or
                   constituting the title to any of the property which is the
                   subject matter of the Transaction Security for the time being
                   in its hands in any safe deposit, safe or receptacle selected
                   by the Security Trustee or with any bankers or banking
                   company (including the Security Trustee or the Senior Agent
                   or any of the Beneficiaries) or company whose business
                   includes undertaking the safe custody of documents or
                   solicitors or firm of solicitors and may on the instructions
                   of the Senior Agent or, subject to the terms hereof, the
                   Mezzanine Agent (acting reasonably) make any such
                   arrangements as they think

                                      -48-

<Page>

                   fit for allowing the relevant Intercreditor Obligor or its
                   lawyers or auditors access to or possession of such title
                   deeds and other documents when necessary or convenient and
                   the Security Trustee shall not be responsible for any loss
                   incurred in connection with any such deposit, access or
                   possession; and

        34.14.11   any investment or any part or all of the Trust Property may,
                   at the discretion of the Security Trustee, be made or
                   retained in the names of nominees.

34.15   PARTIES PERFORMING OBLIGATIONS
        The Security Trustee may assume without enquiry (in the absence of
        knowledge by or an express notice to it to the contrary acquired or
        received by it in its capacity as Security Trustee hereunder) that each
        of the parties hereto is duly performing and observing all its
        obligations contained in this Deed.

34.16   OTHER CAPACITY AND BUSINESS
        The Security Trustee may, from time to time, be a Beneficiary or act in
        any other capacity and shall in such event be entitled, notwithstanding
        that it is also Security Trustee, to take, or refrain from taking, any
        action which it would be entitled so to take if it was not the Security
        Trustee and shall not be precluded, by virtue of its position as a
        Beneficiary or acting in any other capacity, from exercising any of its
        discretions, powers and duties as Security Trustee. The Security Trustee
        may enter into any financial or business contracts or any other
        transaction or arrangement with any Intercreditor Obligor or any other
        person and the Security Trustee shall be in no way accountable to such
        Intercreditor Obligor or any other person for any profits or benefits
        arising from any such contract or transaction.

34.17   POWERS CONFERRED BY GENERAL LAW
        The powers, trusts, authorities and discretions conferred upon the
        Security Trustee by this Deed shall be in addition to any which may from
        time to time be vested in the Security Trustee by the general law or
        otherwise.

34.18   ADDITIONAL TRUSTEES
        34.18.1    The statutory power to appoint new or additional trustees
                   hereof shall be vested in the Security Trustee. A trust
                   corporation may be appointed as sole trustee hereof.

        34.18.2    The Security Trustee hereof may retire at any time and
                   without being responsible for the costs occasioned by such
                   retirement. Prior to confirmation by the Senior Agent that
                   the Senior Liabilities have been irrevocably discharged in
                   full and the Mezzanine Agent that the Mezzanine Liabilities
                   have been irrevocably discharged in full, the retirement of
                   a Security Trustee shall not take effect until the
                   appointment of a new Security Trustee has been made and
                   accepted by the Senior Agent and the Mezzanine Agent (in
                   each case acting reasonably) and the Security Trustee and
                   the new Security Trustee shall have executed all deeds and
                   documents as are necessary to effect such appointment and the
                   transfer of the Security Trustee's rights and obligations in
                   respect of the Finance Documents in a legal, valid and
                   binding manner.

                                       -49-

<Page>

         34.18.3   The Senior Agent or, after the Senior Discharge Date, the
                   Mezzanine Agent may require the Security Trustee to retire at
                   any time, upon 60 days prior written notice. The Security
                   Trustee shall not be responsible for the costs occasioned by
                   such retirement. The Security Trustee agrees to co-operate in
                   executing all deeds and documents as are necessary to effect
                   the retirement of the Security Trustee, the appointment of
                   the new Security Trustee and the transfer of the Security
                   Trustee's rights and obligations in respect of the Finance
                   Documents in a legal, valid and binding manner.

