Document:

<PAGE>

                                                                 EXHIBIT 10.1(a)

                              Dated 15 January 2004

                                   AGZ HOLDING
                                    as Parent

                                    ANTARGAZ

                            THE ENTITIES NAMED HEREIN
                                   as Lenders

                                 CREDIT LYONNAIS
                            as Mandated Lead Arranger

                                 CREDIT LYONNAIS
                                as Facility Agent

                                 CREDIT LYONNAIS
                                as Security Agent

                      ------------------------------------

                        AMENDMENT AGREEMENT RELATING TO A
     SENIOR FACILITIES AGREEMENT DATED 26 JUNE 2003 AS AMENDED AND RESTATED

                    ---------------------------------------

                             Shearman & Sterling LLP
                                      Paris

                                     [MAP]
<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
                                                                                            PAGE
<S>                                                                                         <C>
CLAUSE
1.  INTERPRETATION.......................................................................     3
2.  AMENDMENTS TO THE FACILITIES AGREEMENT...............................................     3
3.  STATUS OF DOCUMENTS..................................................................     4
       3.1    FACILITIES AGREEMENT.......................................................     4
       3.2    FINANCE DOCUMENT...........................................................     4
4.  REPRESENTATIONS AND WARRANTIES.......................................................     4
       4.1    RELIANCE...................................................................     4
       4.2    POWERS AND CAPACITY........................................................     4
       4.3    AUTHORISATION..............................................................     4
       4.4    NO CONTRAVENTION...........................................................     4
       4.5    OBLIGATIONS BINDING........................................................     5
       4.6    CONSENTS...................................................................     5
       4.7    NO DEFAULT.................................................................     5
5.  INVALIDITY OF ANY PROVISION..........................................................     5
6.  GOVERNING LAW AND SUBMISSION TO JURISDICTION.........................................     5
       6.1    GOVERNING LAW..............................................................     5
       6.2    SUBMISSION TO JURISDICTION.................................................     5
SCHEDULE 1...............................................................................     7
</TABLE>

                                       ii
<PAGE>

THIS AMENDMENT AGREEMENT is made on [___] January, 2004

BETWEEN:

(1)   AGZ HOLDING (a company incorporated in France as a societe anonyme with
      registered number 413 765 108 RCS Paris) (the "PARENT");

(2)   ANTARGAZ (a company incorporated in France as a societe anonyme with
      registered number 572 126 043 RCS Nanterre) ("ANTARGAZ");

(3)   CREDIT LYONNAIS as mandated lead arranger (the "ARRANGER");

(4)   THE FINANCIAL INSTITUTIONS listed in schedule 1 as Lenders;

(5)   CREDIT LYONNAIS in its capacity as facility agent for the Lenders under
      the Senior Finance Documents (the "FACILITY AGENT"); and

(6)   CREDIT LYONNAIS in its capacity as agent for the Finance Parties under the
      Security Documents (the "SECURITY AGENT").

WHEREAS:

(A)   The parties to this agreement are parties to a senior facilities agreement
      dated 26 June 2003 as amended and restated by (i) an amendment and
      restatement agreement dated 2 July 2003 and (ii) an amendment agreement
      dated 1 August 2003, pursuant to which the Lenders agreed to make
      available to the Parent a EUR 220,000,000 term facility and to the
      Borrowers a EUR 50,000,000 revolving facility (the "FACILITIES
      AGREEMENT").

(B)   The parties to this agreement have agreed to enter into this agreement in
      order to amend the terms of the Facilities Agreement in the manner set out
      below.

NOW IT IS HEREBY AGREED:

1.    INTERPRETATION

      In this agreement:

      (a)   words and expressions defined in the Facilities Agreement shall,
            unless otherwise defined herein or save to the extent the context
            otherwise requires, have the same meaning when used herein;

      (b)   the provisions of Clauses 1.2 (Construction) and 1.3 (Other
            References) of the Facilities Agreement will be deemed to be set out
            in full in this agreement, but as if references in those clauses to
            the Facilities Agreement were references to this agreement.

