Document:

Brainstorm Cell Therapeutics Inc.

                INVESTOR QUESTIONNAIRE AND SUBSCRIPTION AGREEMENT

THE  SECURITIES  REFERRED TO IN THIS  INVESTOR  QUESTIONNAIRE  AND  SUBSCRIPTION
AGREEMENT HAVE NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE  "SECURITIES  ACT"),  NOR HAVE THEY BEEN REGISTERED WITH OR APPROVED BY THE
SECURITIES  REGULATORY  AUTHORITY OF ANY STATE,  AND SUCH  SECURITIES MAY NOT BE
SOLD  OR  OTHERWISE  TRANSFERRED  OR  ASSIGNED  UNLESS  THERE  IS  AN  EFFECTIVE
REGISTRATION  STATEMENT  UNDER  THE  SECURITIES  ACT  AND ANY  APPLICABLE  STATE
SECURITIES LAWS COVERING SUCH SECURITIES OR PURSUANT TO AN EXEMPTION THEREFROM.

TO:  Brainstorm Cell Therapeutics Inc.
     1350 Avenue of the Americas, New York NY 10019
     Attn: Dr. Yaffa Beck

      The  undersigned  hereby  subscribes for units (the "Units") each of which
consists  of (a) a share of Common  Stock,  par value  $0.00005  per share  (the
"Common  Shares"),  in Brainstorm  Cell  Therapeutics  Inc., a Washington  State
company  (the  "Company")  and (b) a warrant to purchase one Common Share of the
Company for $1.00 per Common Share  exercisable for three years from the date of
issuance. The Company has requested that the undersigned provide the information
set  forth  in this  Investor  Questionnaire  and  Subscription  Agreement.  The
undersigned represents and warrants to the Company as follows:

      1.  Residence.  The undersigned is a bona fide resident and domiciliary of
the state  designated on the signature page hereof as his or her residence,  and
has no  present  intention  of  becoming  a  resident  of  any  other  state  or
jurisdiction.

      2.  Investment  Intent.  The undersigned is acquiring the Units solely for
his, her or its own account for investment  and not with a view to  distribution
or resale.  The  undersigned  will not sell,  hypothecate,  pledge or  otherwise
dispose  of the  Units in  whole  or in part  except  pursuant  to an  effective
registration  statement  under  the  Securities  Act  and any  applicable  state
securities laws or an exemption from the registration requirements thereof.

      3. Knowledge and Experience.  The undersigned has sufficient knowledge and
experience  in business  and  financial  matters to evaluate  the  Company,  its
proposed activities and the risks and merits of this investment. The undersigned
is  generally  knowledgeable  about the  Company's  business and able to make an
informed decision regarding an investment in the Company's securities.

      4. Limited Market for Units. The undersigned understands that the issuance
of the Units has not been registered under the Securities Act and that the Units
are being sold in reliance upon the exemption from the registration requirements
under the  Securities  Act provided in  Regulation  D. The  undersigned  further
understands  that  there is a limited  public  trading  market for the Units and
notwithstanding the Company's reasonable best efforts as contemplated by Section
15 below  there can be no  assurance  that the  registration  of the Units  will
become  effective  or  that an  active  market  will  develop.  The  undersigned
acknowledges  that  the  purchase  of  the  Units  is a  speculative  investment
involving a high degree of risk and any estimates and predictions  that may have
been made by the Company merely  represent  predictions of future events,  which
may or may not occur and are based on  assumptions,  which may or may not occur.
As a consequence, such predictions may not be relied upon to indicate the actual
results, which might be attained.  The undersigned  understands that he/she must
therefore bear the economic risk of this investment for an indefinite  period of
time and be able to withstand a total loss of its investment.

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      5. Economic Ability. The undersigned is able (a) to bear the economic risk
of an investment in the Units, (b) to hold the Units for an indefinite period of
time and (c) to afford a complete loss of such investment, if this should occur.
If an individual, the undersigned has adequate means of providing for his or her
current needs and personal or family contingencies.  The undersigned has no need
for liquidity in the investment in the Units.

      6. Access to Documents. The undersigned has carefully reviewed the Private
Placement Memorandum dated as of August 11, 2005 that relates to the sale of the
Units (the "PPM") and the  Company's  filings with the  Securities  and Exchange
Commission,  including,  without limitation, the Company's Annual Report of Form
10-KSB for the year ended March 31, 2005, Proxy Statement on Schedule 14A, dated
February 28, 2005,  Quarterly  Report on Form 10-QSB for the quarter ending June
30,  2005,  and  Current  Reports  on  Form  8-K for the  past  12  months  (the
"Securities Filings"),  is familiar with them, and understands and has evaluated
the risks of a purchase of the Units. Such risks are set forth in the PPM and in
the 10-QSB for the Quarterly Period ended June 30, 2005 entitled "Risk Factors".

      7.  Access to Other  Information.  In making a decision  to  purchase  the
Units,  the  undersigned  has relied  solely  upon his,  her or its  independent
investigation.  The  undersigned has had the opportunity to ask questions of and
receive  answers from the Company (or persons  acting on its behalf)  concerning
the terms and conditions of the Units,  the proposed  activities of the Company,
and other matters  pertaining to this  investment  and to obtain any  additional
information  which the Company  possesses  or can acquire  without  unreasonable
effort or expense  that is  necessary  to verify  the  accuracy  of  information
furnished by the Company in the  Securities  Filings or that which was otherwise
provided in order for the  undersigned  to  evaluate  the merits and risks of an
investment  in the  Units,  and  has  not  been  furnished  any  other  offering
literature or prospectus.  All such questions and requests for information  have
been answered to the full satisfaction of the undersigned.

      8. Independent Advisors.  The undersigned has been advised to consult with
an independent  attorney  regarding legal matters  concerning the Company and to
consult  with an  independent  tax adviser  regarding  the tax  consequences  of
purchasing the Units.

      9. Accredited Status. The undersigned hereby represents that he, she or it
is an "accredited investor" as such term is defined in Rule 501(a) of Regulation
D promulgated  under the Securities Act for one or more of the reasons specified
below. Please check each box that applies:

|_|   The  undersigned is an individual  with a net worth (or net worth with his
      or her spouse) in excess of $1 million.

|_|   The undersigned is an individual  with net income  (without  including any
      net income of the  undersigned's  spouse) in excess of $200,000,  or joint
      income with the undersigned's  spouse,  in excess of $300,000,  in each of
      the two most recent years, and the undersigned reasonably expects to reach
      the same income level in the current year.

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|_|   The  undersigned is a bank as defined in the Securities Act, a savings and
      loan association,  or other institution described in section 3(a)(5)(A) of
      the Securities Act acting in either its individual or fiduciary  capacity.
      This includes a trust for which a bank acts as trustee.

|_|   The undersigned is a director,  executive  officer,  general  partner,  or
      manager  of  the  Company  or any  director,  executive  officer,  general
      partner, or manager of a general partner or manager of the Company.

|_|   The  undersigned  is a trust  not  formed  for  the  specific  purpose  of
      acquiring the Units with total assets in excess of $5,000,000 and directed
      by a  person  who has such  knowledge  and  experience  in  financial  and
      business  matters as to be capable of  evaluating  the merits and risks of
      investing in the Company.

|_|   The undersigned is a revocable  trust  (including a revocable trust formed
      for the specific purpose of acquiring the Units and the grantor or settlor
      of such trust is an "accredited investor".

|_|   The  undersigned is an entity in which each equity owner is an "accredited
      investor."

|_|   The  undersigned  is  a  tax-exempt   organization  described  in  Section
      501(c)(3) of the Internal  Revenue  Code, a  corporation,  a Washington or
      similar business trust, a partnership or a limited  liability  company not
      formed for the specific  purpose of acquiring  Units that has total assets
      in excess of $5,000,000.

|_|   The  undersigned is a plan for the benefit of employees,  established  and
      maintained  by a  state,  its  political  subdivisions,  or an  agency  or
      instrumentality  of a state or its  political  subdivisions,  having total
      assets in excess of $5,000,000.

|_|   The  undersigned  is an  employee  benefit  plan within the meaning of the
      Employee Retirement Income Security Act of 1974, as amended, (a) for which
      the investment decision to acquire Units is being made by a plan fiduciary
      that is either a bank, savings and loan association, insurance company, or
      registered  investment  adviser,  (b) which has total  assets in excess of
      $5,000,000,  or (c)  which is  participant-directed  with  the  investment
      decisions made solely by persons who are "accredited investors."

|_|   The  undersigned  is a broker or dealer  registered  under the  Securities
      Exchange Act of 1934, as amended.

|_|   The undersigned is an insurance company as defined in the Securities Act.

|_|   The undersigned is an investment  company  registered under, or a business
      development  company as defined in, the Investment Company Act of 1940, as
      amended.

|_|   The  undersigned is a Small Business  Investment  Company  licensed by the
      U.S. Small Business Administration.

|_|   The undersigned is a private  business  development  company as defined in
      the Investment Advisers Act of 1940, as amended.

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<PAGE>

|_|   The undersigned  cannot make any of the  representations  set forth in the
      above paragraphs.

      10. Finder's Fees. The  undersigned  has made no arrangement,  which could
give rise to any broker's or finder's  fees or similar fees in  connection  with
the purchase of the Units.  The  undersigned  acknowledges  that the Company has
retained and will compensate  Octagon Trading Group, LLC as a placement agent in
connection with the sale of the Units.

      11. Place of Investment.  The undersigned  acknowledges that the offer and
sale of the Units,  and the  undersigned's  decision to subscribe for the Units,
was made in state indicated on the signature page hereof.

      12.  Escrow.  The  undersigned  acknowledges  that (a)  funds  sent by the
undersigned to the above address will be held in a  non-interest  bearing escrow
account by an escrow agent to be selected by the Company  (the  "Escrow  Agent")
pending the closing of the offering of the Units, which closing is solely at the
Company's  discretion,  and (b) if the undersigned's  subscription (or a portion
thereof) is  rejected  by the  Company,  the  undersigned  will be entitled to a
refund of such funds (or such portion thereof),  without interest.  Escrow Agent
shall have no liability or obligation  with respect to the escrowed funds except
for Escrow Agent's willful misconduct or gross negligence, and in no event shall
Escrow Agent be liable for incidental,  indirect,  special, and consequential or
punitive damages.

      13. Indemnification. The undersigned agrees to fully indemnify, defend and
hold harmless the Company,  its management,  directors,  advisers,  consultants,
representatives,   and  each  of  their   affiliates,   employees   and   agents
("Indemnified  Parties")  from any and all  claims,  actions,  causes of action,
losses,  costs and expenses  (including  reasonable  attorneys  fees,  costs and
expenses)  whatsoever  ("Claims")  which may result  from a breach or an alleged
breach of the representations,  warranties and acknowledgments  contained herein
and to further  indemnify,  defend and hold  harmless  the Escrow  Agent and its
Indemnified  Parties against any and all claims which may result from the Escrow
Agent's performance under the escrow agreement as contemplated herein; provided,
however,  that no  Indemnified  Party  shall  have the  right to be  indemnified
hereunder for liability finally determined by a court of competent jurisdiction,
subject to no further appeal,  to have resulted solely from the gross negligence
or willful misconduct of such Indemnified Party.

      14. No Aggregate Minimum Subscription Amount. The undersigned acknowledges
that the Company may close on its  subscription  without  having  received other
subscriptions  pursuant to the Offering  (i.e.  no aggregate  minimum  amount is
required to have been subscribed for in the Offering in order for the Company to
close on any single subscription).

      15. Subsequent  Offering;  Demand Registration Rights. The Company intends
to initiate a  significantly  larger  offering to raise  $9,000,000  via sale of
units comprising Common Shares and warrants for Common Shares promptly following
the closing of this Offering (the "Subsequent  Offering").  The precise terms of
the Subsequent Offering will be determined by the Company. The Company will file
a Registration  Statement on Form SB-2 (or an alternative  available form if the
Company is not eligible to file a Form SB-2)  covering the Common  Shares issued
as part of the Units and into which the warrants are  exercisable  no later than
forty five (45) days after the final closing under the  Subsequent  Offering and
will use its reasonable best efforts to cause such Registration  Statement to be
declared  effective within one hundred and twenty (120) days thereafter.  In the
event the Registration Statement has not been declared effective within 165 days
of the closing of the  Subsequent  Offering (or, if the  Subsequent  Offering is
ultimately not  consummated,  within 285 days of the Closing of this  Offering),
the Company shall pay to the Investors  liquidated  damages equal to 1.0% of the
amount  invested  for each  subsequent  30-day  period  until such  Registration
Statement is declared effective.

                     [End of Text. Signature page follows.]

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                        Brainstorm Cell Therapeutics Inc.

                INVESTOR QUESTIONNAIRE AND SUBSCRIPTION AGREEMENT
                                 SIGNATURE PAGE

The representations  and warranties set forth herein,  including the information
set forth on this  signature  page,  are true and accurate as of the date hereof
and shall be true and accurate as of the date of issuance of the Units and shall
survive such date. If in any respect such  representations  and warranties shall
not be true and accurate prior to issuance of the Units,  the undersigned  shall
give  immediate   notice  of  such  fact  to  the  Company,   specifying   which
representations  and  warranties  are not  true  and  accurate  and the  reasons
therefor.

LEGAL NAME OF INVESTOR:
                              -----------------------------------------

Business Address:
                              -----------------------------------------

Telephone Number:             (      )
                              -----------------------------------------

Fax Number:                   (      )
                              -----------------------------------------

Residence Address:
                              -----------------------------------------

Telephone Number:             (      )
                              -----------------------------------------

Fax Number:                   (      )
                              -----------------------------------------

Social Security Number:
                              -----------------------------------------

Securities Subscribed for:

      Number of Units: _______________ at $0.80 per Unit

      IN  WITNESS   WHEREOF,   the   undersigned   has  executed  this  Investor
Questionnaire and Subscription Agreement this ___ day of August, 2005.

                                             By:
                                                --------------------------------
                                                Name:

                                       5
<PAGE>

                                   ACCEPTANCE

      The  foregoing   subscription  is  hereby  accepted  upon  the  terms  and
conditions set forth herein.

                                             Brainstorm Cell Therapeutics Inc.

                                             By:
                                                --------------------------------
                                             Name:
                                             Title:

                                       6dr. Krisztina Fuller, Notary Public
--------------------------------------------------------------------------------
Budapest XIV., Szobranc utca 1. - 1581 Budapest, Pf. 44.-
Telephone: 467-0320, 467-0323 Fax: 467-0325

1807/2005

                                NOTARIAL DOCUMENT

On the day written below, Deputy Notary Public Jozsef Komaromi, acting as deputy
to Dr. Krisztina  Fuller,  Notary Public in office in Budapest,  I called at the
registered  seat  of  Commerzbank  Reszvenytarsasag  (1054  Budapest,  Szechenyi
rakpart 8.), where the following persons were present, as clients:

Commerzbank  Reszvenytarsasag (registered seat: 1054 Budapest, Szechenyi rakpart
8.,  trade   registry   number:   01-10-042115,   tax   administration   number:
10816291-2-44,   statistical   identification   number:   10816291-6512-114-01),
represented by dr. Gyorgy Walter (mother's name:  Zsuzsanna  Selmec),  permanent
address of residence  1165  Budapest,  Nagyvazsony  utca 14. - whom I personally
know - along with Balazs Manyoki (mother's name: Erzsebet Hetlinger),  permanent
address of residence 2360 Gyal,  Kiskomaromi  utca 21., whose personal  identity
was confirmed by presenting the personal identity cards and whose  authorisation
to represent  Commerzbank  Rt. by presenting the  certificate  of  incorporation
along with the document of authorisation  attached in an authenticated  copy, as
well as

EuroWeb Internet  Szolgaltato  Reszvenytarsasag  (abbreviated name: EuroWeb Rt.,
registered   seat:  1138  Budapest,   Vaci  ut  141.,   trade  registry  number:
01-10-044965,    core   operations:    6420'03,   tax   administration   number:
13094603-2-41,  statistical  number:  13094603-6420-114-01)  represented  - with
authorisation  to sign on behalf of EuroWeb Rt. alone - by Mr. Csaba Toro, chief
executive,  (mother's name: Margit Buzsaki)  permanent address of residence 1022
Bimbo ut 94.,  confirming his identity by presenting his personal  identity card
No. 125112CA in my presence,  confirming his  authorisation to represent EuroWeb
Rt. by presenting the public company data excerpt issued by the Company Register
and Company Information Service of the Minister of Justice, and

NAVIGATOR  INFORMATIKA  Uzleti  Szolgaltato  es  Kereskedelmi   Reszvenytarsasag
(abbreviated name:  NAVIGATOR  INFORMATIKA Rt.,  registered seat: 1097 Budapest,
Konyves Kalman korut 5/B., trade registry number: 01-10-044621, core operations:
7260'03,   tax  administration   number:   12682515-2-43,   statistical  number:
12682515-7260-114-01)  represented  - with  authorisation  to jointly  represent
Navigator  Informatika Rt. - by Zoltan Zsolt Jutasi,  chief executive  (mother's
name:  Margit Anna Horvath),  permanent  address of residence 2045  Torokbalint,
Honved utca 13/b.,  confirming his identity by presenting his personal  identity
card No. 135267 DA in my presence,  and Lajos Juhasz  (mother's  name:  Erzsebet
Toth) permanent address of residence 2360 Gyal, Komaromi utca 63/a.,  confirming
his  identity  by  presenting  his  personal  identity  card No.  AP003430 in my
presence,  confirming their authorisation to represent EuroWeb Rt. by presenting
the public  company  data  excerpt  issued by the Company  Register  and Company
Information Service of the Minister of Justice, and

                                       1
<PAGE>

NAVIGATOR INFO  Tanacsado  Korlatolt  Felelossegu  Tarsasag  (abbreviated  name:
NAVIGATOR INFO Kft.,  1097 Budapest,  Konyves Kalman korut 5/B.,  trade registry
number:  01-09-677423,  core operations:  7221'03,  tax  administration  number:
11801142-2-43,   statistical  number:  11801142-7221-113-01)  represented,  with
authorisation  to sign alone on behalf of Navigator  Information  Kft., by chief
executive  Zoltan Zsolt Jutasi  (mother's name:  Margit Anna Horvath)  permanent
address of  residence  2045  Torokbalint,  Honved  utca  13/b.,  confirming  his
identity by presenting his personal  identity card No. 135267 DA in my presence,
confirming his  authorisation to represent  EuroWeb Rt. by presenting the public
company data  excerpt  issued by the Company  Register  and Company  Information
Service of the Minister of Justice

NAVIGATOR   ENGINEERING  Mernoki  Szolgaltato   Korlatolt  Felelossegu  Tarsasag
(abbreviated name: NAVIGATOR  ENGINEERING Kft.,  registered seat: 1097 Budapest,
Konyves Kalman korut 5/B., trade registry number: 01-09-465391, core operations:
7420'03,   tax  administration   number:   12094930-2-43,   statistical  number:
12094930-7420-113-01)  with  authorisation  to sign alone on behalf of Navigator
Information  Kft.  by chief  executive  Gyorgy  Juhasz  (mother's  name:  Margit
Gulyas), permanent address of residence 5123 Jaszarokszallas, Gardonyi ut 14/A.,
confirming his identity by presenting  his personal  identity card No. AJ 352348
in my  presence,  confirming  his  authorisation  to  represent  EuroWeb  Rt. by
presenting the public  company data excerpt  issued by the Company  Register and
Company Information Service of the Minister of Justice.

I informed the clients of the  provisions  laid out in Article 21 of Act LIII of
1994,  according  to which the Court will  attach an  enforcement  clause to the
notarial document if the document contains a commitment  undertaken concerning a
service  or the  considerations,  or a  unilateral  commitment,  the name of the
obligee and the obligor,  the subject of the obligation,  its quantity  (amount)
and legal title, the mode and deadline of performance, if the claim (receivable)
has fallen due.

