Document:

<PAGE>

                                                                    Exhibit 4.20

                                                                  Execution Copy

                                     Waiver and Consent

          This Waiver and Consent dated as of November 7, 2002 (this "Waiver")
is granted by the Administrative Agent and the Lenders signatory hereto in
connection with that certain Credit Agreement dated as of April 15, 2002 and as
amended by a First Amendment dated as of May 17, 2002 and a Second Amendment
dated as of June 10, 2002 (as the same may be further amended, supplemented or
otherwise modified from time to time, the "Credit Agreement") among Exide
Technologies, a Delaware corporation (the "Company"); Exide Delaware LLC, a
Delaware limited liability company ("Exide LLC"); Exide Illinois, Inc., a
Pennsylvania corporation ("Exide Illinois"); RBD Liquidation, LLC, a Delaware
limited liability company ("RBD"; together with the Company, Exide LLC and Exide
Illinois, the "Borrowers"); GNB Battery Technologies Japan, Inc., a Delaware
corporation ("GNB"; and together with the Borrowers, the "Domestic Guarantors");
the Lenders party thereto; and Citicorp USA, Inc. ("CUSA"), as agent for the
Lenders and the Issuers (in such capacity, the "Administrative Agent") and as
collateral monitoring agent (in such capacity, the "Collateral Monitoring
Agent"), and waives compliance with certain provisions of the Credit Agreement
on the terms and conditions set forth herein. Capitalized terms used herein and
not otherwise defined herein shall have the meanings ascribed to them in the
Credit Agreement.

                              W I T N E S S E T H:

          WHEREAS, the Company has requested that the dilution of its ownership
interest held by Compagnie Europeene D'Accumulateurs, S.A. (France) ("CEAC") in
INCI Exide Akumulator Sanayi ve Ticaret Anonim Sirketi (Turkey) ("INCIExide")
from 50% to 20% in contravention of the covenant prohibiting sales of assets
contained in Section 8.4 of the Credit Agreement and the resultant Event of
Default be waived, all as more particularly set forth herein;

          WHEREAS, the Company has requested that the issuance of Stock and
Stock Equivalents by INCIExide to Inci Holding A.S., Cinex Dis Ticaret ve
Pazarlama A.S., Celkap Makina Krom Celik Anayi ve Ticaret A.S., and Cevdet Inci
(such recipients, collectively, the "INCI Group", and such transaction, the
"Stock Issuance"), without an independent third party appraisal as to the Fair
Market Value of the consideration being given therefor in contravention of
Section 8.4 of the Credit Agreement and the resultant Event of Default be
waived, all as more particularly set forth herein;

          WHEREAS, the Company has requested that any exercise by CEAC of the
option it is being granted in connection with the Stock Issuance to reinstate
its ownership interest from 20% back to 50%, the exercise of which is currently
prohibited by Section 8.9 of the Credit Agreement, be specifically exempt from
the application of such provision;

          WHEREAS, the Company has requested that INCIExide be permitted to
amend its Constituent Documents to allow for the issuance of additional share
interests in its registered capital in contravention of Section 8.11 of the
Credit Agreement and the resultant Event of Default be waived, all as more
particularly set forth herein;

          WHEREAS, the Company has requested that the failure of its Subsidiary,
Refined Metals Corporation, to discharge or obtain a stay of enforcement or
execution of a particular

<PAGE>

judgment within 20 days in contravention of Section 8.2 of the Credit Agreement
and the resultant Event of Default be waived, all as more particularly set forth
herein;

          WHEREAS, the Company intends to commence bankruptcy proceedings with
respect to two Non-Filing Subsidiaries, Dixie Metals ("Dixie") and Refined
Metals Corporation ("Refined"), both Delaware companies. Pursuant to Section
9.1(f)(ii) of the Credit Agreement, the commencement of such proceedings would
constitute an Event of Default. The Company has therefore requested the waiver
of any such Event of Default;

          WHEREAS, the Company has requested that the maintenance of balances in
accounts located outside the United States in excess of $20,000,000 in
contravention of Section 8.12(a) of the Credit Agreement be waived until March
31, 2003, all as more particularly set forth herein;

          WHEREAS, pursuant to Section 13.1(a) (Amendments, Waivers, Etc.) of
the Credit Agreement, the consent of the Administrative Agent and the Requisite
Lenders is required to grant certain waivers of provisions of the Credit
Agreement as requested by the Company;

          NOW, THEREFORE, in consideration of the above premises, the Borrowers,
the Domestic Guarantors, the Administrative Agent and the Lenders party hereto
agree as follows:

          SECTION 1. Waiver and Consent. Effective as of the Waiver Effective
Date (as defined below) and subject to the terms and conditions set forth
herein, a waiver is hereby granted as follows:

          The Administrative Agent and the Requisite Lenders hereby:

          (i) waive any Default or Event of Default that may occur or may have
     occurred due to the undertaking and completion of the issuance of Stock and
     Stock Equivalents in accordance with the Agreement made on 30 September
     2002 between the INCI Group and CEAC as attached hereto as Exhibit A (the
     "Turkish JV Agreement"), whether due to the modification of the INCIExide's
     Constituent Documents, the dilution of CEAC's interest or the lack of an
     independent third party appraisal;

          (ii) consent to the exercise by CEAC of the option contained in the
     Turkish JV Agreement so long as such exercise is in conformity with all
     other provisions of the Credit Agreement;

          (iii) waive the Event of Default that arose pursuant to Section
     9.01(d)(i), due to the failure of Refined Metals Corporation, in
     contravention of Section 8.2(j), to discharge or obtain a stay of that
     certain judgment in the amount of $179,060.61 in favor of Jackson Iron &
     Metal;

          (iv) temporarily waive the Event of Default that has occurred or may
     occur pursuant to Section 9.01(d)(i), due to the retention, in
     contravention of Section 8.12(a), of cash and Cash Equivalents in accounts
     located outside the United States in an aggregate amount in excess of
     $20,000,000; provided, however, that the waiver granted pursuant to this
     clause (iv) shall cease to be in effect and the aggregate amount in such
     foreign accounts shall be tested as set forth in the Credit Agreement on
     the earlier to occur of (a) March 31, 2003 and (b) the date on which the
     aggregate amount in such foreign accounts exceeds $55,000,000; provided
     further, that on or before the last Business Day of each

                                       2

<PAGE>

     Calendar Month, the Loan Parties shall use their reasonable best efforts
     (subject to applicable legal restrictions and cash requirements) to apply
     such cash and Cash Equivalents in excess of $20,000,000 to the repayment
     of any and all Foreign Intercompany Loans;

          (v) waive any Default or Event of Default under Section 9.01(f)(ii)
     that may occur due to the commencement of any proceeding by or against
     Dixie or Refined to render either or both of such companies bankrupt or
     insolvent.

          SECTION 2. Conditions Precedent to the Effectiveness of this Waiver.

          This Waiver shall become effective as of the date hereof on the date
(the "Waiver Effective Date") when all of the following conditions precedent
have been satisfied:

          (a) Certain Documents. The Administrative Agent shall have received on
     or before the Waiver Effective Date all of the following, each of which
     shall be in form and substance satisfactory to the Administrative Agent:

               (i) this Waiver executed by (x) sufficient Lenders to constitute
          the Requisite Lenders, (y) each of the Loan Parties and (z) the
          Administrative Agent;

               (ii) such additional documentation as the Administrative Agent
          or, if appropriate, the Requisite Lenders may reasonably require;

               (iii) each of the amended Shareholders Agreement, the amended
          Articles of Association, the Share Purchase Agreement (each as defined
          in the Turkish JV Agreement) and the Turkish JV Agreement fully and
          duly executed by the parties thereto including, without limitation, an
          option for CEAC to purchase, repurchase or infuse capital such that
          its equity position in INCIExide may be reinstated to 50%, such option
          to be on terms reasonably satisfactory to the Administrative Agent;
          and

               (iv) agreements from each of Exinco Aku Ve Otomotive San. Ltd.
          Sti. and INCIExide to sell their products to the Company and its
          Subsidiaries and containing covenants prohibiting competition in
          certain markets.

          (b) Representations and Warranties. Each of the representations and
     warranties made by the Loan Parties in or pursuant to the Credit Agreement
     or any other Loan Document, other than Sections 4.1 and 4.3(b) as and only
     to the extent suspended by this Waiver, shall be true and correct in all
     material respects on and as of the Waiver Effective Date (other than
     representations and warranties expressly limited to a specific date).

          (c) No Events of Default. Other than the Defaults and Events of
     Default being waived by this Waiver, no Event of Default or Default shall
     have occurred and be continuing on the Waiver Effective Date.

          (d) Other. The Company shall pay all outstanding fees and expenses due
     and payable to counsel for the Administrative Agent on or prior to the
     Waiver Effective Date.

                                       3

<PAGE>

          SECTION 3. Representations and Warranties. Each Loan Party hereby
represents and warrants to the Lenders and the Administrative Agent that as of
the date hereof, and after giving effect to the waiver contained herein, (a) no
Event of Default or Default under the Credit Agreement shall have occurred and
be continuing and (b) all of the representations and warranties of such Loan
Party contained in Article IV (Representations and Warranties) of the Credit
Agreement and in any other Loan Document are, as of the date of execution
hereof, true and correct in all material respects, as though made on and as of
such date (other than representations and warranties in any such Loan Document
expressly limited to a specific date).

          SECTION 4. Reference to and Effect on the Loan Documents.

          (a) All of the terms of the Credit Agreement and all other Loan
Documents shall remain unchanged and in full force and effect except as
specifically waived hereby.

          (b) This Waiver is and shall be a Loan Document.

          (c) Except as expressly provided herein, the execution, delivery and
effectiveness of this Waiver shall not operate as a waiver of any right, power
or remedy under the Credit Agreement or any of the Loan Documents of any Lender,
any Issuer, the Administrative Agent, the Collateral Monitoring Agent, or the
Swing Loan Lender nor constitute a waiver of any other provision of the Credit
Agreement or any of the Loan Documents.

          SECTION 5. Fees, Costs and Expenses. The Borrowers and the Domestic
Guarantors agree to pay on demand in accordance with the terms of Section 13.3
(Costs and Expenses) of the Credit Agreement all costs and expenses of the
Administrative Agent in connection with the preparation, production,
reproduction, execution and delivery of this Waiver and all other Loan Documents
entered into in connection herewith, including the reasonable fees and
out-of-pocket expenses of counsel for the Administrative Agent with respect
thereto.

          SECTION 6. Execution in Counterparts. This Waiver may be executed and
delivered in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed an original and all of which taken together shall constitute one and the
same original agreement.

          SECTION 7. Affirmation of Guaranties. Each of the Domestic Guarantors
hereby consents to the terms of this Waiver in its capacity as a guarantor under
the Credit Agreement and agrees that the terms of this Waiver shall not affect
in any way its obligations and liabilities under its Guaranty or any other Loan
Document to which it is a party, all of which obligations and liabilities shall
remain in full force and effect and each of which is hereby reaffirmed.

          SECTION 8. Governing Law. This Waiver shall be interpreted, and the
rights and liabilities of the parties determined, in accordance with the
internal law of the State of New York.

                            [Signature Pages Follow]

                                       4

<PAGE>

          IN WITNESS WHEREOF, this Waiver has been duly executed on the date set
forth above.

