Document:

<PAGE>
                                                                    Exhibit 10.2

                              Dated 7 December 2005

                                   AGZ HOLDING
                                   as Pledgor

                                     CALYON
                                as Security Agent

                                       and

                                   THE LENDERS

                                   ----------

                     PLEDGE OF FINANCIAL INSTRUMENTS ACCOUNT
                        RELATING TO FINANCIAL INSTRUMENTS
                         HELD BY AGZ HOLDING IN ANTARGAZ

                                   ----------

                             SHEARMAN & STERLING LLP

<PAGE>

                                    CONTENTS

<TABLE>
<S>                                                                           <C>
1.   DEFINITIONS AND INTERPRETATION........................................    2

2.   PURPOSE...............................................................    3

3.   REPRESENTATIONS AND WARRANTIES........................................    4

4.   UNDERTAKINGS..........................................................    5

5.   ENFORCEMENT...........................................................    5

6.   DURATION..............................................................    6

7.   NOTICE................................................................    6

8.   MISCELLANEOUS.........................................................    6

9.   EXPENSES..............................................................    6

10.  FURTHER ASSURANCES....................................................    7

11.  APPLICABLE LAW AND JURISDICTION.......................................    7

SCHEDULE 1   THE ORIGINAL LENDERS .........................................    9

SCHEDULE 2   DECLARATION DE GAGE DE COMPTE  D'INSTRUMENTS  FINANCIERS
             SOUMISE A L'ARTICLE L. 431-4 DU CODE MONETAIRE ET FINANCIER ..   10

SCHEDULE 3   DECLARATION  OF PLEDGE OF A FINANCIAL  INSTRUMENTS  ACCOUNT IN
             ACCORDANCE  WITH  ARTICLE L.  431-4 OF THE  FRENCH MONETARY
             AND FINANCIAL CODE ...........................................   15

SCHEDULE 4   ATTESTATION DE CONSTITUTION DE GAGE DE COMPTE D'INSTRUMENTS
             FINANCIERS ...................................................   18

SCHEDULE 5   CERTIFICATE OF REGISTRATION OF A PLEDGE OF FINANCIAL
             INSTRUMENTS ACCOUNT ..........................................   19

SCHEDULE 6   MODELE DE NOTIFICATION DE LA SURVENANCE D'UN CAS DE DEFAUT AU
             TENEUR DU COMPTE ESPECES SPECIAL .............................   20

SCHEDULE 7   FORM OF NOTIFICATION OF THE OCCURRENCE AN EVENT OF DEFAULT TO
             THE SPECIAL CASH ACCOUNT HOLDER ..............................   21

SCHEDULE 8   FORM OF CONFIRMATION OF PLEDGE - SPECIAL CASH ACCOUNT ........   22

SCHEDULE 9   CERTIFICATE CONFIRMING THE OPENING OF THE SPECIAL CASH
             ACCOUNT ......................................................   23
</TABLE>

<PAGE>

THIS PLEDGE OF FINANCIAL INSTRUMENTS ACCOUNT (THE "PLEDGE") IS MADE ON 7
DECEMBER 2005

BETWEEN:

(1)  AGZ HOLDING, a French societe anonyme, with number 413 765 108 RCS
     Nanterre, having its registered office at Immeuble Les Renardieres - 3,
     place de Saverne, 92400 Courbevoie, France;

                                     (hereinafter referred to as the "PLEDGOR");

(2)  CALYON, a company (societe anonyme) incorporated under the laws of France,
     having its registered office 9 quai du president Paul Doumer, 92920 Paris
     la Defense Cedex (France), registered under number 304 187 701 RCS
     Nanterre, represented by Jacques Pochon and Jerome Del Ben duly empowered
     for the purposes hereof,

                              (hereinafter referred to as the "SECURITY AGENT");

(3)  The banks and financial institutions named in schedule 1 (the "ORIGINAL
     LENDERS") and any bank or financial institution which may from time to time
     become a Lender under the Senior Facilities Agreement;

                          (hereinafter, together, referred to as the "LENDERS").

WHEREAS:

(A)  Pursuant to a senior facilities agreement dated 7 December 2005
     (hereinafter, as amended and restated from time to time, the "SENIOR
     FACILITIES AGREEMENT"), and entered into between, among others, (i) the
     Pledgor as the Parent, Borrower and Guarantor (ii) the Original Lenders and
     (iii) Calyon as Mandated Lead Arranger, Facility Agent and Security Agent,
     the Original Lenders have agreed to make available (a) to the Pledgor a
     term loan facility in a maximum aggregate principal amount of E380,000,000
     (the "TERM LOAN FACILITY") and (b) to the Pledgor, Antargaz and certain of
     its subsidiaries a revolving credit facility in a maximum aggregate
     principal amount of E50,000,000 (the "REVOLVING FACILITY" and together with
     the Term Loan Facility, the "FACILITIES").

(B)  The Pledgor is a Borrower and a Guarantor under the Senior Facilities
     Agreement.

(C)  It is a condition precedent to the availability of the Facilities that the
     Pledgor grant in favour of the Beneficiaries a pledge over the Account.