2.    AMENDMENTS TO THE FACILITIES AGREEMENT

      Clause 11.3(b)(i) (Change of Control) shall be amended from (and
      including) the date hereof:

      (a)   by adding the following words and expressions in the end of
            paragraph (E):

            ", provided however that a Change of Control will not occur in the
            event that a third party being neither the Parent nor any of its
            Subsidiaries makes the Change of Control Offer as defined in the
            High Yield Documents and purchases all High Yield Notes tendered
            under the conditions set forth in Section 4.19, and in particular
            paragraph (g), of the High Yield Trust Deed;"

<PAGE>

      (b)   by adding the following words and expressions in the end of the last
            paragraph:

            "and if a Change of Control is triggered by the occurrence under the
            High Yield Documents of a Change of Control as defined in the High
            Yield Documents referred to in paragraph (E) above, the date of such
            Change of Control shall be the date the Parent or any of its
            Subsidiaries makes the Change of Control Offer under the High Yield
            Documents or purchases all or part of the High Yield Notes."

3.    STATUS OF DOCUMENTS

3.1   FACILITIES AGREEMENT

      Except as varied by the terms of this agreement, the Facilities Agreement
      will remain in full force and effect and any reference in the Facilities
      Agreement to "this Agreement", "herein", "Senior Facilities Agreement" and
      similar references or to any provision of the Facilities Agreement will be
      construed as a reference to the Facilities Agreement, or that provision,
      as amended by this agreement.

3.2   FINANCE DOCUMENT

      This agreement will constitute a Finance Document for the purposes of the
      Facilities Agreement.

4.    REPRESENTATIONS AND WARRANTIES

4.1   RELIANCE

      Each Obligor represents and warrants as set out in the following
      provisions of this clause 4 and acknowledges that each Finance Party has
      entered into this agreement and has agreed to the amendment and other
      matters effected by this agreement in full reliance on those
      representations and warranties.

4.2   POWERS AND CAPACITY

      Each Obligor has the power and capacity to enter into and comply with its
      obligations under this agreement.

4.3   AUTHORISATION

      Each Obligor has taken (or will take within any requisite time period) all
      necessary action:

      (a)   to authorise the entry into of and compliance with its obligations
            under this agreement;

      (b)   to ensure that its obligations under this agreement are valid,
            legally binding and enforceable in accordance with their terms;

      (c)   to make this agreement admissible in evidence in the courts of
            France (other than a certified translation of this agreement into
            French).

4.4   NO CONTRAVENTION

      The entry into by the Obligors, the exercise of its rights under and the
      compliance with its obligations under this agreement do not:

      (a)   contravene any law, regulation, judgment or order to which any Group
            Company is subject;

<PAGE>

      (b)   conflict with its constitutional documents; or

      (c)   breach any agreement or the terms of any consent binding upon any
            Group Company or any assets of any Group Company.

4.5   OBLIGATIONS BINDING

      The obligations expressed to be assumed by the Obligors under this
      agreement constitute or when executed will constitute its valid and
      legally binding obligations and are enforceable in accordance with their
      terms (subject to any applicable insolvency, bankruptcy or similar laws
      affecting creditors' rights generally).

4.6   CONSENTS

      All consents and filings required for the entry into of this agreement and
      the performance by the Obligors of their obligations hereunder have been
      obtained (or, where applicable, will be obtained within the required time
      period) and are in full force and effect.

4.7   NO DEFAULT

      (a)   No Default has occurred and is continuing.

      (b)   No event is continuing which constitutes a default under any
            agreement or document to which any Group Company is party, the
            consequence of which could reasonably be expected to have a Material
            Adverse Effect.

5.    INVALIDITY OF ANY PROVISION

      If any provision of this agreement is or becomes invalid, illegal or
      unenforceable in any respect under any law, the validity, legality and
      enforceability of the remaining provisions shall not be affected or
      impaired in any way.

6.    GOVERNING LAW AND SUBMISSION TO JURISDICTION

6.1   GOVERNING LAW

      This agreement (and any dispute, controversy, proceedings or claim of
      whatever nature arising out of or in any way relating to this agreement)
      shall be governed by, and construed in accordance with, French law.