                                        EXIDE TECHNOLOGIES, A DEBTOR AND A
                                            DEBTOR IN POSSESSION
                                            as a Borrower and a Domestic
                                            Guarantor

                                        By: /s/ Stuart H. Kupinsky
                                            ------------------------------------
                                            Name:  Stuart H. Kupinsky
                                            Title: Senior Vice President,
                                            General Counsel and Secretary

                                        EXIDE DELAWARE LLC, A DEBTOR AND A
                                            DEBTOR IN POSSESSION
                                            as a Borrower and a Domestic
                                            Guarantor

                                        By: /s/ Stuart H. Kupinsky
                                            ------------------------------------
                                            Name:  Stuart H. Kupinsky
                                            Title: Senior Vice President,
                                            General Counsel and Secretary

                                        EXIDE ILLINOIS, INC., A DEBTOR AND A
                                            DEBTOR IN POSSESSION
                                            as a Borrower and a Domestic
                                            Guarantor

                                        By: /s/ Stuart H. Kupinsky
                                            ------------------------------------
                                            Name:  Stuart H. Kupinsky
                                            Title: President

                                        RBD LIQUIDATION, LLC, A DEBTOR AND A
                                            DEBTOR IN POSSESSION
                                            as a Borrower and a Domestic
                                            Guarantor

                                        By: /s/ Stuart H. Kupinsky
                                            ------------------------------------
                                            Name:  Stuart H. Kupinsky
                                            Title: President

                                        GNB BATTERY TECHNOLOGIES JAPAN INC., as
                                            a Domestic Guarantor

                                        By: /s/ Stuart H. Kupinsky
                                            ------------------------------------
                                            Name:
                                            Title:

                       [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        Citicorp USA, Inc.,
                                            as Administrative Agent, Swing Loan
                                            Lender, Collateral Monitoring Agent,
                                            and a Lender

                                        By: /s/ Keith R. Gerding
                                            ------------------------------------
                                            Name:  KEITH R. GERDING
                                            Title: Vice President

                                        Citibank, N.A.,
                                            as Issuer

                                        By: /s/ Keith R. Gerding
                                            ------------------------------------
                                            Name:  KEITH R. GERDING
                                            Title: Vice President

                        [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        Other Lenders:

                                        ClT GROUP BUSINESS CREDIT

                                        By: /s/ Roderick Jarrett
                                            ------------------------------------
                                            Name:  RODERICK JARRETT
                                            Title: AVP

                                        THE BANK OF NOVA SCOTIA, NEW YORK
                                            AGENCY

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

                                        BEAR STEARNS & CO., INC.

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

                                        GE CAPITAL CFE, INC.

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

                                        CREDIT AGRICOLE INDOSUEZ

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

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

                                        LEHMAN COMMERCICAL PAPER, INC.

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

                        [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        Other Lenders:

                                        CIT GROUP BUSINESS CREDIT

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

                                        THE BANK OF NOVA SCOTIA, NEW YORK
                                            AGENCY

                                        By: /s/ Christopher Usas
                                            ------------------------------------
                                            Name:  CHRISTOPHER USAS
                                            Title: DIRECTOR

                                        BEAR STEARNS & CO., INC.

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

                                        GE CAPITAL CFE, INC.

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

                                        CREDIT AGRICOLE INDOSUEZ

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

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

                                        LEHMAN COMMERCIAL PAPER, INC.

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

                       [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        Other Lenders:

                                        CIT GROUP BUSINESS CREDIT

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

                                        THE BANK OF NOVA SCOTIA, NEW YORK
                                            AGENCY

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

                                        BEAR STEARNS & CO., INC.

                                        By: /s/ Illegible
                                            ------------------------------------
                                            Name:  Illegible
                                            Title: Illegible

                                        GE CAPITAL CFE, INC.

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

                                        CREDIT AGRICOLE INDOSUEZ

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

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

                                        LEHMAN COMMERCIAL PAPER, INC.

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

                       [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        Other Lenders:

                                        CIT GROUP BUSINESS CREDIT

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

                                        THE BANK OF NOVA SCOTIA, NEW YORK
                                            AGENCY

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

                                        BEAR STEARNS & CO., INC.

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

                                        GE CAPITAL CFE, INC.

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

                                        CREDIT AGRICOLE INDOSUEZ

                                        By: /s/ Frederik W. Aase
                                            ------------------------------------
                                            Name:  Frederik W. Aase
                                            Title: Vice President

                                        By: /s/ Leo von Reissig
                                            ------------------------------------
                                            Name:  Leo von Reissig
                                            Title: Vice President

                                        LEHMAN COMMERCIAL PAPER, INC.

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

                       [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        Other Lenders:

                                        CIT GROUP BUSINESS CREDIT

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

                                        THE BANK OF NOVA SCOTIA, NEW YORK
                                            AGENCY

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

                                        BEAR STEARNS & CO., INC.

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

                                        GE CAPITAL CFE, INC.

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

                                        CREDIT AGRICOLE INDOSUEZ

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

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

                                        LEHMAN COMMERCIAL PAPER, INC.

                                        By: /s/ Francis Chang
                                            ------------------------------------
                                            Name:  Francis Chang
                                            Title: Authorized Signatory

                       [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        SPCP GROUP LLC

                                        By: /s/ Illegible
                                            ------------------------------------
                                            Name:  Illegible
                                            Title: CFO

                                        GOLDMAN SACHS CREDIT PARTNERS L.P.

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

                                        FOOTHILL INCOME TRUST, L.P.

                                        By: FIT GP, LLC, its General Partner

                                            By:
                                                --------------------------------
                                                Name:
                                                Title: Managing Member

                                        FOOTHILL INCOME TRUST II, L.P.

                                        By  FIT II GP, LLC, its General Partner

                                            By:
                                                --------------------------------
                                                Name:
                                                Title: Managing Member

                                        ENDURANCE CLO I, LTD.

                                        By: ING Capital Advisors LLC,
                                            as Portfolio Manager

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

                       [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        SPCP GROUP LLC

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

                                        GOLDMAN SACHS CREDIT PARTNERS L.P.

                                        By: /s/ Sandra Stulberger
                                            ------------------------------------
                                            Name:  Sandra Stulberger
                                            Title: Authorized Signatory

                                        FOOTHILL INCOME TRUST, L.P.

                                        By: FIT GP, LLC, its General Partner

                                            By:
                                                --------------------------------
                                                Name:
                                                Title: Managing Member

                                        FOOTHILL INCOME TRUST II, L.P.

                                        By  FIT II GP, LLC, its General Partner

                                            By:
                                                --------------------------------
                                                Name:
                                                Title: Managing Member

                                        ENDURANCE CLO I, LTD.

                                        By: ING Capital Advisors LLC,
                                            as Portfolio Manager

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

                       [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        SPCP GROUP LLC

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

                                        GOLDMAN SACHS CREDIT PARTNERS L.P.

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

                                        FOOTHILL INCOME TRUST, L.P.

                                        By: FIT GP, LLC, its General Partner

                                            By:
                                                --------------------------------
                                                Name:
                                                Title: Managing Member

                                        FOOTHILL INCOME TRUST II, L.P.

                                        By  FIT II GP, LLC, its General Partner

                                            By:
                                                --------------------------------
                                                Name:
                                                Title: Managing Member

                                        ENDURANCE CLO I, LTD.

                                        c/o ING Capital Advisors LLC,
                                            as Portfolio Manager

                                            By: /s/ Greg M. Masuda CFA
                                                --------------------------------
                                                Name:  GREG M. MASUDA CFA
                                                Title: VICE PRESIDENT

                        [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        ING-ORYX CLO, LTD.

                                        By: ING Capital Advisors LLC,
                                            as Collateral Manager

                                            By: /s/ Greg M. Masuda CFA
                                                --------------------------------
                                                Name:  GREG M. MASUDA CFA
                                                Title: VICE PRESIDENT

                                        EATON VANCE INSTITUTIONAL SENIOR
                                        LOAN FUND

                                        By: Eaton Vance Management, as
                                            Investment Advisor

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

                                        GRAYSON & CO

                                        By: Boston Management and Research
                                               as Investment Advisor

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

                                        SENIOR DEBT PORTFOLIO

                                        By: Boston Management and Research
                                               as Investment Advisor

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

                           [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        ING-ORYX CLO, LTD.

                                        By: ING Capital Advisors LLC,
                                            as Collateral Manager

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

                                        EATON VANCE INSTITUTIONAL SENIOR
                                        LOAN FUND

                                        By: Eaton Vance Management, as
                                            Investment Advisor

                                            By: /s/ Payson F. Swaffield
                                                --------------------------------
                                                Name:  Payson F. Swaffield
                                                Title: Vice President

                                        GRAYSON & CO

                                        By: Boston Management and Research
                                               as Investment Advisor

                                            By: /s/ Payson F. Swaffield
                                                --------------------------------
                                                Name:  Payson F. Swaffield
                                                Title: Vice President

                                        SENIOR DEBT PORTFOLIO

                                        By: Boston Management and Research
                                               as Investment Advisor

                                            By: /s/ Payson F. Swaffield
                                                --------------------------------
                                                Name:  Payson F. Swaffield
                                                Title: Vice President

                       [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        EATON VANCE SENIOR INCOME TRUST

                                        By: Eaton Vance Management
                                            as Investment Advisor

                                            By: /s/ Payson F. Swaffield
                                                --------------------------------
                                                Name:  Payson F. Swaffield
                                                Title: Vice President

                                        US BANK NATIONAL ASSOCIATION

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

                                        CANADIAN IMPERIAL BANK OF COMMERCE

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

                                        CIBC INC.

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

                       [SIGNATURE PAGE TO WAIVER - EXIDE]

<PAGE>

                                        EATON VANCE SENIOR INCOME TRUST

                                        By: Eaton Vance Management as
                                            Investment Advisor

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

                                        US BANK NATIONAL ASSOCIATION

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

                                        CANADIAN IMPERIAL BANK OF COMMERCE

                                        By: /s/ William M. Swenson
                                            ------------------------------------
                                            Name:  WILLIAM M. SWENSON
                                            Title: AUTHORIZED SIGNATORY

                           [SIGNATURE PAGE TO WAIVER - EXIDE]<PAGE>

                                                                    Exhibit 4.21

                                                                  EXECUTION COPY

                 WAIVER AND CONSENT TO THE STANDSTILL AGREEMENT

          WAIVER AND CONSENT TO THE STANDSTILL AGREEMENT, dated as of November
8, 2002 (this "Waiver and Consent"), to the Standstill Agreement and Fifth
Amendment to the Credit Agreement dated as of April 15, 2002 (as amended,
supplemented or otherwise modified from time to time, the "Standstill
Agreement"), among the Borrowing Subsidiaries signatories thereto, the Foreign
Subsidiary Guarantors signatories thereto, GNB Battery Technologies Japan, Inc.,
(GNB Battery Technologies Japan, Inc., together with the Borrowing Subsidiaries
and the Foreign Subsidiary Guarantors, the "Standstill Parties"), the Standstill
Lenders (as defined in the Credit Agreement), Credit Suisse First Boston, as
administrative agent (in such capacity, the "Administrative Agent") for the
Standstill Lenders, and others.

                             PRELIMINARY STATEMENTS

          (1) The Company has requested that the DIP Lenders waive certain
provisions of the Post-Petition Credit Agreement, including waivers of certain
of the Cross Referenced Covenants incorporated by reference in the Standstill
Agreement.

          (2) The Standstill Parties have requested that the Standstill Lenders
waive certain Cross Referenced Covenants, additional covenants and Standstill
Events in the Standstill Agreement. The Standstill Lenders are willing to
consent to such waiver upon and subject to the terms and conditions hereinafter
set forth.

          (3) The Standstill Parties have requested that the Required Standstill
Lenders waive the requirements of Section 8.4 of the Post-Petition Credit
Agreement incorporated into Section 6 of the Standstill Agreement and the
resultant Standstill Event to permit the dilution of the ownership interest held
by Compagnie Europeene D'Accumulateurs, S.A. (France) ("CEAC") in INCI Exide
Akumulator Sanayi ve Ticaret Anonim Sirketi (Turkey) ("INCIExide") from 50% to
20%, all as more particularly set forth herein.