<PAGE>

IT IS AGREED AS FOLLOWS:

1.   DEFINITIONS AND INTERPRETATION

1.1  In this Pledge

     "ACCOUNT" means, the (i) special financial instruments account ("compte
     special") the details of which are specified in the Declaration de Gage,
     opened in the name of the Pledgor in the books of the Company as account
     holder (teneur de compte), in which the Financial Instruments are
     registered and (ii) the Special Cash Account;

     "ARTICLE L. 431-4" means article L. 431-4 of the French Monetary and
     Financial Code (Code Monetaire et Financier);

     "BENEFICIARIES" means the entities identified in paragraph IV of the
     Declaration de Gage;

     "BORROWER" means a Borrower under, and as defined in, the Senior Facilities
     Agreement;

     "COMPANY" means Antargaz, a French societe anonyme with a share capital of
     E3,935,349, registered with number 572 126 043 RCS Nanterre and having its
     registered office at Immeuble Les Renardieres - 3 place de Saverne, 92400
     Courbevoie, France;

     "CONFIRMATION OF PLEDGE" means, the confirmation of pledge (attestation de
     nantissement de compte d'instruments financiers) in the form attached as
     Schedule 4;

     "DECLARATION DE GAGE" has the meaning which is given to it in clause 2.4 of
     this Pledge;

     "DISCHARGE DATE" means the date on which all of the Secured Liabilities
     have been irrevocably and unconditionally discharged in full and none of
     the Beneficiaries has any continuing obligation to any company in the Group
     under or in connection with any of the Finance Documents;

     "EVENT OF DEFAULT" means an event defined as an Event of Default in the
     Senior Facilities Agreement;

     "FINANCIAL INSTRUMENTS" means, (i) the 516,440 ordinary shares of the
     Company held by the Pledgor, and (ii) all other financial instruments which
     would be registered in the Pledged Account in accordance with this Pledge;

     "GUARANTOR" has the meaning given to it in the Senior Facilities Agreement;

     "SECURED LIABILITIES" means all money and liabilities now or hereafter due,
     owing or incurred to the Beneficiaries (or any of them) by the Pledgor
     under the Senior Finance Documents (or any of them), and under this Pledge
     in whatsoever manner in any currency or currencies whether present or
     future, actual or contingent, whether incurred solely or jointly with any
     other person and whether as principal or surety together with all interest
     accruing thereon and all costs, charges and expenses incurred in connection
     therewith;

     "SECURITY PERIOD" means the period beginning on the date hereof and ending
     on the Discharge Date;

     "SENIOR FINANCE DOCUMENTS" has the meaning given to it in the Senior
     Facilities Agreement;

                                       2

<PAGE>

     "SPECIAL ACCOUNT HOLDER" means Calyon; and

     "SPECIAL CASH ACCOUNT" means, the special bank account opened in the name
     of the Pledgor in the books of the Special Account Holder, which pursuant
     to Article L. 431-4, forms part of the Account, and the reference of which
     are specified in the Declaration de Gage.

1.2  Capitalised terms used in this Pledge (including the Recitals) and not
     otherwise defined herein shall have the meaning ascribed thereto in the
     Senior Facilities Agreement.

2.   PURPOSE

2.1  As security for the repayment, discharge and performance of all the Secured
     Liabilities, the Pledgor hereby pledges the Account in favour of the
     Beneficiaries.

2.2  (a)  In accordance with Article L. 431-4, all Financial Instruments
          initially registered in the Pledged Account, those which may be
          substituted therefor or added thereto in any manner whatsoever, as
          well as any income and proceeds (fruits et produits) therefrom in any
          currency whatsoever are automatically incorporated in the scope of the
          Pledge without any such operation constituting in any manner a
          novation of the rights or the security granted to the Beneficiaries
          under the Pledge.

     (b)  In addition, if the Pledgor subsequently subscribes or purchases in
          any manner whatsoever other financial instruments (instruments
          financiers) issued by the Company that are not automatically included
          in the scope of the Pledge pursuant to paragraph (a) of this Clause 2,
          the Pledgor shall transfer the said financial instruments to the
          Pledged Account and the said financial instruments shall therefore be
          included in the scope of the Pledge in accordance with (I) of Article
          L. 431-4. The Pledgor shall execute all such documents and take all
          such other actions as may be necessary or appropriate to effect such
          transfer.

2.3  In accordance with Article L. 431-4, the Financial Instruments and the sums
     in any currency whatsoever subsequently registered in the Pledged Account,
     as a security for the performance by the Pledgor of the Secured
     Obligations, are subject to the same terms as those initially registered
     and are considered as if they were so registered at the date of the initial
     Declaration de Gage.

2.4  All income and proceeds (fruits et produits) in cash payable in respect to
     the Financial Instruments, including without limitation all dividends and
     other distributions in cash to which the Financial Instruments give right
     as well as all cash amounts payable in respect of or in substitution for
     any of the Financial Instruments shall be paid to the Special Cash Account.
     By executing the Confirmation of Pledge, the Company shall accept to make
     such payments to the Special Cash Account. So long as no Event of Default
     has occurred and has been notified to the Pledgor, the Pledgor is hereby
     authorised by the Beneficiaires to withdraw from the Special Cash Account
     all income and proceeds (fruits et produits) which have been credited
     therein. This authorisation may be revoked by the Security Agent on behalf
     of the Beneficiaries, by simple notice (substantially in the form of
     Schedule 6) of the Security Agent to the Special Account Holder (with a
     copy to the Pledgor) upon the occurrence of an Event of Default, for so
     long it is not remedied, waived or ended in any way whatsoever. Upon
     receipt of such notice by the Special Account Holder, all amounts standing
     to the credit of the Special Cash Account, shall become unavailable for the
     Pledgor until a notification to the contrary is received from the Security
     Agent (which shall occur at the Pledgor's expense as soon as reasonably
     practicable when such Event of Default is no longer continuing). In
     accordance with Article L. 431-4, the

                                       3

<PAGE>

     Special Cash Account is considered to be part of the Pledged Account at the
     date of the signature of the Declaration de Gage.