6.2   SUBMISSION TO JURISDICTION

      For the benefit of each Finance Party, each Obligor irrevocably submits to
      the jurisdiction of the Commercial Courts of Paris (Tribunal de Commerce
      de Paris) for the purpose of hearing and determining any dispute arising
      out of this agreement and for the purpose of enforcement of any judgement
      against its assets.

Executed on the date first written above, in six (6) original copies.

<PAGE>

THE PARENT

AGZ HOLDING

By:___________________________

ANTARGAZ

By:___________________________

ARRANGER, LENDER, FACILITY AGENT AND SECURITY AGENT
------------------------------------------------------
CREDIT LYONNAIS

By: Jerome Del Ben

<PAGE>

                                   SCHEDULE 1

                                     LENDERS
                              Credit Lyonnais S.A.
                                   BNP Paribas
                         Credit Industriel et Commercial
                            Deutsche Bank AG, London
                              ING Bank (France) SA
                       Sumitomo Mitsui Banking Corporation
                                    WestLB AG
                             AIB Capital Markets plc
                                Bank of Scotland
                                    CDC IXIS
                      Compagnie Financiere du Credit Mutuel
                         Credit Agricole d'Ile de France
                                 Credit du Nord
                          IKB Deutsche Industriebank AG
                      Lloyds TSB Bank PLC, Brussels Branch<PAGE>

                                                                    EXHIBIT 10.2

                               Dated 7 July 2003

                                  AGZ HOLDING
                                   as Pledgor

                                CREDIT LYONNAIS
                               as Security Agent

                                      and

                               THE SENIOR LENDERS

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

                            Shearman & Sterling LLP
                                     Paris

                                     [MAP]

<PAGE>

THIS PLEDGE OF FINANCIAL INSTRUMENTS ACCOUNT (THE "PLEDGE") IS MADE ON 7 JULY
2003

BETWEEN:

(1)   AGZ HOLDING, a French societe anonyme, registered with number 413 765 108
      RCS Paris, and having its registered office at 43 avenue de l'Opera, 75002
      Paris, France;

                                     (hereinafter referred to as the "PLEDGOR");

(2)   CREDIT LYONNAIS, a societe anonyme, registered with number 954 509 741 RCS
      Lyon, and having its registered office at 18 rue de la Republique, 69002
      Lyon and its head office at 19 boulevard des Italiens, 75002 Paris, acting
      in its capacity as Security Agent under the Senior Facilities Agreement;

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

(3)   The banks and financial institutions named in schedule 1 (the "ORIGINAL
      SENIOR 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 "SENIOR LENDERS").

WHEREAS:

(A)   Pursuant to a facilities agreement (hereinafter, as amended and restated
      from time to time, and in particular pursuant to an amendment and
      restatement agreement dated 2 July 2003, the "SENIOR FACILITIES
      AGREEMENT"), dated 26 June 2003 and entered into between, among others,
      (i) the Pledgor as the Parent, Borrower and Guarantor, (ii) the Original
      Senior Lenders and (iii) Credit Lyonnais as Mandated Lead Arranger,
      Facility Agent and Security Agent, the Original Senior Lenders have agreed
      to make E 270,000,000 term and revolving credit facilities available
      to the Borrowers (the "SENIOR FACILITIES").

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

(C)   Under the provisions of the Finance Documents, it has been agreed that
      certain of the Senior Lenders will act as hedging lenders (the "HEDGING
      LENDERS") by entering into hedging agreements (the "HEDGING AGREEMENTS"),
      inter alia, to hedge interest rate liabilities of the Parent under the
      Senior Finance Documents.

(D)   Pursuant to an intercreditor agreement dated 7 July 2003 between, among
      others (i) the Pledgor, (ii) the Senior Lenders and (iii) certain other
      parties named therein (as amended and restated from time to time, the
      "INTERCREDITOR AGREEMENT"), the parties to the Intercreditor Agreement
      have agreed, inter alia, that all proceeds realised as a result of the
      exercise of security by the Security Agent should be applied in accordance
      with an order of priority agreed between the parties thereto.