If the  commitment  depends  on an event  the  occurrence  of which  constitutes
meeting a condition or on reaching a given date (time),  the  pre-requisites for
enforceability  will also  include  that the  meeting  of the  condition  or the
reaching of the date (time) should be proven by a public document.

Furthermore,  the court will attach an enforcement  clause to a Pledge  Contract
laid out in a notarial document, if the claim has fallen due.

After I ascertained  their personal identity the clients have declared - in full
awareness  of their  responsibility  under  the  criminal  law - that on the day
written below they are authorised to assume commitments for and on behalf of the
entities  they are  representing,  with respect to the contract laid out in this
document.

Thereafter  I was asked by the clients to lay out the  following  contracts in a
notarial document, based on the draft made available for me.

                                       2
<PAGE>

                                       A.
                                 LOAN AGREEMENT
                                 (No.: 2005/120)

concluded  on  the  day  written  below  between  EuroWeb  Internet  Szolgaltato
Reszvenytarsasag,  as borrower - hereinafter:  Client - and Commerzbank  Rt., as
lender - hereinafter Bank - subject to the terms and conditions laid out herein.

1) The purpose, amount and term of the loan

The Bank extends a loan on bank account No. 1341018761 - hereinafter:  Loan - to
the Client.

a) The purpose of the Loan: to provide financing 70.59 % - that is seventy point
fifty nine hundredth percent of the purchase price payable for purchasing shares
equalling  85 % of  the  registered  capital  of  Navigator  Informatika  Uzleti
Szolgaltato es Kereskedelmi  Rt.  (registered  seat:  H-1097  Budapest,  Konyves
Kalman korut 5/B.,  trade registry  number:  01-10-044621,  statistical  number:
11801142-7221-113-01, tax administration number: 11801142-2-43).

b) The amount of the Loan:

HUF 1,237,200,000,  that is one billion two hundred thirty seven million and two
hundred thousand forints.

c) The term of the Loan:  from the date of the execution of this contract  until
the 30th  (thirtieth)  day of the month of June in year 2010 (two  thousand  and
ten).

d) Drawdown of the Loan:  the  Customer  shall take out the loan made  available
under this  Contract not later than the 10th (tenth) day of the month of October
in year 2005 (two thousand and five) (Take-out  Deadline).  On the first banking
day  following the Take-out  Deadline the loan amount  specified in paragraph b)
hereof shall drop to the amount taken out by the Take-out  Deadline  without any
further legal action.

e) One  pre-requisite  of the  possibility  to take out the Loan is that EuroWeb
International  Corporation issues an irrevocable declaration to the Bank stating
that if the Customer sells its shares it will have to use at least 60 % (that is
sixty percent) of the purchase  price  received from the sale of the shares,  to
the repayment of the loan amount specified herein.

2) Interest

Up to the end of the term the Bank shall charge an interest of a rate  equalling
the 3 (three)  month BUBOR  (Budapest  Interbank  Offered Rate) in effect on the
second  banking day preceding the last day of the given  calendar  quarter + 250
(two hundred and fifty) basis  points,  on the amount taken out at the time,  of
which the Bank shall send an account closure to the Client on a quarterly basis.
The Bank shall  charge the due  interest  amount on the last banking day of each
calendar  quarter to the account of the Client.  The first such amount  shall be
debited to the account on the 31st  (thirty  first)day  of December in year 2005
(two thousand and five).

3) Principal repayment

The  Client  shall  repay  the  Loan to the Bank on the  basis of the  following
repayment schedule, in the amounts and on the days specified below:

Time of principal repayment/amount of principal repayment

On the 31st (thirty  first) day of the month of March in year 2006 (two thousand
and six) HUF  34,366,666  that is thirty four million  three  hundred  sixty six
thousand six hundred and sixty six forints,

On the 30th  (thirtieth) day of the month of June in year 2006 (two thousand and
six) HUF 34,366,666 that is thirty four million three hundred sixty six thousand
six hundred and sixty six forints,

On the 30th (thirtieth) day of the month of September in year 2006 (two thousand
and six) HUF  73,029,166  that is seventy three million twenty nine thousand one
hundred and sixty six forints,

On the 31st  (thirty  first)  day of the  month of  December  in year  2006 (two
thousand  and six) HUF  73,029,166  that is seventy  three  million  twenty nine
thousand one hundred and sixty six forints,

                                       3
<PAGE>

On the 31st (thirty  first) day of the month of March in year 2007 (two thousand
and seven) HUF 73,029,166 that is seventy three million twenty nine thousand one
hundred and sixty six forints,

On the 30th  (thirtieth) day of the month of June in year 2007 (two thousand and
seven) HUF  73,029,166  that is seventy three  million  twenty nine thousand one
hundred and sixty six forints,

On the 30th (thirtieth) day of the month of September in year 2007 (two thousand
and seven) HUF 73,029,166 that is seventy three million twenty nine thousand one
hundred and sixty six forints,

On the 31st  (thirty  first)  day of the  month of  December  in year  2007 (two
thousand and seven) HUF  73,029,166  that is seventy three  million  twenty nine
thousand one hundred and sixty six forints,

On the 31st (thirty  first) day of the month of March in year 2008 (two thousand
and eight) HUF 73,029,166 that is seventy three million twenty nine thousand one
hundred and sixty six forints,

On the 30th  (thirtieth) day of the month of June in year 2008 (two thousand and
eight) HUF  73,029,166  that is seventy three  million  twenty nine thousand one
hundred and sixty six forints,

On the 30th (thirtieth) day of the month of September in year 2008 (two thousand
and eight) HUF 73,029,166 that is seventy three million twenty nine thousand one
hundred and sixty six forints,

On the 31st  (thirty  first)  day of the  month of  December  in year  2008 (two
thousand and eight) HUF  73,029,166  that is seventy three  million  twenty nine
thousand one hundred and sixty six forints,

On the 31st (thirty  first) day of the month of March in year 2009 (two thousand
and nine) HUF 73,029,166  that is seventy three million twenty nine thousand one
hundred and sixty six forints,

On the 30th  (thirtieth) day of the month of June in year 2009 (two thousand and
nine) HUF  73,029,166  that is seventy  three  million  twenty nine thousand one
hundred and sixty six forints,

On the 30th (thirtieth) day of the month of September in year 2009 (two thousand
and nine) HUF 73,029,166  that is seventy three million twenty nine thousand one
hundred and sixty six forints,

On the 31st  (thirty  first)  day of the  month of  December  in year  2009 (two
thousand and nine) HUF  73,029,166  that is seventy  three  million  twenty nine
thousand one hundred and sixty six forints,

On the 31st (thirty  first) day of the month of March in year 2010 (two thousand
and ten) HUF  73,029,166  that is seventy three million twenty nine thousand one
hundred and sixty six forints,

On the 30th  (thirtieth) day of the month of June in year 2010 (two thousand and
ten) HUF  73,029,178  that is seventy  three  million  twenty nine  thousand one
hundred and sixty eight forints.

4) Fee payable for the conclusion / modification of the contract

The Bank shall charge a one-off fee for the conclusion of the contract equalling
0.75 % that is zero point  seventy  five  hundredth  percent of the loan  amount
specified  in point 1) b), to the  Client,  which  amount will be debited to the
bank  account  of the  Client  kept with the Bank,  on the day of the  signature
hereof.

                                       4
<PAGE>

In the case of any modification to the loan agreement  (particularly in the case
of  re-payment of the loan amount prior to the due date) the Bank shall charge a
one-off fee for contract  modification  equalling  1.5 %, that is one and a half
percent of the loan amount repaid before the due day to the Client, which amount
will be debited to the bank account of the Client kept with the Bank, on the day
of the signature of the modification of this contract.  Should the Bank charge a
fee for contract  modification to the Client,  the Bank shall not be entitled to
claim payment of the refinancing costs - specified in the Bank's General Lending
Conditions - by the Client, in relation to the modification of the contract.

Should EuroWeb  International  Corporation  repay the Loan as specified in point
1/e,  the  obligation  to pay  the  one-off  contract  modification  fee and the
obligation to refund the refinancing costs shall not be borne by the Client.

Should the Bank unilaterally  modify its Code of Practice  (Uzletszabalyzat)  as
specified in sub-section 1.3 thereof, and such modification result in increasing
the burdens entailed by the obligations/commitments  borne by the Client towards
to Bank, the  Contracting  Parties agree that they shall start  negotiations  to
come to a agreement  resulting in the elimination of the disadvantages  entailed
by such  modification  for the Client.  Should such  negotiations  fail to bring
about a mutually  satisfactory  solution  within 30 (that is thirty) days of the
Client's  learning  of the  modification  of the Bank's  Code of  Practice,  the
modified  Code of  Practice  shall enter into  effect  between  the  Contracting
Parties.  Should the Contracting  Parties modify or terminate this Contract as a
result of the above  negotiations,  the Client shall bear no  obligation  to pay
contract  modification  fee or to refund  refinancing  costs in relation to such
termination.

5) Collaterals

The following  shall  constitute  collaterals  securing this loan and all of the
Bank's other receivables and claims  originating from the business  relationship
with the Client:

a) contract of limited  security  pledge on property of the total  assets of the
Client,  NAVIGATOR INFORMATIKA Uzleti Szolgaltato es Kereskedelmi Rt., NAVIGATOR
INFO Tanacsado Kft. and NAVIGATOR  ENGINEERING  Mernoki  Szolgaltato Kft., in an
amount of HUF  1,440,000,000  that is one billion four hundred and forty million
forints, and

b) assignment of the sales revenue of the Client to the Bank, and

c)  assignment  of all  present and future  claims of the Client from  NAVIGATOR
INFORMATIKA Uzleti Szolgaltato es Kereskedelmi Rt, NAVIGATOR INFO Tanacsado Kft.
and NAVIGATOR ENGINEERING Mernoki Szolgaltato Kft., concerning dividends payable
by these entities, and

d) placement of shares  constituting the entire registered capital of the Client
and NAVIGATOR  INFORMATIKA  Uzleti  Szolgaltato es Kereskedelmi Rt., in bail, to
the benefit of the Bank as beneficiary,

e) pledge and buying option on participations constituting the entire registered
capital of NAVIGATOR  INFO  Tanacsado  Kft. and  NAVIGATOR  ENGINEERING  Mernoki
Szolgaltato Kft. and

f) declaration of support issued by EuroWeb  International Corp. (1065 Avenue of
the Americas, New York, NY 10018, USA., tax administration number: 13-3696015).

The  Contracting  Parties  have  agreed  and will  agree on the  details  of the
collateral  contracts - with a particular view to the purposes of the collateral
security items - at the time of the conclusion of the collateral contracts.

If the Client fulfils all of its obligations and  commitments  originating  from
this  Contract  and this  loan  contract  expires,  the  contracts  constituting
collaterals to the loan contract shall lapse.

                                       5
<PAGE>

6) Causes of termination

The Bank may terminate is contract with immediate effect if

a) the Client has fallen  into  arrears  more than 30, that is thirty  days,  in
payment of an amount  payable  under a contract with a credit  institution  of a
current amount of over HUF 50,000,000 that is fifty million forints;

b) a credit institution has unilaterally cancelled a credit/loan/bank  guarantee
contract of a current amount of over HUF 50,000,000 that is fifty million forint
with the Client;

c) procedure of enforcement against, bankruptcy or liquidation of the Client has
been ordered by a final court order;

d) if the direct and/or indirect ownership of EuroWeb International  Corporation
in the Client falls below 99.995%, that is ninety nine point nine hundred ninety
five thousands  percent of the Client without prior written consent by the Bank.
The Bank  shall not  refuse to give such  consent  specified  in this  paragraph
without de reasons, and if the Bank does refuse to give such consent it shall be
notified to the Client in writing;

e) in the  opinion  of the Bank the  amount  of the loan  cannot be used for the
purpose specified in the contract;

f) the  Client  uses the  amount of the  credit  for any  purpose  other than as
specified  in the  contract  or the  Client  fails to provide  documentation  in
confirmation of use for the stated purpose, despite instruction by the Bank;

g) the value of the  collateral  security  items provided as security has fallen
considerably  and the Client fails to reinforce the  collateral  security  items
after instruction by the Bank in the way and to the extent requested by the Bank
by the deadline specified by the Bank;

h) the Client  beaches the ancillary  agreements  concluded  with respect to the
credit collaterals;

i)  deterioration  of the  financial  (equity)  position  of the  Client  or the
Guarantor  of the Client or  behaviour  of the Client  indicative  of  behaviour
withdrawing collaterals jeopardises the possibility to repay the loan;

j) at the time of the conclusion of the Contract the Client deceived the Bank by
the statement of false facts, by withholding data or in any other way,  provided
this had an effect on the establishment of the loan amount;

k) the Client is hindering the Bank in reviewing the  performance  of taking out
loan amounts despite Bank's prior  notification of such intent.  This shall also
apply in case the Client fails to fulfil its  obligation to provide  information
as  specified  by law or in  the  contract  (section  9 of the  General  Lending
Conditions);

l) the  Client  has  fallen  into  arrears  in the  settlement  of more than one
principal  repayment  instalment or interest  payment,  and has not settled such
overdue amounts despite reminder by the Bank;

m) the  behaviour of the Client is gravely in contrast to the  principle of bona
fide and fair business conduct,  particularly if the Client misleads or tries to
mislead the Bank by supplying it with false data.

If the Bank has terminated the contract with immediate effect for any reason for
which the Client  may be held  responsible,  the Client  shall pay to the Bank a
flat rate compensation for damages equalling 1 % that is one percent of the debt
owed by the Client to the Bank at the time of such cancellation.

Should the Client lose its  creditworthiness in the opinion of the Bank the Bank
shall start negotiations with the Client to restore the  creditworthiness of the
latter.  Should such  negotiations  fail to bring about a mutually  satisfactory
result within 14 that is fourteen days the Bank shall be entitled to cancel this
Contract with effect from the 90th  (ninetieth)  day of receipt by the Client of
the Bank's notice of the loss of creditworthiness of the Client.

                                       6
<PAGE>

Should the Client,  in the opinion of the Bank, commit any other grave violation
of the Contract the Bank shall  promptly start  negotiations  with the Client to
remedy the violation.  Should such  negotiations  fail to bring about a mutually
satisfactory  result  within 14 that is fourteen days the Bank shall be entitled
to cancel this  Contract  providing  an at least 14 that is fourteen  day notice
period.

7) Commitments (covenants)

a) The  Client  declares  that at the  time of the  conclusion  hereof  only its
banking and leasing commitments laid out in Annex 1 are in effect.

The Client  declares that it has fully  informed the Bank of all of its existing
banking  and  leasing  commitments  that  it  has  assumed  in  addition  to the
commitments  originating from this Contract. In the future the Client may assume
any  additional  banking  and/or  leasing  commitments  only with prior  written
consent of the Bank.

b) The Client  commits  itself to treat its  payment  commitments  that have and
those that will occur in  relation  to this  contract at all times at least in a
way equal to the  treatment  of any and all  other of its  existing  and  future
commitments  (liabilities)  and shall  provide the Bank at least as good or even
more  favourable  collaterals  as it has provided and will provide to secure its
credits  borrowed to date or to be borrowed in the future.  The Client is hereby
assuring the Bank that it is providing the Bank with at least the same pieces of
information as it provides for any other banking relationships of the Client.

c) The Client commits itself to refrain from encumbering its assets,  rights and
receivables during the term of this contract so that none of those items will be
fixed as collaterals to any banking credit and/or loan and/or leasing  contract,
to the benefit of any third party.

d) At  the  time  of  the  signature  of  this  Contract  EuroWeb  International
Corporation  has a 99.995%,  that is ninety nine point nine hundred  ninety five
thousands percent direct and/or indirect majority  ownership in the Client.  The
Client  shall  promptly  notify  the Bank of any  change in the  above  share of
ownership, upon the Client's learning of such change.

e) The  Client  commits  itself to submit  balance  sheet  and  profit  and loss
statement  on each quarter to the Bank not later than the 30th  (thirtieth)  day
following the end of each quarter.

f) The Client agrees that it may  establish and pay dividend  during the term of
the Credit Limit only with prior written consent of the Bank.

g) The  Client  agrees  that it may repay any other of its  credit or loan debts
prior to the  repayment of the credits and loans  extended by the Bank only with
prior written  consent of the Bank.  Exceptions to this  commitment  include the
commitments  of the Client  specified in Annex 1 hereto,  which may be repaid by
the Client  exclusively in accordance with the payment schedule  approved by the
Bank,  constituting  Annex 1 hereto.  The Bank's prior written  consent shall be
required for any  modification of such  commitments,  for any departure from the
schedule or for the repayment of any commitment  (liability) not included in the
repayment schedule.

                                       7
<PAGE>

h) The Client assumes commitment to refrain from acquiring  participation in any
other  business  undertaking  during  the term of this  Contract  without  prior
written consent of the Bank.

i) The Client  agrees that during the term of this Contract it may implement any
investment  project worth more than HUF 100,000,000  that is one hundred million
forints in any calendar year only with the Bank's prior written consent.

j) The Client commits itself to ensure that during the term of this contract its
ADSCR ratio  shall not fall below 1.2 (one point two).  The ADSCR ratio shall be
calculated in each business year as of the 30th  (thirtieth) day of June and the
31st (thirty first) day of the year.

The ADSCR ratio is defined by the Contracting Parties as follows:

         a Tarsasagok elozo negy negyedevi EBITDA - janak atlagos erteke
ADSCR =  ---------------------------------------------------------------
                a Tarsasagok altal elozo negyedevbe n teljesitett
                   kolcsontorlesztes + kamatkiada sok osszege

ADSCR = The Companies' average EBITDA value during the prior four quarters
        ------------------------------------------------------------------
         sum of the loan repayments effected and the interest expenditure
                    of the Companies during the prior quarter

For  the  purposes  hereof  the  Companies  shall  mean  the  Client   NAVIGATOR
INFORMATIKA  Uzleti  Szolgaltato es Kereskedelmi  Rt.,  NAVIGATOR INFO Tanacsado
Kft. and NAVIGATOR ENGINEERING Mernoki Szolgaltato Kft. collectively.

For the  purposes  hereof,  EBITDA:  profit from core  (business)  operations  +
depreciation  write-off + management  fee.  The profit from the core  (business)
operations and the depreciation  write-off shall be construed in accordance with
the effective  Hungarian  accounting  regulations.  For the purposes  hereof the
management fee shall be a quarterly fee payable by NAVIGATOR  INFORMATIKA Uzleti
Szolgaltato es  Kereskedelmi  Rt. to the Client which covers but must not exceed
the sum of the loan  repayment  and  interests  payable to the Bank from time to
time.

k) The Client agrees that it may sell any of its assets for over HUF  30,000,000
that is thirty  million  forints  in net book  value in any given year only with
prior written consent of the Bank.

l) The Client  commits itself to submit the report  produced in accordance  with
the provisions of the Sarbanes Oxley Act promptly upon  completion but not later
than the 31st (thirty first) day of December 2008 to the Bank.

                                       8
<PAGE>

Should the Client breach any of its obligations  specified in paragraphs a), c),
d), f),  g),  h), i), j), k) of section 7) hereof,  or should it fail to perform
any of its obligations  laid out in points b) and e) despite the Bank's reminder
by the deadline specified in such reminder, the Contracting Parties shall regard
such  failure as a grave  breach of the Contract and in this case the Bank shall
be entitled to cancel this Contract with immediate effect.