34.19   INDEMNITY
        Each of the Senior Beneficiaries and the Mezzanine Beneficiaries (in
        each case other than the Security Trustee) hereby undertakes severally
        in the proportion which the amounts then due to them in respect of the
        Senior Liabilities and the Mezzanine Liabilities bears to the then
        aggregate amount of such liabilities, to indemnify and hold harmless the
        Security Trustee against (a) all costs, charges, losses, claims,
        damages, liabilities, expenses and other sums (or actions in respect
        thereof) including value added tax thereon suffered or incurred by the
        Security Trustee or any person appointed by the Security Trustee to whom
        any power, trust, authority or discretion may be delegated by it
        pursuant hereto, in connection with this Deed, the Security Documents
        and the powers, trusts, authorities and discretion and duties
        contemplated therein or actions in respect thereof (including, without
        limitation, legal fees and other expenses incurred in connection with
        the negotiation of this Deed and the Security Documents) and all costs,
        charges, expenses and other sums suffered or incurred by, the Security
        Trustee or such person as a result of complying with the provisions
        hereof or as a result of any Beneficiary challenging the right of the
        Security Trustee so to comply, save in respect of any suffered or
        incurred directly as a result of the gross negligence or wilful default
        of the Security Trustee and (b) any fees owing, demanded and remaining
        unpaid to it by the Intercreditor Obligors in respect of the performance
        of the Security Trustee's duties hereunder and under the Security
        Documents.

34.20   REMUNERATION
        The Security Trustee shall be entitled to such remuneration as it may
        agree from time to time with the Obligors' Agent and as may be approved
        by the Senior Agent (until the Senior Discharge Date) and the Mezzanine
        Agent.

34.21   PERPETUITY PERIOD
        The perpetuity period for each trust created pursuant to this Deed shall
        be 80 years from the date hereof.

34.22   RELEASE OF TRANSACTION SECURITY
        The Security Trustee shall and is hereby authorised by each of the
        Senior Beneficiaries and the Mezzanine Beneficiaries (and to the extent
        it may have any interest therein, every other party hereto) to execute
        on behalf of itself and each Senior Beneficiary, Mezzanine Beneficiary
        and other party hereto where relevant without the need for any further
        referral to, or authority from, any Senior Beneficiary, Mezzanine
        Beneficiary or other person all necessary releases of any Transaction
        Security (and certificates on non-crystallization of floating charges
        and any similar document under the laws of other jurisdictions) or
        guarantees given by any Intercreditor Obligor under any Senior

                                       -50-
<Page>

         Document or any Mezzanine Document in relation to the disposal of any
         asset (including the shares, capital stock or other equity interests
         in any Intercreditor Obligor) which is permitted under or consented to
         in accordance with the Senior Documents and the Mezzanine Documents
         disregarding for this purpose only, any restriction in any Security
         Document including, without limitation:

         34.22.1  any formal release (and certificates of non-crystallization
                  of floating charges and any similar document under the laws of
                  other jurisdictions) of any asset which the Security Trustee
                  in its absolute discretion considers necessary or desirable in
                  connection with that disposal;

         34.22.2  any release of any guarantee given under any Senior Document
                  or Mezzanine Document or any other document referred to
                  therein where all the shares in the capital of the party
                  giving such guarantee are so disposed of in accordance with
                  the terms of and without any breach of the Senior Documents
                  and the Mezzanine Documents disregarding for this purpose
                  only, any restriction in any Security Document; and

         34.22.3  any release of any Transaction Security given by any
                  Intercreditor Obligor which is or is a subsidiary of a company
                  which is sold in accordance with the terms of and without any
                  breach of the Senior Documents and the Mezzanine Documents.

34.23    GERMAN SECURITY
         34.23.1  Regarding all Transaction Security established under German
                  law (the "GERMAN SECURITY") the Security Trustee shall:

                  (a)      hold and administer any German Security which is
                           security assigned
                           (SICHERUNGSEIGENTUM/SICHERUNGSABTRETUNG) or otherwise
                           transferred under a non-accessory security right
                           (NICHT AKZESSORISCHE SICHERHEIT) to it as trustee
                           (TREUHANDER) for the benefit of the Beneficiaries;
                           and

                  (b)      administer any German Security which is pledged
                           (VERPFANDUNG) or otherwise transferred to any
                           Beneficiary under an accessory security right
                           (AKZESSORISCHE SICHERHEIT).

         34.23.2  Each Beneficiary hereby authorises the Security Trustee to
                  accept as its representative (STELLVERTRETER) any pledge or
                  other creation of any accessory right under German law made to
                  such Beneficiary in relation to the Senior Documents and/or
                  the Mezzanine Documents (as the case may be).

         34.23.3  Each of the Intercreditor Obligors and the Beneficiaries
                  hereby relieves the Security Trustee from the restrictions of
                  Section 181 of the German Civil Code (BGB) to allow it to
                  perform its duties and obligations as Security Trustee
                  hereunder.