2.5  The Pledgor shall take all necessary steps requested by the Security Agent
     (including, without limitation, signature of the "Declaration de Gage de
     compte d'instruments financiers" in the form set out in schedule 6) (the
     "DECLARATION DE GAGE"), as soon as possible, so that following execution of
     this Pledge:

     (a)  the Financial Instruments are transferred to the Account indicating
          the pledge in favour of the Beneficiaries;

     (b)  the pledge granted over the Account under this Pledge is registered in
          the share transfer register of the Company; and

     (c)  an "Attestation de constitution de gage de compte d'instruments
          financiers" in the form set out in schedule 4 is delivered by the
          Company to the Security Agent.

3.   REPRESENTATIONS AND WARRANTIES

     The Pledgor represents and warrants to the Security Agent and to each of
     the Beneficiaries as at the date hereof and for the duration of the
     Security Period, that:

     (a)  the Financial Instruments are registered, have been fully paid up,
          represent (as of the date of this Pledge) 99.99% of the Company's
          share capital and will continue to represent at all times (provided
          such reduction is authorised pursuant to the Senior Finance Documents)
          at least 95.00% of the Company's share capital;

     (b)  it is the owner of the Account and the registered owner of the
          Financial Instruments and it has not created, incurred or permitted to
          subsist any Security Interest or other encumbrance whatsoever over the
          Account or the other than the Security Interest granted pursuant to
          this Pledge;

     (c)  there is no purchase option outstanding or in existence in relation to
          all or part of the Financial Instruments, no scheme exists for the
          purchase or subscription of Financial Instruments in the Company, and
          more generally there exists no agreement by which the Company has
          undertaken to issue new Financial Instruments or securities giving
          access to the share capital of the Company, all except as permitted
          under the Finance Documents;

     (d)  the Pledge has been approved by the Company pursuant to a board
          resolution dated 2 December 2005;

     (e)  there is no shareholders' agreement, pre-emption clause nor any other
          agreement or clause which would prevent the performance of this Pledge
          in accordance with its terms;

     (f)  the payment of, or the provision of security for, the Secured
          Liabilities by the Pledgor does not require any authorisation of any
          authority whatsoever, including, without limitation, from the
          administrative bodies of the Pledgor other than those previously
          obtained and no authorisation from the administrative bodies of the
          Pledgor or of the Company or of any authority whatsoever is required
          for the enforcement of this Pledge; and

                                       4

<PAGE>

     (g)  this Pledge is valid and enforceable in accordance with its terms and
          creates a pledge ranking above the rights that any other person may
          have over the Account or the Financial Instruments or over the
          proceeds of any sale of the Financial Instruments.

4.   UNDERTAKINGS

4.1  For the duration of the Security Period, the Pledgor undertakes:

     (a)  not to transfer nor to sell the Financial Instruments, or any of them,
          without the prior written consent of the Security Agent acting on
          behalf of the Beneficiaries;

     (b)  not to create, incur or permit to subsist any Security Interest or
          encumbrance of any sort whatsoever over the Account or the Financial
          Instruments other than in favour of the Beneficiaries;

     (c)  save as otherwise permitted by the Senior Finance Documents, to
          procure that the Company shall not issue new Financial Instruments and
          more generally to procure that the Company shall not change its share
          capital;

     (d)  to the extent permitted under French law, not to exercise the voting
          rights or to pass any resolutions attached to the Financial
          Instruments which may adversely change the terms of the Financial
          Instruments (or any class of them) or prejudice the Security Interest
          created hereunder; and

     (e)  to take any action, carry out any formalities and more generally do
          anything the Security Agent may reasonably consider necessary in order
          to permit the Security Agent or the other Beneficiaries to exercise,
          at any time, the rights and claims which it or the other Beneficiaries
          hold by virtue of this Pledge.

     (f)  instruct the Special Account Holder to deliver to the Security Agent,
          with respect to the Special Cash Account, an attestation de
          constitution de gage de compte especes special substantially in the
          form set out in Schedule 8 duly executed by the Special Account
          Holder.

4.2  Notwithstanding anything contained herein, the Pledgor shall remain liable
     to observe and perform all of the conditions and obligations assumed by it
     in respect of the Financial Instruments and the Account and none of the
     Beneficiaries shall be required in any manner to perform or fulfil any
     obligation of the Pledgor in respect of the Financial Instruments of the
     Account or to make any payment received by them, or to receive any enquiry
     as to the nature or sufficiency of any payment received by them, or to
     present or to file any claim or take any other action to collect or enforce
     the payment of any amount to which they may have been or to which they may
     be entitled hereunder at any time or times.

5.   ENFORCEMENT

     Following the occurrence of a payment default under the Secured Liabilities
     and without prejudice to any other right or action whatsoever which may be
     exercised or taken independently or concurrently, the Security Agent,
     acting on behalf of the Beneficiaries, may enforce its rights under the
     Pledge up to the limit of the Secured Liabilities in accordance with
     article L. 521-3 of the Code de Commerce and article 2078 of the French
     Civil Code.