8) Agreement on transactions on the Client's account

The  Contracting  Parties  are  aware  of the  fact  that  part of this  loan is
refinanced by CIB Kozep-Europai  Nemzetkozi Bank Rt. For this reason, the Client
hereby  commits  itself to channel  100 (one  hundred)  % of its credit  payment
transactions  from the 31st  (thirty  first) day of 2006 (two  thousand and six)
through its accounts  kept with the Bank and with CIB  Kozep-Europai  Nemzetkozi
Bank Rt. Furthermore, the Client commits itself to channel at least 60 (sixty) %
of its annual average credit payment transactions through its accounts kept with
the Bank and t least 30 (thirty) % of the same  through its  accounts  kept with
CIB  Kozep-Europai  Nemzetkozi Bank Rt. The performance of this commitment shall
be  checked  by the Bank  first  on the 31st  (thirty  first)  day of 2007  (two
thousand  seven) and thereafter on the 31st (thirty first) day of each year with
respect to the 365, that is three hundred and sixty five days  preceding the day
of  checking  fulfilment  of  the  obligation.  Should  the  Client  breach  its
obligations  laid out in this  paragraph  eh Bank shall be  entitled to charge a
one-off  handling  charge  to the  account  o the  Client  kept  with the  Bank,
equalling an amount of 1 % (one  percent) of the  difference  between the credit
transactions undertaken to be channelled through the accounts kept with the Bank
and the actual amount of such transactions.

9) Closing provisions

Issues not regulated  herein shall be governed by the provisions laid out in the
Bank's `Code of Practice' and the `General Lending  Conditions' as supplementary
rules in addition  to those laid out herein,  such  regulations  constituting  a
material  part  hereof  and one copy of each of which are  attached  by the Bank
hereto. The Bank draws the attention to the Client to the parts of the documents
set in bold type in particular.

Should any particular provision hereof turn out to be or become legally invalid,
a  supplement  or  modification  to the Contract  corresponding  to the original
meaning and purpose of the Loan Contract  shall be produced to fill any loophole
caused by such invalidity.

The Contracting Parties fully agree with the contents of this contract.

By signing this Contract the Client  confirms its receipt of the Bank's `Code of
Practice' and its `General  Lending  Conditions'  and the  recognition  of their
contents, with particular attention to the parts set in bold type.

Should this Contract contain any provisions  contradicting those laid out in the
Bank's `Code of Practice' or its `General  Lending  Conditions',  the provisions
laid out herein shall prevail.

                                       9
<PAGE>

               B) CONTRACT OF LIMITED SECURITY PLEDGE ON PROPERTY

concluded between

name of company: EuroWeb Internet Szolgaltato Reszvenytarsasag

as pledgor (hereinafter: Pledgor),

and

name of company: Commerzbank (Budapest) Rt.

as  pledgee  (hereinafter  Pledgee),   collectively  the  parties  (hereinafter:
Parties) on this day, subject to the following conditions:

1. Receivable secured by pledge

It is established  by the Parties that -  particularly  on the basis of the loan
agreement  constituting  chapter A) hereof - there is a bank  account,  loan and
credit relationship between the Pledgor and the Pledgee. Pursuant to the Code of
Business of the Pledgee,  its General Lending Conditions and the provisions laid
out in the individual  contracts the claims of the Pledgee existing on the basis
of such legal  relationships,  may also be rendered  matured by  cancellation as
well.

2. Establishment of a right of pledge

To  secure  the  Bank's  receivables   originating  from  the  long  term  legal
relationships  referred  to in section 1 in the form of a money loan the Parties
are establishing a first ranking contract of limited security pledge on property
to the benefit of the Pledgee in an amount of HUF  1,440,000,000,-  HUF (that is
one  billion  four  hundred  and forty  million  forints)  on the  entire  asset
portfolio of the Pledgor existing at the time of the conclusion of this contract
and during its term (hereinafter: Pledged Assets).

The right of pledge  hereunder  shall be created by entering the right of pledge
in the pledge register kept by the Hungarian National Chamber of Notaries Public
(hereinafter: pledge register).

The  Pledgor  represents  and  warrants  that the  Pledged  Assets are free from
litigation,  encumbrance  and claims and that the  registration  of any right of
pledge is in progress,  no litigation or any other  official or court  procedure
affecting  ownership  right or possession  right is underway and no third person
has laid  any  claim  concerning  the  Pledged  Assets  that  could  hinder  the
settlement of the pledge claims of the Pledgee specified in this contract.

The  Contracting  Parties  are hereby  asking the Notary  Public  drafting  this
contract to have the pledge on property  concerning the assets of the Pledgor on
the basis of this Pledge  Contract,  as a first ranking  pledge,  entered in the
pledge register.

3. The obligations of the Pledgor

3.1. The Pledgor shall  provide for the  preventive  maintenance  of the Pledged
assets fixed in pledge,  and to maintain  their state and  condition  during the
effective term of the right of pledge,  protecting them from  extraordinary loss
in value and damage.

3.2. The Pledgor shall, at its own expense,  conclude a  comprehensive  property
insurance  contract on the  Pledged  assets  fixed in pledge  within 15 (that is
fifteen)  days  of  the  conclusion  of  this  contract  (hereinafter:  Property
Insurance)  designating  in such contract the Pledgee as  beneficiary of the sum
insured,  or shall modify within the same deadline its already existing Property
Insurance to contain similar provisions and shall pay the insurance premium from
the account of the Pledgor kept with the Bank.

                                       10
<PAGE>

The sum insured  under the  Property  Insurance  shall  always equal the current
market value of the Pledged  Assets and this fact shall be proven by the Pledgor
to the Pledgee in the case of doubt.

The Pledgor shall maintain the Property  Insurance during the entire term of the
right of pledge  established by this Contract,  at its own expense.  The Pledgor
shall prove to the Pledgee the conclusion and existing of the insurance contract
- or the  appropriate  modification  of the  existing  insurance  contract  - by
presenting  the  insurance  policy  during  the above 15,  that is  fifteen  day
deadline and, upon request of the Pledgee, any time within a deadline of 5, that
is five days, in a creditworthy way.

The sum insured,  the  compensation or any other value serving as substitute for
the destruction or loss in value of the Pledged Assets shall replace the Pledged
Assets or be used to supplement the pledge coverage.  The Pledge and the Pledgor
owner are equally  entitled to demand the use of such value for the  restoration
of the Pledged Assets.

3.3. The Pledgor shall notify the Pledgee of any circumstance, physical or legal
fact  pertaining  to the Pledged  Assets that may have a negative  impact on the
market  value or  marketability  of the  Pledged  assets  fixed in pledge or the
settlement  of the claim of the  Pledgee  from the pledge for any other  reason,
promptly  or  within a  maximum  of 3, that is three  banking  days of  learning
thereof.

3.4. Should the  deterioration of the pledge (decline of the value of the pledge
security as a consequence of deterioration of  state/condition  or for any other
reason)  jeopardise  the settlement of the claim of the Pledgee from the pledge,
the Pledgor shall restore the pledge  security to the original  value within 15,
that is fifteen banking days. In the case of deterioration of the Pledged Assets
the issuance by the insurance  company of an irrevocable  promissory note to the
Pledgee  concerning the payment of the sum insured,  or the  transferring by the
insurer of the sum insured,  to the Pledgee,  shall qualify as topping up to the
original value.

Should  the  Pledgor  - despite  written  instruction  by the  Pledgee - fail to
restore the  coverage  to the  original  value  within the  deadline  set by the
Pledgee in its instruction, the Pledgee may, at its sole discretion,  render the
claim secured by the right of pledge matured, by a unilateral declaration.

3.5. The pledgor commits itself to refrain from giving up the ownership of, from
merging or transforming any piece of asset constituting the assets fixed by this
contract  during the  existence  of the right of pledge  without  prior  written
consent of the Pledgee, in a way as would terminate the separate identity of the
Pledged  Asset,  or would turn it into a  component  of another  thing,  or as a
result of which it would  vanish  or be  converted  into  something  else.  This
provision  does not  apply to the set of assets  specified  in  sub-section  3.7
hereof or in  sub-section  7) k) of the Loan  Contract  constituting  chapter A)
hereof.

3.6. The Pledgor  commits  itself to tolerate,  during the effective term of the
right of pledge,  that the Pledgee  checks the  existence  and proper use of the
Pledged  Assets  constituting  the  property  fixed in  pledge,  along  with the
performance  of the  obligations  borne by the Pledgor  under this  contract and
according to the  relevant  pieces of  legislation  in its capacity as Pledgor -
even  onsite and even  without  notification  of the  Pledgor in  advance,  with
particular regard to the provisions laid out in section 4 of this contract.

3.7.  The  Pledgor  agrees that it may  dispose of and/or  encumber,  during the
effective term of the right of pledge,  any of the Pledged  Assets  constituting
the  property  fixed in  pledge,  of  individual  book  value in  excess  of HUF
30,000,000  that is thirty million  forints,  only with prior written consent of
the Pledgee and only in a transaction laid out in writing.

                                       11
<PAGE>

Should the Pledgee  dispose of or encumber  and/or  receive  income from Pledged
Assets the right of pledge  specified  herein shall extend to the proceeds  from
disposal and to any other income as well.

3.8.  The Pledgor  commits  itself to submit a  statement,  with respect to each
calendar quarter,  containing the current  portfolio of its assets  constituting
its property  pledged by this contract  (including  particularly  its assets and
inventories,  receivables/claims and rights), to the Pledgee, not later than the
30th  (thirtieth)  day  of  the  month  following  the  quarter  covered  by the
statement.    Such    statements    shall   also    include    rights   of   and
commitments/liabilities  to third persons  involving  the various  pieces of the
pledged assets.

4. The rights of the Pledgee

If in the  opinion of the  Pledgee it is  required  for the  enforcement  of its
claims the pledge may have a value estimate  worked out of the Pledged Assets at
the expense of the  Pledgor,  by a judicial  expert of its  choice,  at any time
before the full settlement of its claims originating from the Credit Contract.

5. Right of satisfaction, individualisation

The  Pledgee's  right of  satisfaction  shall  accrue when any of the  Pledgee's
claims (hereinafter::  Claim) originating from the legal relationships  referred
to in Section 1 hereof,  matures and falls due. A Claim shall also mature in the
following cases

a) the Pledgor breaches those of its obligations  specified in Section 1 hereof,
in the case of the  breaching  of which by the  Client,  the Bank is entitled to
cancel the relevant  contract with immediate  effect, or if the Pledgor breaches
any of its  obligations  specified  in Section 3 hereof - with the  exception of
sub-section a 3.8 - or if it fails to fulfil its  obligation as per  sub-section
3.8 within 15, that is fifteen days of the Bank's instruction to do so, and/or

b) the value of the Pledged  Assets falls - in the opinion of the Pledgee - to a
degree jeopardising the full settlement of the claim of the Pledgee, and/or

c) the Pledged  Assets  fixed in pledge are  involved  (with the  exception of a
claim of the  Pledgee)  in  enforcement  procedure  by the  court  or any  other
relevant authority.

By executing this contract the  Contracting  Parties agree that the value of the
pledged property shall diminish to an extent  jeopardising the settlement of the
claim of the  Pledgee  particularly  if the  balance  sheet total of the Pledgor
drops below HUF  1,800,000,000  that is one billion  and eight  hundred  million
forints.

Upon the accrual of the Pledgee's right of satisfaction the Pledgee may seek for
satisfaction  from the assets of the Pledgor in a way in which the  integrity of
the  portfolio  of  assets  is  maintained.  Upon the  accrual  of its  right of
settlement  the Pledgee  may, by serving a written  declaration  to the Pledgor,
convert  the pledge on  property  into right of pledge on  particular  pieces of
assets specified in such declaration  (Individualisation).  The Pledgee may also
individualise  the right of pledge if the Pledgee considers the repayment of the
credit and the payment of interests and charges  thereon to be  jeopardised  for
any reason.

The Pledgor  shall  promptly - but within a maximum of 3, that is three  working
days  - if the  property  fixed  as  pledged  property  diminishes  to a  degree
jeopardising the satisfaction of the claim of the Pledgee.

                                       12
<PAGE>

The  Contracting  Parties   specifically  agree  that  simultaneously  with  the
execution of this contract they are establishing next ranking pledge on property
involving the entire  portfolio of assets of the Pledgor in an amount  specified
in Section 2 hereof (Residual Right of Pledge).  The contract  concluded between
the  Contracting  Parties  concerning the  establishment  of a Residual Right of
Pledge  shall enter into force if the Pledgee  has  Individualised  its right of
pledge  on  property   with   respect  to  a  given  piece  of  Pledged   Asset.
Simultaneously   with   certifying   the   posting   of   the   declaration   of
Individualisation  to the  Pledgor  the  Pledgee  shall be  entitled to submit a
request for the entering of the Residual Right of Pledge in the pledge  register
kept by the Hungarian  National Chamber of Notaries Public  (hereinafter:  MOKK,
the Hungarian abbreviation of the name of the organisation).

The Contracting  Parties agree that if the Pledgee  Individualises  the right of
pledge  on   property,   simultaneously   with   making   the   declaration   of
Individualisation   the  Pledgee   shall  be  entitled  to  make  an  individual
declaration requesting the entering (at the expense of the Pledgor) of the right
of pledge on the various specific pieces of assets,  in the relevant  registers,
to which  entries the Pledgor is granting its  unconditional  consent by signing
this contract, committing itself to tolerate such entries.

The Pledgee  shall be entitled to have the  conversion of the right of pledge on
property into right of pledge on specific pieces of assets,  particularly in the
pledge  register  kept by the  Hungarian  National  Chamber of  Notaries  Public
(hereinafter: MOKK, the Hungarian abbreviation of the name of the organisation),
the land  register,  the  register  kept by the  authority  in charge of keeping
register of aircraft and vessels, the relevant register of the Hungarian Patents
Office and the  registers  of the  authority in charge of  registration  of land
vehicles.

The  Contracting  Parties agree that  simultaneously  with the conversion of the
right of pledge on property  into right of pledge on  specific  pieces of assets
the  provisions  laid out herein shall apply as  appropriate,  to the rights and
obligations of the Parties.

6. Exercising of the right of pledge

Settlement  from the pledged asset shall take place  through  court  enforcement
procedure based on court decision.

By executing this contract the Contracting Parties agree however, that after the
accrual of its right of  settlement  the  Pledgee  shall be entitled to sell the
Pledged Assets by itself.

In respect of the mode of such sale the Contracting Parties agree as follows:

Prior to  starting  the  process  of  selling  assets the  Pledgee  shall,  in a
declaration  addressed in a registered  mail  consignment  to the address of the
registered seat of the Pledgor  specified in this contract,  name three judicial
experts to the  Pledgor.  Within 10,  that is ten days of the date of posting by
the Pledgee of the registered mail  consignment,  make a written  declaration to
the Pledgee  stating the  recommended  judicial expert that is acceptable to the
Pledgor.  Should  such  declaration  by the  Pledgor  fail to be received by the
Pledgee  within  the  above  deadline  the  Pledgee  shall  select  one  of  the
recommended  three judicial  experts.  Thereafter the Pledgee shall have, at the
expense  of the  Pledgor,  a  value  estimate  prepared  of the  pledged  assets
(hereinafter: Value Estimate), by the judicial expert chosen as specified above,
commissioned  by the  Pledgee.  The  Pledgor  shall  promptly  provide the Value
Assessor with all information and documents  required for the preparation of the
Value Estimate and the sale of the asset, and shall enable an onsite  inspection
of the Pledged  Assets at the time  specified  by the  Pledgee  and/or the Value
Assessor.

                                       13
<PAGE>

The Pledgor  shall  transfer  the Pledged  Asset into the  Pledgee's  possession
within 10, that is ten days of the completion of the Value Estimate.

The Pledgee shall have two years to sell the Pledged Assets from the date of the
accrual of the  Pledgee's  right of  satisfaction.  In regard to the lowest sale
price of the Pledged Assets the Contracting Parties agree as follows:

a) The  Pledgee  shall  start  the  sale  of the  assets  at  the  market  price
established by the Value Assessor, as sale price.

b) If the assets  concerned  fail to be sold within  three  months at the market
price  established  by the Value  Assessor,  upon the next  attempt  to sell the
assets the Pledgee  shall be entitled to reduce the price of the Pledged  Assets
by up to 30 % of the market price established in the Value Estimate.

c) If a public sale offer  fails to result in selling the assets  within 3, that
is three  months at the sale price  specified  in paragraph b) the Bank may sell
the pledged assets at a minimum of 50%-that is fifty percent of the market price
specified in the Value Estimate.

In relation to the sale of the Pledged Assets by the Bank,  issues not regulated
herein shall be governed by the provisions of Government Decree No. 12/2003. (I.
30.).

Within 15, that is fifteen days of the successful sale of the assets the Pledgee
shall settle  accounts for the sale price  received from the sale of the assets,
with the Pledgor.

Should the Pledgor fail to fulfil its  obligations  specified in this  paragraph
within the deadline and in the mode  specified by the Pledgee,  the  Contracting
Parties shall establish the lowest sale price that may be applied in selling the
assets concerned, at 50 % that is fifty percent of the amount of the receivables
of the Pledgee claimed from the Pledgor at the time of sale.

7. Modification of the Pledge Contract

The Contracting Parties expressly stipulate that all provisions of this contract
and any and all modifications of and supplementation of the contract, along with
legal representations and declarations  concerning rights, facts or data entered
in authentic  registers  or to changes in already  registered  rights,  facts or
data,  or  those  that  are  required  for  the  exercising  of the  rights  and
performance of the obligations of the Pledgee and the Pledgor by law and/or this
contract  as  originating  from  the  pledge  relationship  established  by this
contract, shall be valid only if laid out in a public document.

8. Discontinuation of the Pledge Contract

The right of pledge and  consequently  this contract  shall lapse when the legal
relationships  existing  between the Pledgee and the Pledgor - as referred to in
Section 1 hereof - lapse and all  claims of the  Pledgee  from the  Pledgor  are
settled or when the Pledgee and the Pledgor  alike  declare  that they intend to
terminate  this Contract.  The right of pledge  established by this Contract and
the liability of the Pledgor as a collateral of the receivable secured by pledge
shall not lapse when the  identity of the obligor of the  receivable  secured by
pledge alters.

The Pledgee  commits itself to promptly  issue the Pledgee's  declaration to the
Pledgor  upon the lapse of the right of pledge,  as required for the deletion of
the right of pledge  from the pledge  register  (deletion  permit),  in case the
right of pledge  established by this contract lapses without  satisfaction  from
the pledged assets.

                                       14
<PAGE>

9. Other provisions

9.1. The Contracting Parties declare that they are aware of the fact that in the
case of any  modification  or  discontinuation  of the  pledge  relationship  as
specified in this  contract,  and upon any change in the data  registered in the
pledge  register  (collectively:  change)  they bear an  obligation  to submit a
report (an application  for the  registration of the change) as specified in the
No. 11/2001. IM. decree issued by the Ministry of Justice on the registration of
pledge on movable assets and of pledge on property.

9.2.  The  Contracting  Parties  agree that the costs of the  conclusion  of the
contract  (including  in  particular,  in  relation  to the  conclusion  of this
contract,  the Notary Public's fees charged and to be charged,  and the costs of
the  recording  of the right of pledge in the pledge  register,  as specified in
Decree  No.  14/1991.  (XI.  26.) IM issued by the  Ministry  of  Justice on the
tariffs of  notaries  public),  shall be borne by the  Pledgor.  The  Pledgor is
hereby expressly  authorising the Pledgee,  in case the fee of the Notary Public
acting in  relation to this  contract is not settled  within 15, that is fifteen
days of the due date of the invoice made out by the Notary Public,  to debit the
Notary  Public's  fee that has fallen  due and  payable,  to the  account of the
Pledgor  kept with the Pledgee and to pay the Notary  Public's fee to the Notary
Public acting with respect to this contract.

9.3. Invalidity of any provision of this contract shall not entail invalidity of
the whole of this contract:  such invalidity shall apply only to the part of the
contract concerned.