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

IT IS AGREED AS FOLLOWS:

                                        1

<PAGE>

1.    DEFINITIONS AND INTERPRETATION

1.1   In this Pledge

      "ACCOUNT" means the "Compte special" opened with the Company in the name
      of the Pledgor as identified in the Declaration de Gage and on which the
      Financial Instruments are registered and which indicates the pledge
      hereunder in favour of the Beneficiaries;

      "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 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
      E 3,935,349, registered with number 572 126 043 RCS Nanterre and having
      its registered office at Immeuble Les Renardieres - 3 place de Saverne,
      92400 Courbevoie, France;

      "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 516,440 ordinary shares of the Company held
      by the Pledgor and any financial instruments or cash substituted therefor
      in accordance with the terms of this Pledge;

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

      "HEDGING LIABILITIES" means Hedging Debt, as defined in the Intercreditor
      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; and

      "SENIOR FINANCE DOCUMENTS" has the meaning given to it in the
      Intercreditor Agreement.

                                        2

<PAGE>

1.2   Capitalised terms used in this Pledge (including the Recitals) and not
      otherwise defined herein shall have the meaning ascribed thereto in the
      Intercreditor 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, the Financial Instruments shall
            at all times include all of the Pledgor's rights, title, benefit and
            interest in all securities which may be substituted for or received
            in respect of the Financial Instruments, following or in connection
            with, without limitations, exchanges, regroupings, splits, bonus
            issues, subscriptions for cash or otherwise, and such securities
            shall automatically be recorded on the Account without these
            operations giving rise to a novation (novation) of the rights and
            security the Security Agent holds under this Pledge, in any way
            whatsoever.

      (b)   More generally, the Pledge shall extend to all stocks, Financial
            Instruments, debentures, bonds, warrants, coupons or any other
            securities issued by the Company of which the Pledgor may become the
            holder at any time on any terms whatsoever.

2.3   (a)   As an exception to clause 2.2 above and notwithstanding Article 2081
            of the French Civil Code and Article L. 431-4, until an Event of
            Default shall have occurred, the Pledgor shall have the right to
            receive all and any payments and distributions made by the Company
            in respect of the Financial Instruments and all such distributions
            shall be paid to the Pledgor and shall not be paid to the Account.

      (b)   At any time after an Event of Default and upon notice from the
            Security Agent to the Company and the Pledgor, all distributions
            received or to be received by the Pledgor and all rights of the
            Pledgor to receive distributions in respect of the Financial
            Instruments shall be paid to an account designated in writing by the
            Security Agent to the Company and the Pledgor.

2.4   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 2) (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.

2.5   The pledge granted to the Beneficiaries under this Pledge is also granted,
      in accordance with the provisions of Article 1121 of the French Civil
      Code, in favour of the Hedging Lenders which, from the time of execution
      of the Hedging Agreements, will be considered as a Beneficiary of the
      Pledge without any formality other than the execution of a new Declaration
      de Gage indicating,

                                        3

<PAGE>

      in addition to the information appearing in schedule 2, the identity of
      the Hedging Lenders and the Hedging Liabilities secured.

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 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 18 June 2003;

      (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

      (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;

                                        4

<PAGE>

      (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 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.

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 an Event of Default 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.

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 18 (Notices) of the
      Intercreditor Agreement.

                                        5

<PAGE>

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.

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 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.

                                        6

<PAGE>

Made in three (3) originals on 7 July 2003.

THE PLEDGOR:                                   THE SECURITY AGENT:
AGZ HOLDING                                    CREDIT LYONNAIS

<TABLE>
<S>                                           <C>
Acting by :________________________           Acting by :_________________________
Name: Herve Couffin or any duly empowered     Name:  Jacques Pochon
person under a power of attorney              Title:  Head of Acquisition Finance France
Title: Chairman of the board                  Address   Investment/Banking/DPID/
Address    43, avenue de l'Opera                        Leveraged Finance
           75002 Paris, France                          81/83, rue de Richelieu
                                                        75002 Paris, France
Fax:       +33 1 41 88 73 15
                                              Fax:      + 33 1 42 95 14 72 / 88 21
For the attention of Priscille Magnan         For the attention of Jerome Del Ben
                                              / Brigitte Chalaud
</TABLE>