                                       5

<PAGE>

6.   DURATION

6.1  This Pledge shall remain in full force and effect throughout the Security
     Period.

6.2  The Security Agent acting upon instructions of the Beneficiaries undertakes
     to procure the release of the Pledge on or as soon as practicable after the
     Discharge Date.

7.   NOTICE

     Except as specifically provided otherwise in this Pledge, any notice,
     demand or other communication to be served under or in connection with this
     Pledge shall be made in accordance with clause 24 (Notices) of the Senior
     Facilities Agreement.

8.   MISCELLANEOUS

8.1  This Pledge does not exclude or limit in any way the other rights of the
     Security Agent or the other Beneficiaries and does not affect the nature or
     the extent of the liabilities which have been or which may exist between
     the Pledgor and the Security Agent or the other Beneficiaries.

8.2  Where any clause of this Pledge shall be or become illegal, invalid or
     unenforceable it is agreed that the other provisions of this Pledge shall
     remain legal, valid and enforceable against the parties to this Pledge
     independently of the said illegal, invalid or unenforceable clauses.

8.3  No payment to the Security Agent and/or the other Beneficiaries whether
     under any judgment or court order or otherwise shall discharge the
     obligation or liability of the Pledgor unless and until the Security Agent
     and/or the other Beneficiaries shall have received payment in full in the
     currency in which the obligation or liability was incurred and to the
     extent that the amount of any such payment shall on actual conversion into
     such currency fall short of such obligation or liability expressed in that
     currency the Security Agent and/or the other Beneficiaries shall have a
     further cause of action against the Pledgor to recover the amount of the
     shortfall.

8.4  In the event of a transfer by way of a novation of all or part of the
     rights and obligations by the Beneficiaries under any Senior Finance
     Document, the Beneficiaries expressly reserve (and all the parties to this
     Pledge expressly agree to that), the rights, powers, privileges and actions
     that they enjoy under this Pledge in favour of their successors, in
     accordance with the provisions of articles 1278 and following of the French
     Civil Code.

9.   EXPENSES

     The Pledgor will promptly following demand pay to each of the Security
     Agent and/or the other Beneficiaries any expense (including legal fees and
     other out of pocket expenses and any Taxes thereon) or loss which the
     Security Agent and/or the other Beneficiaries may have properly incurred in
     connection with the preservation, enforcement or attempted preservation or
     enforcement of, the Security Agent's or the other Beneficiaries rights
     under, this Pledge including any present or future stamp or other taxes or
     duties and any penalties or interest with respect thereto which may be
     imposed by any competent jurisdiction in connection with the execution or
     enforcement of this Pledge all upon presentation of duly documented
     evidence.

                                       6

<PAGE>

10.  FURTHER ASSURANCES

     The Pledgor agrees that from time to time, at its own expense, it will
     promptly execute and deliver all further instruments and documents, and
     take all further action, that the Security Agent may reasonably request, in
     order to perfect and protect any Security Interest granted or purported to
     be granted hereby or to enable the Security Agent to exercise and enforce
     its rights and remedies hereunder with respect to the relevant Account.

11.  APPLICABLE LAW AND JURISDICTION

11.1 This Pledge shall be governed by and construed in all respects in
     accordance with French law.

11.2 Any dispute arising out of or in connection with this Pledge shall be
     submitted to the Commercial Court of Paris (Tribunal de Commerce de Paris)
     for the purpose of hearing and determining at first instance any dispute
     arising out of this Pledge.

                                       7

<PAGE>

Made in three (3) originals on 7 December 2005.

<TABLE>
<S>                                            <C>
THE PLEDGOR:                                   THE SECURITY AGENT:
AGZ HOLDING                                    CALYON

Acting by: /s/ Francois Varagne                Acting by: /s/ Jacques Pochon and Jerome Del Ben
           ---------------------------------              -------------------------------------
Name: Francois Varagne or any duly empowered   Name: Jacques Pochon and Jerome Del Ben
      person under a power of attorney         Title: Head of Acquisition Finance
Title: Directeur General Delegue                      France and Associate Director

Address: Immeuble Les Renardieres              Address CALYON
         3, Place de Saverne                           Leverage and Financial Sponsors Group
         92400 Courbevoie, France                      9 quai du President Paul Doumer
                                                       92920 Courbevoie Cedex
Fax: +33 1 41 88 73 15                                 France
For the attention of Francois Varagne          Fax: +33 1 41 89 39 53/14 33
                                               For the attention of Jerome Del Ben/Victoria
                                               Becq-Giraudon

THE ORIGINAL LENDERS:
CALYON

Acting by: /s/ Jacques Pochon and Jerome Del Ben
           -------------------------------------
Name: Jacques Pochon and Jerome Del Ben
Title: Head of Acquisition Finance
       France and Associate Director

Address CALYON
        Leverage and Financial Sponsors Group
        9 quai du President Paul Doumer
        92920 Courbevoie Cedex
        France

Fax: 33 1 41 89 39 53/14 33
For the attention of Jerome Del Ben/Victoria
Becq-Giraudon
</TABLE>

                                       8

<PAGE>

                                   SCHEDULE 1
                              THE ORIGINAL LENDERS

                    CALYON, 9 quai du president Paul Doumer,
                      92920 Paris La Defense cedex, France

                                       9<PAGE>
                                                                    Exhibit 10.3