9.4.  In  relation  to the  pledge  contract  laid  out  in  this  document  the
Contracting  Parties  specify a money loan as the legal title of the debt of the
Pledgor.

9.5.  The  Contracting  Parties  agree  that in  respect  of the  amount  of the
liabilities  of the Pledgor owed to the Pledgee the  documents  kept by the Bank
shall be observed.

9.6.  A  declaration  shall be  effective  if  arrived  at the  premises  of the
addressee.

The Contracting Parties agree that written declarations served by the Pledgee to
the  Pledgor  which  have been  properly  posted to the  registered  seat of the
Pledgor as  specified  herein,  addressed  to the name of the  Pledgor,  and the
written  declarations  addressed  by the Pledgor to the  Pledgee  that have been
properly  posted to the  registered  seat of the  Pledgee as  specified  herein,
addressed to the name of the Pledgee, as mail consignments with  acknowledgement
of receipt or in any other booked  (registered,  insured registered with special
service) and have been communicated to the addressee,  shall also be regarded as
having been delivered,  even if the consignment could not actually be delivered,
or if they  have not been  learned  of by the  addressee,  from the 5th  (fifth)
working day following  the day of the first  attempt at postal  delivery of such
consignments.

The  contracting  parties  declare and commit  themselves,  with a view to their
above   agreement   concerning   the   communication   and   delivery  of  legal
representations,  to ensure that they will have  persons  authorised  to receive
postal  consignments   (representatives),   at  the  addresses  for  receipt  of
deliveries  as specified  above,  throughout  the term of the right of pledge as
specified herein, from the date of the conclusion of this contract.

In the case of failure to fulfil the above commitment neither  contracting party
shall  refer  to the  lack  of a  person  (representative)  authorised  to  take
delivery, in order to obtain benefits.

                                       15
<PAGE>

9.7. The Pledgee is expressly  drawing attention of the Pledgor to the fact that
in the case of  breaching  any of the  obligations  of the  Pledgor  under  this
contract the Pledgor shall be obliged to  compensate  the Pledgee for any damage
caused by such breach.

9.8. Issues not regulated herein shall be governed by the relevant provisions of
the  Civil  Code  and the  provisions  of other  relevant  effective  pieces  of
legislation.

9.9. The Contracting Parties understand and acknowledge the information provided
by the Notary  Public on the fact that direct  enforcement  by the court is also
possible on the basis of the right of pledge  specified  herein,  without  legal
action, if the claim falls due and payable for any reason whatsoever.

               C) CONTRACT OF LIMITED SECURITY PLEDGE ON PROPERTY

concluded between

name of  company:  NAVIGATOR  INFORMATIKA  Uzleti  Szolgaltato  es  Kereskedelmi
Reszvenytarsasag

as pledgor (hereinafter: Pledgor),

and

name of company: Commerzbank (Budapest) Rt.

as  pledgee  (hereinafter  Pledgee),   collectively  the  parties  (hereinafter:
Parties) on this day, subject to the following conditions:

1. Receivable secured by pledge

It is established  by the Parties that -  particularly  on the basis of the loan
agreement  constituting  chapter A) hereof - there is a bank  account,  loan and
credit relationship  between the EuroWeb Internet  Szolgaltato  Reszvenytarsasag
and the Pledgee.  Pursuant to the Code of Business of the  Pledgee,  its General
Lending  Conditions and the provisions laid out in the individual  contracts the
claims of the  Pledgee  existing on the basis of such legal  relationships,  may
also be rendered matured by cancellation as well.

2. Establishment of a right of pledge

To  secure  the  Bank's  receivables   originating  from  the  long  term  legal
relationships  referred  to in section 1 in the form of a money loan the Parties
are establishing a first ranking contract of limited security pledge on property
to the benefit of the Pledgee in an amount of HUF  1,440,000,000,-  HUF (that is
one  billion  four  hundred  and forty  million  forints)  on the  entire  asset
portfolio of the Pledgor existing at the time of the conclusion of this contract
and during its term (hereinafter: Pledged Assets).

The right of pledge  hereunder  shall be created by entering the right of pledge
in the pledge register kept by the Hungarian National Chamber of Notaries Public
(hereinafter: pledge register).

The  Pledgor  represents  and  warrants  that the  Pledged  Assets are free from
litigation,  encumbrance  and claims and that the  registration  of any right of
pledge is in progress,  no litigation or any other  official or court  procedure
affecting  ownership  right or possession  right is underway and no third person
has laid  any  claim  concerning  the  Pledged  Assets  that  could  hinder  the
settlement of the pledge claims of the Pledgee specified in this contract.

                                       16
<PAGE>

The  Contracting  Parties  are hereby  asking the Notary  Public  drafting  this
contract to have the pledge on property  concerning the assets of the Pledgor on
the basis of this Pledge  Contract,  as a first ranking  pledge,  entered in the
pledge register.

3. The obligations of the Pledgor

3.1. The Pledgor shall  provide for the  preventive  maintenance  of the Pledged
assets fixed in pledge,  and to maintain  their state and  condition  during the
effective term of the right of pledge,  protecting them from  extraordinary loss
in value and damage.

3.2. The Pledgor shall, at its own expense,  conclude a  comprehensive  property
insurance  contract on the  Pledged  assets  fixed in pledge  within 15 (that is
fifteen)  days  of  the  conclusion  of  this  contract  (hereinafter:  Property
Insurance)  designating  in such contract the Pledgee as  beneficiary of the sum
insured,  or shall modify within the same deadline its already existing Property
Insurance to contain similar provisions and shall pay the insurance premium from
the account of the Pledgor kept with the Bank.

The sum insured  under the  Property  Insurance  shall  always equal the current
market value of the Pledged  Assets and this fact shall be proven by the Pledgor
to the Pledgee in the case of doubt.

The Pledgor shall maintain the Property  Insurance during the entire term of the
right of pledge  established by this Contract,  at its own expense.  The Pledgor
shall prove to the Pledgee the conclusion and existing of the insurance contract
- or the  appropriate  modification  of the  existing  insurance  contract  - by
presenting  the  insurance  policy  during  the above 15,  that is  fifteen  day
deadline and, upon request of the Pledgee, any time within a deadline of 5, that
is five days, in a creditworthy way.

The sum insured,  the  compensation or any other value serving as substitute for
the destruction or loss in value of the Pledged Assets shall replace the Pledged
Assets or be used to supplement the pledge coverage.  The Pledge and the Pledgor
owner are equally  entitled to demand the use of such value for the  restoration
of the Pledged Assets.

3.3. The Pledgor shall notify the Pledgee of any circumstance, physical or legal
fact  pertaining  to the Pledged  Assets that may have a negative  impact on the
market  value or  marketability  of the  Pledged  assets  fixed in pledge or the
settlement  of the claim of the  Pledgee  from the pledge for any other  reason,
promptly  or  within a  maximum  of 3, that is three  banking  days of  learning
thereof.

3.4. Should the  deterioration of the pledge (decline of the value of the pledge
security as a consequence of deterioration of  state/condition  or for any other
reason)  jeopardise  the settlement of the claim of the Pledgee from the pledge,
the Pledgor shall restore the pledge  security to the original  value within 15,
that is fifteen banking days. In the case of deterioration of the Pledged Assets
the issuance by the insurance  company of an irrevocable  promissory note to the
Pledgee  concerning the payment of the sum insured,  or the  transferring by the
insurer of the sum insured,  to the Pledgee,  shall qualify as topping up to the
original value.

Should  the  Pledgor  - despite  written  instruction  by the  Pledgee - fail to
restore the  coverage  to the  original  value  within the  deadline  set by the
Pledgee in its instruction, the Pledgee may, at its sole discretion,  render the
claim secured by the right of pledge matured, by a unilateral declaration.

3.5. The pledgor commits itself to refrain from giving up the ownership of, from
merging or transforming any piece of asset constituting the assets fixed by this
contract  during the  existence  of the right of pledge  without  prior  written
consent of the Pledgee, in a way as would terminate the separate identity of the
Pledged  Asset,  or would turn it into a  component  of another  thing,  or as a
result of which it would  vanish  or be  converted  into  something  else.  This
provision  does not  apply to the set of assets  specified  in  sub-section  3.7
hereof.

                                       17
<PAGE>

3.6. The Pledgor  commits  itself to tolerate,  during the effective term of the
right of pledge,  that the Pledgee  checks the  existence  and proper use of the
Pledged  Assets  constituting  the  property  fixed in  pledge,  along  with the
performance  of the  obligations  borne by the Pledgor  under this  contract and
according to the  relevant  pieces of  legislation  in its capacity as Pledgor -
even  onsite and even  without  notification  of the  Pledgor in  advance,  with
particular regard to the provisions laid out in section 4 of this contract.

3.7.  The  Pledgor  agrees that it may  dispose of and/or  encumber,  during the
effective term of the right of pledge,  any of the Pledged  Assets  constituting
the  property  fixed in  pledge,  of  individual  book  value in  excess  of HUF
30,000,000  that is thirty million  forints,  only with prior written consent of
the Pledgee and only in a transaction laid out in writing.

Should the Pledgee  dispose of or encumber  and/or  receive  income from Pledged
Assets the right of pledge  specified  herein shall extend to the proceeds  from
disposal and to any other income as well.

3.8.  The Pledgor  commits  itself to submit a  statement,  with respect to each
calendar quarter,  containing the current  portfolio of its assets  constituting
its property  pledged by this contract  (including  particularly  its assets and
inventories,  receivables/claims and rights), to the Pledgee, not later than the
30th  (thirtieth)  day  of  the  month  following  the  quarter  covered  by the
statement.    Such    statements    shall   also    include    rights   of   and
commitments/liabilities  to third persons  involving  the various  pieces of the
pledged assets.

4. The rights of the Pledgee

If in the  opinion of the  Pledgee it is  required  for the  enforcement  of its
claims the pledge may have a value estimate  worked out of the Pledged Assets at
the expense of the  Pledgor,  by a judicial  expert of its  choice,  at any time
before the full settlement of its claims originating from the Credit Contract.

5. Right of satisfaction, individualisation

The  Pledgee's  right of  satisfaction  shall  accrue when any of the  Pledgee's
claims (hereinafter::  Claim) originating from the legal relationships  referred
to in Section 1 hereof,  matures and falls due. A Claim shall also mature in the
following cases

a) the Pledgor breaches those of its obligations  specified in Section 1 hereof,
in the case of the  breaching  of which by the  Client,  the Bank is entitled to
cancel the relevant  contract with immediate  effect, or if the Pledgor breaches
any of its  obligations  specified  in Section 3 hereof - with the  exception of
sub-section a 3.8 - or if it fails to fulfil its  obligation as per  sub-section
3.8 within 15, that is fifteen days of the Bank's instruction to do so, and/or

b) the value of the Pledged  Assets falls - in the opinion of the Pledgee - to a
degree jeopardising the full settlement of the claim of the Pledgee, and/or

c) the Pledged  Assets  fixed in pledge are  involved  (with the  exception of a
claim of the  Pledgee)  in  enforcement  procedure  by the  court  or any  other
relevant authority.

                                       18
<PAGE>

By executing this contract the  Contracting  Parties agree that the value of the
pledged property shall diminish to an extent  jeopardising the settlement of the
claim of the  Pledgee  particularly  if the  balance  sheet total of the Pledgor
drops below HUF 750,000,000.

Upon the accrual of the Pledgee's right of satisfaction the Pledgee may seek for
satisfaction  from the assets of the Pledgor in a way in which the  integrity of
the  portfolio  of  assets  is  maintained.  Upon the  accrual  of its  right of
settlement  the Pledgee  may, by serving a written  declaration  to the Pledgor,
convert  the pledge on  property  into right of pledge on  particular  pieces of
assets specified in such declaration  (Individualisation).  The Pledgee may also
individualise  the right of pledge if the Pledgee considers the repayment of the
credit and the payment of interests and charges  thereon to be  jeopardised  for
any reason.

The Pledgor  shall  promptly - but within a maximum of 3, that is three  working
days  - if the  property  fixed  as  pledged  property  diminishes  to a  degree
jeopardising the satisfaction of the claim of the Pledgee.

The  Contracting  Parties   specifically  agree  that  simultaneously  with  the
execution of this contract they are establishing next ranking pledge on property
involving the entire  portfolio of assets of the Pledgor in an amount  specified
in Section 2 hereof (Residual Right of Pledge).  The contract  concluded between
the  Contracting  Parties  concerning the  establishment  of a Residual Right of
Pledge  shall enter into force if the Pledgee  has  Individualised  its right of
pledge  on  property   with   respect  to  a  given  piece  of  Pledged   Asset.
Simultaneously   with   certifying   the   posting   of   the   declaration   of
Individualisation  to the  Pledgor  the  Pledgee  shall be  entitled to submit a
request for the entering of the Residual Right of Pledge in the pledge  register
kept by the Hungarian  National Chamber of Notaries Public  (hereinafter:  MOKK,
the Hungarian abbreviation of the name of the organisation).

The Contracting  Parties agree that if the Pledgee  Individualises  the right of
pledge  on   property,   simultaneously   with   making   the   declaration   of
Individualisation   the  Pledgee   shall  be  entitled  to  make  an  individual
declaration requesting the entering (at the expense of the Pledgor) of the right
of pledge on the various specific pieces of assets,  in the relevant  registers,
to which  entries the Pledgor is granting its  unconditional  consent by signing
this contract, committing itself to tolerate such entries.

The Pledgee  shall be entitled to have the  conversion of the right of pledge on
property into right of pledge on specific pieces of assets,  particularly in the
pledge  register  kept by the  Hungarian  National  Chamber of  Notaries  Public
(hereinafter: MOKK, the Hungarian abbreviation of the name of the organisation),
the land  register,  the  register  kept by the  authority  in charge of keeping
register of aircraft and vessels, the relevant register of the Hungarian Patents
Office and the  registers  of the  authority in charge of  registration  of land
vehicles.

The  Contracting  Parties agree that  simultaneously  with the conversion of the
right of pledge on property  into right of pledge on  specific  pieces of assets
the  provisions  laid out herein shall apply as  appropriate,  to the rights and
obligations of the Parties.

6. Exercising of the right of pledge

Settlement  from the pledged asset shall take place  through  court  enforcement
procedure based on court decision.

                                       19
<PAGE>

By executing this contract the Contracting Parties agree however, that after the
accrual of its right of  settlement  the  Pledgee  shall be entitled to sell the
Pledged Assets by itself.

In respect of the mode of such sale the Contracting Parties agree as follows:

Prior to  starting  the  process  of  selling  assets the  Pledgee  shall,  in a
declaration  addressed in a registered  mail  consignment  to the address of the
registered seat of the Pledgor  specified in this contract,  name three judicial
experts to the  Pledgor.  Within 10,  that is ten days of the date of posting by
the Pledgee of the registered mail  consignment,  make a written  declaration to
the Pledgee  stating the  recommended  judicial expert that is acceptable to the
Pledgor.  Should  such  declaration  by the  Pledgor  fail to be received by the
Pledgee  within  the  above  deadline  the  Pledgee  shall  select  one  of  the
recommended  three judicial  experts.  Thereafter the Pledgee shall have, at the
expense  of the  Pledgor,  a  value  estimate  prepared  of the  pledged  assets
(hereinafter: Value Estimate), by the judicial expert chosen as specified above,
commissioned  by the  Pledgee.  The  Pledgor  shall  promptly  provide the Value
Assessor with all information and documents  required for the preparation of the
Value Estimate and the sale of the asset, and shall enable an onsite  inspection
of the Pledged  Assets at the time  specified  by the  Pledgee  and/or the Value
Assessor.

The Pledgor  shall  transfer  the Pledged  Asset into the  Pledgee's  possession
within 10, that is ten days of the completion of the Value Estimate.

The Pledgee shall have two years to sell the Pledged Assets from the date of the
accrual of the  Pledgee's  right of  satisfaction.  In regard to the lowest sale
price of the Pledged Assets the Contracting Parties agree as follows:

a) The  Pledgee  shall  start  the  sale  of the  assets  at  the  market  price
established by the Value Assessor, as sale price.

b) If the assets  concerned  fail to be sold within  three  months at the market
price  established  by the Value  Assessor,  upon the next  attempt  to sell the
assets the Pledgee  shall be entitled to reduce the price of the Pledged  Assets
by up to 30 % of the market price established in the Value Estimate.

c) If a public sale offer  fails to result in selling the assets  within 3, that
is three  months at the sale price  specified  in paragraph b) the Bank may sell
the pledged assets at a minimum of 50%-that is fifty percent of the market price
specified in the Value Estimate.

In relation to the sale of the Pledged Assets by the Bank,  issues not regulated
herein shall be governed by the provisions of Government Decree No. 12/2003. (I.
30.).

Within 15, that is fifteen days of the successful sale of the assets the Pledgee
shall settle  accounts for the sale price  received from the sale of the assets,
with the Pledgor.

Should the Pledgor fail to fulfil its  obligations  specified in this  paragraph
within the deadline and in the mode  specified by the Pledgee,  the  Contracting
Parties shall establish the lowest sale price that may be applied in selling the
assets concerned, at 50 % that is fifty percent of the amount of the receivables
of the Pledgee claimed from the Pledgor at the time of sale.

7. Modification of the Pledge Contract

The Contracting Parties expressly stipulate that all provisions of this contract
and any and all modifications of and supplementation of the contract, along with
legal representations and declarations  concerning rights, facts or data entered
in authentic  registers  or to changes in already  registered  rights,  facts or
data,  or  those  that  are  required  for  the  exercising  of the  rights  and
performance of the obligations of the Pledgee and the Pledgor by law and/or this
contract  as  originating  from  the  pledge  relationship  established  by this
contract, shall be valid only if laid out in a public document.

                                       20
<PAGE>

8. Discontinuation of the Pledge Contract

The right of pledge and  consequently  this contract  shall lapse when the legal
relationships existing between EuroWeb Internet Szolgaltato Reszvenytarsasag and
the  Pledgee - as  referred to in Section 1 hereof - lapse and all claims of the
Pledgee from the EuroWeb Internet  Szolgaltato  Reszvenytarsasag  are settled or
when the Pledgee and the Pledgor  alike  declare  that they intend to  terminate
this  Contract.  The  right  of  pledge  established  by this  Contract  and the
liability of the Pledgor as a  collateral  of the  receivable  secured by pledge
shall not lapse when the  identity of the obligor of the  receivable  secured by
pledge alters.

The Pledgee  commits itself to promptly  issue the Pledgee's  declaration to the
Pledgor  upon the lapse of the right of pledge,  as required for the deletion of
the right of pledge  from the pledge  register  (deletion  permit),  in case the
right of pledge  established by this contract lapses without  satisfaction  from
the pledged assets.

9. Other provisions

9.1. The Contracting Parties declare that they are aware of the fact that in the
case of any  modification  or  discontinuation  of the  pledge  relationship  as
specified in this  contract,  and upon any change in the data  registered in the
pledge  register  (collectively:  change)  they bear an  obligation  to submit a
report (an application  for the  registration of the change) as specified in the
No. 11/2001. IM. decree issued by the Ministry of Justice on the registration of
pledge on movable assets and of pledge on property.

9.2.  The  Contracting  Parties  agree that the costs of the  conclusion  of the
contract  (including  in  particular,  in  relation  to the  conclusion  of this
contract,  the Notary Public's fees charged and to be charged,  and the costs of
the  recording  of the right of pledge in the pledge  register,  as specified in
Decree  No.  14/1991.  (XI.  26.) IM issued by the  Ministry  of  Justice on the
tariffs of  notaries  public),  shall be borne by the  Pledgor.  The  Pledgor is
hereby expressly  authorising the Pledgee,  in case the fee of the Notary Public
acting in  relation to this  contract is not settled  within 15, that is fifteen
days of the due date of the invoice made out by the Notary Public,  to debit the
Notary  Public's  fee that has fallen  due and  payable,  to the  account of the
Pledgor  kept with the Pledgee and to pay the Notary  Public's fee to the Notary
Public acting with respect to this contract.