         34.23.4  Each Beneficiary hereby ratifies and approves all acts
                  previously done by the Security Trustee on such Beneficiary's
                  behalf. Each Beneficiary hereby expressly consents to the
                  declarations of the Security Trustee made on behalf

                                      -51-

<Page>
                  and in the name of such Beneficiary as future pledgee in the
                  agreements relating to German Security that is an accessory
                  security right

34.24    MIG POWER OF ATTORNEY
         The Security Trustee shall not (and the Beneficiaries acknowledge that
         the Security Trustee shall not) exercise its rights under the MIG Power
         of Attorney to execute the MIG Share Pledges unless one or more of the
         following conditions are met:

         (a)      the Security Trustee (acting reasonably) believes that there
                  is a real possibility that the capital increase in respect of
                  DIOGENES Vierte Vermogensverwaltungs AG by EUR 30,000 to EUR
                  90,000 will not be registered at the commercial registry; or

         (b)      an Insolvency Event occurs which is continuing in relation to
                  MGG, Newco2 or MIG.

35.      STATUS OF INTERCREDITOR OBLIGORS

35.1     PRIORITIES
         Each of the Intercreditor Obligors joins in this Deed for the purpose
         of acknowledging the priorities, rights and obligations recorded in
         this Deed and undertakes with each of the other parties hereto to
         observe the provisions of this Deed at all times and not in any way to
         prejudice or affect the enforcement of such provisions or do or suffer
         anything which would be inconsistent with the terms of this Deed.

35.2     NO RIGHTS OF INTERCREDITOR OBLIGORS
         None of the Intercreditor Obligors shall have any rights hereunder and
         none of the undertakings herein contained on the part of the Senior
         Beneficiaries or the Mezzanine Beneficiaries are given (or shall be
         deemed to have been given) to, or for the benefit of, the Intercreditor
         Obligors save, in each case, under Clauses 10.1.2 of Clause 10
         (PERMITTED PAYMENTS), 12.6 (PARTIAL PAYMENTS), 15.3 (PROOF IN
         LIQUIDATION), 22.2 (APPLICATION OF BALANCE), 26 (DISCLOSURE), 28.1
         (REQUIRED CONSENTS), 32.11(d) of Clause 32.11 (SECURITY IN RELEVANT
         JURISDICTIONS AND PARALLEL OBLIGATIONS), 34.8 (MODIFICATION TO SECURITY
         DOCUMENTS), 34.22 (RELEASE OF TRANSACTION SECURITY) and 34.24 (MIG
         POWER OF ATTORNEY) and the Obligors shall be entitled to receive
         notices required to be given by the Security Trustee, the Security
         Agent or the Mezzanine Agent.

35.3    NO SUBROGATION
        Unless and save to the extent otherwise agreed by:

        35.3.1    prior to the Senior Discharge Date, the Senior Agent (acting
                  on the instructions of the Majority Senior Lenders); and

        35.3.2    prior to the Mezzanine Discharge Date, the Mezzanine Agent
                  (acting on the instructions of the Majority Mezzanine
                  Lenders),

        the Intercreditor Obligors will not under any circumstances acquire by
        way of subrogation any of the rights of the Senior Beneficiaries under
        the Finance Documents or the Mezzanine Beneficiaries under the Mezzanine
        Documents or otherwise acquire any rights in respect of any Transaction
        Security.

                                      -52-

<Page>

 35.4   SUBROGATION OF MEZZANINE BENEFICIARIES
        If the Senior Liabilities are wholly or partially paid out of any
        proceeds received in respect of or on account of the Mezzanine
        Liabilities owing to one or more Mezzanine Beneficiaries, those
        Mezzanine Beneficiaries (pro rata to their respective interests in such
        Mezzanine Liabilities) will to that extent be subrogated to the Senior
        Liabilities so paid (and all securities and guarantees for those Senior
        Liabilities) but the rights of subrogation so arising cannot (and shall
        not) be exercised before the Senior Discharge Date (ignoring for these
        purposes that part of the Senior Debt so paid out), save with the prior
        written consent of the Majority Senior Lenders. After the Senior
        Discharge Date (ignoring for these purposes that part of the Senior
        Debt so paid out), to the extent that the Mezzanine Beneficiaries are
        entitled to exercise rights of subrogation in accordance with the
        foregoing, each Senior Beneficiary (subject to it being indemnified, by
        cash collateral if so requested, to its reasonable satisfaction against
        any resulting costs, expenses and liabilities) will give such
        assistance to enable such rights to be exercised as the Mezzanine Agent
        and/or the Security Trustee may reasonably request.