                              Dated 7 December 2005

                                    ANTARGAZ
                                   as Pledgor

                                     CALYON
                                as Security Agent

                                       and

                              THE REVOLVING LENDERS

                                   ----------

                    PLEDGE OF FINANCIAL INSTRUMENTS ACCOUNTS
                        RELATING TO FINANCIAL INSTRUMENTS
                HELD BY ANTARGAZ IN CERTAIN SUBSIDIARY COMPANIES

                                   ----------

                             SHEARMAN & STERLING LLP

<PAGE>

                                    CONTENTS

<TABLE>
<S>                                                                           <C>
1.    DEFINITIONS AND INTERPRETATION.......................................    2

2.    PURPOSE..............................................................    3

3.    REPRESENTATIONS AND WARRANTIES.......................................    4

4.    UNDERTAKINGS.........................................................    5

5.    ENFORCEMENT..........................................................    5

6.    DURATION.............................................................    6

7.    NOTICE...............................................................    6

8.    MISCELLANEOUS........................................................    6

9.    EXPENSES.............................................................    6

10.   FURTHER ASSURANCES...................................................    7

11.   APPLICABLE LAW AND JURISDICTION......................................    7

SCHEDULE 1    THE ORIGINAL REVOLVING LENDERS...............................    9

SCHEDULE 2    THE COMPANIES................................................   10

SCHEDULE 3    DECLARATION DE GAGE DE COMPTE D'INSTRUMENTS FINANCIERS
              SOUMISE A L'ARTICLE L. 431-4 DU CODE MONETAIRE ET FINANCIER..   11

SCHEDULE 4    DECLARATION OF PLEDGE OF A FINANCIAL INSTRUMENTS ACCOUNT IN
              ACCORDANCE WITH ARTICLE L. 431-4 OF THE FRENCH MONETARY AND
              FINANCIAL CODE...............................................   16

SCHEDULE 5    ATTESTATION DE CONSTITUTION DE GAGE DE COMPTE D'INSTRUMENTS
              FINANCIERS...................................................   19

SCHEDULE 6    CERTIFICATE OF REGISTRATION OF A PLEDGE OF FINANCIAL
              INSTRUMENTS ACCOUNT..........................................   20

SCHEDULE 7    MODELE DE NOTIFICATION DE LA SURVENANCE D'UN CAS DE DEFAUT AU
              TENEUR DU COMPTE ESPECES SPECIAL.............................   21

SCHEDULE 8    FORM OF NOTIFICATION OF THE OCCURRENCE OF AN EVENT OF DEFAULT
              TO THE SPECIAL CASH ACCOUNT HOLDER...........................   22

SCHEDULE 9    FORM OF CONFIRMATION OF PLEDGE - SPECIAL CASH ACCOUNT........   23

SCHEDULE 10   CERTIFICATE CONFIRMING THE OPENING OF THE SPECIAL CASH
              ACCOUNT......................................................   24
</TABLE>

<PAGE>

THIS PLEDGE OF FINANCIAL INSTRUMENTS ACCOUNTS (THE "PLEDGE AGREEMENT") IS MADE
ON 7 DECEMBER 2005

BETWEEN:

(1)  ANTARGAZ, a French societe anonyme with a share capital of E3,935,349,
     having its registered office at Immeuble Les Renardieres - 3, Place de
     Saverne, 92400 Courbevoie, France and registered in France with number 572
     126 043 RCS Nanterre;

                                     (hereinafter referred to as the "PLEDGOR");

(2)  CALYON, a company (societe anonyme) incorporated under the laws of France,
     having its registered office 9 quai du president Paul Doumer, 92920 Paris
     la Defense Cedex (France), registered under number 304 187 701 RCS
     Nanterre, represented by Jacques Pochon and Jerome Del Ben duly empowered
     for the purposes hereof,

                              (hereinafter referred to as the "SECURITY AGENT");

(3)  The banks and financial institutions named in schedule 1 (the "ORIGINAL
     REVOLVING LENDERS") and any bank or financial institution which may from
     time to time become a Revolving Lender under the Senior Facilities
     Agreement;

                (hereinafter, together, referred to as the "REVOLVING LENDERS").

WHEREAS:

(A)  Pursuant to a senior facilities agreement dated 7 December 2005
     (hereinafter, as amended and restated from time to time, the "SENIOR
     FACILITIES AGREEMENT") and entered into between, among others, (i) AGZ
     Holding as the Parent (the "PARENT"), (ii) the persons named therein as
     Borrowers and/or Guarantors, (iii) the Original Revolving Lenders and (iii)
     Calyon as Mandated Lead Arranger, Facility Agent and Security Agent, the
     Original Revolving Lenders have agreed to make available to the Parent, the
     Pledgor and certain of its subsidiaries a revolving credit facility in a
     maximum aggregate principal amount of E50,000,000 (the "REVOLVING
     FACILITY").

(B)  The Pledgor is a party to the Senior Facilities Agreement as Borrower and
     Guarantor under the Revolving Facility.

(C)  It is a condition precedent to the availability of the Revolving Facility
     that the Pledgor grant in favour of the Beneficiaries a pledge over each of
     the Accounts.