9.3. Invalidity of any provision of this contract shall not entail invalidity of
the whole of this contract:  such invalidity shall apply only to the part of the
contract concerned.

9.4.  In  relation  to the  pledge  contract  laid  out  in  this  document  the
Contracting  Parties  specify a money loan as the legal title of the debt of the
Pledgor.

9.5.  The  Contracting  Parties  agree  that in  respect  of the  amount  of the
liabilities  of the Pledgor owed to the Pledgee the  documents  kept by the Bank
shall be observed.

9.6.  A  declaration  shall be  effective  if  arrived  at the  premises  of the
addressee.

                                       21
<PAGE>

The Contracting Parties agree that written declarations served by the Pledgee to
the  Pledgor  which  have been  properly  posted to the  registered  seat of the
Pledgor as  specified  herein,  addressed  to the name of the  Pledgor,  and the
written  declarations  addressed  by the Pledgor to the  Pledgee  that have been
properly  posted to the  registered  seat of the  Pledgee as  specified  herein,
addressed to the name of the Pledgee, as mail consignments with  acknowledgement
of receipt or in any other booked  (registered,  insured registered with special
service) and have been communicated to the addressee,  shall also be regarded as
having been delivered,  even if the consignment could not actually be delivered,
or if they  have not been  learned  of by the  addressee,  from the 5th  (fifth)
working day following  the day of the first  attempt at postal  delivery of such
consignments.

The  contracting  parties  declare and commit  themselves,  with a view to their
above   agreement   concerning   the   communication   and   delivery  of  legal
representations,  to ensure that they will have  persons  authorised  to receive
postal  consignments   (representatives),   at  the  addresses  for  receipt  of
deliveries  as specified  above,  throughout  the term of the right of pledge as
specified herein, from the date of the conclusion of this contract.

In the case of failure to fulfil the above commitment neither  contracting party
shall  refer  to the  lack  of a  person  (representative)  authorised  to  take
delivery, in order to obtain benefits.

9.7. The Pledgee is expressly  drawing attention of the Pledgor to the fact that
in the case of  breaching  any of the  obligations  of the  Pledgor  under  this
contract the Pledgor shall be obliged to  compensate  the Pledgee for any damage
caused by such breach.

9.8. Issues not regulated herein shall be governed by the relevant provisions of
the  Civil  Code  and the  provisions  of other  relevant  effective  pieces  of
legislation.

9.9. The Contracting Parties understand and acknowledge the information provided
by the Notary  Public on the fact that direct  enforcement  by the court is also
possible on the basis of the right of pledge  specified  herein,  without  legal
action, if the claim falls due and payable for any reason whatsoever.

               D) CONTRACT OF LIMITED SECURITY PLEDGE ON PROPERTY

concluded between

name of company: NAVIGATOR INFORMATION Tanacsado Korlatolt Felelossegu Tarsasag

as pledgor (hereinafter: Pledgor),

and

name of company: Commerzbank (Budapest) Rt.

as  pledgee  (hereinafter  Pledgee),   collectively  the  parties  (hereinafter:
Parties) on this day, subject to the following conditions:

1. Receivable secured by pledge

It is established  by the Parties that -  particularly  on the basis of the loan
agreement  constituting  chapter A) hereof - there is a bank  account,  loan and
credit relationship  between EuroWeb Internet  Szolgaltato  Reszvenytarsasag and
the  Pledgee.  Pursuant  to the Code of  Business  of the  Pledgee,  its General
Lending  Conditions and the provisions laid out in the individual  contracts the
claims of the  Pledgee  existing on the basis of such legal  relationships,  may
also be rendered matured by cancellation as well.

                                       22
<PAGE>

2. Establishment of a right of pledge

To  secure  the  Bank's  receivables   originating  from  the  long  term  legal
relationships  referred  to in section 1 in the form of a money loan the Parties
are establishing a first ranking contract of limited security pledge on property
to the benefit of the Pledgee in an amount of HUF  1,440,000,000,-  HUF (that is
one  billion  four  hundred  and forty  million  forints)  on the  entire  asset
portfolio of the Pledgor existing at the time of the conclusion of this contract
and during its term (hereinafter: Pledged Assets).

The right of pledge  hereunder  shall be created by entering the right of pledge
in the pledge register kept by the Hungarian National Chamber of Notaries Public
(hereinafter: pledge register).

The  Pledgor  represents  and  warrants  that the  Pledged  Assets are free from
litigation,  encumbrance  and claims and that the  registration  of any right of
pledge is in progress,  no litigation or any other  official or court  procedure
affecting  ownership  right or possession  right is underway and no third person
has laid  any  claim  concerning  the  Pledged  Assets  that  could  hinder  the
settlement of the pledge claims of the Pledgee specified in this contract.

The  Contracting  Parties  are hereby  asking the Notary  Public  drafting  this
contract to have the pledge on property  concerning the assets of the Pledgor on
the basis of this Pledge  Contract,  as a first ranking  pledge,  entered in the
pledge register.

3. The obligations of the Pledgor

3.1. The Pledgor shall  provide for the  preventive  maintenance  of the Pledged
assets fixed in pledge,  and to maintain  their state and  condition  during the
effective term of the right of pledge,  protecting them from  extraordinary loss
in value and damage.

3.2. The Pledgor shall, at its own expense,  conclude a  comprehensive  property
insurance  contract on the  Pledged  assets  fixed in pledge  within 15 (that is
fifteen)  days  of  the  conclusion  of  this  contract  (hereinafter:  Property
Insurance)  designating  in such contract the Pledgee as  beneficiary of the sum
insured,  or shall modify within the same deadline its already existing Property
Insurance to contain similar provisions and shall pay the insurance premium from
the account of the Pledgor kept with the Bank.

The sum insured  under the  Property  Insurance  shall  always equal the current
market value of the Pledged  Assets and this fact shall be proven by the Pledgor
to the Pledgee in the case of doubt.

The Pledgor shall maintain the Property  Insurance during the entire term of the
right of pledge  established by this Contract,  at its own expense.  The Pledgor
shall prove to the Pledgee the conclusion and existing of the insurance contract
- or the  appropriate  modification  of the  existing  insurance  contract  - by
presenting  the  insurance  policy  during  the above 15,  that is  fifteen  day
deadline and, upon request of the Pledgee, any time within a deadline of 5, that
is five days, in a creditworthy way.

The sum insured,  the  compensation or any other value serving as substitute for
the destruction or loss in value of the Pledged Assets shall replace the Pledged
Assets or be used to supplement the pledge coverage.  The Pledge and the Pledgor
owner are equally  entitled to demand the use of such value for the  restoration
of the Pledged Assets.

3.3. The Pledgor shall notify the Pledgee of any circumstance, physical or legal
fact  pertaining  to the Pledged  Assets that may have a negative  impact on the
market  value or  marketability  of the  Pledged  assets  fixed in pledge or the
settlement  of the claim of the  Pledgee  from the pledge for any other  reason,
promptly  or  within a  maximum  of 3, that is three  banking  days of  learning
thereof.

                                       23
<PAGE>

3.4. Should the  deterioration of the pledge (decline of the value of the pledge
security as a consequence of deterioration of  state/condition  or for any other
reason)  jeopardise  the settlement of the claim of the Pledgee from the pledge,
the Pledgor shall restore the pledge  security to the original  value within 15,
that is fifteen banking days. In the case of deterioration of the Pledged Assets
the issuance by the insurance  company of an irrevocable  promissory note to the
Pledgee  concerning the payment of the sum insured,  or the  transferring by the
insurer of the sum insured,  to the Pledgee,  shall qualify as topping up to the
original value.

Should  the  Pledgor  - despite  written  instruction  by the  Pledgee - fail to
restore the  coverage  to the  original  value  within the  deadline  set by the
Pledgee in its instruction, the Pledgee may, at its sole discretion,  render the
claim secured by the right of pledge matured, by a unilateral declaration.

3.5. The pledgor commits itself to refrain from giving up the ownership of, from
merging or transforming any piece of asset constituting the assets fixed by this
contract  during the  existence  of the right of pledge  without  prior  written
consent of the Pledgee, in a way as would terminate the separate identity of the
Pledged  Asset,  or would turn it into a  component  of another  thing,  or as a
result of which it would  vanish  or be  converted  into  something  else.  This
provision  does not  apply to the set of assets  specified  in  sub-section  3.7
hereof.

3.6. The Pledgor  commits  itself to tolerate,  during the effective term of the
right of pledge,  that the Pledgee  checks the  existence  and proper use of the
Pledged  Assets  constituting  the  property  fixed in  pledge,  along  with the
performance  of the  obligations  borne by the Pledgor  under this  contract and
according to the  relevant  pieces of  legislation  in its capacity as Pledgor -
even  onsite and even  without  notification  of the  Pledgor in  advance,  with
particular regard to the provisions laid out in section 4 of this contract.

3.7.  The  Pledgor  agrees that it may  dispose of and/or  encumber,  during the
effective term of the right of pledge,  any of the Pledged  Assets  constituting
the  property  fixed in  pledge,  of  individual  book  value in  excess  of HUF
30,000,000  that is thirty million  forints,  only with prior written consent of
the Pledgee and only in a transaction laid out in writing.

Should the Pledgee  dispose of or encumber  and/or  receive  income from Pledged
Assets the right of pledge  specified  herein shall extend to the proceeds  from
disposal and to any other income as well.

3.8.  The Pledgor  commits  itself to submit a  statement,  with respect to each
calendar quarter,  containing the current  portfolio of its assets  constituting
its property  pledged by this contract  (including  particularly  its assets and
inventories,  receivables/claims and rights), to the Pledgee, not later than the
30th  (thirtieth)  day  of  the  month  following  the  quarter  covered  by the
statement.    Such    statements    shall   also    include    rights   of   and
commitments/liabilities  to third persons  involving  the various  pieces of the
pledged assets.

4. The rights of the Pledgee

If in the  opinion of the  Pledgee it is  required  for the  enforcement  of its
claims the pledge may have a value estimate  worked out of the Pledged Assets at
the expense of the  Pledgor,  by a judicial  expert of its  choice,  at any time
before the full settlement of its claims originating from the Credit Contract.

                                       24
<PAGE>

5. Right of satisfaction, individualisation

The  Pledgee's  right of  satisfaction  shall  accrue when any of the  Pledgee's
claims (hereinafter::  Claim) originating from the legal relationships  referred
to in Section 1 hereof,  matures and falls due. A Claim shall also mature in the
following cases

a) the Pledgor breaches those of its obligations  specified in Section 1 hereof,
in the case of the  breaching  of which by the  Client,  the Bank is entitled to
cancel the relevant  contract with immediate  effect, or if the Pledgor breaches
any of its  obligations  specified  in Section 3 hereof - with the  exception of
sub-section a 3.8 - or if it fails to fulfil its  obligation as per  sub-section
3.8 within 15, that is fifteen days of the Bank's instruction to do so, and/or

b) the value of the Pledged  Assets falls - in the opinion of the Pledgee - to a
degree jeopardising the full settlement of the claim of the Pledgee, and/or

c) the Pledged  Assets  fixed in pledge are  involved  (with the  exception of a
claim of the  Pledgee)  in  enforcement  procedure  by the  court  or any  other
relevant authority.

By executing this contract the  Contracting  Parties agree that the value of the
pledged property shall diminish to an extent  jeopardising the settlement of the
claim of the  Pledgee  particularly  if the  balance  sheet total of the Pledgor
drops below HUF 100,000,000 that is one hundred million forints.

Upon the accrual of the Pledgee's right of satisfaction the Pledgee may seek for
satisfaction  from the assets of the Pledgor in a way in which the  integrity of
the  portfolio  of  assets  is  maintained.  Upon the  accrual  of its  right of
settlement  the Pledgee  may, by serving a written  declaration  to the Pledgor,
convert  the pledge on  property  into right of pledge on  particular  pieces of
assets specified in such declaration  (Individualisation).  The Pledgee may also
individualise  the right of pledge if the Pledgee considers the repayment of the
credit and the payment of interests and charges  thereon to be  jeopardised  for
any reason.

The Pledgor  shall  promptly - but within a maximum of 3, that is three  working
days  - if the  property  fixed  as  pledged  property  diminishes  to a  degree
jeopardising the satisfaction of the claim of the Pledgee.

The  Contracting  Parties   specifically  agree  that  simultaneously  with  the
execution of this contract they are establishing next ranking pledge on property
involving the entire  portfolio of assets of the Pledgor in an amount  specified
in Section 2 hereof (Residual Right of Pledge).  The contract  concluded between
the  Contracting  Parties  concerning the  establishment  of a Residual Right of
Pledge  shall enter into force if the Pledgee  has  Individualised  its right of
pledge  on  property   with   respect  to  a  given  piece  of  Pledged   Asset.
Simultaneously   with   certifying   the   posting   of   the   declaration   of
Individualisation  to the  Pledgor  the  Pledgee  shall be  entitled to submit a
request for the entering of the Residual Right of Pledge in the pledge  register
kept by the Hungarian  National Chamber of Notaries Public  (hereinafter:  MOKK,
the Hungarian abbreviation of the name of the organisation).

The Contracting  Parties agree that if the Pledgee  Individualises  the right of
pledge  on   property,   simultaneously   with   making   the   declaration   of
Individualisation   the  Pledgee   shall  be  entitled  to  make  an  individual
declaration requesting the entering (at the expense of the Pledgor) of the right
of pledge on the various specific pieces of assets,  in the relevant  registers,
to which  entries the Pledgor is granting its  unconditional  consent by signing
this contract, committing itself to tolerate such entries.

                                       25
<PAGE>

The Pledgee  shall be entitled to have the  conversion of the right of pledge on
property into right of pledge on specific pieces of assets,  particularly in the
pledge  register  kept by the  Hungarian  National  Chamber of  Notaries  Public
(hereinafter: MOKK, the Hungarian abbreviation of the name of the organisation),
the land  register,  the  register  kept by the  authority  in charge of keeping
register of aircraft and vessels, the relevant register of the Hungarian Patents
Office and the  registers  of the  authority in charge of  registration  of land
vehicles.

The  Contracting  Parties agree that  simultaneously  with the conversion of the
right of pledge on property  into right of pledge on  specific  pieces of assets
the  provisions  laid out herein shall apply as  appropriate,  to the rights and
obligations of the Parties.

6. Exercising of the right of pledge

Settlement  from the pledged asset shall take place  through  court  enforcement
procedure based on court decision.

By executing this contract the Contracting Parties agree however, that after the
accrual of its right of  settlement  the  Pledgee  shall be entitled to sell the
Pledged Assets by itself.

In respect of the mode of such sale the Contracting Parties agree as follows:

Prior to  starting  the  process  of  selling  assets the  Pledgee  shall,  in a
declaration  addressed in a registered  mail  consignment  to the address of the
registered seat of the Pledgor  specified in this contract,  name three judicial
experts to the  Pledgor.  Within 10,  that is ten days of the date of posting by
the Pledgee of the registered mail  consignment,  make a written  declaration to
the Pledgee  stating the  recommended  judicial expert that is acceptable to the
Pledgor.  Should  such  declaration  by the  Pledgor  fail to be received by the
Pledgee  within  the  above  deadline  the  Pledgee  shall  select  one  of  the
recommended  three judicial  experts.  Thereafter the Pledgee shall have, at the
expense  of the  Pledgor,  a  value  estimate  prepared  of the  pledged  assets
(hereinafter: Value Estimate), by the judicial expert chosen as specified above,
commissioned  by the  Pledgee.  The  Pledgor  shall  promptly  provide the Value
Assessor with all information and documents  required for the preparation of the
Value Estimate and the sale of the asset, and shall enable an onsite  inspection
of the Pledged  Assets at the time  specified  by the  Pledgee  and/or the Value
Assessor.

The Pledgor  shall  transfer  the Pledged  Asset into the  Pledgee's  possession
within 10, that is ten days of the completion of the Value Estimate.

The Pledgee shall have two years to sell the Pledged Assets from the date of the
accrual of the  Pledgee's  right of  satisfaction.  In regard to the lowest sale
price of the Pledged Assets the Contracting Parties agree as follows:

a) The  Pledgee  shall  start  the  sale  of the  assets  at  the  market  price
established by the Value Assessor, as sale price.

b) If the assets  concerned  fail to be sold within  three  months at the market
price  established  by the Value  Assessor,  upon the next  attempt  to sell the
assets the Pledgee  shall be entitled to reduce the price of the Pledged  Assets
by up to 30 % of the market price established in the Value Estimate.

                                       26
<PAGE>

c) If a public sale offer  fails to result in selling the assets  within 3, that
is three  months at the sale price  specified  in paragraph b) the Bank may sell
the pledged assets at a minimum of 50%-that is fifty percent of the market price
specified in the Value Estimate.

In relation to the sale of the Pledged Assets by the Bank,  issues not regulated
herein shall be governed by the provisions of Government Decree No. 12/2003. (I.
30.).

Within 15, that is fifteen days of the successful sale of the assets the Pledgee
shall settle  accounts for the sale price  received from the sale of the assets,
with the Pledgor.

Should the Pledgor fail to fulfil its  obligations  specified in this  paragraph
within the deadline and in the mode  specified by the Pledgee,  the  Contracting
Parties shall establish the lowest sale price that may be applied in selling the
assets concerned, at 50 % that is fifty percent of the amount of the receivables
of the Pledgee claimed from the Pledgor at the time of sale.

7. Modification of the Pledge Contract

The Contracting Parties expressly stipulate that all provisions of this contract
and any and all modifications of and supplementation of the contract, along with
legal representations and declarations  concerning rights, facts or data entered
in authentic  registers  or to changes in already  registered  rights,  facts or
data,  or  those  that  are  required  for  the  exercising  of the  rights  and
performance of the obligations of the Pledgee and the Pledgor by law and/or this
contract  as  originating  from  the  pledge  relationship  established  by this
contract, shall be valid only if laid out in a public document.

8. Discontinuation of the Pledge Contract

The right of pledge and  consequently  this contract  shall lapse when the legal
relationships existing between the EuroWeb Internet Szolgaltato Reszvenytarsasag
and the Pledgee and the Pledgor - as referred to in Section 1 hereof - lapse and
all claims of the Pledgee from EuroWeb Internet Szolgaltato Reszvenytarsasag are
settled or when the Pledgee and the Pledgor  alike  declare  that they intend to
terminate  this Contract.  The right of pledge  established by this Contract and
the liability of the Pledgor as a collateral of the receivable secured by pledge
shall not lapse when the  identity of the obligor of the  receivable  secured by
pledge alters.

The Pledgee  commits itself to promptly  issue the Pledgee's  declaration to the
Pledgor  upon the lapse of the right of pledge,  as required for the deletion of
the right of pledge  from the pledge  register  (deletion  permit),  in case the
right of pledge  established by this contract lapses without  satisfaction  from
the pledged assets.

9. Other provisions

9.1. The Contracting Parties declare that they are aware of the fact that in the
case of any  modification  or  discontinuation  of the  pledge  relationship  as
specified in this  contract,  and upon any change in the data  registered in the
pledge  register  (collectively:  change)  they bear an  obligation  to submit a
report (an application  for the  registration of the change) as specified in the
No. 11/2001. IM. decree issued by the Ministry of Justice on the registration of
pledge on movable assets and of pledge on property.