36.     EXPENSES

36.1    ENFORCEMENT EXPENSES
        Each of the Intercreditor Obligors shall, forthwith on demand, pay to
        each Senior Beneficiary and each Mezzanine Beneficiary the amount of all
        costs and expenses properly incurred by that Senior Beneficiary and/or
        that Mezzanine Beneficiary in connection with the enforcement against
        that Intercreditor Obligor (as the case may be) of such person's rights
        against it under this Deed.

36.2    LEGAL COSTS AND TAX
        The costs and expenses referred to above include, without limitation,
        the fees and expenses of legal advisers and any value added tax or
        similar tax, and are payable in the currency in which they are incurred.

37.     GOVERNING LAW

        This Deed shall be governed by, construed and interpreted in accordance
        with, the laws of England.

38.     JURISDICTION

38.1    ENGLISH COURTS
        The Courts of England have exclusive jurisdiction to settle any dispute
        (a "DISPUTE") arising out of or in connection with this Deed (including
        a dispute regarding the existence, validity or termination of this Deed
        or the consequences of its nullity).

38.2    CONVENIENT FORUM
        The parties agree that the Courts of England are the most appropriate
        and convenient courts to settle Disputes between them, and, accordingly,
        that they will not argue to the contrary.

38.3    NON-EXCLUSIVE JURISDICTION
        The Clause 38 is for the benefit of the Beneficiaries only. As a result
        and notwithstanding Clause 38.1 (ENGLISH COURTS), it does not prevent
        any Beneficiary from

                                      -53-

<Page>

        taking proceedings relating to a Dispute ("PROCEEDINGS") in any other
        Courts with jurisdiction. To the extent allowed by law, the
        Beneficiaries may take concurrent Proceedings in any number of
        jurisdictions.

38.4    SERVICE OF PROCESS
        Each Intercreditor Obligor agrees that the documents which start any
        Proceedings and any other documents required to be served in relation to
        those Proceedings may be served on it on Messer UK Limited at Cedar
        House, 39 London Road, Reigate, Surrey RH2 9QE or, if different, its
        registered office.

        If any Intercreditor Obligor ceases to have a place of business in Great
        Britain or, as the case may be, the appointment of the person mentioned
        in this Clause 38 (or, as the case may be, the relevant Deed of
        Accession) ceases to be effective, the relevant Intercreditor Obligor
        shall immediately appoint another person in England to accept service of
        process on its behalf in England. If an Intercreditor Obligor fails to
        do so (and such failure continues for a period of not less than fourteen
        days), the Senior Agent or Mezzanine Agent shall be entitled to appoint
        such a person by notice to such Intercreditor Obligor. Nothing contained
        herein shall restrict the right to serve process in any other manner
        allowed by law. This Clause 38 applies to Proceedings in England and to
        Proceedings elsewhere.

38.5    WAIVER OF JURY TRIAL
        Each of the Beneficiaries and the Intercreditor Obligors irrevocably
        waives trial by jury in any proceeding relating to this Deed or any
        other Finance Document to which it is party.

IN WITNESS whereof this Deed has been executed by the parties hereto the day and
year first above written.

                                      -54-

<Page>

                                    SCHEDULE 1

                              THE ORIGINAL LENDERS

                                     PART A

                           THE ORIGINAL SENIOR LENDERS

Bayerische Hypo- und Vereinsbank AG

The Chase Manhattan Bank

Goldman Sachs Credit Partners, L.P.

The Royal Bank of Scotland plc

                                      -55-

<Page>

                                     PART B

                         THE ORIGINAL MEZZANINE LENDERS

Hypovereinsbank Luxembourg Societe Anonyme

Goldman Sachs Credit Partners, L.P.

The Royal Bank of Scotland plc

                                      -56-
<Page>

                                            SCHEDULE 2

                              THE ORIGINAL HEDGE COUNTERPARTIES

Goldman Sachs Capital Markets, L.P.

                                      -57-

<Page>

                                   SCHEDULE 3

                          THE ORIGINAL SENIOR BORROWERS

Messer Griesheim GmbH

Messer Griesheim Industries, Inc.

Messer Finance S.A.

                                      -58-

<Page>

                                   SCHEDULE 4

                             THE ORIGINAL GUARANTORS

                                     PART A

                         THE ORIGINAL SENIOR GUARANTORS

Messer Griesheim GmbH

Messer Griesheim Industries, Inc.