          (4) The Standstill Parties have requested that the Required Standstill
Lenders waive the requirements of Section 8.4 of the Post-Petition Credit
Agreement incorporated into Section 6 of the Standstill Agreement and the
resultant Standstill Event to permit the issuance of Capital Stock by INCIExide
to Inci Holding A.S., Cinex Dis Ticaret ve Pazarlama A.S., Celkap Makina Krom
Celik Anayi ve Ticaret A.S., and Cevdet Inci (such recipients, collectively, the
"INCI Group", and such transaction, the "Stock Issuance"), without an
independent third appraisal as to the Fair Market Value (as defined in the
Post-Petition Credit Agreement) of the consideration being given therefor, all
as more particularly set forth herein.

          (5) The Standstill Parties have requested that the Required Standstill
Lenders waive the requirements of Part II(b) of Schedule A referred to in
Section 7 of the Standstill

<PAGE>

                                       2

Agreement to permit CEAC to exercise the option it is being granted in
connection with the Stock Issuance to reinstate its ownership interest from 20%
back to 50%.

          (6) The Standstill Parties have requested that the Required Standstill
Lenders waive the requirements of Section 8.11 of the Post-Petition Credit
Agreement incorporated into Section 6 of the Standstill Agreement and the
resultant Standstill Event to permit INCIExide to amend its Constituent
Documents (as defined in the Post-Petition Credit Agreement) to allow for the
issuance of additional share interests in its registered capital, all as more
particularly set forth herein.

          (7) The Standstill Parties have requested that the Required Standstill
Lenders waive any Standstill Event pursuant to Section 8(v) of the Standstill
Agreement caused by the commencement of bankruptcy proceedings with respect to
Dixie Metals Company ("Dixie") and Refined Metals Corporation ("Refined",
together with Dixie, the "New Debtors"), each a Delaware corporation, as a
result of the Event of Default (as defined in the Post-Petition Credit
Agreement) pursuant to Section 9.1(f)(ii) of the Post-Petition Credit Agreement.

          (8) The Standstill Parties have requested that the Required Standstill
Lenders waive any Standstill Event pursuant to Section 8(v) of the Standstill
Agreement caused by the failure of Refined to discharge or obtain a stay of
enforcement or execution of a judgment within 20 days in breach of the
requirements of Section 8.2 of the Post-Petition Credit Agreement, all as more
particularly set forth herein.

          (9) The Standstill Parties have requested that the Required Standstill
Lenders temporarily waive until March 31, 2003 the requirements of Section
8.12(a) of the Post-Petition Credit Agreement incorporated into Section 6 of the
Standstill Agreement and the resultant Standstill Event to permit the Standstill
Parties to maintain balances in accounts located outside of the United States to
exceed $20,000,000, all as more particularly set forth herein.

          (10) The Standstill Parties have requested that the Required
Standstill Lenders waive any Standstill Event pursuant to Section 8(i) of the
Standstill Agreement caused by the late payment by the Standstill Parties of
interest on Foreign Obligations due to the conversion of Euro Currency Loans to
Base Rate Loans.

          NOW, THEREFORE, the parties hereto hereby agree as follows:

          SECTION 1. Defined Terms. Unless otherwise indicated, terms defined in
the Standstill Agreement or the Credit Agreement and used herein shall have the
meanings given to them in the Standstill Agreement or the Credit Agreement, as
applicable.

          SECTION 2. Waiver and Consent. On the Effective Date (as hereinafter
defined) and subject to the terms and conditions set forth herein, the
Administrative Agent and the Required Standstill Lenders hereby:

          (i) waive any Standstill Event that has occurred or may occur due to
the undertaking and completion of the issuance of Capital Stock in accordance
with the agreement made on 30 September 2002 between the INCI Group and CEAC as
attached hereto as Exhibit A (the "Turkish JV Agreement"), whether due to the
modification of the INCIExide's Constituent

<PAGE>

                                       3

Documents (as defined in the Post-Petition Credit Agreement), the dilution of
CEAC's interest or the lack of an independent third party appraisal;

          (ii) consent to the exercise by CEAC of the option contained in the
Turkish JV Agreement so long as such exercise is in conformity with the
Standstill Agreement other than Part II(b) of Schedule A thereto;

          (iii) waive any Standstill Event pursuant to Section 8(v) of the
Standstill Agreement that has occurred or may occur due to the commencement of
any bankruptcy proceedings with respect to the New Debtors and the resultant
Event of Default (as defined in the Post-Petition Credit Agreement) pursuant to
Section 9.1(f)(ii) of the Post-Petition Credit Agreement;

          (iv) waive any Standstill Event pursuant to Section 8(v) of the
Standstill Agreement that has occurred or may occur due to the failure of
Refined to discharge or obtain a stay of that certain judgment in the amount of
$179,060.61 in favor of Jackson Iron & Metal in breach of the requirements of
Section 8.2 of the Post-Petition Credit Agreement;

          (v) temporarily waive any Standstill Event that has occurred or may
occur pursuant to Section 6 and 8(v) of the Standstill Agreement due to the
retention of cash and Cash Equivalents in accounts located outside of the United
States in an aggregate amount in excess $20,000,000 in breach of the
requirements of Section 8.12(a) and the resultant Event of Default (as defined
in the Post-Petition Credit Agreement) pursuant to Section 9.1(d)(i) of the
PostPetition Credit Agreement; provided however, that the waiver granted
pursuant to this clause (v) shall cease to be in effect and the aggregate amount
in such foreign accounts shall be tested as set forth in the Post-Petition
Credit Agreement and as incorporated into the Standstill Agreement by Section 6
thereof on the earlier to occur of (a) March 31, 2003 or (b) the date on which
the aggregate amount in such foreign accounts exceeds $55,000,000; provided
further, that, on or before the last Business Day of each calendar month, the
Standstill Parties shall use their reasonable best efforts (subject to
applicable legal and contractual restrictions and cash requirements) to apply
such cash and Cash Equivalents in excess of $20,000,000 to the repayment of all
Foreign Intercompany Loans (as defined in the Post-Petition Credit Agreement)
pursuant to the Post-Petition Credit Agreement; and

          (vi) waive the Standstill Event pursuant to Section 8(i) of the
Standstill Agreement that has occurred due to the failure of the Standstill
Parties to pay within two Business Days after such interest was due additional
interest on certain Foreign Obligations, resulting from the conversion of Euro
Currency Loans to Base Rate Loans during the period April 15, 2002 through
November 4, 2002 (and which additional interest has been paid) .

          SECTION 3. Conditions to Effectiveness. This Waiver and Consent shall
be effective on the date on which the Administrative Agent shall have signed the
Waiver and Consent and all of the following conditions precedent have been
satisfied (the "Effective Date"):

          (a) The Administrative Agent shall have received on or before the
Effective Date all of the following, each of which shall be in form and
substance satisfactory to the Administrative Agent:

<PAGE>

                                       4

          (i) this Waiver and Consent executed by (x) sufficient Standstill
Lenders to constitute the Required Standstill Lenders, (y) each of the Loan
Parties and (z) the Administrative Agent;

          (ii) such additional documentation as the Administrative Agent may
reasonably require;

          (iii) each of the amended Shareholders Agreement, the amended Articles
of Association, the Share Purchase Agreement (each as defined in the Turkish JV
Agreement) and the Turkish JV Agreement fully and duly executed by the parties
thereto including, without limitation, an option for CEAC to purchase,
repurchase or infuse capital such that its equity position in INCIExide may be
reinstated to 50%, such option to be on terms reasonably satisfactory to the
Administrative Agent; and

          (iv) agreements from each of Exinco Aku Ve Otomotive San. Ltd. Sti.
and INCIExide to sell their products to the Company and its Subsidiaries and
containing covenants prohibiting competition in certain markets.

          (b) Fees and Expenses. All accrued and unpaid fees and expenses of the
Administrative Agent in connection with this Waiver and Consent including,
without limitation, the unpaid fees and expenses of counsel to the
Administrative Agent (including United States and local counsel in foreign
jurisdictions) shall have been paid.

          SECTION 4. Post-Effective Date Condition. On or before December 4,
2002, Exide Technologies Limited shall deliver to the Administrative Agent its
security documents required to be executed pursuant to Section 11 of the
Standstill Agreement.

          SECTION 5. Representations and Warranties. To induce the Standstill
Lenders parties hereto to enter into this Waiver and Consent, each of the
Standstill Parties hereby represents and warrants to the Administrative Agent
and all of the Standstill Lenders the following:

          (a) The execution, delivery and performance by each Standstill Party
of the Waiver and Consent and the Loan Documents to which it is a party, as
waived hereby, are within such Standstill Party's corporate powers, have been
duly authorized by all necessary corporate action, and do not (i) contravene
such Standstill Party's Constituent Documents (as defined in the Post-Petition
Credit Agreement), (ii) violate any law (including, without limitation, the
Securities Exchange Act of 1934), rule, regulation (including, without
limitation, Regulation X of the Board of Governors of the Federal Reserve
System), order, writ, judgment, injunction, decree, determination or award
applicable to such Standstill Party, or (iii) conflict with or result in the
breach of, or constitute a default under, any Contractual Obligation, including,
without limitation, the bilateral loan documents, of EHE, EHA or any of their
Subsidiaries. As of the Effective Date, no Standstill Party is in violation of
any such law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award or in breach of any such contract, loan agreement,
indenture, mortgage, deed of trust, lease or other instrument, the violation or
breach of which is reasonably expected to have a Material Adverse Effect.

<PAGE>

                                       5

          (b) No authorization or approval or other action by, and no notice to
or filing with, any governmental authority or regulatory body or any other third
party is required to be obtained by the Standstill Parties in connection with
the execution and delivery, or performance by any Standstill Party of any of its
obligations under the Waiver and Consent and the Standstill Agreement, as
amended hereby.

          (c) The Waiver and Consent has been duly executed and delivered by
each Standstill Party, and is the legal, valid and binding obligation of such
Standstill Party, enforceable against such Standstill Party in accordance with
its terms except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or limiting creditors' rights or by
equitable principles generally.

          (d) No Standstill Party has an existing claim against any Standstill
Lender arising out of, relating to or in connection with the Loan Documents.

          (e) As of the Effective Date, EHE is not in breach of, or in default
under, the DM Agreement, and no Foreign Subsidiary is in breach of, or in
default under, any other Contractual Obligation, binding on or affecting any
Foreign Subsidiary or any of their properties, where the consequence of such
default is to confer rights upon any person against such Foreign Subsidiary
which, if exercised, can be reasonably expected to have a Material Adverse
Effect.

          (f) The representations and warranties made by each of the Standstill
Parties in the Loan Documents are true and correct in all material respects on
and as of the date hereof, after giving effect to the effectiveness of this
Waiver and Consent, as if made on and as of the date hereof.

          (g) Each Standstill Party hereby represents and warrants to the
Standstill Lenders and the Administrative Agent that as of the date hereof, and
after giving effect to the waiver contained herein, (a) no Standstill Event
under the Standstill Agreement shall have occurred and be continuing and (b) all
of the representations and warranties of such Standstill Party contained in
Section 12 of the Standstill Agreement and in any other Loan Document are, as of
the date of execution hereof, true and correct in all material respects, as
though made on and as of such date (other than representations and warranties in
any such Loan Document expressly limited to a specific date).

          SECTION 6. Reference to and Effect on the Loan Documents.

          (a) On and after the Effective Date, each reference in the Standstill
Agreement to "this Agreement", "hereunder", "hereof" or words of like import
referring to the Standstill Agreement and each reference in the Post-Petition
Credit Agreement and other Loan Documents to "the Standstill Agreement",
"thereunder", "thereof" or words of like import referring to the Standstill
Agreement, shall mean and be a reference to the Standstill Agreement as amended
and otherwise modified hereby.