                                       1

<PAGE>

IT IS AGREED AS FOLLOWS:

1.   DEFINITIONS AND INTERPRETATION

1.1  In this Pledge

     "ACCOUNT" means the (i) special financial instruments account ("compte
     special") the details of which are specified in each Declaration de Gage,
     opened in the name of the Pledgor in the books of the relevant Company as
     account holder (teneur de compte), in which the relevant Financial
     Instruments are registered and (ii) the relevant Special Cash Account;

     "ARTICLE L. 431-4" means article L. 431-4 of the French Monetary and
     Financial Code (Code Monetaire et Financier);

     "BENEFICIARIES" means the entities identified in paragraph III of each
     Declaration de Gage;

     "BORROWER" means a Borrower under, and as defined in, the Senior Facilities
     Agreement;

     "COMPANY" means each company listed in schedule 2 and "Companies" means all
     of them;

     "CONFIRMATION OF PLEDGE" means, for each Pledge, the confirmation of pledge
     (attestation de nantissement de compte d'instruments financiers) in the
     form attached as Schedule 5;

     "DECLARATION DE GAGE" has the meaning which is given to it in clause 2.4 of
     this Pledge Agreement;

     "DISCHARGE DATE" means the date on which all of the Secured Liabilities
     have been irrevocably and unconditionally discharged in full and none of
     the Beneficiaries has any continuing obligation to any company in the Group
     under or in connection with the Revolving Facility;

     "EVENT OF DEFAULT" means an event defined as an Event of Default in the
     Senior Facilities Agreement;

     "FINANCIAL INSTRUMENTS" means, in respect of each Company listed in
     schedule 2, (i) the number of shares (as set out opposite the name of that
     Company in schedule 2 of this Pledge) equal to the total number of shares
     held by the Pledgor in that Company minus a maximum of ten (10) shares and
     (ii) all other financial instruments which would be registered in the
     Pledged Account in accordance with this Pledge;

     "GUARANTOR" has the meaning given to it in the Senior Facilities Agreement;

     "SECURED LIABILITIES" means all money and liabilities now or hereafter due,
     owing or incurred to the Beneficiaries (or any of them) by the Pledgor
     under the Senior Finance Documents (or any of them), and under this Pledge
     in whatsoever manner in any currency or currencies whether present or
     future, actual or contingent, whether incurred solely or jointly with any
     other person and whether as principal or surety together with all interest
     accruing thereon and all costs, charges and expenses incurred in connection
     therewith;

     "SECURITY PERIOD" means the period beginning on the date hereof and ending
     on the Discharge Date;

     "SENIOR FINANCE DOCUMENTS" has the meaning given to it in the Senior
     Facilities Agreement;

                                       2

<PAGE>

     "SPECIAL ACCOUNT HOLDER" means Calyon; and

     "SPECIAL CASH ACCOUNT" means, for each Pledge, the relevant special bank
     account opened in the name of the Pledgor in the books of the relevant
     Special Account Holder, which pursuant to Article L. 431-4 of the French
     Code Monetaire et Financier, forms part of the relevant Account, and the
     reference of which are specified in the relevant Declaration de Gage.

1.2  Capitalised terms used in this Pledge (including the Recitals) and not
     otherwise defined herein shall have the meaning ascribed thereto in the
     Senior Facilities Agreement.

2.   PURPOSE

2.1  As security for the repayment, discharge and performance of all the Secured
     Liabilities, the Pledgor hereby pledges each of the Accounts in favour of
     the Beneficiaries.

2.2  (a)  In accordance with Article L. 431-4, all Financial Instruments
          initially registered in the relevant Pledged Account, those which may
          be substituted therefor or added thereto in any manner whatsoever, as
          well as any income and proceeds (fruits et produits) therefrom in any
          currency whatsoever are automatically incorporated in the scope of the
          relevant Pledge without any such operation constituting in any manner
          a novation of the rights or the security granted to the Beneficiaries
          under the Pledge.

     (b)  In addition, if the Pledgor subsequently subscribes or purchases in
          any manner whatsoever other financial instruments (instruments
          financiers) issued by the Company that are not automatically included
          in the scope of the relevant Pledge pursuant to paragraph (a) of this
          Clause 2, the Pledgor shall transfer the said financial instruments to
          the relevant Pledged Account and the said financial instruments shall
          therefore be included in the scope of the relevant Pledge in
          accordance with I of Article L. 431-4. The Pledgor shall execute all
          such documents and take all such other actions as may be necessary or
          appropriate to effect such transfer.

2.3  In accordance with Article L. 431-4, the Financial Instruments and the sums
     in any currency whatsoever subsequently registered in the relevant Pledged
     Account, as a security for the performance by the Pledgor of the Secured
     Obligations, are subject to the same terms as those initially registered
     and are considered as if they were so registered at the date of the initial
     Declaration de Gage.

2.4  All income and proceeds (fruits et produits) in cash payable in respect to
     the Financial Instruments, including without limitation all dividends and
     other distributions in cash to which the Financial Instruments give right
     as well as all cash amounts payable in respect of or in substitution for
     any of the relevant Financial Instruments shall be paid to the relevant
     Special Cash Account. By executing the relevant Confirmation of Pledge, the
     Company shall accept to make such payments to the relevant Special Cash
     Account. So long as no Event of Default has occurred and has been notified
     to the Pledgor, the Pledgor is hereby authorised by the Lenders to withdraw
     from the relevant Special Cash Account all income and proceeds (fruits et
     produits) which have been credited therein. This authorisation may be
     revoked by the Security Agent on behalf of the Beneficiaries, by simple
     notice (substantially in the form of Schedule 6) of the Security Agent to
     the relevant Special Account Holder (with a copy to the Pledgor) upon the
     occurrence of an Event of Default, for so long it is not remedied, waived
     or ended in any way whatsoever. Upon receipt of such notice by the relevant
     Special Account Holder, all amounts standing to the credit of the relevant
     Special Cash Account, shall become unavailable for the

                                       3

<PAGE>

     Pledgor until a notification to the contrary is received from the Security
     Agent (which shall occur at the Pledgor's expense as soon as reasonably
     practicable when such Event of Default is no longer continuing). In
     accordance with Article L. 431-4, the relevant Special Cash Account is
     considered to be part of the Pledged Account at the date of the relevant
     signature of the Declaration de Gage.