Messer Finance S.A.

Messer UK Limited

Messer Griesheim Industriegase GmbH

Messer Medical GmbH

Messer International GmbH

Messer France S.A.

Messer Nederland B.V.

MG Generon, Inc.

GVP, Inc.

Messer Austria GmbH

                                      -59-

<Page>

                                     PART B

                        THE ORIGINAL MEZZANINE GUARANTORS

Messer Griesheim GmbH

Messer Griesheim Industries, Inc.

Messer Finance S.A.

Messer UK Limited

Messer Griesheim Industriegase GmbH

Messer Medical GmbH

Messer International GmbH

Messer France S.A.

Messer Nederland B.V.

MG Generon, Inc.

GVP, Inc.

Messer Austria GmbH

                                      -60-

<Page>

                                    SCHEDULE 5

                        INTRA GROUP LENDERS AND BORROWERS

                                     PART A

                               INTRA-GROUP LENDERS

Messer Griesheim GmbH

Messer Griesheim Industries, Inc.

Messer Finance S.A.

Messer UK Limited

Messer Griesheim Industriegase GmbH

Messer Medical GmbH

Messer International GmbH

Messer France S.A.

Messer Nederland B.V.

MG Generon, Inc.

GVP, Inc.

Messer Austria GmbH

                                      -61-

<Page>

                                     PART B

                              INTRA-GROUP BORROWERS

Messer Griesheim GmbH

Messer Griesheim Industries, Inc.

Messer Finance S.A.

Messer UK Limited

Messer Griesheim Industriegase GmbH

Messer Medical GmbH

Messer International GmbH

Messer France S.A.

Messer Nederland B.V.

MG Generon, Inc.

GVP, Inc.

Messer Austria GmbH

                                      -62-

<Page>

                                    SCHEDULE 6

                            FORM OF DEED OF ACCESSION

THIS Deed dated [ ] is supplemental to an intercreditor deed (the
"INTERCREDITOR DEED") dated * 2001 between, amongst others, the Borrowers and
the Guarantors, the Security Trustee, the Senior Agent, the Senior Lenders,
the Hedge Counterparties, the Mezzanine Agent, the Mezzanine Lenders and the
Intra-Group Lenders and Intra-Group Borrowers referred to therein.

Words and expressions defined in the Intercreditor Deed have the same meaning
when used in this Deed.

[Name of New Intercreditor Obligor/Hedge Counterparty/Intra-Group Lender/
Intra-Group Borrower hereby agrees with each other person who is or
who becomes a party to the Intercreditor Deed that with effect on and from
the date hereof it will be bound by the Intercreditor Deed as
[an Intercreditor Obligor, an Intra-Group Lender and an Intra-Group
Borrower(1)/Hedge Counterparty/Intra-Group Lender/Intra-Group Borrower]
as if it had been party to the Intercreditor Deed in that capacity.

Address for notice of [Name of Intercreditor New Intercreditor Obligor/Hedge
Counterparty/Intra-Group Lender/Intra-Group Borrower] for the purposes of Clause
31 (NOTICES) of the Intercreditor Deed is: -

[Address]

This Deed and the Intercreditor Deed shall be read and construed as one
document.

This Deed is governed by English law.

EXECUTED AS A DEED                                            )
by [Name of New Party]                                        )
acting by [      ]                                            )
in the presence of:                                           )

Name:

Address:

(1) All Intercreditor Obligors should accede as Intra-Group Lenders and
    Intra-Group Borrowers, even if they currently have neither made any
    intra-group loans nor have any intra-group borrowings.

                                      -63-

<Page>

THE SECURITY TRUSTEE

EXECUTED AS A DEED                              )
by CHASE MANHATTAN                              )
INTERNATIONAL LIMITED                           )        JAMES B. TREGER
acting by its duly authorised officers          )
acting in its capacity as security trustee      )
for the purposes hereof and                     )
on behalf of the Beneficiaries

THE SENIOR AGENT

EXECUTED AS A DEED                              )
by CHASE MANHATTAN                              )
INTERNATIONAL LIMITED                           )        JAMES B. TREGER
acting by its duly authorised officers          )
acting in its capacity as agent                 )
on behalf of the Senior Lenders                 )

THE GLOBAL CO-ORDINATOR

EXECUTED AS A DEED
by GOLDMAN SACHS INTERNATIONAL                  )        SIM0N PARRY-WINGFIELD
acting by its duly authorised officers          )
                                                )