          (b) The Standstill Agreement, the Post-Petition Credit Agreement and
each of the other Loan Documents, except to the extent of the waiver
specifically provided above, are and shall continue to be in full force and
effect except as specifically waived hereby.

<PAGE>

                                       6

          (c) This Waiver and Consent is and shall be a Loan Document.

          SECTION 7. Affirmation of Loan Documents. Each Standstill Party, in
its capacity as a Guarantor or otherwise, hereby consents to the waiver of the
Standstill Agreement effected hereby and hereby acknowledges and agrees that the
terms of this Waiver and Consent shall not affect in any way its obligations and
liabilities under the Credit Agreement, including under its guarantee, the
Standstill Agreement or any other Loan Document to which it is a party, all of
which obligations and liabilities shall remain in full force and effect and each
of which is hereby reaffirmed.

          SECTION 8. GOVERNING LAW. THIS WAIVER AND CONSENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          SECTION 9. Waiver of Jury Trial. Each of the Standstill Parties, the
Administrative Agent and the Standstill Lenders irrevocably waives all right to
trial by jury in any action, proceeding or counterclaim (whether based on
contract, tort or otherwise) arising out of or relating to this Waiver and
Consent or the actions of the Administrative Agent or any Standstill Lender in
the negotiation, administration, performance or enforcement thereof.

          SECTION 10. Execution in Counterparts. This Waiver and Consent may be
executed by one or more of the parties to this Wavier and Consent on any number
of separate counterparts, and all of said counterparts taken together shall be
deemed to constitute one and the same instrument.

          SECTION 11. Costs and Expenses. EHE hereby agrees to pay, and each of
the other Foreign Subsidiary Guarantors guarantees payment (subject to the
exceptions set forth in Schedule 10.1 of the Post-Petition Credit Agreement) of,
all reasonable costs and expenses associated with the preparation, execution,
delivery, administration, and enforcement of this Waiver and Consent, including,
without limitation, the fees and expenses of the Administrative Agent's counsel
(including local counsel in foreign jurisdictions) and financial advisor and the
out-of-pocket expenses of the Steering Committee (in each case, whether incurred
prior to or after the Effective Date).

         [THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY]

<PAGE>

                                       7

IN WITNESS WHEREOF, the parties hereto have caused this Waiver and Consent to be
duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                   Each of the following Subsidiaries as a
                                   Borrowing Subsidiary and as a Guarantor,
                                   subject to the limitations, if any, contained
                                   in Section 10.1 of the Credit Agreement

                                   EXIDE HOLDING EUROPE S.A.

                                   By: /s/ Leuschner
                                       -----------------------------------------
                                       Name:  LEUSCHNER
                                       Title: Chairman

                                   COMPAGNIE EUROPEENNE
                                   D'ACCUMULATEURS S.A.

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

                                   EURO EXIDE CORPORATION LIMITED

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

                                   SOCIEDAD ESPANOLA DEL ACUMULADOR
                                       TUDOR S.A.

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

                                   TUDOR A.B.

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

<PAGE>

                                       7

IN WITNESS WHEREOF, the parties hereto have caused this Waiver and Consent to be
duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                   Each of the following Subsidiaries as a
                                   Borrowing Subsidiary and as a Guarantor,
                                   subject to the limitations, if any, contained
                                   in Section 10.1 of the Credit Agreement

                                   EXIDE HOLDING EUROPE S.A.

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

                                   COMPAGNIE EUROPEENNE
                                   D'ACCUMULATEURS S.A.

                                   By: /s/ N. S. Bright
                                       -----------------------------------------
                                       Name: N. S. BRIGHT
                                       Title: PRESIDENT, CEAC.

                                   EURO EXIDE CORPORATION LIMITED

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

                                   SOCIEDAD ESPANOLA DEL ACUMULADOR
                                   TUDOR S.A.

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

                                   TUDOR A.B.

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

<PAGE>

                                       7

IN WITNESS WHEREOF, the parties hereto have caused this Waiver and Consent to be
duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                   Each of the following Subsidiaries as a
                                   Borrowing Subsidiary and as a Guarantor,
                                   subject to the limitations, if any, contained
                                   in Section 10.1 of the Credit Agreement

                                   EXIDE HOLDING EUROPE S.A.

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

                                   COMPAGNIE EUROPEENNE
                                   D'ACCUMULATEURS S.A.

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

                                   EURO EXIDE CORPORATION LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   SOCIEDAD ESPANOLA DEL ACUMULADOR
                                   TUDOR S.A.

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

                                   TUDOR A.B.

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

<PAGE>

                                       7

IN WITNESS WHEREOF, the parties hereto have caused this Waiver and Consent to be
duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                   Each of the following Subsidiaries as a
                                   Borrowing Subsidiary and as a Guarantor,
                                   subject to the limitations, if any, contained
                                   in Section 10.1 of the Credit Agreement

                                   EXIDE HOLDING EUROPE S.A.

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

                                   COMPAGNIE EUROPEENNE D'ACCUMULATEURS S.A.

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

                                   EURO EXIDE CORPORATION LIMITED

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

                                   SOCIEDAD ESPANOLA DEL ACUMULADOR TUDOR S.A.

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: SECRETARY OF THE BOARD

                                   TUDOR A.B.

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

<PAGE>

                                       7

IN WITNESS WHEREOF, the parties hereto have caused this Waiver and Consent to be
duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

                                   Each of the following Subsidiaries as a
                                   Borrowing Subsidiary and as a Guarantor,
                                   subject to the limitations, if any, contained
                                   in Section 10.1 of the Credit Agreement

                                   EXIDE HOLDING EUROPE S.A.

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

                                   COMPAGNIE EUROPEENNE D'ACCUMULATEURS S.A.

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

                                   EURO EXIDE CORPORATION LIMITED

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

                                   SOCIEDAD ESPANOLA DEL ACUMULADOR TUDOR S.A.

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

                                   TUDOR A.B.

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                       8

                                   EXIDE TECHNOLOGIES NEDERLAND B.V.

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Illegible

                                   CMP BATTERIES LIMITED

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

                                   DEUTSCHE EXIDE STANDBY GMBH

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

                                   DEUTSCHE EXIDE GMBH

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

                                   MERCOLEC TUDOR B.V.

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Illegible

                                       /s/ Illegible
                                       -----------------------------------------
                                       Illegible
                                       Managing Director

<PAGE>

                                       8

                                   EXIDE TECHNOLOGIES NEDERLAND B.V.

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

                                   CMP BATTERIES LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   DEUTSCHE EXIDE STANDBY GMBH

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

                                   DEUTSCHE EXIDE GMBH

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

                                   MERCOLEC TUDOR B.V.

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

<PAGE>

                                       8

                                   EXIDE TECHNOLOGIES NEDERLAND B.V.

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

                                   CMP BATTERIES LIMITED

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

                                   DEUTSCHE EXIDE STANDBY GMBH

                                   By: /s/ Joerg Wenzel
                                       -----------------------------------------
                                       Name:  Joerg Wenzel
                                       Title: Managing Director

                                   DEUTSCHE EXIDE GMBH

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

                                   MERCOLEC TUDOR B.V.

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

<PAGE>

                                       8

                                   EXIDE TECHNOLOGIES NEDERLAND B.V.

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

                                   CMP BATTERIES LIMITED

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

                                   DEUTSCHE EXIDE STANDBY GMBH

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

                                   DEUTSCHE EXIDE GMBH

                                   By: /s/ Leuschner
                                       -----------------------------------------
                                       Name:  LEUSCHNER
                                       Title: Managing Director

                                   MERCOLEC TUDOR B.V.

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

<PAGE>

                                       9

                                   Each of the following Subsidiaries as a
                                   Guarantor, subject to the limitations, if
                                   any, contained in Section 10.1 of the Credit
                                   Agreement

                                   CHLORIDE MOTIVE POWER IBERICA S.L.

                                   By: /s/ Jesus Lopez-Brea
                                       -----------------------------------------
                                       Name:  JESUS LOPEZ-BREA
                                       Title: SECRETARY OF THE BOARD

                                   CMP BATTERUEN N.V.

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

                                   EXIDE AUTOMOTIVE BATTERIE GMBH

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

                                   HAGEN BATTERIE AG

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

                                   ELECTRO MERCANTIL INDUSTRIAL S.L.

                                   By: /s/ Jesus Lopez-Brea
                                       -----------------------------------------
                                       Name:  JESUS LOPEZ-BREA
                                       Title: SECRETARY OF THE BOARD

                                   EXIDE (DAGENHAM) LIMITED

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

<PAGE>

                                       9

                                   Each of the following Subsidiaries as a
                                   Guarantor, subject to the limitations, if
                                   any, contained in Section 10.1 of the Credit
                                   Agreement

                                   FULMEN IBERICA S.L.

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

                                   CMP BATTERUEN N.V.

                                   By: /s/ Neil Bright
                                       -----------------------------------------
                                       Name:  Neil Bright
                                       Title: Director

                                   By:
                                       -----------------------------------------
                                       Name:  Walter De Witte
                                       Title: Director

                                   EXIDE AUTOMOTIVE BATTERIE GMBH

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

                                   HAGEN BATTERIE AG

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

                                   ELECTRO MERCANTIL INDUSTRIAL S.L.

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

<PAGE>

                                       9

                                   Each of the following Subsidiaries as a
                                   Guarantor, subject to the limitations, if
                                   any, contained in Section 10.1 of the Credit
                                   Agreement

                                   FULMEN IBERICA S.L.

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

                                   CMP BATTERUEN N.V.

                                   By:
                                       -----------------------------------------
                                       Name:  Neil Bright
                                       Title: Director

                                   By: /s/ Walter De Witte
                                       -----------------------------------------
                                       Name:  Walter De Witte
                                       Title: Director

                                   EXIDE AUTOMOTIVE BATTERIE GMBH

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

                                   HAGEN BATTERIE AG

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

                                   ELECTRO MERCANTIL INDUSTRIAL S.L.

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

<PAGE>

                                       9

                                   Each of the following Subsidiaries as a
                                   Guarantor, subject to the limitations, if
                                   any, contained in Section 10.1 of the Credit
                                   Agreement

                                   FULMEN IBERICA S.L.

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

                                   CMP BATTERIJEN N.V.

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

                                   EXIDE AUTOMOTIVE BATTERIE GMBH

                                   By: /s/ Peisker Thomas
                                       -----------------------------------------
                                       Name:  PEISKER THOMAS
                                       Title: MANAGING DIRECTOR

                                   HAGEN BATTERIE AG

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

                                   ELECTRO MERCANTIL INDUSTRIAL S.L.

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

                                   EXIDE (DAGENHAM) LIMITED

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

<PAGE>

                                       9

                                   Each of the following Subsidiaries as a
                                   Guarantor, subject to the limitations, if
                                   any, contained in Section 10.1 of the Credit
                                   Agreement

                                   FULMEN IBERICA S.L.

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

                                   CMP BATTERIJEN N.V.

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

                                   EXIDE AUTOMOTIVE BATTERIE GMBH

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

                                   HAGEN BATTERIE AG

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Chairman

                                   ELECTRO MERCANTIL INDUSTRIAL S.L.

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

                                   EXIDE (DAGENHAM) LIMITED

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

<PAGE>

                                       9

                                   Each of the following Subsidiaries as a
                                   Guarantor, subject to the limitations, if
                                   any, contained in Section 10.1 of the Credit
                                   Agreement

                                   FULMEN IBERICA S.L.

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

                                   CMP BATTERIJEN N.V.