9.2.  The  Contracting  Parties  agree that the costs of the  conclusion  of the
contract  (including  in  particular,  in  relation  to the  conclusion  of this
contract,  the Notary Public's fees charged and to be charged,  and the costs of
the  recording  of the right of pledge in the pledge  register,  as specified in
Decree  No.  14/1991.  (XI.  26.) IM issued by the  Ministry  of  Justice on the
tariffs of  notaries  public),  shall be borne by the  Pledgor.  The  Pledgor is
hereby expressly  authorising the Pledgee,  in case the fee of the Notary Public
acting in  relation to this  contract is not settled  within 15, that is fifteen
days of the due date of the invoice made out by the Notary Public,  to debit the
Notary  Public's  fee that has fallen  due and  payable,  to the  account of the
Pledgor  kept with the Pledgee and to pay the Notary  Public's fee to the Notary
Public acting with respect to this contract.

                                       27
<PAGE>

9.3. Invalidity of any provision of this contract shall not entail invalidity of
the whole of this contract:  such invalidity shall apply only to the part of the
contract concerned.

9.4.  In  relation  to the  pledge  contract  laid  out  in  this  document  the
Contracting  Parties  specify a money loan as the legal title of the debt of the
Pledgor.

9.5.  The  Contracting  Parties  agree  that in  respect  of the  amount  of the
liabilities  of the Pledgor owed to the Pledgee the  documents  kept by the Bank
shall be observed.

9.6.  A  declaration  shall be  effective  if  arrived  at the  premises  of the
addressee.

The Contracting Parties agree that written declarations served by the Pledgee to
the  Pledgor  which  have been  properly  posted to the  registered  seat of the
Pledgor as  specified  herein,  addressed  to the name of the  Pledgor,  and the
written  declarations  addressed  by the Pledgor to the  Pledgee  that have been
properly  posted to the  registered  seat of the  Pledgee as  specified  herein,
addressed to the name of the Pledgee, as mail consignments with  acknowledgement
of receipt or in any other booked  (registered,  insured registered with special
service) and have been communicated to the addressee,  shall also be regarded as
having been delivered,  even if the consignment could not actually be delivered,
or if they  have not been  learned  of by the  addressee,  from the 5th  (fifth)
working day following  the day of the first  attempt at postal  delivery of such
consignments.

The  contracting  parties  declare and commit  themselves,  with a view to their
above   agreement   concerning   the   communication   and   delivery  of  legal
representations,  to ensure that they will have  persons  authorised  to receive
postal  consignments   (representatives),   at  the  addresses  for  receipt  of
deliveries  as specified  above,  throughout  the term of the right of pledge as
specified herein, from the date of the conclusion of this contract.

In the case of failure to fulfil the above commitment neither  contracting party
shall  refer  to the  lack  of a  person  (representative)  authorised  to  take
delivery, in order to obtain benefits.

9.7. The Pledgee is expressly  drawing attention of the Pledgor to the fact that
in the case of  breaching  any of the  obligations  of the  Pledgor  under  this
contract the Pledgor shall be obliged to  compensate  the Pledgee for any damage
caused by such breach.

9.8. Issues not regulated herein shall be governed by the relevant provisions of
the  Civil  Code  and the  provisions  of other  relevant  effective  pieces  of
legislation.

9.9. The Contracting Parties understand and acknowledge the information provided
by the Notary  Public on the fact that direct  enforcement  by the court is also
possible on the basis of the right of pledge  specified  herein,  without  legal
action, if the claim falls due and payable for any reason whatsoever.

                                       28
<PAGE>

               E) CONTRACT OF LIMITED SECURITY PLEDGE ON PROPERTY

concluded between

name of company: NAVIGATOR ENGINEERING Mernoki Szolgaltato Korlatolt Felelossegu
Tarsasag

as pledgor (hereinafter: Pledgor),

and

name of company: Commerzbank (Budapest) Rt.

as  pledgee  (hereinafter  Pledgee),   collectively  the  parties  (hereinafter:
Parties) on this day, subject to the following conditions:

1. Receivable secured by pledge

It is established  by the Parties that -  particularly  on the basis of the loan
agreement  constituting  chapter A) hereof - there is a bank  account,  loan and
credit relationship  between EuroWeb Internet  Szolgaltato  Reszvenytarsasag and
the  Pledgee.  Pursuant  to the Code of  Business  of the  Pledgee,  its General
Lending  Conditions and the provisions laid out in the individual  contracts the
claims of the  Pledgee  existing on the basis of such legal  relationships,  may
also be rendered matured by cancellation as well.

2. Establishment of a right of pledge

To  secure  the  Bank's  receivables   originating  from  the  long  term  legal
relationships  referred  to in section 1 in the form of a money loan the Parties
are establishing a first ranking contract of limited security pledge on property
to the benefit of the Pledgee in an amount of HUF  1,440,000,000,-  HUF (that is
one  billion  four  hundred  and forty  million  forints)  on the  entire  asset
portfolio of the Pledgor existing at the time of the conclusion of this contract
and during its term (hereinafter: Pledged Assets).

The right of pledge  hereunder  shall be created by entering the right of pledge
in the pledge register kept by the Hungarian National Chamber of Notaries Public
(hereinafter: pledge register).

The  Pledgor  represents  and  warrants  that the  Pledged  Assets are free from
litigation,  encumbrance  and claims and that the  registration  of any right of
pledge is in progress,  no litigation or any other  official or court  procedure
affecting  ownership  right or possession  right is underway and no third person
has laid  any  claim  concerning  the  Pledged  Assets  that  could  hinder  the
settlement of the pledge claims of the Pledgee specified in this contract.

The  Contracting  Parties  are hereby  asking the Notary  Public  drafting  this
contract to have the pledge on property  concerning the assets of the Pledgor on
the basis of this Pledge  Contract,  as a first ranking  pledge,  entered in the
pledge register.

3. The obligations of the Pledgor

3.1. The Pledgor shall  provide for the  preventive  maintenance  of the Pledged
assets fixed in pledge,  and to maintain  their state and  condition  during the
effective term of the right of pledge,  protecting them from  extraordinary loss
in value and damage.

3.2. The Pledgor shall, at its own expense,  conclude a  comprehensive  property
insurance  contract on the  Pledged  assets  fixed in pledge  within 15 (that is
fifteen)  days  of  the  conclusion  of  this  contract  (hereinafter:  Property
Insurance)  designating  in such contract the Pledgee as  beneficiary of the sum
insured,  or shall modify within the same deadline its already existing Property
Insurance to contain similar provisions and shall pay the insurance premium from
the account of the Pledgor kept with the Bank.

                                       29
<PAGE>

The sum insured  under the  Property  Insurance  shall  always equal the current
market value of the Pledged  Assets and this fact shall be proven by the Pledgor
to the Pledgee in the case of doubt.

The Pledgor shall maintain the Property  Insurance during the entire term of the
right of pledge  established by this Contract,  at its own expense.  The Pledgor
shall prove to the Pledgee the conclusion and existing of the insurance contract
- or the  appropriate  modification  of the  existing  insurance  contract  - by
presenting  the  insurance  policy  during  the above 15,  that is  fifteen  day
deadline and, upon request of the Pledgee, any time within a deadline of 5, that
is five days, in a creditworthy way.

The sum insured,  the  compensation or any other value serving as substitute for
the destruction or loss in value of the Pledged Assets shall replace the Pledged
Assets or be used to supplement the pledge coverage.  The Pledge and the Pledgor
owner are equally  entitled to demand the use of such value for the  restoration
of the Pledged Assets.

3.3. The Pledgor shall notify the Pledgee of any circumstance, physical or legal
fact  pertaining  to the Pledged  Assets that may have a negative  impact on the
market  value or  marketability  of the  Pledged  assets  fixed in pledge or the
settlement  of the claim of the  Pledgee  from the pledge for any other  reason,
promptly  or  within a  maximum  of 3, that is three  banking  days of  learning
thereof.

3.4. Should the  deterioration of the pledge (decline of the value of the pledge
security as a consequence of deterioration of  state/condition  or for any other
reason)  jeopardise  the settlement of the claim of the Pledgee from the pledge,
the Pledgor shall restore the pledge  security to the original  value within 15,
that is fifteen banking days. In the case of deterioration of the Pledged Assets
the issuance by the insurance  company of an irrevocable  promissory note to the
Pledgee  concerning the payment of the sum insured,  or the  transferring by the
insurer of the sum insured,  to the Pledgee,  shall qualify as topping up to the
original value.

Should  the  Pledgor  - despite  written  instruction  by the  Pledgee - fail to
restore the  coverage  to the  original  value  within the  deadline  set by the
Pledgee in its instruction, the Pledgee may, at its sole discretion,  render the
claim secured by the right of pledge matured, by a unilateral declaration.

3.5. The pledgor commits itself to refrain from giving up the ownership of, from
merging or transforming any piece of asset constituting the assets fixed by this
contract  during the  existence  of the right of pledge  without  prior  written
consent of the Pledgee, in a way as would terminate the separate identity of the
Pledged  Asset,  or would turn it into a  component  of another  thing,  or as a
result of which it would  vanish  or be  converted  into  something  else.  This
provision  does not  apply to the set of assets  specified  in  sub-section  3.7
hereof.

3.6. The Pledgor  commits  itself to tolerate,  during the effective term of the
right of pledge,  that the Pledgee  checks the  existence  and proper use of the
Pledged  Assets  constituting  the  property  fixed in  pledge,  along  with the
performance  of the  obligations  borne by the Pledgor  under this  contract and
according to the  relevant  pieces of  legislation  in its capacity as Pledgor -
even  onsite and even  without  notification  of the  Pledgor in  advance,  with
particular regard to the provisions laid out in section 4 of this contract.

                                       30
<PAGE>

3.7.  The  Pledgor  agrees that it may  dispose of and/or  encumber,  during the
effective term of the right of pledge,  any of the Pledged  Assets  constituting
the  property  fixed in  pledge,  of  individual  book  value in  excess  of HUF
30,000,000  that is thirty million  forints,  only with prior written consent of
the Pledgee and only in a transaction laid out in writing.

Should the Pledgee  dispose of or encumber  and/or  receive  income from Pledged
Assets the right of pledge  specified  herein shall extend to the proceeds  from
disposal and to any other income as well.

3.8.  The Pledgor  commits  itself to submit a  statement,  with respect to each
calendar quarter,  containing the current  portfolio of its assets  constituting
its property  pledged by this contract  (including  particularly  its assets and
inventories,  receivables/claims and rights), to the Pledgee, not later than the
30th  (thirtieth)  day  of  the  month  following  the  quarter  covered  by the
statement.    Such    statements    shall   also    include    rights   of   and
commitments/liabilities  to third persons  involving  the various  pieces of the
pledged assets.

4. The rights of the Pledgee

If in the  opinion of the  Pledgee it is  required  for the  enforcement  of its
claims the pledge may have a value estimate  worked out of the Pledged Assets at
the expense of the  Pledgor,  by a judicial  expert of its  choice,  at any time
before the full settlement of its claims originating from the Credit Contract.

5. Right of satisfaction, individualisation

The  Pledgee's  right of  satisfaction  shall  accrue when any of the  Pledgee's
claims (hereinafter::  Claim) originating from the legal relationships  referred
to in Section 1 hereof,  matures and falls due. A Claim shall also mature in the
following cases

a) the Pledgor breaches those of its obligations  specified in Section 1 hereof,
in the case of the  breaching  of which by the  Client,  the Bank is entitled to
cancel the relevant  contract with immediate  effect, or if the Pledgor breaches
any of its  obligations  specified  in Section 3 hereof - with the  exception of
sub-section a 3.8 - or if it fails to fulfil its  obligation as per  sub-section
3.8 within 15, that is fifteen days of the Bank's instruction to do so, and/or

b) the value of the Pledged  Assets falls - in the opinion of the Pledgee - to a
degree jeopardising the full settlement of the claim of the Pledgee, and/or

c) the Pledged  Assets  fixed in pledge are  involved  (with the  exception of a
claim of the  Pledgee)  in  enforcement  procedure  by the  court  or any  other
relevant authority.

By executing this contract the  Contracting  Parties agree that the value of the
pledged property shall diminish to an extent  jeopardising the settlement of the
claim of the  Pledgee  particularly  if the  balance  sheet total of the Pledgor
drops below HUF 450,000,000 that is four hundred and fifty million forints.

Upon the accrual of the Pledgee's right of satisfaction the Pledgee may seek for
satisfaction  from the assets of the Pledgor in a way in which the  integrity of
the  portfolio  of  assets  is  maintained.  Upon the  accrual  of its  right of
settlement  the Pledgee  may, by serving a written  declaration  to the Pledgor,
convert  the pledge on  property  into right of pledge on  particular  pieces of
assets specified in such declaration  (Individualisation).  The Pledgee may also
individualise  the right of pledge if the Pledgee considers the repayment of the
credit and the payment of interests and charges  thereon to be  jeopardised  for
any reason.

                                       31
<PAGE>

The Pledgor  shall  promptly - but within a maximum of 3, that is three  working
days  - if the  property  fixed  as  pledged  property  diminishes  to a  degree
jeopardising the satisfaction of the claim of the Pledgee.

The  Contracting  Parties   specifically  agree  that  simultaneously  with  the
execution of this contract they are establishing next ranking pledge on property
involving the entire  portfolio of assets of the Pledgor in an amount  specified
in Section 2 hereof (Residual Right of Pledge).  The contract  concluded between
the  Contracting  Parties  concerning the  establishment  of a Residual Right of
Pledge  shall enter into force if the Pledgee  has  Individualised  its right of
pledge  on  property   with   respect  to  a  given  piece  of  Pledged   Asset.
Simultaneously   with   certifying   the   posting   of   the   declaration   of
Individualisation  to the  Pledgor  the  Pledgee  shall be  entitled to submit a
request for the entering of the Residual Right of Pledge in the pledge  register
kept by the Hungarian  National Chamber of Notaries Public  (hereinafter:  MOKK,
the Hungarian abbreviation of the name of the organisation).

The Contracting  Parties agree that if the Pledgee  Individualises  the right of
pledge  on   property,   simultaneously   with   making   the   declaration   of
Individualisation   the  Pledgee   shall  be  entitled  to  make  an  individual
declaration requesting the entering (at the expense of the Pledgor) of the right
of pledge on the various specific pieces of assets,  in the relevant  registers,
to which  entries the Pledgor is granting its  unconditional  consent by signing
this contract, committing itself to tolerate such entries.

The Pledgee  shall be entitled to have the  conversion of the right of pledge on
property into right of pledge on specific pieces of assets,  particularly in the
pledge  register  kept by the  Hungarian  National  Chamber of  Notaries  Public
(hereinafter: MOKK, the Hungarian abbreviation of the name of the organisation),
the land  register,  the  register  kept by the  authority  in charge of keeping
register of aircraft and vessels, the relevant register of the Hungarian Patents
Office and the  registers  of the  authority in charge of  registration  of land
vehicles.

The  Contracting  Parties agree that  simultaneously  with the conversion of the
right of pledge on property  into right of pledge on  specific  pieces of assets
the  provisions  laid out herein shall apply as  appropriate,  to the rights and
obligations of the Parties.

6. Exercising of the right of pledge

Settlement  from the pledged asset shall take place  through  court  enforcement
procedure based on court decision.

By executing this contract the Contracting Parties agree however, that after the
accrual of its right of  settlement  the  Pledgee  shall be entitled to sell the
Pledged Assets by itself.

In respect of the mode of such sale the Contracting Parties agree as follows:

Prior to  starting  the  process  of  selling  assets the  Pledgee  shall,  in a
declaration  addressed in a registered  mail  consignment  to the address of the
registered seat of the Pledgor  specified in this contract,  name three judicial
experts to the  Pledgor.  Within 10,  that is ten days of the date of posting by
the Pledgee of the registered mail  consignment,  make a written  declaration to
the Pledgee  stating the  recommended  judicial expert that is acceptable to the
Pledgor.  Should  such  declaration  by the  Pledgor  fail to be received by the
Pledgee  within  the  above  deadline  the  Pledgee  shall  select  one  of  the
recommended  three judicial  experts.  Thereafter the Pledgee shall have, at the
expense  of the  Pledgor,  a  value  estimate  prepared  of the  pledged  assets
(hereinafter: Value Estimate), by the judicial expert chosen as specified above,
commissioned  by the  Pledgee.  The  Pledgor  shall  promptly  provide the Value
Assessor with all information and documents  required for the preparation of the
Value Estimate and the sale of the asset, and shall enable an onsite  inspection
of the Pledged  Assets at the time  specified  by the  Pledgee  and/or the Value
Assessor.

                                       32
<PAGE>

The Pledgor  shall  transfer  the Pledged  Asset into the  Pledgee's  possession
within 10, that is ten days of the completion of the Value Estimate.

The Pledgee shall have two years to sell the Pledged Assets from the date of the
accrual of the  Pledgee's  right of  satisfaction.  In regard to the lowest sale
price of the Pledged Assets the Contracting Parties agree as follows:

a) The  Pledgee  shall  start  the  sale  of the  assets  at  the  market  price
established by the Value Assessor, as sale price.

b) If the assets  concerned  fail to be sold within  three  months at the market
price  established  by the Value  Assessor,  upon the next  attempt  to sell the
assets the Pledgee  shall be entitled to reduce the price of the Pledged  Assets
by up to 30 % of the market price established in the Value Estimate.

c) If a public sale offer  fails to result in selling the assets  within 3, that
is three  months at the sale price  specified  in paragraph b) the Bank may sell
the pledged assets at a minimum of 50%-that is fifty percent of the market price
specified in the Value Estimate.

In relation to the sale of the Pledged Assets by the Bank,  issues not regulated
herein shall be governed by the provisions of Government Decree No. 12/2003. (I.
30.).

Within 15, that is fifteen days of the successful sale of the assets the Pledgee
shall settle  accounts for the sale price  received from the sale of the assets,
with the Pledgor.

Should the Pledgor fail to fulfil its  obligations  specified in this  paragraph
within the deadline and in the mode  specified by the Pledgee,  the  Contracting
Parties shall establish the lowest sale price that may be applied in selling the
assets concerned, at 50 % that is fifty percent of the amount of the receivables
of the Pledgee claimed from the Pledgor at the time of sale.

7. Modification of the Pledge Contract

The Contracting Parties expressly stipulate that all provisions of this contract
and any and all modifications of and supplementation of the contract, along with
legal representations and declarations  concerning rights, facts or data entered
in authentic  registers  or to changes in already  registered  rights,  facts or
data,  or  those  that  are  required  for  the  exercising  of the  rights  and
performance of the obligations of the Pledgee and the Pledgor by law and/or this
contract  as  originating  from  the  pledge  relationship  established  by this
contract, shall be valid only if laid out in a public document.

8. Discontinuation of the Pledge Contract

The right of pledge and  consequently  this contract  shall lapse when the legal
relationships existing between EuroWeb Internet Szolgaltato Reszvenytarsasag and
the  Pledgee - as  referred to in Section 1 hereof - lapse and all claims of the
Pledgee from EuroWeb Internet  Szolgaltato  Reszvenytarsasag are settled or when
the Pledgee and the Pledgor  alike  declare that they intend to  terminate  this
Contract.  The right of pledge established by this Contract and the liability of
the Pledgor as a collateral of the receivable  secured by pledge shall not lapse
when the identity of the obligor of the receivable secured by pledge alters.

                                       33
<PAGE>

The Pledgee  commits itself to promptly  issue the Pledgee's  declaration to the
Pledgor  upon the lapse of the right of pledge,  as required for the deletion of
the right of pledge  from the pledge  register  (deletion  permit),  in case the
right of pledge  established by this contract lapses without  satisfaction  from
the pledged assets.

9. Other provisions

9.1. The Contracting Parties declare that they are aware of the fact that in the
case of any  modification  or  discontinuation  of the  pledge  relationship  as
specified in this  contract,  and upon any change in the data  registered in the
pledge  register  (collectively:  change)  they bear an  obligation  to submit a
report (an application  for the  registration of the change) as specified in the
No. 11/2001. IM. decree issued by the Ministry of Justice on the registration of
pledge on movable assets and of pledge on property.