2.5  The Pledgor shall take all necessary steps requested by the Security Agent
     (including, without limitation, signature of a "Declaration de Gage de
     compte d'instruments financiers" in the form set out in schedule 3 in
     relation to each Company) (each a "DECLARATION DE GAGE"), as soon as
     possible, so that following execution of this Pledge:

     (a)  the Financial Instruments are transferred to the relevant Pledged
          Account opened in the name of the Pledgor with the relevant Company
          and indicating the pledge in favour of the Beneficiaries;

     (b)  the pledge granted over each of the Accounts under this Pledge is
          registered in the share transfer register of the relevant Company; and

     (c)  an "Attestation de constitution de gage de compte d'instruments
          financiers" in the form set out in schedule 5 is delivered by each
          Company to the Security Agent.

3.   REPRESENTATIONS AND WARRANTIES

     The Pledgor represents and warrants to the Security Agent and to each of
     the Beneficiaries as at the date hereof and for the duration of the
     Security Period, that:

     (a)  the Financial Instruments are registered, have been fully paid up, and
          represent at the date hereof the percentage of the share capital of
          each such Company as indicated in schedule 2 and will at all time
          represent at least 95% of the share capital of each such Company (or
          85% with respect to Rhone Mediterrannee Gaz-RMG);

     (b)  it is the owner of the Accounts and the registered owner of the
          Financial Instruments and it has not created, incurred or permitted to
          subsist any Security Interest or other encumbrance whatsoever over the
          Accounts (or any of them) or the Financial Instruments (or any of
          them) other than the Security Interest granted pursuant to this
          Pledge;

     (c)  there is no purchase option outstanding or in existence in relation to
          all or part of the Financial Instruments, no scheme exists for the
          purchase or subscription of Financial Instruments in such Companies
          (or any of them), and more generally there exists no agreement by
          which any such Company has undertaken to issue new financial
          instruments or securities giving access to the share capital of that
          Company, all except as permitted under the Finance Documents;

     (d)  the Pledge has been approved by each Company (save as indicated in
          schedule 2) in accordance with its Statuts;

     (e)  the payment of, or the provision of security for, the Secured
          Liabilities by the Pledgor does not require any authorisation of any
          authority whatsoever, including, without limitation, from the
          administrative bodies of the Pledgor other than those previously
          obtained and no authorisation from the administrative bodies of the
          Pledgor or any of the

                                       4

<PAGE>

          Companies or of any authority whatsoever is required for the
          enforcement of this Pledge; and

     (f)  this Pledge is valid and enforceable in accordance with its terms and
          creates a pledge ranking above the rights that any other person may
          have over the Accounts or the Financial Instruments, or any of them,
          or over the proceeds of any sale of the Financial Instruments or any
          of them.

4.   UNDERTAKINGS

4.1  For the duration of the Security Period, the Pledgor undertakes:

     (a)  not to transfer nor to sell the Financial Instruments, or any of them,
          without the prior written consent of the Security Agent acting on
          behalf of the Beneficiaries;

     (b)  not to create, incur or permit to subsist any Security Interest or
          encumbrance of any sort whatsoever over the Accounts or the Financial
          Instruments, or any of them, other than in favour of the
          Beneficiaries;

     (c)  save as otherwise permitted by the Finance Documents, to procure that
          no Company shall issue new Financial Instruments and more generally to
          procure that no Company shall change its share capital;

     (d)  to the extent permitted under French law, not to exercise the voting
          rights or to pass any resolutions attached to the Financial
          Instruments (or any of them) which may adversely change the terms of
          the Financial Instruments (or any class of them) or prejudice the
          Security Interest created hereunder; and

     (e)  to take any action, carry out any formalities and more generally do
          anything the Security Agent may reasonably consider necessary in order
          to permit the Security Agent or the other Beneficiaries to exercise,
          at any time, the rights and claims which it or the other Beneficiaries
          hold by virtue of this Pledge.

     (f)  Instruct the Special Account Holder to deliver to the Security Agent,
          with respect to the Special Cash Account, an attestation de
          constitution de gage de compte especes special substantially in the
          form set out in Schedule 9 duly executed by the relevant Special
          Account Holder.

4.2  Notwithstanding anything contained herein, the Pledgor shall remain liable
     to observe and perform all of the conditions and obligations assumed by it
     in respect of the Financial Instruments and the Accounts (or any of them)
     and none of the Beneficiaries shall be required in any manner to perform or
     fulfill any obligation of the Pledgor in respect of the Financial
     Instruments or the Accounts (or any of them) or to make any payment
     received by them, or to receive any enquiry as to the nature or sufficiency
     of any payment received by them, or to present or to file any claim or take
     any other action to collect or enforce the payment of any amount to which
     they may have been or to which they may be entitled hereunder at any time
     or times.

5.   ENFORCEMENT

     Following the occurrence of a payment default under the Secured Liabilities
     and without prejudice to any other right or action whatsoever which may be
     exercised or taken independently

                                       5

<PAGE>

     or concurrently, the Security Agent, acting on behalf of the Beneficiaries,
     may enforce its rights under the Pledge up to the limit of the Secured
     Liabilities in accordance with article L. 521-3 of the Code de Commerce and
     article 2078 of the French Civil Code.