THE SENIOR ARRANGERS

EXECUTED AS A DEED                              )
by GOLDMAN SACHS INTERNATIONAL                  )        SIMON PARRY-WINGFIELD
acting by its duly authorised officers          )
                                                )

EXECUTED AS A DEED                              )        CHRISTIAN FEDERSPIELER
by BAYERISCHE HYPO- UND                         )
VEREINSBANK AG                                  )        MATTHIAS MAGNUS
acting by its duly authorised officers          )

                                       -64-

<Page>

EXECUTED AS A DEED                              )
by J.P. MORGAN PLC                              )        JAMES YU
acting by its duly authorised officers          )
                                                )

THE SENIOR LENDERS

EXECUTED AS A DEED                              )        CHRISTIAN FEDERSPIELER
by BAYERISCHE HYPO- UND                         )
VEREINSBANK AG                                  )        MATTHIAS MAGNUS
acting by its duly authorised officers          )

EXECUTED AS A DEED                              )
by THE CHASE MANHATTAN BANK                     )        JAMES B. TREGER
acting by its duly authorised officers          )
                                                )

EXECUTED AS A DEED                              )
by GOLDMAN SACHS CREDIT                         )        SIMON PARRY-WINGFIELD
PARTNERS, L.P.                                  )
acting by its duly authorised officers          )

EXECUTED AS A DEED                              )
by THE ROYAL BANK OF                            )        GERD BIEDING
SCOTLAND PLC                                    )
acting by its duly authorised officers          )        FRANK SCHAUZ

THE MEZZANINE AGENT

EXECUTED AS A DEED                              )
by HYPOVEREINS BANK LUXEMBOURG                  )
SOCIETE ANONYME                                 )        CHRISTIAN FEDERSPIELER
acting by its duly authorised officers          )
                                                )        MATTHIAS MAGNUS

acting in its capacity as agent
on behalf of the Mezzanine Lenders

For purpose of Article 1 of the Protocol annexed to the Convention on
Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters,
signed in Brussels on September 27, 1968 and without prejudice to the foregoing
execution of this Agreement by the parties

                                       -65-

<Page>
hereto, HYPOVEREINS BANK LUXEMBOURG SOCIETE ANONYME, expressly and specifically
confirms its agreement to the provisions of Clause38 (JURISDICTION CLAUSE) of
this Agreement.

CHRISTIAN FEDERSPIELER

MATTHIAS MAGNUS

THE MEZZANINE ARRANGERS

EXECUTED AS A DEED                              )
by GOLDMAN SACHS INTERNATIONAL                  )        SIMON PARRY-WINGFIELD
acting by its duly authorised officers          )
                                                )

EXECUTED AS A DEED                              )        CHRISTIAN FEDERSPIELER
by BAYERISCHE HYPO- UND                         )
VEREINSBANK AG                                  )        MATTHIAS MAGNUS
acting by its duly authorised officers          )

EXECUTED AS A DEED                              )
by THE ROYAL BANK OF                            )        GERD BIEDING
SCOTLAND PLC                                    )
acting by its duly authorised officers          )        FRANK SCHAUZ

THE MEZZANINE LENDERS

EXECUTED AS A DEED                              )        CHRISTIAN FEDERSPIELER
by HYPOVEREINSBANK LUXEMBOURG                   )
SOCIETE ANONYME                                 )        MATTHIAS MAGNUS
acting by its duly authorised officers          )

For purpose of Article 1 of the Protocol annexed to the Convention on
Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters,
signed in Brussels on September 27, 1968 and without prejudice to the foregoing
execution of this Agreement by the parties hereto, HYPOVEREINS BANK LUXEMBOURG
SOCIETE ANONYME, expressly and specifically confirms its agreement to the
provisions of Clause 38 (JURISDICTION CLAUSE) of this Agreement

CHRISTIAN FEDERSPIELER

                                       -66-

<Page>

MATTHIAS MAGNUS

EXECUTED AS A DEED                            )
by GOLDMAN SACHS CREDIT                       )        SIM0N PARRY-WINGFIELD
PARTNERS, L.P.                                )
acting by its duly authorised officers        )

EXECUTED AS A DEED                            )
by THE ROYAL BANK OF                          )        GERD BIEDING
SCOTLAND PLC                                  )
acting by its duly authorised officers        )        FRANKSCHAUZ