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

                                   EXIDE AUTOMOTIVE BATTERIE GMBH

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

                                   HAGEN BATTERIE AG

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

                                   ELECTRO MERCANTIL INDUSTRIAL S.L.

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

                                   EXIDE (DAGENHAM) LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                       10

                                   FULMEN UK LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   EXIDE AUTOMOTIVE S.A.

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

                                   SOCIEDADE PORTUGUESA DO ACUMULADOR TUDOR S.A.

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

                                   EXIDE DANMARK A/S

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

                                   EXIDE BATTERIER AB

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

                                   CENTRA S.A.

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

                                   FRIEMANN & WOLF BATTERIETECHNIK GMBH

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

<PAGE>

                                       10

                                   FULMEN UK LIMITED

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

                                   EXIDE AUTOMOTIVE S.A.

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Chairman

                                   SOCIEDADE PORTUGUESA DO ACUMULADOR TUDOR S.A.

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

                                   EXIDE DANMARK A/S

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

                                   EXIDE BATTERIER AB

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

                                   CENTRA S.A.

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

                                   FRIEMANN & WOLF BATTERIETECHNIK GMBH

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

<PAGE>

                                       10

                                   EXIDE (DAGENHAM) LIMITED

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

                                   FULMEN UK LIMITED

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

                                   EXIDE AUTOMOTIVE S.A.

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Director

                                   By:
                                       -----------------------------------------
                                       Name:  Walter De Witte
                                       Title: Director

                                   SOCIEDADE PORTUGUESA DO ACUMULADOR TUDOR S.A.

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

                                   EXIDE DANMARK A/S

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

                                   EXIDE BATTERIER AB

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

<PAGE>

                                       10

                                   EXIDE (DAGENHAM) LIMITED

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

                                   FULMEN UK LIMITED

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

                                   EXIDE AUTOMOTIVE S.A.

                                   By:
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Director

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Director

                                   SOCIEDADE PORTUGUESA DO ACUMULADOR TUDOR S.A.

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

                                   EXIDE DANMARK A/S

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

                                   EXIDE BATTERIER AB

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

<PAGE>

                                       10

                                   FULMEN UK LIMITED

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

                                   EXIDE AUTOMOTIVE S.A.

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

                                   SOCIEDADE PORTUGUESA DO ACUMULADOR TUDOR S.A.

                                   By: /s/ Abilio Simoes de Oliveira Pinheiro
                                       -----------------------------------------
                                       Name:  Abilio Simoes de Oliveira Pinheiro
                                       Title: Director

                                   EXIDE DANMARK A/S

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

                                   EXIDE BATTERIER AB

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

                                   CENTRA S.A.

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

                                   FRIEMANN & WOLF BATTERIETECHNIK GMBH

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

<PAGE>

                                       10

                                   FULMEN UK LIMITED

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

                                   EXIDE AUTOMOTIVE S.A.

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

                                   SOCIEDADE PORTUGUESA DO ACUMULADOR TUDOR S.A.

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

                                   EXIDE DANMARK A/S

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   EXIDE BATTERIER AB

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   CENTRA S.A.

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

                                   FRIEMANN & WOLF BATTERIETECHNIK GMBH

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

<PAGE>

                                       10

                                   FULMEN UK LIMITED

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

                                   EXIDE AUTOMOTIVE S.A.

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

                                   SOCIEDADE PORTUGUESA DO ACUMULADOR TUDOR S.A.

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

                                   EXIDE DANMARK A/S

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

                                   EXIDE BATTERIER AB

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

                                   CENTRA S.A.

                                   By: /s/ Malgorzata Majewska - Sliwa
                                       -----------------------------------------
                                       Name:  Malgorzata Majewska - Sliwa
                                       Title: Poland Country Manager

                                   FRIEMANN & WOLF BATTERIETECHNIK GMBH

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

<PAGE>

                                       10

                                   FULMEN UK LIMITED

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

                                   EXIDE AUTOMOTIVE S.A.

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

                                   SOCIEDADE PORTUGUESA DO ACUMULADOR TUDOR S.A.

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

                                   EXIDE DANMARK A/S

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

                                   EXIDE BATTERIER AB

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

                                   CENTRA S.A.

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

                                   FRIEMANN & WOLF BATTERIETECHNIK GMBH

                                   By: /s/ Johannes CorneliBen
                                       -----------------------------------------
                                       Name:  Johannes CorneliBen
                                       Title: Managing Director

<PAGE>

                                       11

                                   EXIDE SONNAK A/S

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   EXIDE BATTERIES LIMITED

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

                                   B.I.G. BATTERIES LIMITED

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

                                   EXIDE LENDING LIMITED

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

                                   EXIDE ITALIA S.R.L.

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

                                   INDUSTRIA COMPOSIZIONI STAMPATE, SPA

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

                                   EXIDE HOLDINGS LIMITED

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

<PAGE>

                                       11

                                   EXIDE SONNAK A/S

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

                                   EXIDE BATTERIES LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   B.I.G. BATTERIES LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   EXIDE LENDING LIMITED

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

                                   EXIDE ITALIA S.R.L.

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

                                   INDUSTRIA COMPOSIZIONI STAMPATE, SPA

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

                                   EXIDE HOLDINGS LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                       11

                                   EXIDE SONNAK A/S

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

                                   EXIDE BATTERIES LIMITED

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

                                   B.I.G. BATTERIES LIMITED

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

                                   EXIDE LENDING LIMITED

                                   By: /s/ Stuart H. Kupinsky
                                       -----------------------------------------
                                       Name: Stuart H. Kupinsky
                                       Title:

                                   EXIDE ITALIA S.R.L.

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

                                   INDUSTRIA COMPOSIZIONI STAMPATE, SPA

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

                                   EXIDE HOLDINGS LIMITED

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

<PAGE>

                                       11

                                   EXIDE SONNAK A/S

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

                                   EXIDE BATTERIES LIMITED

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

                                   B.I.G. BATTERIES LIMITED

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

                                   EXIDE LENDING LIMITED

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

                                   EXIDE ITALIA S.R.L.

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: CHAIRMAN & CEO

                                   INDUSTRIA COMPOSIZIONI STAMPATE, SPA

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: CHAIRMAN & CEO

                                   EXIDE HOLDINGS LIMITED

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

<PAGE>

                                       12

                                   EXIDE TECHNOLOGIES HOLDING BV

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: MAN. DIRECTOR

                                   EXIDE TRANSPORTATION HOLDING EUROPE, SL

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

                                   EXIDE AUSTRALIA PTY LIMITED

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

                                   EXIDE TECHNOLOGIES LIMITED

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

                                   EXIDE HOLDING ASIA PTE LIMITED

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

<PAGE>

                                       12

                                   EXIDE TECHNOLOGIES HOLDING BV

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

                                   EXIDE TRANSPORTATION HOLDING
                                       EUROPE, SL

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name: Illegible
                                       Title: SECRETARY OF THE BOARD

                                   EXIDE AUSTRALIA PTY LIMITED

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

                                   EXIDE TECHNOLOGIES LIMITED

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

                                   EXIDE HOLDING ASIA PTE LIMITED

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

<PAGE>
                                       12

                                   EXIDE TECHNOLOGIES HOLDING BV

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

                                   EXIDE TRANSPORTATION HOLDING
                                       EUROPE, SL

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

                                   EXIDE AUSTRALIA PTY LIMITED

                                   By: /s/ Stuart H. Kupinsky
                                       -----------------------------------------
                                       Name: Stuart H. Kupinsky
                                       Title:

                                   EXIDE TECHNOLOGIES LIMITED

                                   By: Stuart H. Kupinsky
                                       -----------------------------------------
                                       Name: Stuart H. Kupinsky
                                       Title:

                                   EXIDE HOLDING ASIA PTE LIMITED

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

<PAGE>

                                       12

                                   EXIDE TECHNOLOGIES HOLDING BV

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

                                   EXIDE TRANSPORTATION HOLDING EUROPE, SL

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

                                   EXIDE AUSTRALIA PTY LIMITED

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

                                   EXIDE TECHNOLOGIES LIMITED

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

                                   EXIDE HOLDING ASIA PTE LIMITED

                                   By: /s/ Illegible
                                       -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                       13

                                   GNB TECHNOLOGIES (CHINA) LIMITTED

                                   By: /s/ Illegible
                                       -------------------------------------
                                       Name:
                                       Title:

                                   EXIDE SINGAPORE PTE LIMITED

                                   By: /s/ Illegible
                                       -------------------------------------
                                       Name:
                                       Title:

                                   EXIDE CANADA INC.

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

                                   1036058 ONTARIO INC.

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

                                   GNB TECHNOLOGIES LIMITED

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

                                   MBD NATIONAL LIMITED

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

                                   NATION BATTERY DISTRIBUTION LIMITED

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

<PAGE>

                                       13

                                   GNB TECHNOLOGIES (CHINA) LIMITED

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

                                   EXIDE SINGAPORE PTE LIMITED

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

                                   EXIDE CANADA INC.

                                   By: /s/ Molly M. Israel
                                       -------------------------------------
                                       Name:  Molly M. Israel
                                       Title: Assistant Secretary

                                   1036058 ONTARIO INC.

                                   By: /s/ Molly M. Israel
                                       -------------------------------------
                                       Name:  Molly M. Israel
                                       Title: Assistant Secretary

                                   GN8 TECHNOLOGIES LIMITED

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

                                   MBD NATIONAL LIMITED

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

                                   NATIONAL BATTERY DISTRIBUTION LIMITED

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

<PAGE>

                                       13

                                   GNB TECHNOLOGIES (CHINA) LIMITED

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

                                   EXIDE SINGAPORE PTE LIMITED

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

                                   EXIDE CANADA INC.

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

                                   1036058 ONTARIO INC.

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

                                   GNB TECHNOLOGIES LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   MBD NATIONAL LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   NATIONAL BATTERY DISTRIBUTION LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                       14

                                   NORD GROUP LIMITED

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

                                   OHE LIMITED

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

                                   SPITFIRE BATTERIES LIMITED

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

                                   TS BATTERIES LIMITED

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

                                   GNB TECHNOLOGIES NV

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Director

                                   DETA UK LIMITED

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

                                   FRIWO BATTERIES LIMITED

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

<PAGE>

                                       14

                                   NORD GROUP LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   OHE LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   SPITFIRE BATTERIES LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   TS BATTERIES LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   GNB TECHNOLOGIES NV

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

                                   DETA UK LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

                                   FRIWO BATTERIES LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                       14

                                   NORD GROUP LIMITED

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

                                   OHE LIMITED

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

                                   SPITFIRE BATTERIES LIMITED

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

                                   TS BATTERIES LIMITED

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

                                   GNB TECHNOLOGIES NV

                                   By:
                                       -----------------------------------------
                                       Name:  Stefan Noll
                                       Title: Director

                                   By: /s/ Marco Scheepers
                                       -----------------------------------------
                                       Name:  Marco Scheepers
                                       Title: Director

                                   DETA UK LIMITED

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

                                   FRIWO BATTERIES LIMITED

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

<PAGE>

                                       15

                                   GEMALA IRELAND (HOLDINGS) LIMITED

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                       16

                                   GNB BATTERY TECHNOLOGIES JAPAN, INC.

                                   As a Gurantor, subject to the limitations, if
                                   any, contained in Section 10.1 of the Credit
                                   Agreement

                                   By: /s/ Illegible
                                       -----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                       11

                                   CREDIT SUISSE FIRST BOSTON, as Administrative
                                   agent

                                   By: /s/ Michael Criscito
                                       -----------------------------------------
                                       Name:  Michael Criscito
                                       Title: Director

                                   By: /s/ Carol Flaton
                                       -----------------------------------------
                                       Name:  Carol Flaton
                                       Title: Director

<PAGE>

                                       12

                         Lenders

                         CREDIT SUISSE FIRST BOSTON

                         By: /s/ Howard Shams           /s/ Ian Landow
                             ------------------------   ------------------------
                             Name:  HOWARD SHAMS        Ian Landow
                             Title: MANAGING DIRECTOR   Assistant Vice President

<PAGE>

                                       12

                                   Lenders

                                   AG CAPITAL FUNDING PARTNERS LP.