THE ORIGINAL SENIOR LENDERS:
CREDIT LYONNAIS

Acting by :_________________________
Name: Jacques Pochon
Title: Head of Acquisition Finance France
Address Investment/Banking/DPID/
        Leveraged Finance
        81/83, rue de Richelieu
        75002 Paris, France

Fax:    + 33 1 42 95 14 72 / 88 21
For the attention of Jerome Del Ben
/ Brigitte Chalaud

                                        7

<PAGE>

                                   SCHEDULE 1

                               THE SENIOR LENDERS

CREDIT LYONNAIS, 18, rue de la Republique, 69002 Lyon, France

                                        8

<PAGE>

                                   SCHEDULE 2

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

La presente declaration de gage de compte d'instruments financiers est emise
conformement a, et selon les termes et conditions stipules dans un acte de
nantissement de compte d'instruments financiers en langue anglaise denomme
Pledge of Financial Instruments Account en date de ce jour (ci-apres l'"ACTE DE
NANTISSEMENT"), dont une copie figure en annexe B de la presente declaration et
qui fait partie integrante de la presente declaration

Les termes et expressions en anglais utilises dans la presente declaration de
gage auront, sauf stipulation contraire, la signification qui leur est attribuee
a l'Acte de Nantissement.

I.    CONSTITUANT DU GAGE

Nom                                 AGZ Holding, societe anonyme de droit
                                    francais dont le siege social est au 43,
                                    avenue de l'Opera, 75002 Paris et dont le
                                    numero unique d'identification est le 413
                                    765 108 RCS Paris.

Designation du teneur de compte     Antargaz, societe anonyme au capital de E
                                    3.935.349, dont le siege social est situe
                                    Immeuble Les Renardieres - 3, place de
                                    Saverne, 92400 Courbevoie, France et dont le
                                    numero unique d'identification est le 572
                                    126 043 RCS Nanterre.

II.   COMPTE D'INSTRUMENTS FINANCIERS CONSTITUE EN GAGE

Identification du Compte            Compte special n degrees [__] Bis ouvert ce
d'Instruments Financiers            jour au nom du Constituant du Gage.

Nombre d'actions creditees          516.440 actions, representant 99,99 % du
au compte                           capital d'Antargaz.

Nature des actions                  actions nominatives d'une valeur nominale de
                                    sept euros soixante-deux centimes (E 7,62)
                                    chacune.

Emetteur                            Antargaz, societe anonyme au capital de E
                                    3.935.349, dont le siege social est situe
                                    Immeuble Les Renardieres - 3, place de
                                    Saverne, 92400 Courbevoie, France et dont le
                                    numero unique d'identification est le 572
                                    126 043 RCS Nanterre.

III.  BENEFICIAIRES

(1)   Les banques et etablissements financiers assimiles definis a l'Acte de
      Nantissement sous le vocable Senior Lenders et dont la liste a la date des
      presentes figure en annexe A a la presente declaration, ainsi que toute
      personne acquerant a quelque titre que ce soit la qualite de Lender au
      titre du Senior Facilities Agreement;

                                        9

<PAGE>

(2)   Credit Lyonnais, ayant son siege social 18 rue de la Republique, 69002
      Lyon et son siege central 19 boulevard des Italiens, 75002 Paris,
      immatricule sous le numero 954 509 741 RCS Lyon, agissant tant en son nom
      qu'au nom et pour le compte des personnes visees au (1) ci-dessus en sa
      qualite de Security Agent aux termes du Senior Facilities Agreement; et

(3)   Credit Lyonnais, ayant son siege social 18 rue de la Republique, 69002
      Lyon et son siege central 19 boulevard des Italiens, 75002 Paris,
      immatricule sous le numero 954 509 741 RCS Lyon, agissant tant en son nom
      qu'au nom et pour le compte des personnes visees au (1) ci-dessus en sa
      qualite de Facility Agent aux termes du Senior Facilities Agreement.