THE BORROWERS

EXECUTED AS A DEED                            )
By MESSER FINANCE S.A.                        )        PETER STOWASSER
acting by                                     )
                                              )

For purpose of Article 1 of the Protocol annexed to the Convention on
Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters,
signed in Brussels on September 27, 1968 and without prejudice to the foregoing
execution of this Agreement by the parties hereto, MESSER FINANCE S.A.,
expressly and specifically confirms its agreement to the provisions of Clause 38
(JURISDICTION CLAUSE) of this Agreement

PETER STOWASSER

EXECUTED AS A DEED                            )
by MESSER GRIESHEIM GMBH                      )        PETER STOWASSER
acting by                                     )
                                              )

EXECUTED AS A DEED                            )
by MESSER GRIESHEIM INDUSTRIES,               )
INC.                                          )        JAMES F. ANDERSON
acting by                                     )
                                              )        WILLIAM J. CARR

                                      -67-

<Page>

THE GUARANTORS

EXECUTED AS A DEED                            )
by MESSER GRIESHEIM GMBH                      )        PETER STOWASSER
acting by                                     )
                                              )

EXECUTED AS A DEED                            )
by MESSER INDUSTRIES, INC.                    )        JAMES F. ANDERSON
acting by                                     )
                                              )        WILLIAM J. CARR

EXECUTED AS A DEED                            )
by MESSER FINANCE S.A.                        )        PETER STOWASSER
acting by                                     )
                                              )

For purpose of Article 1 of the Protocol annexed to the Convention on
Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters,
signed in Brussels on September 27, 1968 and without prejudice to the foregoing
execution of this Agreement by the parties hereto, MESSER FINANCE S.A.,
expressly and specifically confirms its agreement to the provisions of Clause 38
(JURISDICTION CLAUSE) of this Agreement

PETER STOWASSER

EXECUTED as a deed by:                        )        PETER STOWASSER

acting as attorney-in-fact for and on

behalf of MESSER UK LIMITED

in the presence of:                           )        LUKE BRISTOW

Signature of witness:                         )

Name of witness:                              )

                                      -68-

<Page>

Address of witness:                           )        c/o CLIFFORD CHANCE
                                                       PUNDER
                                                       D-60323 FRANKFURT AM MAIN

EXECUTED AS A DEED                            )
by MESSER GRIESHEIM                           )
INDUSTRIEGASE GMBH                            )        PETER STOWASSER
acting by                                     )
                                              )        THOMAS INGENHOVEN

EXECUTED AS A DEED                            )
by MESSER MEDICAL GMBH                        )        PETER STOWASSER
acting by                                     )
                                              )        OLAF GEBLER

EXECUTED AS A DEED                            )
by MESSER INTERNATIONAL GMBH                  )        PETER STOWASSER
acting by                                     )
                                              )        CHRISTINA UNGEHEUER

EXECUTED AS A DEED                            )
by MESSER FRANCE S.A.                         )        PETER STOWASSER
acting by                                     )
                                              )

EXECUTED AS A DEED                            )
by MESSER NEDERLAND B.V.                      )        PETER STOWASSER
acting by                                     )
                                              )

EXECUTED AS A DEED                            )
by MG GENERON, INC.                           )        JAMES F. ANDERSON
acting by                                     )
                                              )        WILLIAM J. CARR

                                      -69-

<Page>

EXECUTED AS A DEED                            )
by GVP, INC.                                  )        WILLIAM J. CARR
acting by                                     )
                                              )        MARK A. FRANK

THE INTRA-GROUP LENDERS

EXECUTED AS A DEED                            )
By MESSER GRIESHEIM GMBH                      )        PETER STOWASSER
acting by                                     )
                                              )

EXECUTED AS A DEED                            )
By MESSER GRIESHEIM INDUSTRIES,               )        JAMES F. ANDERSON
INC. acting by                                )
                                              )        WILLIAM J. CARR

EXECUTED AS A DEED                            )
By MESSER FINANCE S.A.                        )        PETER STOWASSER
acting by                                     )
                                              )

For purpose of Article 1 of the Protocol annexed to the Convention on
Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters,
signed in Brussels on September 27, 1968 and without prejudice to the foregoing
execution of this Agreement by the parties hereto, MESSER FINANCE S.A.,
expressly and specifically confirms its agreement to the provisions of Clause 38
(JURISDICTION CLAUSE) of this Agreement