                                   BY: ANGELO, GORDON & CO., L.P.,
                                       AS INVESTMENT ADVISOR
                                   (Print Name of Lender)

                                   By  /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Managing Director

<PAGE>

                                       12

                                   Lenders

                                   ARCHIMEDES FUNDING, LLC.

                                   BY: ING Capital Advisors LLC,
                                       as Collateral Manager

                                   BY: /s/ Greg M. Masuda CFA
                                       -----------------------------------------
                                   Name:  GREG M. MASUDA CFA
                                   Title: VICE PRESIDENT

                                   ARCHIMEDES FUNDING II, LTD.

                                   BY: ING Capital Advisors LLC,
                                       as Collateral Manager

                                   BY: /s/ Greg M. Masuda CFA
                                       -----------------------------------------
                                   Name:  GREG M. MASUDA CFA
                                   Title: VICE PRESIDENT

                                   ARCHIMEDES FUNDING III, LTD.

                                   BY: ING Capital Advisors LLC,
                                       as Collateral Manager

                                   BY: /s/ Greg M. Masuda CFA
                                       -----------------------------------------
                                   Name:  GREG M. MASUDA CFA
                                   Title: VICE PRESIDENT

<PAGE>

                                       12

                                   Lenders

                                   ARCHIMEDES FUNDING IV (CAYMAN), LTD.

                                   BY: ING Capital Advisors LLC,
                                       as Collateral Manager

                                   BY: /s/ Greg M. Masuda CFA
                                       -----------------------------------------
                                   Name:  GREG M. MASUDA CFA
                                   Title: VICE PRESIDENT

                                   SEQUILS-ING I (HBDGM), LTD.

                                   BY: ING Capital Advisors LLC,
                                       as Collateral Manager

                                   BY: /s/ Greg M. Masuda CFA
                                       -----------------------------------------
                                   Name:  GREG M. MASUDA CFA
                                   Title: VICE PRESIDENT

                                   BALANCED HIGH-YIELD FUND I, LTD.
                                   as Asset Manager

                                   BY: /s/ Greg M. Masuda CFA
                                       -----------------------------------------
                                   Name:  GREG M. MASUDA CFA
                                   Title: VICE PRESIDENT

<PAGE>

                                   Lenders

                                   BANCA POPOLARE DI BERGAMO-CV Seri

                                   By  /s/ Riccardo Sora
                                       -----------------------------------------
                                       Name:  Riccardo Sora
                                       Title: Deputy General Manager

                                   By  /s/ Angelo Locatelli
                                       -----------------------------------------
                                       Name:  Angelo Locatelli
                                       Title: Senior Vice President

<PAGE>

                                       12

                                   Lenders

                                   Bank Polska Kasa Opieki SA
                                   New York Branch
                                   [Print Name of Lender]

                                   By: /s/ Barry Henry
                                       -----------------------------------------
                                   Name:  Barry Henry
                                   Title: Senior Leading Officer

<PAGE>

                                       19

                                   Lenders

                                   The Bank of Nova Scotia
                                   [Print Name of Lender]

                                   By  /s/ Christopher Usas
                                       -----------------------------------------
                                       Name:  CHRISTOPHER USAS
                                       Title: DIRECTOR

<PAGE>

                                       12

                                   Lenders

                                   BANK OF SCOTLAND
                                   [PRINT NAME OF LENDER]

                                   By  /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: ASOCIATE DIRECTOR
                                              OF SYNDICATIONS

<PAGE>

                                       12

                                   Lenders

                                   Cargill Financial Services International
                                   Inc.,
                                   [Print Name of Lender]

                                   By  /s/ Rory Oneill
                                       -----------------------------------------
                                       Name:  Rory Oneill
                                       Title: Vice President

<PAGE>

                                       12

                                Lenders

                                CREDIT INDUSTRIEL ET COMMERCIAL

                                By  /s/ Anthony Rock        /s/ Sean Mounier
                                    ---------------------   --------------------
                                    Name:  Anthony Rock     Sean Mounier
                                    Title: Vice President   First Vice President

<PAGE>

                                       12

     Exide waiver and consent to the Standstill Agreement, dated as of 8th
November 2002

                                Lenders

                                Credit Industriel et Commercial, London Branch

                                By  /s/ Gary George         /s/ Tim Prestwich
                                    ---------------------   --------------------
                                    Name:  Gary George      Tim Prestwich
                                    Title: Manager          Manager

<PAGE>

                                       12

                                   Lenders

                                   Citadel Credit Trading Ltd.

                                   By: Citadel Limited Partnership, its
                                       Portfolio Manager

                                   By: GLB Partners, L.P., its General Partner

                                   By: Citadel Investment Group, L.L.C., its
                                       General Partner

                                   By: /s/ Adam C. Cooper
                                       -----------------------------------------
                                       Adam C. Cooper, General Counsel

<PAGE>

                                       12

                                   Lenders

                                   Citadel Equity Fund Ltd.

                                   By: Citadel Limited Partnership, its
                                       Portfolio Manager

                                   By: GLB Partners, L.P., its General Partner

                                   By: Citadel Investment Group, L.L.C., its
                                       General Partner

                                   By: /s/ Adam C. Cooper
                                       -----------------------------------------
                                       Adam C. Cooper, General Counsel

<PAGE>

                                       12

                                   Lenders

                                   Credit Suisse First Boston International
                                   [Print Name of Lender]

                                   By  /s/ Illigible
                                       -----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                       12

                                   Lenders

                                   Centurion CDO I, Limited

                                   By: American Express Asset Management
                                       Group Inc. as Collateral Manager

                                   By  /s/ Steven B. Staver
                                       -----------------------------------------
                                       Name:  Steven B. Staver
                                       Title: Managing Director

<PAGE>

                                       12

                                   Lenders

                                   Contrasian Capital Funds
                                   [Print Name of Lenders]

                                   By  /s/ Janice M. Stanton
                                       -----------------------------------------
                                       Name:  JANICE M. STANTON
                                       Title: MEMBER

<PAGE>

                                   Lenders

                                   Dresdner Bank AG New York
                                   And Grand Cayman Branches

                                   By: /s/ Richard J. Sweeney
                                       -----------------------------------------
                                       Name:  RICHARD J. SWEENEY
                                       Title: VICE PRESIDENT

                                   By: /s/ Lisa M. Overton
                                       -----------------------------------------
                                       Name:  Lisa M. Overton
                                       Title: Associate

<PAGE>

                                       12

                        Lenders 11-11-2002

                        FORTIS BANK (Nederland) NV
                        Blaak 555
                        3011 GB ROTTERDAM
                        [Print Name of Lender]

                        By: /s/ A. M. de Blieck      /s/ R. H. W. A. VERHOEVEN
                            ---------------------    -------------------------
                            Name: A. M. de Blieck    R. H. W. A. VERHOEVEN
                            Title:                   PROXY HOLDER

<PAGE>

                                       12

                                   Lenders

                                   HBK Master Fund L.P.

                                   By: HBK Investment L.P.,
                                       Investment Advisor
                                   [Print Name of Lender]

                                   By: /s/ David C. Haley
                                       -----------------------------------------
                                       Name:  David C. Haley
                                       Title: Authorized Signatory

<PAGE>

                                       19

                      Lenders

                      JNG BHF Bank AG
                      [Print Name of Lender]

                      By  /s/ Illegible                        /s/ Hellstern
                          -------------------------------      -----------------
                          Name: Illegible                      Hellstern
                          Title: Assistant Vice President      Vice President

<PAGE>

                                       12

                                   Lenders

                                   KZH CNC LLC
                                   [Print Name of Lender]

                                   By  /s/ Anthony Iarrobino
                                       -----------------------------------------
                                       Name: ANTHONY IARROBINO
                                       Title: AUTHORIZED AGENT

<PAGE>

                                       12

                                   Lenders

                                   KZH CYPRESSTREE-1 LLC
                                   [Print Name of Lender]

                                   By  /s/ Rowena Smith
                                       -----------------------------------------
                                       Name: Rowena Smith
                                       Title: Authorized Agent

<PAGE>

                                       12

                                   Lenders

                                   KZH ING-2 LLC
                                   [Print Name of Lender]

                                   By  /s/ Rowena Smith
                                       -----------------------------------------
                                       Name:  Rowena Smith
                                       Title: Authorized Agent

<PAGE>

                                       12

                                   Lenders

                                   KZH PONDVIEW LLC
                                   [Print Name of Lender]

                                   By  /s/ Rowena Smith
                                       -----------------------------------------
                                       Name:  Rowena Smith
                                       Title: Authorized Agent

<PAGE>

                                       12

                                   Lenders

                                   KZH STERLING LLC
                                   [Print Name of Lender]

                                   By  /s/ Rowena Smith
                                       -----------------------------------------
                                       Name:  Rowena Smith
                                       Title: Authorized Agent

<PAGE>

                                       12

                                   Lenders

                                   KZH WATERSIDE LLC
                                   [Print Name of Lender]

                                   By  /s/ Rowena Smith
                                       -----------------------------------------
                                       Name:  Rowena Smith
                                       Title: Authorized Agent

<PAGE>

                                       12

                                   Lenders

                                   Lehman Brothers Bankhaus AG, London Branch
                                   [Print Name of Lender]

                                   By  /s/ Steven Hodges    /s/ Tracey Colwell
                                       ------------------   --------------------
                                       Name:  Steven Hodges/Tracey Colwell
                                       Title: Authorized Signatories

<PAGE>

                                       12

                                   Lenders

                                   Lehman Commercial Paper Inc.
                                   [Print Name of Lender]

                                   By  /s/ Frank P. Turner
                                       -----------------------------------------
                                       Name:  Frank P. Turner
                                       Title: Authorized Signatory

<PAGE>

                                       12

                                   Lenders

                                   ---------------------------------------------
                                   Morgan Stanley Prime Income Trust

                                   By  /s/ Peter Gewirtz
                                       -----------------------------------------
                                       Name:  Peter Gewirtz
                                       Title: Vice President

<PAGE>

                                       12

                                   Lenders

                                   MORGAN STANLEY EMERGING MARKETS INC.
                                   [Print Name of Lender]

                                   By  /s/ Edgar A. Sabounghi
                                       -----------------------------------------
                                       Name:  EDGAR A. SABOUNGHI
                                       Title: Vice President

<PAGE>

                                       12

                                   Lenders

                                   SALOMON BROTHERS HOLDING COMPANY INC.