9.2.  The  Contracting  Parties  agree that the costs of the  conclusion  of the
contract  (including  in  particular,  in  relation  to the  conclusion  of this
contract,  the Notary Public's fees charged and to be charged,  and the costs of
the  recording  of the right of pledge in the pledge  register,  as specified in
Decree  No.  14/1991.  (XI.  26.) IM issued by the  Ministry  of  Justice on the
tariffs of  notaries  public),  shall be borne by the  Pledgor.  The  Pledgor is
hereby expressly  authorising the Pledgee,  in case the fee of the Notary Public
acting in  relation to this  contract is not settled  within 15, that is fifteen
days of the due date of the invoice made out by the Notary Public,  to debit the
Notary  Public's  fee that has fallen  due and  payable,  to the  account of the
Pledgor  kept with the Pledgee and to pay the Notary  Public's fee to the Notary
Public acting with respect to this contract.

9.3. Invalidity of any provision of this contract shall not entail invalidity of
the whole of this contract:  such invalidity shall apply only to the part of the
contract concerned.

9.4.  In  relation  to the  pledge  contract  laid  out  in  this  document  the
Contracting  Parties  specify a money loan as the legal title of the debt of the
Pledgor.

9.5.  The  Contracting  Parties  agree  that in  respect  of the  amount  of the
liabilities  of the Pledgor owed to the Pledgee the  documents  kept by the Bank
shall be observed.

9.6.  A  declaration  shall be  effective  if  arrived  at the  premises  of the
addressee.

The Contracting Parties agree that written declarations served by the Pledgee to
the  Pledgor  which  have been  properly  posted to the  registered  seat of the
Pledgor as  specified  herein,  addressed  to the name of the  Pledgor,  and the
written  declarations  addressed  by the Pledgor to the  Pledgee  that have been
properly  posted to the  registered  seat of the  Pledgee as  specified  herein,
addressed to the name of the Pledgee, as mail consignments with  acknowledgement
of receipt or in any other booked  (registered,  insured registered with special
service) and have been communicated to the addressee,  shall also be regarded as
having been delivered,  even if the consignment could not actually be delivered,
or if they  have not been  learned  of by the  addressee,  from the 5th  (fifth)
working day following  the day of the first  attempt at postal  delivery of such
consignments.

The  contracting  parties  declare and commit  themselves,  with a view to their
above   agreement   concerning   the   communication   and   delivery  of  legal
representations,  to ensure that they will have  persons  authorised  to receive
postal  consignments   (representatives),   at  the  addresses  for  receipt  of
deliveries  as specified  above,  throughout  the term of the right of pledge as
specified herein, from the date of the conclusion of this contract.

                                       34
<PAGE>

In the case of failure to fulfil the above commitment neither  contracting party
shall  refer  to the  lack  of a  person  (representative)  authorised  to  take
delivery, in order to obtain benefits.

9.7. The Pledgee is expressly  drawing attention of the Pledgor to the fact that
in the case of  breaching  any of the  obligations  of the  Pledgor  under  this
contract the Pledgor shall be obliged to  compensate  the Pledgee for any damage
caused by such breach.

9.8. Issues not regulated herein shall be governed by the relevant provisions of
the  Civil  Code  and the  provisions  of other  relevant  effective  pieces  of
legislation.

9.9. The Contracting Parties understand and acknowledge the information provided
by the Notary  Public on the fact that direct  enforcement  by the court is also
possible on the basis of the right of pledge  specified  herein,  without  legal
action, if the claim falls due and payable for any reason whatsoever.

                     F) CONTRACT OF LIMITED SECURITY PLEDGE

executed on the day written below

Commerzbank Reszvenytarsasag

as pledgee - hereinafter: Pledgee,

and

NAVIGATOR INFORMATIKA Uzleti Szolgaltato es Kereskedelmi Reszvenytarsasag

as pledgor (hereinafter: Pledgor) and

NAVIGATOR INFO Tanacsado Korlatolt Felelossegu Tarsasag as obligor (hereinafter:
Obligor or Company).

                                       I.

It is established  by the Parties that -  particularly  on the basis of the loan
agreement  constituting  chapter A) hereof - there is a bank  account,  loan and
credit relationship  between EuroWeb Internet  Szolgaltato  Reszvenytarsasag and
the  Pledgee.  Pursuant  to the Code of  Business  of the  Pledgee,  its General
Lending  Conditions and the provisions laid out in the individual  contracts the
claims of the  Pledgee  existing on the basis of such legal  relationships,  may
also be rendered matured by cancellation as well.

                                       II.

In order to secure the claims of the  Pledgee as  specified  in Section I hereof
the Pledgor and the Pledgee are  establishing  the first ranking right of pledge
on the  participation  of the  Pledgor in  NAVIGATOR  INFO  Tanacsado  Korlatolt
Felelossegu Tarsasag (hereinafter: Pledged Asset) to the benefit of the Pledgee,
in an amount of HUF  1,440,000,000,  that is one billion  four hundred and forty
million forints.

The  management  of the  Company  commits  itself to submit  the list of members
(shareholders)  of the Company showing the pledging of the  participation of the
Company on the basis of this contract, within 21, that is twenty one days of the
signature  hereof,  to the competent Court of  Registration,  and to present the
copy of the submission, received by the Court of Registration, to the Bank.

                                       35
<PAGE>

The Pledgor  represents  that it is the sole owner of the Pledged  Asset and has
concluded no contract with any third party  whatsoever,  concerning  the sale or
pledging of the Pledged  Asset and that no pledge has been  established  and the
registration  of no pledge is in progress  with respect to the Pledged Asset and
no  litigation  or other  procedure  by any  competent  authority or court is in
progress with respect to the Pledged Asset.

The Pledgor  represents  that no third  party has any claim with  respect to the
Pledged  Asset that could  hinder the  settlement  of the claims of the  Pledgee
secured by the pledge, as stipulated in this contract.

                                      III.

In respect to the Pledged  Asset fixed as pledge by this  contract,  the Pledgor
shall notify the Pledgee of any circumstance,  physical or legal fact pertaining
to the  Pledged  Assets that may have a negative  impact on the market  value or
marketability  of the Pledged  assets fixed in pledge or the  settlement  of the
claim of the Pledgee from the pledge for any other reason,  promptly or within a
maximum of 3, that is three banking days of learning thereof.

                                       IV.

The  Contracting  Parties  agree that if the  Pledged  Asset  fixed as pledge is
involved in an enforcement  process by the court or other competent  authority -
with the  exception of  enforcing a claim of the Pledgee - or if an  enforcement
procedure  is  ordered  by a final  order of the  court on other  assets  of the
Pledgor,  the Bank's right of satisfaction  shall accrue.  If the Pledgor offers
the Pledgee  adequate new  collateral  the Pledgee shall be ready to renegotiate
the loan contracts with the Pledgor.

                                       V.

The Contracting  Parties agree that after the accrual of its right of settlement
the Pledgee shall be entitled to sell the Pledged  Assets by itself.  In respect
of the mode of such sale the Contracting Parties agree as follows:

Prior to  starting  the  process  of  selling  assets the  Pledgee  shall,  in a
declaration  addressed in a registered  mail  consignment  to the address of the
registered seat of the Pledgor  specified in this contract,  name three judicial
experts to the  Pledgor.  Within 10,  that is ten days of the date of posting by
the Pledgee of the registered mail  consignment,  make a written  declaration to
the Pledgee  stating the  recommended  judicial expert that is acceptable to the
Pledgor.  Should  such  declaration  by the  Pledgor  fail to be received by the
Pledgee  within  the  above  deadline  the  Pledgee  shall  select  one  of  the
recommended  three judicial  experts.  Thereafter the Pledgee shall have, at the
expense  of the  Pledgor,  a  value  estimate  prepared  of the  pledged  assets
(hereinafter: Value Estimate), by the judicial expert chosen as specified above,
commissioned  by the  Pledgee.  The  Pledgor  shall  promptly  provide the Value
Assessor with all information and documents  required for the preparation of the
Value Estimate and the sale of the asset, and shall enable an onsite  inspection
of the Pledged  Assets at the time  specified  by the  Pledgee  and/or the Value
Assessor.

The Pledgee shall have two years to sell the Pledged Assets from the date of the
accrual of the  Pledgee's  right of  satisfaction.  In regard to the lowest sale
price of the Pledged Assets the Contracting Parties agree as follows:

a) The  Pledgee  shall  start  the  sale  of the  assets  at  the  market  price
established by the Value Assessor, as sale price.

                                       36
<PAGE>

b) If the assets  concerned  fail to be sold within  three  months at the market
price  established  by the Value  Assessor,  upon the next  attempt  to sell the
assets the Pledgee  shall be entitled to reduce the price of the Pledged  Assets
by up to 30 % of the market price established in the Value Estimate.

c) If a public sale offer  fails to result in selling the assets  within 6, that
is six months at the sale price  specified in paragraph b) the Bank may sell the
pledged  assets at a minimum of  50%-that is fifty  percent of the market  price
specified in the Value Estimate..

In relation to the sale of the Pledged Assets by the Bank,  issues not regulated
herein shall be governed by the provisions of Government Decree No. 12/2003. (I.
30.).

Within 15, that is fifteen days of the successful sale of the assets the Pledgee
shall settle  accounts for the sale price  received from the sale of the assets,
with the Pledgor.

Should the Pledgor fail to fulfil its  obligations  specified in this  paragraph
within the deadline and in the mode  specified by the Pledgee,  the  Contracting
Parties shall establish the lowest sale price that may be applied in selling the
assets concerned, at 50 % that is fifty percent of the amount of the receivables
of the Pledgee  claimed  from the Pledgor on the day of the accrual of the right
of settlement of the Pledgee from the Pledgor.

                                       VI.

The Pledgor  agrees that  during the  effective  term of the right of pledge the
Pledged Asset fixed as pledge may be transferred under any legal title only with
prior  written  consent of the Pledgee and only through a contract  concluded in
writing  and  laid  out in a  public  document  or a  private  document  of full
probative  force, on which the authenticity of the signatures of the contracting
parties is  attested  by a Notary  Public,  and which  document  designates  the
Pledged  Asset fixed as pledge in the same way as is designated in this contract
and which  contains a provision  according  to which the  Pledged  Asset bears a
first ranking pledge as specified herein. Sale of the Pledged Asset in any other
way shall  qualify as grave  violation  of the contract in the case of which the
Pledgee is entitled to cancel this contract with immediate effect.

The Pledgor  commits itself to notify the Pledgee of the disposal of the Pledged
Asset by simultaneously  sending it an original or authenticated  second copy of
the document on such transaction and to apply for the recording of the change in
ownership within 15 (fifteen) days, in the way specified by law, in the relevant
registers.

The Contracting  Parties agree that the Pledgor shall compensate the Pledgee for
any  damage  caused by the  Pledgor's  violating  the above  obligations  of the
Pledgor,  and if the Pledgor disposes of or encumbers and/or draws receipts from
the Pledged  Asset - in violation of this  contract - this right of pledge shall
extend to the purchase  price from  disposal  and to any other  revenue from the
Pledged Asset.

                                      VII.

The Contracting  Parties  specifically  stipulate that all provisions hereof and
any modification of or supplementation to this contract shall be valid only in a
written form and that the representations required for exercising the rights and
for performing the  obligations of the Pledgee and the Pledgor  specified by law
or based on this contact,  originating from the pledge relationship  established
by this contract, shall only be valid in a written form.

                                       37
<PAGE>

A declaration shall be effective if arrived at the premises of the addressee.

The Contracting Parties agree that written declarations served by the Pledgee to
the  Pledgor  which  have been  properly  posted to the  registered  seat of the
Pledgor as  specified  herein,  addressed  to the name of the  Pledgor,  and the
written  declarations  addressed  by the Pledgor to the  Pledgee  that have been
properly posted to

Commerzbank Rt.
LCO
Budapest,
Szechenyi rakpart 8.
1054

as mail  consignments  with  acknowledgement  of receipt or in any other  booked
(registered, insured registered with special service) and have been communicated
to the addressee,  shall also be regarded as having been delivered,  even if the
consignment could not actually be delivered, or if they have not been learned of
by the  addressee,  from the 5th (fifth)  working day  following  the day of the
first attempt at postal delivery of such consignments.

The  contracting  parties  declare and commit  themselves,  with a view to their
above   agreement   concerning   the   communication   and   delivery  of  legal
representations,  to ensure that they will have  persons  authorised  to receive
postal  consignments   (representatives),   at  the  addresses  for  receipt  of
deliveries  as specified  above,  throughout  the term of the right of pledge as
specified herein, from the date of the conclusion of this contract.

In the case of failure to fulfil the above commitment neither  contracting party
shall  refer  to the  lack  of a  person  (representative)  authorised  to  take
delivery, in order to obtain benefits.

                                      VIII.

The  Contracting  Parties  agree  that the right of pledge  established  by this
Contract  and the  liability of the Pledgor as a  collateral  of the  receivable
secured  by pledge  shall not lapse  when the  identity  of the  obligor  of the
receivable secured by pledge alters.

                                       IX.

The  Contracting   Parties  commit  themselves  to  mutually  cooperate  in  the
performance  of their  obligations  laid out  herein and to  mutually  issue the
representations  - in the predefined form - to one another,  as required for the
performance of their obligations.

The Contracting  Parties shall  compensate  one-another for any damage caused by
violation of their obligations written above.

                                       X.

In their  relationship  with one another the Contracting  Parties agree that the
costs of the conclusion of the contract shall be borne by the Pledgor.

Issues not regulated herein shall be governed by the relevant  provisions of the
Civil Code and the provisions of other relevant effective legal regulations.

Invalidity of any provision of the contract  shall not entail  invalidity of the
entire contract, it shall involve only the part concerned.

                                       38
<PAGE>

                     G) CONTRACT OF LIMITED SECURITY PLEDGE

executed on the day written below

Commerzbank Reszvenytarsasag

as pledgee - hereinafter: Pledgee,

and

NAVIGATOR INFO Tanacsado Korlatolt Felelossegu Tarsasag

as pledgor (hereinafter: Pledgor) and

NAVIGATOR  ENGINEERING Mernoki  Szolgaltato  Korlatolt  Felelossegu  Tarsasag as
obligor (hereinafter: Obligor or Company).

                                       I.

It is established  by the Parties that -  particularly  on the basis of the loan
agreement  constituting  chapter A) hereof - there is a bank  account,  loan and
credit relationship  between EuroWeb Internet  Szolgaltato  Reszvenytarsasag and
the  Pledgee.  Pursuant  to the Code of  Business  of the  Pledgee,  its General
Lending  Conditions and the provisions laid out in the individual  contracts the
claims of the  Pledgee  existing on the basis of such legal  relationships,  may
also be rendered matured by cancellation as well.

                                       II.

In order to secure the claims of the  Pledgee as  specified  in Section I hereof
the Pledgor and the Pledgee are  establishing  the first ranking right of pledge
on the participation of the Pledgor in NAVIGATOR ENGINEERING Mernoki Szolgaltato
Korlatolt  Felelossegu Tarsasag  (hereinafter:  Pledged Asset) to the benefit of
the Pledgee, in an amount of HUF 1,440,000,000, that is one billion four hundred
and forty million forints.

The  management  of the  Company  commits  itself to submit  the list of members
(shareholders)  of the Company showing the pledging of the  participation of the
Company on the basis of this contract, within 21, that is twenty one days of the
signature  hereof,  to the competent Court of  Registration,  and to present the
copy of the submission, received by the Court of Registration, to the Bank.

The Pledgor  represents  that it is the sole owner of the Pledged  Asset and has
concluded no contract with any third party  whatsoever,  concerning  the sale or
pledging of the Pledged  Asset and that no pledge has been  established  and the
registration  of no pledge is in progress  with respect to the Pledged Asset and
no  litigation  or other  procedure  by any  competent  authority or court is in
progress with respect to the Pledged Asset.

The Pledgor  represents  that no third  party has any claim with  respect to the
Pledged  Asset that could  hinder the  settlement  of the claims of the  Pledgee
secured by the pledge, as stipulated in this contract.

                                      III.

In respect to the Pledged  Asset fixed as pledge by this  contract,  the Pledgor
shall notify the Pledgee of any circumstance,  physical or legal fact pertaining
to the  Pledged  Assets that may have a negative  impact on the market  value or
marketability  of the Pledged  assets fixed in pledge or the  settlement  of the
claim of the Pledgee from the pledge for any other reason,  promptly or within a
maximum of 3, that is three banking days of learning thereof.

                                       39
<PAGE>

                                       IV.

The  Contracting  Parties  agree that if the  Pledged  Asset  fixed as pledge is
involved in an enforcement  process by the court or other competent  authority -
with the  exception of  enforcing a claim of the Pledgee - or if an  enforcement
procedure  is  ordered  by a final  order of the  court on other  assets  of the
Pledgor,  the Bank's right of satisfaction  shall accrue.  If the Pledgor offers
the Pledgee  adequate new  collateral  the Pledgee shall be ready to renegotiate
the loan contracts with the Pledgor.

                                       V.

The Contracting  Parties agree that after the accrual of its right of settlement
the Pledgee shall be entitled to sell the Pledged  Assets by itself.  In respect
of the mode of such sale the Contracting Parties agree as follows:

Prior to  starting  the  process  of  selling  assets the  Pledgee  shall,  in a
declaration  addressed in a registered  mail  consignment  to the address of the
registered seat of the Pledgor  specified in this contract,  name three judicial
experts to the  Pledgor.  Within 10,  that is ten days of the date of posting by
the Pledgee of the registered mail  consignment,  make a written  declaration to
the Pledgee  stating the  recommended  judicial expert that is acceptable to the
Pledgor.  Should  such  declaration  by the  Pledgor  fail to be received by the
Pledgee  within  the  above  deadline  the  Pledgee  shall  select  one  of  the
recommended  three judicial  experts.  Thereafter the Pledgee shall have, at the
expense  of the  Pledgor,  a  value  estimate  prepared  of the  pledged  assets
(hereinafter: Value Estimate), by the judicial expert chosen as specified above,
commissioned  by the  Pledgee.  The  Pledgor  shall  promptly  provide the Value
Assessor with all information and documents  required for the preparation of the
Value Estimate and the sale of the asset, and shall enable an onsite  inspection
of the Pledged  Assets at the time  specified  by the  Pledgee  and/or the Value
Assessor.

The Pledgee shall have two years to sell the Pledged Assets from the date of the
accrual of the  Pledgee's  right of  satisfaction.  In regard to the lowest sale
price of the Pledged Assets the Contracting Parties agree as follows:

a) The  Pledgee  shall  start  the  sale  of the  assets  at  the  market  price
established by the Value Assessor, as sale price.

b) If the assets  concerned  fail to be sold within  three  months at the market
price  established  by the Value  Assessor,  upon the next  attempt  to sell the
assets the Pledgee  shall be entitled to reduce the price of the Pledged  Assets
by up to 30 % of the market price established in the Value Estimate.

c) If a public sale offer  fails to result in selling the assets  within 6, that
is six months at the sale price  specified in paragraph b) the Bank may sell the
pledged  assets at a minimum of  50%-that is fifty  percent of the market  price
specified in the Value Estimate..

In relation to the sale of the Pledged Assets by the Bank,  issues not regulated
herein shall be governed by the provisions of Government Decree No. 12/2003. (I.
30.).

Within 15, that is fifteen days of the successful sale of the assets the Pledgee
shall settle  accounts for the sale price  received from the sale of the assets,
with the Pledgor.