PETER STOWASSER

EXECUTED as a deed by:                        )        PETER STOWASSER

acting as attomey-in-fact for and on

behalf of MESSER UK LIMITED

in the presence of:                           )        LUKE BRISTOW

Signature of witness:                         )

                                      -70-

<Page>

Name of witness:                              )

Address of witness:                           )        c/o CLIFFORD CHANCE
                                                       PUNDER
                                                       4-60323 FRANKFURT AM MAIN

EXECUTED AS A DEED                            )
By MESSER GRIESHEIM                           )        PETER STOWASSER
INDUSTRIEGASE GMBH                            )
acting by                                     )
                                              )        THOMAS INGENHOVEN

EXECUTED AS A DEED                            )
By MESSER MEDICAL GMBH                        )        PETER STOWASSER
acting by                                     )
                                              )        OLAF GEBLER

EXECUTED AS A DEED                            )
By MESSER INTERNATIONAL GMBH                  )        PETER STOWASSER
acting by                                     )
                                              )        CHRISTINA UNGEHEUER

EXECUTED AS A DEED                            )
By MESSER FRANCE S.A.                         )        PETER STOWASSER
acting by                                     )
                                              )

EXECUTED AS A DEED                            )
By MESSER NEDERLAND B.V.                      )        PETER STOWASSER
acting by                                     )
                                              )

EXECUTED AS A DEED                            )
By MG GENERON, INC.                           )        JAMES F. ANDERSON
acting by                                     )
                                              )        WILLIAM J. CARR

                                      -71-

<Page>

EXECUTED AS A DEED                            )
By GVP, INC.                                  )        WILLIAM J. CARR
acting by                                     )
                                              )        MARK A. FRANK

THE INTRA-GROUP BORROWERS

EXECUTED AS A DEED                            )
By MESSER GRIESHEIM GMBH                      )        PETER STOWASSER
acting by                                     )
                                              )

EXECUTED AS A DEED                            )
By MESSER GRIESHEIM INDUSTRIES,               )        JAMES F. ANDERSON
INC. acting by                                )
                                              )        WILLIAM J. CARR

EXECUTED AS A DEED                            )
By MESSER FINANCE S.A.                        )        PETER STOWASSER
acting by                                     )
                                              )

For purpose of Article 1 of the Protocol annexed to the Convention on
Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters,
signed in Brussels on September 27, 1968 and without prejudice to the foregoing
execution of this Agreement by the parties hereto, MESSER FINANCE S.A.,
expressly and specifically confirms its agreement to the provisions of Clause 38
(JUTISDICTION CLAUSE) of this Agreement

PETER STOWASSER

EXECUTED as a deed by:                        )        PETER STOWASSER

acting as attorney-in-fact for and on

behalf of MESSER UK LIMITED

in the presence of:                           )        LUKE BRISTOW

Signature of witness:                         )

                                      -72-

<Page>

Name of witness:                              )

Address of witness:                           )        c/o CLIFFORD CHANCE
                                                       PUNDER
                                                       D-60323 FRANKFURT AM MAIN

EXECUTED AS A DEED                            )
By MESSER GRIESHEIM                           )        PETER STOWASSER
INDUSTRIEGASE GMBH                            )
acting by                                     )
                                              )        THOMAS INGENHOVEN

EXECUTED AS A DEED                            )
By MESSER MEDICAL GMBH                        )        PETER STOWASSER
acting by                                     )
                                              )        OLAF GEBLER

EXECUTED AS A DEED                            )
By MESSER INTERNATIONAL GMBH                  )        PETER STOWASSER
acting by                                     )
                                              )        CHRISTINA UNGEHEUER

EXECUTED AS A DEED                            )
By MESSER FRANCE S.A.                         )        PETER STOWASSER
acting by                                     )
                                              )

EXECUTED AS A DEED                            )
By MESSER NEDERLAND B.V.                      )        PETER STOWASSER
acting by                                     )
                                              )

EXECUTED AS A DEED                            )
By MG GENERON, INC.                           )        JAMES F. ANDERSON

                                      -73-

<Page>

acting by                                     )
                                              )         WILLLAM J. CARR

EXECUTED AS A DEED                            )
By GVP, INC.                                  )         WILLIAM J. CARR
acting by                                     )
                                              )         MARK A. FRANK

THE ORIGINAL HEDGE COUNTERPARTY

EXECUTED AS A DEED                            )
by GOLDMAN SACHS CAPITAL                      )        OLIVER DUFF
MARKETS, L.P.                                 )
acting by its duly authorised officers        )

                                      -74-

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