IV.   OBLIGATIONS GARANTIES

Les obligations garanties sont les obligations definies sous l'expression
Secured Liabilities dans l'Acte de Nantissement, a savoir les obligations de
paiement et de remboursement du Constituant pris en ses qualites de Borrower et
de Guarantor au titre des documents definis sous l'expression Senior Finance
Documents dans l'Acte de Nantissement, tels que pouvant etre ulterieurement
modifies ou amendes, a concurrence d'un montant maximum de E 270,000,000 en
principal au titre du Senior Facilities Agreement, majore dans tous les cas des
interets, interets de retard, commissions, frais et accessoires quelconques
ainsi que de toutes autres sommes pouvant etre dues aux Beneficiaires susvises
au titre desdits Senior Finance Documents.

Fait a Paris
Le 7 juillet 2003 en trois (3) exemplaires originaux

Pour constitution du Gage           Nous accusons reception de la declaration de
                                    gage de compte d'instruments financiers en
AGZ HOLDING S.A.                    date de ce jour et acceptons les termes des
                                    missions qui nous sont confiees en qualite
                                    de Teneur de Compte aux termes de la
                                    presente declaration de gage de compte
                                    d'instruments financiers et de l'Acte de
                                    Nantissement

                                    ANTARGAZ S.A.

Par:_____________________           Par: _____________________
Nom: Herve Couffin ou toute         Nom: Francois Varagne ou toute personne
personne qu'il se serait            qu'il se serait substituee en vertu d'un
substituee en vertu d'un pouvoir    pouvoir
Titre: President du conseil         Titre: President du conseil d'administration
d'administration

                                       10

<PAGE>

                                    ANNEXE A
                                 SENIOR LENDERS

CREDIT LYONNAIS, 18, rue de la Republique, 69002 Lyon, France

                                       11

<PAGE>

                                    ANNEXE B
                              ACTE DE NANTISSEMENT

                                       12

<PAGE>

                    TRANSLATION FOR INFORMATION PURPOSES ONLY

                                   SCHEDULE 3

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

This declaration of pledge of a financial instruments account is issued in
accordance with and pursuant to the terms and conditions of a pledge of
financial instruments account of today's date drafted in English and entitled
"Pledge of Financial Instruments Account" (the "PLEDGE"), a copy of which is
attached as schedule B to this declaration and which constitutes an integral
part of this declaration.

Terms and expressions defined in the Pledge shall, save to the extent that the
context otherwise requires, have the same meanings when used in this
declaration.

I.    IDENTITY OF PLEDGOR

Name                                AGZ Holding, a societe anonyme incorporated
                                    under the laws of France and having its
                                    registered office at 43, avenue de l'Opera,
                                    75002 Paris, France and whose registered
                                    number is 413 765 108 RCS Paris.

Name of the account holder          Antargaz a French societe anonyme with a
                                    share capital of E 3,935,349 having its
                                    registered office at Immeuble Les
                                    Renardieres - 3, place de Saverne, 92400
                                    Courbevoie, France, and whose registered
                                    number is 572 126 043 RCS Nanterre.

II.   FINANCIAL INSTRUMENTS ACCOUNT SUBJECT TO THE PLEDGE

Description of Financial            Special account No [__] Bis opened at the
Instruments Account                 date hereof in the name of the Pledgor

Number of Financial                 516,440 shares representing 99.99 per cent.
Instruments in Account              of the share capital of Antargaz

Type of Financial Instruments       registered shares of a nominal par value of
                                    E7.62 each.

Issuer of the Financial             Antargaz a French societe anonyme with a
Instruments                         share capital of E 3,935,349 having its
                                    registered office AT Immeuble Les
                                    Renardieres - 3, place de Saverne, 92400
                                    Courbevoie, France, and whose registered
                                    number is 572 126 043 RCS Nanterre.