                                   By  /s/ Neyda Darias
                                       -----------------------------------------
                                       Name:  Neyda Darias
                                       Title: Assistant Vice President

<PAGE>

                                       12

                                   Lenders

                                   SCOTIABANK EUROPE PLC
                                   [Print Name of Lender]

                                   By  /s/ R. A. Millard
                                       -----------------------------------------
                                       Name:  R. A. MILLARD
                                       Title: DIRECTOR

<PAGE>

                                       12

                                   Lenders

                                   S.P. Offshore Limited

                                   By  /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Illegible

<PAGE>

                                       12

                                   Lenders

                                   Silver Oak Capital, Llc
                                   [Print Name of Lender]

                                   By  /s/ Illegible
                                       -----------------------------------------
                                       Name:  Illegible
                                       Title: Managing Director

<PAGE>

                                       12

                                   Lenders

                                   ---------------------------------------------
                                   Smoky River CDO, L.P.,

                                   By RBC Leveraged Capital as Portfolio Advisor

                                   By: /s/ Melissa Marano
                                       -----------------------------------------
                                   Name:  Melissa Marano
                                   Title: Director

<PAGE>

                                       12

                                   Lenders

                                   UBS AG, Stamford Branch

                                   By: UBS Warburg LLC, as agent
                                   [Print Name of Lender]

                                   By  /s/ Jennifer L. Poccia
                                       -----------------------------------------
                                       Name:  Jennifer L. Poccia
                                       Title: Associate Director
                                              Banking Products Services, US

                                       /s/ Thomas R. Salzano
                                       -----------------------------------------
                                          Thomas R. Salzano
                                          Director
                                          Banking Products Services, US

<PAGE>

                                       12

                                   Lenders

                                   WINGED FOOT FUNDING TRUST
                                   [Print Name of Lender]

                                   By  /s/ Ann E. Morris
                                       -----------------------------------------
                                       Name:  ANN E. MORRIS
                                       Title: AUTHORIZED AGENT

<PAGE>

                                    Exhibit A

<PAGE>

                                    AGREEMENT

This Agreement is made on 30 September 2002.

Between
Inci Holding ___________________________________________________________________
________________________________________________________________ in the Republic
of Turkey;

And
CEAC Compagnie Europaenne d'Accumu_________ S.A. in France ("CEAC");

The parties have mutually agreed that an arrangement should be made in the
content and for a period specified hereof.

It is agreed:

1.   DEFINITIONS AND INTERPRETATION

Definitions: In this Agreement, except where the context otherwise requires:

Agreement shall mean this present agreement.

Articles of Association means the articles of association (Ane Soziesme) of the
Company.

Current Agreements shall mean the Shareholders Agreement, Articles of
Association, Share Purchase Agreement and Technical Assistance and License
Agreement;

Equal Share Interest means the shareholding composition between Inci
Shareholders and CEAC that ownership rights by Inci shareholders and CEAC in the
Company that are equal to each other (e.g. 50% + 50% as of the date of this
Agreement, or may be on a lesser ratio in accordance with Clause 8 (Equity Sale
to a Third Party));

EURO or E means lawful currency of the European Union

Event of Default means any of the events mentioned in Clause 9;

Option Right means the right granted to CEAC until 30 September 2004 to
reinstate the Equal Share Interest as explained in clause 7.1 hereof.

Party, Parties means, at any time, a party or both parties, as the case may be,
to this Agreement at such time;

Private Equity Investor(s) mean one or more legal entity or individual investor
that invests in ordinary shares of the Company in accordance with clause 8
hereof.

Shareholders Agreement means the agreement by and between Inci Holding _________
________________________________________________________________________________
_______________________________________________ and CEAC dated 30 November 1993.

                                       1

<PAGE>

Share Purchase Agreement (means the agreement by and between Cevdet Inci.
_______ Inci, Emel Onal ________________________________________________________
________________________________________________________________________________
(collectively "Sellers") and CEAC dated 30 November 1993 with regard to sale of
shares in Inci ____________ by Sellers in part to CEAC.)

Technical Assistance and License Agreement means the agreement by and between
CEAC and Inci _____________________ dated 30 November 1993 with regard to
Product Know-How, Process Know-How and Up-Dating information as defined
therein.

Third Party(ies) means one or more legal entity or individual Investor that
Invests in ordinary shares of the Company in accordance with Clause 8.1 and
Clause 8.2 hereof.

__ means lawful currency of the Republic of Turkey

USD means lawful currency of the United States of America

2.   PURPOSE

The purpose of this Agreement is to define:

     (i)  The purchase price per share;
     (ii) The capital increase in the Company;
     (iii) The common management after the capital increase; and
     (iv) The option of CEAC for the _____________ of equal Share interest.

3.   [NOT USED]

4.   CAPITAL INCREASE WITH SHARE PREMIUM

4.1  Current Capital: The share capital of the company is TL 650,000,000,000 as
     of the date of the Agreement, which Party holding an equal share interest
     of TL 323,000,000,000.

4.2  Capital Increase: The Parties have agreed that the capital of the Company
     shall be increased with a share premium by _______________ equivalent of
     USD 2,800,000 that is approximately 30% of the equity value of the company
     that is equal to the enterprise value _____ not debts of the company as of
     the date of this Agreement. The agreed ____________ of USD 2,800,000 is
     approximately equal to TL 4,800,000,000 and that will _____________________
     by Inci Shareholders and will be booked as follows.

4.3  Agreement of Shareholders: The Parties have agreed that CEAC will not
     participate in the capital increase and it will maintain its share interest
     of the current ____________ capital of TL 325,800,000,000 to remain
     unchanged. Only Inci Shareholders, however, shall __________ to the capital
     Increase with a share premium TL 4,800,000,000,000 CEAC shall vote in
     General Assembly and shall cause the members of the Board of Directors
     that it has nominated, to vote in favor of the capital increase be
     ____________ herein.

     The Parties have further agreed (i) that the registered capital of the
     company shall be TL 1,625,000,000,000 by an increase of TL 975,000,000,000;
     and (ii) that

                                       2

<PAGE>

     CEAC shall not participate in the capital increase; and (iii) that the
     increase of TL 975,000,000,000 of TL 4,500,000,000,000 shall be paid solely
     by Inci Shareholders as registered capital contribution; and (iv) that the
     remaining amount of TL 3,625,000,000,000 of TL 4,500,000,000,000
     representing the share premium shall be _______ as reserve.

     After this transaction, the share in ________ of Inci. Shareholders shall
     increase from TL 325,000,000,000 to 1,300,000,000,000 and their share
     interest will increase to 80% and CEAC, by keeping the current registered
     capital to TL 325,000,000,000, will reduce its share interest to 20%.

4.4  Entry in Books: The participiation to the capital increase with share
     premium of TL 4,600,000,000,000 shall actually be made by Inci Shareholders
     and with the purpose of the parties to adapt a share composition of 80% by
     Inci and 20% by CEAC. The participation shall be entered into the books of
     the Company through the following two method. This agreed entry into the
     books of the Company should be made in the sole interest of CEAC;
     otherwise. CEAC's share interest in the Company will become _________

     CEAC's current registered capital of TL 325,000,000,000 will remain
     unchanged; however, by maintaining the current registered capital its share
     interest will reduce to 20% after the capital increase

     The increase of capital of TL 975,000,000,000 by Inci Shareholders shall be
     entered into the books of the Company as the registered capital, and its
     share interest will increase to 80% after the capital increase.

     The remaining TL 3,625,000,000,000 of TL 4,600,000,000,000 shall be entered
     into the books of the Company as share premium (_________ print) that will
     be _______ as reserve therein.

     Although TL 9,625,000,000,000 shall be included into the profit of the
     Company as share premium (emiyson print) will be excluded from corporate
     tax and withholding on income tax. ___ _____ shall be the equity of the
     Company and shall be kept ___ reserves in the ______ of the Company and
     cannot be distributed to shareholders.

5.   BOARD OF DIRECTORS

     As set forth in Annex A (________ to the Shareholders Agreeement) and Annex
B (Amendments to the Articles of Association) thereof, each being an integral
part of this Agreement.

6.   AMENDMENTS AND COMMON MANAGEMENT

     The parties have agreed to maintain the common mangement by granting
minority rights to CEAC as explained below. The Parties, however, recognize and
accept that some amendments pursuant to 80% plus 20% share composition shall be
made in the Current Agreements between Inci Shareholders and CEAC.

6.1 Amendment and Revision

                                       3

<PAGE>

     6.1.1 The Shareholders Agreement and the Article of Association shall be
     amended as described in Annex A and Annex B thereof, respectively.

     Provided that B Shareholders under the Option Right on or before 30
     September 2004, both the Shareholders Agreement and the Articles of
     Association will be reinstated.

     If B Shareholder, however, does not use its Option Right on or before 30
     September 2004, the Shareholders Agreement shall be cancelled automatically
     by virtue of the provision of the Clause 6.1.1 and the Articles of
     Association will be amended as agreed in this Agreement. However, upon a
     request by B Shareholder, the Parties will negotiate a new shareholders
     agreement on the basis of a 80% shareholder interest by A Shareholder and
     20% by B Shareholder, for the period ___ 01 July to 30 September 2004. If
     parties agree on a new shareholders agreement, the Shareholders Agreement
     will be replaced by such new shareholders agreement and the Articles of
     Association will be amended accordingly. If the Parties cannot reach an
     agreement on the new shareholders agreement, the Shareholders Agreement
     shall be cancelled automatically by virtue of the provision of this Clause
     6.1.1 and the Articles of the Articles of Association will be amended as
     agreed in this Agreement.

     6.1.2 Provided that B Shareholder ___ its Option Right on or before 30
     September 2004, the Share Purchase Agreement will remain unchanged.

     If B Shareholder, however does not use its Option Right on or before 30
     September 2004, the Share Purchase Agreement shall be cancelled
     automatically by virtue of the provision of this Clause 6.1.2. However,
     upon a request by B Shareholder, the parties may negotiate those provisions
     of the Share Purchase Agreement that in the understanding of both Parties,
     are relevant, for the period as from 01 July to 30 September 2004. If the
     parties agree on new provisions, those provisions of the Share Purchase
     Agreement will be replaced by such new shareholders agreement. If the
     Parties cannot reach an agreement on such provisions the share Purchase
     Agreement shall be cancelled automatically by virtue of the provision of
     this Clause 6.1.1.

     6.1.3 __________

6.2  _________ Management. ___________ as set forth in the Shareholders
     Agreement and the Articles of Association, as amended hereof, can be taken
     by the affirmative votes of at ________________ of the members including at
     least one member nominated by the __________ Shareholders and one member
     nominated by the Majority of B Shareholders.

     If, for any reason whatsoever, ______ shall not use the option set forth in
     Clause 7 hereof until 30 September 2004, ___________ of the Board of
     Directors without any inspection shall be taken by the __________ votes of
     simple majority who are present at that meeting. Any inference to Major
     Decisions and qualified quorum for the meetings and resolutions of the
     Board of Directors in the Shareholders Agreement and the Artiicled of
     Association shall be cancelled. The Parties

                                       4

<PAGE>

     covenant to and agree to have a General Meeting to amend the Articles of
     Association and to vote affirmatively as agreed in this Agreement, if
     required by law.

7.   OPTION RIGHT TO CEAC

As set forth in Annex A and Annex B hereof.

7.1  The Parties agree and undertake that in the event CEAC exercises the Option
     Right as set forth in Annex A and Annex B, Inci Shareholders shall enter
     into an agreement to amend the Shareholders Agreement in the form it was
     executed orginally on 30 November ___ under a shareholding structure
     where Parties shall reinstate Equal Share, Invested in the Company. The
     Parties further agree to amend the Articles of Association in accordance
     with the contemplated amendment to the Shareholders Agreement to reinstate
     Equal Share Interest between the Parties.

7.2  Upon using the Option Right, within thirty (30) days of the call notice-
     with no extension in order to share the guarantee risks and obligations in
     the form of mortgages, liens and other encumbrances and the loans by A
     shareholders or their affiliates, B Shareholder will give guarantees equal
     to the half (50%) of the guarantees given by A shareholders to any third
     party, including financial entities such as banks, _________ companies
     leasing companies etc and shall reimburse for and amount equal to the half
     (50%) of the guarantees given by A shareholders or their affiliates to any
     third party.

8.   PERMITTED EQUITY SALE TO A THIRD PARTY

The Parties may invite a Private Equity Investor(s) to participate to the
Company. The Parties agree that the Private Equity Investors may acquire the
shares of the Company either (i) through the newly issued __________ a capital
increase or (ii) through the sale of the shares by the Shareholders.