                                       40
<PAGE>

Should the Pledgor fail to fulfil its  obligations  specified in this  paragraph
within the deadline and in the mode  specified by the Pledgee,  the  Contracting
Parties shall establish the lowest sale price that may be applied in selling the
assets concerned, at 50 % that is fifty percent of the amount of the receivables
of the Pledgee  claimed  from the Pledgor on the day of the accrual of the right
of settlement of the Pledgee from the Pledgor.

                                       VI.

The Pledgor  agrees that  during the  effective  term of the right of pledge the
Pledged Asset fixed as pledge may be transferred under any legal title only with
prior  written  consent of the Pledgee and only through a contract  concluded in
writing  and  laid  out in a  public  document  or a  private  document  of full
probative  force, on which the authenticity of the signatures of the contracting
parties is  attested  by a Notary  Public,  and which  document  designates  the
Pledged  Asset fixed as pledge in the same way as is designated in this contract
and which  contains a provision  according  to which the  Pledged  Asset bears a
first ranking pledge as specified herein. Sale of the Pledged Asset in any other
way shall  qualify as grave  violation  of the contract in the case of which the
Pledgee is entitled to cancel this contract with immediate effect.

The Pledgor  commits itself to notify the Pledgee of the disposal of the Pledged
Asset by simultaneously  sending it an original or authenticated  second copy of
the document on such transaction and to apply for the recording of the change in
ownership within 15 (fifteen) days, in the way specified by law, in the relevant
registers.

The Contracting  Parties agree that the Pledgor shall compensate the Pledgee for
any  damage  caused by the  Pledgor's  violating  the above  obligations  of the
Pledgor,  and if the Pledgor disposes of or encumbers and/or draws receipts from
the Pledged  Asset - in violation of this  contract - this right of pledge shall
extend to the purchase  price from  disposal  and to any other  revenue from the
Pledged Asset.

                                      VII.

The Contracting  Parties  specifically  stipulate that all provisions hereof and
any modification of or supplementation to this contract shall be valid only in a
written form and that the representations required for exercising the rights and
for performing the  obligations of the Pledgee and the Pledgor  specified by law
or based on this contact,  originating from the pledge relationship  established
by this contract, shall only be valid in a written form.

A declaration shall be effective if arrived at the premises of the addressee.

The Contracting Parties agree that written declarations served by the Pledgee to
the  Pledgor  which  have been  properly  posted to the  registered  seat of the
Pledgor as  specified  herein,  addressed  to the name of the  Pledgor,  and the
written  declarations  addressed  by the Pledgor to the  Pledgee  that have been
properly posted to

Commerzbank Rt.
LCO
Budapest,
Szechenyi rakpart 8.
1054

as mail  consignments  with  acknowledgement  of receipt or in any other  booked
(registered, insured registered with special service) and have been communicated
to the addressee,  shall also be regarded as having been delivered,  even if the
consignment could not actually be delivered, or if they have not been learned of
by the  addressee,  from the 5th (fifth)  working day  following  the day of the
first attempt at postal delivery of such consignments.

                                       41
<PAGE>

The  contracting  parties  declare and commit  themselves,  with a view to their
above   agreement   concerning   the   communication   and   delivery  of  legal
representations,  to ensure that they will have  persons  authorised  to receive
postal  consignments   (representatives),   at  the  addresses  for  receipt  of
deliveries  as specified  above,  throughout  the term of the right of pledge as
specified herein, from the date of the conclusion of this contract.

In the case of failure to fulfil the above commitment neither  contracting party
shall  refer  to the  lack  of a  person  (representative)  authorised  to  take
delivery, in order to obtain benefits.

                                      VIII.

The  Contracting  Parties  agree  that the right of pledge  established  by this
Contract  and the  liability of the Pledgor as a  collateral  of the  receivable
secured  by pledge  shall not lapse  when the  identity  of the  obligor  of the
receivable secured by pledge alters.

                                       IX.

The  Contracting   Parties  commit  themselves  to  mutually  cooperate  in  the
performance  of their  obligations  laid out  herein and to  mutually  issue the
representations  - in the predefined form - to one another,  as required for the
performance of their obligations.

The Contracting  Parties shall  compensate  one-another for any damage caused by
violation of their obligations written above.

                                       X.

In their  relationship  with one another the Contracting  Parties agree that the
costs of the conclusion of the contract shall be borne by the Pledgor.

Issues not regulated herein shall be governed by the relevant  provisions of the
Civil Code and the provisions of other relevant effective legal regulations.

Invalidity of any provision of the contract  shall not entail  invalidity of the
entire contract, it shall involve only the part concerned.

                         H) CONTRACT ON PURCHASE OPTION

concluded between

Commerzbank Rt.

hereinafter: Buyer

and

NAVIGATOR INFORMATIKA Uzleti Szolgaltato es Kereskedelmi Reszvenytarsasag

hereinafter: Seller,

as well as

NAVIGATOR INFO Tanacsado Korlatolt Felelossegu Tarsasag

hereinafter  Obligor or  Company,  together  with Buyer and Seller  collectively
hereinafter: Parties

on this day, subject to the following conditions.

                                       42
<PAGE>

It is established by the  Contracting  Parties that a loan agreement as referred
to in Chapter A) hereof has been executed between the Buyer and EuroWeb Internet
Szolgaltato Reszvenytarsasag (hereinafter: Contract). The loan amounts taken out
under such  Contract are payable by the Buyer to the Seller upon their  maturity
day.  The  receivables  of the  Buyer  existing  on the  basis of the  Contracts
referred  to above  may also be turned  into  matured  receivables  in the cases
specified  in the  Contracts,  the Code of Practice of the Buyer and the General
Lending  Conditions of the Buyer.  The  Contracting  Parties are  concluding the
following contract to secure the rights and claims of the Buyer originating from
the Contract:

1. The Contracting Parties are establishing a buying right (hereinafter:  buying
right or option)  on the  participation  of the Seller in the  Company as may be
changed from time to time  (hereinafter:  Participation),  to the benefit of the
Buyer.

The Seller grants  irrevocable  consent and the Company  commits itself to state
the buying option  established by this contract in the list of  shareholders  of
the Company and they shall  submit such list of  shareholders,  constituting  an
authentic proof thereof, as received by the Court of Registration,  to the Buyer
within 21,  that is twenty one days of the  signature  hereof.  By signing  this
Contract  the Company  authorises  the Buyer to provide for the  entering of the
buying  option on behalf of the Company in case the buying option is not entered
in the list of shareholders within the above deadline.

2. One  pre-requisite  for the exercising of the option is failure of the Seller
to perform its due payment obligation to the Buyer, upon the due date.

3. The  Contracting  Parties  expressly  agree that the Option  Calling Price is
established on the basis of the provisions laid out herein.

Prior to exercising the buying option the Buyer shall,  in a declaration  posted
in a registered mail consignment  addressed to the registered seat of the Seller
as specified in this Contract, name three judicial experts to the Seller. Within
10, that is ten days of the date of posting by the Buyer of the registered  mail
consignment,  make a written  declaration to the Buyer,  stating the recommended
judicial expert that is acceptable to the Seller. Should such declaration by the
Seller fail to be received by the Pledgee  within the above  deadline  the Buyer
shall select one of the recommended three judicial experts. Thereafter the Buyer
shall have,  at the expense of the Seller,  an estimate  prepared of the current
market value of the Participation  (hereinafter:  Market Value), by the judicial
expert chosen as specified  above,  commissioned by the Buyer.  The Seller shall
promptly  provide the Buyer and the  judicial  expert with all  information  and
documents required for the preparation of the Value Estimate.

The Option Purchase Price is established by the contracting  parties at 60% that
is sixty  percent  of the  Market  Value,  providing  that it may not exceed the
purchase price received from the sale of the  Participation by the Buyer, net of
the costs and expenditures incurred in relation to the sale.

Simultaneously  with  exercising its buying option or thereafter the Buyer shall
sell the Participation.

                                       43
<PAGE>

The Buyer shall pay the purchase  price to the Seller within 30 (thirty) days of
the  day  on  which  the  purchase  price  originating  from  the  sale  of  the
Participation is credited to its account.

In respect of the mode of the sale of the Participation the Contracting  Parties
agree as follows.

The  Buyer  shall  have two  years to sell  the  Participation  from the date of
exercising  its buying  option.  In respect  of the mode of  calculation  of the
lowest sale price of the Participation the Contracting Parties agree as follows:

a) The Buyer shall start  selling the  Participation  at Market  Value - as sale
price.

b) Should the selling effort fail to result in the sale of the  Participation at
the Market Value in three months, the Buyer shall be entitled to attempt to sell
the  Participation  at a price reduced by up to 30 % that is thirty  percent off
the Market Value.

c)  Should  the  attempt  to sell the  Participation  at the  sale  price as per
paragraph b) fail in 3 that is three months, the Bank may sell the Participation
for at least 50 % that is fifty percent of the Market Price.

Should the Option Purchase Price be below the sum of the Buyer's claims from the
Seller and the total costs  incurred by the Buyer in selling the  Participation,
the  Buyer's  claim from the Seller of the amount of such  difference  remain in
effect.

5. The Buyer's  buying option shall lapse on the passage of the 5th (fifth) year
following the entry into effect of this contract.  The Contracting Parties agree
that if at the  time of the  lapse  of the  buying  option  the  Buyer  is still
entitled  to claims  from the  obligation  laid out in the  preamble,  under the
conditions  laid out  above a new  buying  option  shall be  established  on the
Participation  to the benefit of the Buyer on the 15th  (fifteenth)  banking day
preceding the 5th (fifth) year as referred to above, at the latest.

6. The Contracting Parties declare that this contract contains their contractual
will and representations exclusively, correctly and in full.

7. Issues not regulated  herein shall be governed by the relevant  provisions of
the effective pieces of legislation. This contract shall enter into force on the
day of its signature.

The Contracting  Parties  specifically  stipulate that all provisions hereof and
any modification of or supplementation to this contract shall be valid only in a
written form and that the representations required for exercising the rights and
for performing the obligations of the parties  specified by law or based on this
contact,  originating from the pledge relationship established by this contract,
shall only be valid in a written form.

A declaration shall be effective if arrived at the premises of the addressee.

The Contracting Parties agree that written declarations served by the parties to
one another that have been properly  posted to the  addresses  specified in this
public document as mail consignments with  acknowledgement  of receipt or in any
other booked (registered, insured registered with special service) and have been
communicated to the addressee,  shall also be regarded as having been delivered,
even if the  consignment  could not actually be  delivered,  or if they have not
been learned of by the addressee, from the 5th (fifth) working day following the
day of the first attempt at postal delivery of such consignments.

The  contracting  parties  declare and commit  themselves,  with a view to their
above   agreement   concerning   the   communication   and   delivery  of  legal
representations,  to ensure that they will have  persons  authorised  to receive
postal  consignments   (representatives),   at  the  addresses  for  receipt  of
deliveries  as specified  above,  throughout  the term of the right of pledge as
specified herein, from the date of the conclusion of this contract.

                                       44
<PAGE>

In the case of failure to fulfil the above commitment neither  contracting party
shall  refer  to the  lack  of a  person  (representative)  authorised  to  take
delivery, in order to obtain benefits.

                         I) CONTRACT ON PURCHASE OPTION

concluded between

Commerzbank Rt.

hereinafter: Buyer

and

NAVIGATOR INFO Tanacsado Korlatolt Felelossegu Tarsasag

hereinafter: Seller,

as well as

NAVIGATOR ENGINEERING Mernoki Szolgaltato Korlatolt Felelossegu Tarsasag

hereinafter  Obligor or  Company,  together  with Buyer and Seller  collectively
hereinafter: Parties

on this day, subject to the following conditions.

It is established by the  Contracting  Parties that a loan agreement as referred
to in Chapter A) hereof has been executed between the Buyer and EuroWeb Internet
Szolgaltato Reszvenytarsasag (hereinafter: Contract). The loan amounts taken out
under such  Contract are payable by the Buyer to the Seller upon their  maturity
day.  The  receivables  of the  Buyer  existing  on the  basis of the  Contracts
referred  to above  may also be turned  into  matured  receivables  in the cases
specified  in the  Contracts,  the Code of Practice of the Buyer and the General
Lending  Conditions of the Buyer.  The  Contracting  Parties are  concluding the
following contract to secure the rights and claims of the Buyer originating from
the Contract:

1. The Contracting Parties are establishing a buying right (hereinafter:  buying
right or option)  on the  participation  of the Seller in the  Company as may be
changed from time to time  (hereinafter:  Participation),  to the benefit of the
Buyer.

The Seller grants  irrevocable  consent and the Company  commits itself to state
the buying option  established by this contract in the list of  shareholders  of
the Company and they shall  submit such list of  shareholders,  constituting  an
authentic proof thereof, as received by the Court of Registration,  to the Buyer
within 21,  that is twenty one days of the  signature  hereof.  By signing  this
Contract  the Company  authorises  the Buyer to provide for the  entering of the
buying  option on behalf of the Company in case the buying option is not entered
in the list of shareholders within the above deadline.

2. One  pre-requisite  for the exercising of the option is failure of the Seller
to perform its due payment obligation to the Buyer, upon the due date.

3. The  Contracting  Parties  expressly  agree that the Option  Calling Price is
established on the basis of the provisions laid out herein.

                                       45
<PAGE>

Prior to exercising the buying option the Buyer shall,  in a declaration  posted
in a registered mail consignment  addressed to the registered seat of the Seller
as specified in this Contract, name three judicial experts to the Seller. Within
10, that is ten days of the date of posting by the Buyer of the registered  mail
consignment,  make a written  declaration to the Buyer,  stating the recommended
judicial expert that is acceptable to the Seller. Should such declaration by the
Seller fail to be received by the Pledgee  within the above  deadline  the Buyer
shall select one of the recommended three judicial experts. Thereafter the Buyer
shall have,  at the expense of the Seller,  an estimate  prepared of the current
market value of the Participation  (hereinafter:  Market Value), by the judicial
expert chosen as specified  above,  commissioned by the Buyer.  The Seller shall
promptly  provide the Buyer and the  judicial  expert with all  information  and
documents required for the preparation of the Value Estimate.

The Option Purchase Price is established by the contracting  parties at 60% that
is sixty  percent  of the  Market  Value,  providing  that it may not exceed the
purchase price received from the sale of the  Participation by the Buyer, net of
the costs and expenditures incurred in relation to the sale.

Simultaneously  with  exercising its buying option or thereafter the Buyer shall
sell the Participation.

The Buyer shall pay the purchase  price to the Seller within 30 (thirty) days of
the  day  on  which  the  purchase  price  originating  from  the  sale  of  the
Participation is credited to its account.

In respect of the mode of the sale of the Participation the Contracting  Parties
agree as follows.

The  Buyer  shall  have two  years to sell  the  Participation  from the date of
exercising  its buying  option.  In respect  of the mode of  calculation  of the
lowest sale price of the Participation the Contracting Parties agree as follows:

a) The Buyer shall start  selling the  Participation  at Market  Value - as sale
price.

b) Should the selling effort fail to result in the sale of the  Participation at
the Market Value in three months, the Buyer shall be entitled to attempt to sell
the  Participation  at a price reduced by up to 30 % that is thirty  percent off
the Market Value.

c)  Should  the  attempt  to sell the  Participation  at the  sale  price as per
paragraph b) fail in 3 that is three months, the Bank may sell the Participation
for at least 50 % that is fifty percent of the Market Price.

Should the Option Purchase Price be below the sum of the Buyer's claims from the
Seller and the total costs  incurred by the Buyer in selling the  Participation,
the  Buyer's  claim from the Seller of the amount of such  difference  remain in
effect.

5. The Buyer's  buying option shall lapse on the passage of the 5th (fifth) year
following the entry into effect of this contract.  The Contracting Parties agree
that if at the  time of the  lapse  of the  buying  option  the  Buyer  is still
entitled  to claims  from the  obligation  laid out in the  preamble,  under the
conditions  laid out  above a new  buying  option  shall be  established  on the
Participation  to the benefit of the Buyer on the 15th  (fifteenth)  banking day
preceding the 5th (fifth) year as referred to above, at the latest.

6. The Contracting Parties declare that this contract contains their contractual
will and representations exclusively, correctly and in full.

7. Issues not regulated  herein shall be governed by the relevant  provisions of
the effective pieces of legislation. This contract shall enter into force on the
day of its signature.

                                       46
<PAGE>

The Contracting  Parties  specifically  stipulate that all provisions hereof and
any modification of or supplementation to this contract shall be valid only in a
written form and that the representations required for exercising the rights and
for performing the obligations of the parties  specified by law or based on this
contact,  originating from the pledge relationship established by this contract,
shall only be valid in a written form.

A declaration shall be effective if arrived at the premises of the addressee.

The Contracting Parties agree that written declarations served by the parties to
one another that have been properly  posted to the  addresses  specified in this
public document as mail consignments with  acknowledgement  of receipt or in any
other booked (registered, insured registered with special service) and have been
communicated to the addressee,  shall also be regarded as having been delivered,
even if the  consignment  could not actually be  delivered,  or if they have not
been learned of by the addressee, from the 5th (fifth) working day following the
day of the first attempt at postal delivery of such consignments.

The  contracting  parties  declare and commit  themselves,  with a view to their
above   agreement   concerning   the   communication   and   delivery  of  legal
representations,  to ensure that they will have  persons  authorised  to receive
postal  consignments   (representatives),   at  the  addresses  for  receipt  of
deliveries  as specified  above,  throughout  the term of the right of pledge as
specified herein, from the date of the conclusion of this contract.

In the case of failure to fulfil the above commitment neither  contracting party
shall  refer  to the  lack  of a  person  (representative)  authorised  to  take
delivery, in order to obtain benefits.

By signing this  document the Clients are asking the acting Deputy Notary Public
to have the limited  security  rights of pledge on property as specified in this
document  in the  pledge  register  kept by the  Hungarian  National  Chamber of
Notaries Public, specifying money loan as the legal title of the claim.

Any  number of  authentic  counterparts  may be issued of this  document  to the
Clients,  I have  issued one  authentic  copy of this  Document  for each of the
Clients.

                                       47
<PAGE>

I, the  undersigned  Deputy Notary Public,  have produced this document,  I have
read it out to the Clients,  explained  its contents and legal  consequences  in
response  to which the  customers  signed the  document  in their own hand in my
presence, as one fully in line with their respective intents.-

Done at Budapest on the 27th  (twenty  seventh) day of the month of September in
year 2005 (two thousand and five).

                                 Commerzbank Rt.

                              Lender/Pledgee/Buyer

                         dr. Gyorgy WalterBalazs Manyoki

                  EuroWeb Internet Szolgaltato Reszvenytarsasag

                                 Debtor/Pledgor

                                      Csaba

                                 Chief Executive

                              NAVIGATOR INFORMATIKA

               Uzleti Szolgaltato es Kereskedelmi Reszvenytarsasag

                                 Pledgor/Seller

      Zoltan Zsolt Jutasi                                    Lajos Juhasz
           CEO

                                 NAVIGATOR INFO

                    Tanacsado Korlatolt Felelossegu Tarsasag

                             Pledgor/seller/obligor

                               Jutasi Zoltan Zsolt
                                 Chief Executive

                    NAVIGATOR ENGINEERING Mernoki Szolgaltato

                         Korlatolt Felelossegu Tarsasag

                                 Pledgor/Obligor

                                  Gyorgy Juhasz
                                 Chief Executive

                    dr. Jozsef Komaromi Deputy Notary Public

Counter-signed:

dr. Krisztina Fuller Notary Public

                                       48
<PAGE>

I, the undersigned Deputy Notary Public of Budapest,  attest that this authentic
copy is fully identical with the original  notarial  document kept by the Notary
Public, I have issued this authentic copy to the Lender.

Done at Budapest on the 27th  (twenty  seventh) day of the month of September in
year 2005 (two thousand and five).

                               dr. Jozsef Komaromi

                              Deputy Notary Public

                                       49

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