III.  BENEFICIARIES

                                       13

<PAGE>

(1)   The banks and financial institutions defined as Senior Lenders in the
      Pledge namely, all those banks and financial institutions which are Senior
      Lenders at the time of this declaration, as set out in the list attached
      as schedule A to this declaration and any other person that becomes a
      Lender under the Senior Facilities Agreement;

(2)   Credit Lyonnais, having its registered office at 18 rue de la Republique,
      69002 Lyon and its head office at 19 boulevard des Italiens, 75002 Paris
      and registered with number 954 509 741 RCS Lyon, acting for itself and in
      the name of and on behalf of the persons named in (1) above as Security
      Agent under the Senior Facilities Agreement; and

(3)   Credit Lyonnais, having its registered office at 18 rue de la Republique,
      69002 Lyon and its head office at 19 boulevard des Italiens, 75002 Paris
      and registered with number 954 509 741 RCS Lyon, acting for itself and in
      the name of and on behalf of the persons named in (1) above as Facility
      Agent under the Senior Facilities Agreement.

IV.   SECURED OBLIGATIONS

The secured obligations are the obligations of the Pledgor, as defined under the
term "Secured Liabilities" in the Pledge undertaken in its capacity as Borrower
and Guarantor under the Senior Finance Documents (as defined in the Pledge),
which documents are subject to subsequent amendment, up to a maximum principal
amount of E 270,000,000 pursuant to the Senior Facilities Agreement as well as
any interest, commission, or additional costs or any other sums due to the
Beneficiaries under the Senior Finance Documents.

7 July 2003 in three (3) originals in order to
constitute the Pledge

AGZ HOLDING S.A.                    We acknowledge receipt of this declaration
                                    of pledge of financial instruments account
                                    of today's date and undertake to carry out
                                    our responsibilities as account holder
                                    (teneur de compte) in accordance with the
                                    terms of this declaration of pledge of
                                    financial instruments account and the
                                    Pledge.

                                    ANTARGAZ S.A.

By:_____________________            By:_____________________
Name: Herve Couffin or any duly     Name: Francois Varagne or any duly
empowered person under a power      empowered person under a power of attorney
of attorney                         Title: Chairman of the board
Title: Chairman of the board

                                       14

<PAGE>

                                   SCHEDULE 4

                     ATTESTATION DE CONSTITUTION DE GAGE DE
                        COMPTE D'INSTRUMENTS FINANCIERS

La soussignee atteste par les presentes que (i) 516.440 actions emises par
Antargaz S.A. detenues par AGZ Holding S.A. et designees dans la declaration de
gage de compte d'instruments financiers en date du 7 juillet 2003 signee par AGZ
Holding S.A., ont ete virees sur un compte special numero [_] Bis ouvert au nom
de AGZ Holding S.A. et (ii) ledit compte est nanti en faveur des Beneficiaires
(tel que ce terme est defini dans la declaration de gage d'instruments
financiers) et porte la mention expresse dudit gage. Une copie de ladite
declaration de gage d'instruments financiers est annexee a la presente
Attestation de Constitution de Gage d'Instruments Financiers.

Fait a Paris

Le 7 juillet 2003

Pour Antargaz

Par:________________________
Nom: Francois Varagne ou toute personne
qu'il se serait substituee en vertu d'un pouvoir
Titre: President du conseil d'administration

                                       15

<PAGE>

                    TRANSLATION FOR INFORMATION PURPOSES ONLY

                                   SCHEDULE 5

                    CERTIFICATE OF REGISTRATION OF A PLEDGE
                        OF FINANCIAL INSTRUMENTS ACCOUNT

The undersigned hereby certifies that (i) 516,440 shares issued by Antargaz S.A.
and held by AGZ Holding S.A. as identified in the declaration of pledge of
financial instruments account date 7 July 2003 signed by AGZ Holding S.A., have
been transferred into a special account number [__] Bis opened in the name of
AGZ Holding S.A. and (ii) the said account is pledged in favour of the
Beneficiaries (as defined in the declaration of pledge of financial instrument
accounts) and that such pledge has been duly registered. A copy of the pledge of
financial instruments account is attached as a schedule to this certificate of
registration of a pledge of financial instruments.

Paris,

7 July 2003

For and on behalf of Antargaz

By:______________________
Name: Francois Varagne or any duly
empowered person under a power of attorney
Title: Chairman of the board

                                       16

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