6.   DURATION

6.1  This Pledge shall remain in full force and effect throughout the Security
     Period.

6.2  The Security Agent acting upon instructions of the Beneficiaries undertakes
     to procure the release of the Pledge on or as soon as practicable after the
     Discharge Date.

7.   NOTICE

     Except as specifically provided otherwise in this Pledge, any notice,
     demand or other communication to be served under or in connection with this
     Pledge shall be made in accordance with clause 24 (Notices) of the Senior
     Facilities Agreement.

8.   MISCELLANEOUS

8.1  This Pledge does not exclude or limit in any way the other rights of the
     Security Agent or the other Beneficiaries and does not affect the nature or
     the extent of the liabilities which have been or which may exist between
     the Pledgor and the Security Agent or the other Beneficiaries.

8.2  Where any clause of this Pledge shall be or become illegal, invalid or
     unenforceable it is agreed that the other provisions of this Pledge shall
     remain legal, valid and enforceable against the parties to this Pledge
     independently of the said illegal, invalid or unenforceable clauses.

8.3  No payment to the Security Agent and/or the other Beneficiaries whether
     under any judgment or court order or otherwise shall discharge the
     obligation or liability of the Pledgor unless and until the Security Agent
     and/or the other Beneficiaries shall have received payment in full in the
     currency in which the obligation or liability was incurred and to the
     extent that the amount of any such payment shall on actual conversion into
     such currency fall short of such obligation or liability expressed in that
     currency the Security Agent and/or the other Beneficiaries shall have a
     further cause of action against the Pledgor to recover the amount of the
     shortfall.

8.4  In the event of a transfer by way of a novation of all or part of the
     rights and obligations by the Beneficiaries under the Senior Facilities
     Agreement, the Beneficiaries expressly reserve (and all the parties to this
     Pledge expressly agree to that), the rights, powers, privileges and actions
     that they enjoy under this Pledge in favour of their successors, in
     accordance with the provisions of articles 1278 and following of the French
     Civil Code.

9.   EXPENSES

     The Pledgor will promptly following demand pay to each of the Security
     Agent and/or the other Beneficiaries any expense (including legal fees and
     other out of pocket expenses and any Taxes thereon) or loss which the
     Security Agent and/or the other Beneficiaries may have properly incurred in
     connection with the preservation, enforcement or attempted preservation or
     enforcement of, the Security Agent's or the other Beneficiaries rights
     under, this Pledge including any present or future stamp or other taxes or
     duties and any penalties or interest with respect thereto which may be
     imposed by any competent jurisdiction in connection with the execution or
     enforcement of this Pledge all upon presentation of duly documented
     evidence.

                                       6

<PAGE>

10.  FURTHER ASSURANCES

     The Pledgor agrees that from time to time, at its own expense, it will
     promptly execute and deliver all further instruments and documents, and
     take all further action, that the Security Agent may reasonably request, in
     order to perfect and protect any Security Interest granted or purported to
     be granted hereby or to enable the Security Agent to exercise and enforce
     its rights and remedies hereunder with respect to the relevant Account.

11.  APPLICABLE LAW AND JURISDICTION

11.1 This Pledge shall be governed by and construed in all respects in
     accordance with French law.

11.2 Any dispute arising out of or in connection with this Pledge shall be
     submitted to the Commercial Court of Paris (Tribunal de Commerce de Paris)
     for the purpose of hearing and determining at first instance any dispute
     arising out of this Pledge.

                                       7

<PAGE>

Made in three (3) originals on 7 December 2005.

<TABLE>
<S>                                   <C>
THE PLEDGOR:                          THE SECURITY AGENT:
ANTARGAZ                              CALYON

Acting by: /s/ Francois Varagne        Acting by: /s/ Jacques Pochon and Jerome Del Ben
           -------------------------              -------------------------------------
Name: Francois Varagne or any duly     Name: Jacques Pochon and Jerome Del Ben
   empowered person under a power of   Title: Head of Acquisition Finance
   attorney                                   France and Associate Director
Title: President-Directeur General     Address: CALYON
Address: 3, Place de Saverne                    Leverage and Financial Sponsors
         92400 Courbevoie                       Group
Fax: +33 1 41 88 73 15                          9 quai du President Paul Doumer
For the attention of Francois                   92920 Courbevoie Cedex
Varagne                                         France
                                       Fax: +33 1 41 89 39 53 / 14 33
                                       For the attention of Jerome Del Ben /
                                       Victoria Becq-Giraudon

THE ORIGINAL LENDERS:
CALYON

Acting by: /s/ Jacques Pochon and Jerome Del Ben
           -------------------------------------
Name: Jacques Pochon and Jerome Del Ben
Title: Head of Acquisition Finance
       France and Associate Director
Address CALYON
        Leverage and Financial
        Sponsors Group
        9 quai du President Paul
        Doumer
        92920 Courbevoie Cedex
        France
Fax: +33 1 41 89 39 53 / 14 33
For the attention of Jerome Del Ben /
Victoria Becq-Giraudon
</TABLE>

                                        8

<PAGE>

                                   SCHEDULE 1
                         THE ORIGINAL REVOLVING LENDERS

CALYON, 9 quai du president Paul Doumer, 92920 Paris La Defense cedex, France

                                       9

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