If the private equity investor(s) shall acquire a share interest by way of
acquisition, the shareholders may sell some of their shares to private equity
Investor(s) on or before 30 September 2004. If the shareholders decide to sell
some of their shares to private equity investor(s) on or before 30 September
2004, the terms and conditions of the shareholders agreement (as amended hereof)
and the articles of association (as amended hereof) will be complied with: CEAC
will participate in negotiations with Private Equity Investor(s): Exclusively in
such an event, however CEAC may use its Option Right partially. Such partial use
of the option Right will be limited to 50% of the total shares that Private
Equity Investor(s) may acquire. However, CEAC shall sell all such partial shares
it may purchase from ___ Shareholders by using the Option Right partially to the
purchasing Private Equity Investor(s). However, using of the option right
partially, will be only applicable in the case that both parties agree that the
revenue from the such sales of shares is not going to be invested back in to the
company.

9.   EVENT OF DEFAULT AND ACTIONS

9.1  Event of Default. Each of the following events (whether or not caused by a
     reason outside the control of CEAC) shall constitute an Event of Default.

                                       5

<PAGE>

     Breach of Obligations: CEAC fails to observe or perform any of its other
     obligations and/or undertakings under the Agreement including compliance
     with Clause 10 (Conditions)

     Material adverse change any event or series of events occurs whether
     related or not which could reasonably be expected to materially and
     adversely affect the ability of CEAC to perform any of the obligations
     under the Agreement including its bankruptcy.

     Rapidations CEAC repurchates the Agreement

9.2  Actions of Event of Default: On the occurance of an Event of Default, Inci
     Shareholders may, by notice to CEAC terminate this agreement and the
     Shareholders Agreement in full or in part. Furthermore, if CEAC is
     notified under this Agreement of the occurance of an Event of Default CEAC
     will be deemed to have waived, unconditionaly and irrevocably, its right
     under Clause 7 (Option Right to CEAC) hereof.

9.3  If Inci Shareholders default to transfer the shares when the Option Right
     is exercised by CEAC, this default will be covered by existing default
     clauses in the Current Agreements.

10.  UNDERTAKING BY CEAC

CEAC undertakes to purchases and /or organize its affilates and/or sister
companies to purchase from the Company the following:

..    50,000 units of the batteries that have already been ordered but not
     delivered will be purchased in calender year 2002

..    30,000 units of batteries that will be ordered and purchased in calendar
     year 2003; and

..    150,000 units of batteries that will be ordered and purchased for the term
     as from 01 January 2004 until 30 September 2004,

at the price and on the sale terms and conditions applicable on 30 September
2002. The Company will deliver batteries within sixty (60) days from the date of
the order.

The Parties agree that CEAC could not be held liable for non-compliance with the
above undertaking if the Company fails to deliver the above-mentioned volumes
under the above-mentioned conditions.

11.  GENERAL

11.1 Articles of Association: These provisions of the Article of Association
     shall be amended in accordance with this Agreement, particularly as set
     forth in Annex B hereof. The Parties covenant to and agree to have a
     General Meeting to amend the Articles of Association and to _____ as agreed
     in this Agreement, if required by law.

11.2 Shareholders Agreement: The Agreement replaces and cancels the provisions
     of the Shareholders Agreement as agreed and amended hereof, particularly as
     set forth in Annex A.

                                       6

<PAGE>

11.3 Notices. Notices and other communications required or permitted pursuant to
     this Agreement shall be delivered in person or sent by telex, telecopy or
     by registered or certified mail, postage prepaid addressed to:

     In the cases of CEAC

     Address:   5 a 7 __ __ __
                92 636 _____________ Cedex
                France
     Tel:       33 (0) 1 41 21 20 00
     Fax:       33 (0) 1 41 21 28 12
     Attention: Monsieur le President

     In the cases of Inci Shareholders

     Address:   Akcay Cad No. 64/2
                35410 ____________
                Izmir Turkey
     Tel:       90 232 265 4500
     Fax:       90 232 265 4759

     Attention: Mustaffa Zolm

11.4 Conditions ________________

     Any and all obligations of CEAC specified in this Agreement and the
     amendment of Shareholders Agreement, including without limitation, to sell,
     subscribe, purchase and pay for the shares are conditional upon
     satisfaction of all the following conditions:

     11.4.1 Authorizations, necessary for fulfilment of the obligations of the
          Parties and to authorize the Parties to enter into this Agreement and
          the amendment of Shareholders Agreement, shall have been obtained by
          Inci Shareholders, CEAC and the Company, and

     11.4.2 CEAC shall have received the original and notarized copy of a
          certificate or letter from the General Directorate of Foreign
          Investment of Turkey and, if required by law, the Turkish
          Competition Authority, approving the sale, subscription and
          acquisition by CEAC of the shares subject to sale and Option Right.

11.5 Counterparts: This Agreement is ________ in duplicate, each party shall
     have an original but all of which together shall constitute one and the
     same instrument.

11.6 Governing Law and Settlement of Disputes:

     Article X.1 and X.2 of the Shareholders Agreement are incorporated _______
     to this Agreement and the Amendment of Shareholders Agreement.

                                       7

<PAGE>

In witness whereof this Agreement has been duly executed by the parties hereto
on the day and year find above written.

Signed for and on behalf of Inci Shareholders

Inci Holding                                               Illegible
                                                      --------------------------

_______ Inci                                               Illegible
                                                      --------------------------

_______ Day Ti_____________                                Illegible
                                                      --------------------------

Callcy Manisa Krom Celik Sanayi vo Ticaret A.S.            Illegible
                                                      --------------------------

Signed for and on behalf of CEAC Shareholders              Illegible
                                                      --------------------------

Campagnis Europoenne d'Accumulateurs (CEAC)                Illegible
                                                      --------------------------

                                       8

<PAGE>

Annex A

Amendment
To the Shareholders Agreement

1.   # Capital Stock of the Company

     This clause is replaced with the following:

II.1 The capital with share premium of the Company is increased to TL
     4,600,000,000,000 as follows:

(a)  The registered capital of the Company shall be TL 1,625,000,000,000 by an
     increase of TL 975,000,000,000; B Shareholder shall not participate in the
     capital increase, the increase of TL 975,000,000,000 of TL
     4,600,000,000,000 shall be paid solely by Inci Shareholders as capital
     contribution; and the remaining amount of TL 3,625,000,000,000 of TL
     4,600,000,000,000 representing the share premium shall be treated as
     reserve. After this transaction, the share interest of Inci Shareholders
     shall increase from TL 325,000,000,000 to TL 1,300,000,000,000 and B
     Shareholder shall continue to keep the current registered capital of TL
     $325,000,000,000.

     The participation to the capital increase with share premium of TL
     4,600,000,000,000 by Inci Shareholders shall be entered into the books of
     the Company as explained below for the reason to adapt a share composition
     of 80% by Inci Shareholders and 20% by B Shareholder being in the sole
     interest of B Shareholder; otherwise, B Shareholder's share interest in the
     Company will become negligible. In the books of the Company; (a) B
     Shareholder's current registered capital of TL 325,000,000,000 will remain
     unchanged; however, by mentioning the current registered capital its share
     interest will reduce to 20%; (b) the increase of capital of TL
     975,000,000,000 by Inci Shareholders shall be entered into the books of the
     Company as the registered capital and its share interest will increase to
     80%; and (c) the remaining TL 3,625,000,000,000 of TL 4,600,000,000,000
     shall be treated as share premium (emisyon primi) that will be entered as
     reserve.

(b)  The registered capital of the Company is increased to TL 1,625,000,000,000
     by an increase of TL 975,000,000,000. After the increase, the capital of
     the Company shall be divided into 16,250,000 registered shares each having
     a nominal value of TL 100,000.

     The shares of the Company are divided into two classes of shares, namely
     Class A Shares and Class B Shares. Thirteen million (13,000,000) of the
     shares of the Company, with a total nominal value of TL 1,300,000,000,000
     are Class A Shares (the "A Shares") and three million two hundred fifty
     thousand (3,250,000) of the shares of the Company, with a total nominal
     value of TL 325,000,000,000 are Class B shares (the "B Shares"). After the
     increase, the A Shares and B Shares shall be owned by the Shareholders in
     the amount set forth below:

                                       9

<PAGE>

     Inci Holding                                  A Shares   9,579,000
     Cevdat Inci                                   A Shares   1,300,000
     Cinex _____________________________           A Shares   2,120,000
     _______________________________________       A Shares       1,000
     Ticanet A.S.
     CBAC Compagnie Europeenne____ d'Accumu_____   B Shares   3,250,000

(c)  The remaining TL 3,625,000,000,000 of TL 4,600,000,000,000 is the share
     premium (emisyon primi) that shall be included into the profit of the
     Company and that shall be entered into the books of the Company as share
     premium (emisyon primi) that will be treated as reserve therein and it
     cannot be distributed to shareholders.

II.2 Option Right to B Shareholder.

(a)  B Shareholder shall have an Option Right until 30 September 2004, to
     reinstate the Equal Share interest. For the purpose of this Shareholders
     Agreement, Equal Share Interest shall mean an equal share interest between
     A Shareholders and B Shareholder (e.g. either a share composition of 50% +
     50% of all the shares of the Company, being the current composition as of
     the date of this amendment or any lesser but equal share composition
     between A Shareholder and B Shareholder after the sale of some shares to
     Third Party(ies) pursuant to Article 30 (A) of the Articles of
     Association).

     If B Shareholder decides to use the Option Right on or before 30 September
     2004, this right can only be used on a ratio to provide Equal Share
     Interest. In the event that B Shareholder wishes to exercise its Option
     Right, it will serve on A Shareholders a notice (the "Call Notice")
     requiring A Shareholders to sell such amount of the shares to reinstate
     Equal Share Interest.

     In such an event, in order to reinstate Equal Share Interest, B Shareholder
     shall purchase only such amount of shares to enable B Shareholder to reach
     50% of the total shares held by A Shareholder and B Shareholder at the
     date of the Option Right. For example, at the date of the Call Notice, if
     the share interest of B Shareholder was 20%, and A Shareholders' __%, B
     Shareholder can only purchase shares representing 20%, so that parties will
     reach an Equal Share Interest of 40% + 40%.

     If B Shareholder uses its Option Right, for the purposes of this
     Shareholders Agreement, the Parties have agreed that the value of each
     share held by A Shareholders shall be USD 0.29 per share.

     The purchase price shall be USD 0.29 per share plus an Interest charge of
     [20]% (twenty per cent) per annum on pro rata basis as from 30 September
     2002, until the payment date of the purchase by B Shareholder.

     The Option Right may be exercised at once, Inci Shareholders hereby agree
     and undertake that they shall take all steps necessary or desirable to
     affect the transfer as soon as possible, but in any event within thirty
     (30) days of the date of the Call Notice. Such thirty (30) day period shall
     be subject to extension as may be necessary to receive any required
     governmental approvals.

                                       10

<PAGE>

     Upon using the option Right, within thirty (30) days of the Call Notice
     with no extention. In order to share the guarantee risks and obligations in
     the form of mortgages, liens and other encumbrances and the loans by A
     Shareholders or their affiliates, B Shareholder will give guarantees equal
     to the half(50%) of the guarantees given by A Shareholders to any third
     party, including financial entities such as banks, factoring companies,
     leasing companies, etc and shall reimburse for an amount equal to the
     half(50%) of the guarantees given by A Shareholders or their affiliates to
     any third party.

(b)  Consequences of B Shareholder's not Using the Option Right; If however, B
     Shareholder does not use the Option Right:

     (i)  The Shareholders Agreement shall be cancelled in its entirely
          automatically as of the date. It is notified or deemed to be notified
          or understood from the circumstances that B Shareholder does not use
          its Option Right on or before 30 September 2004, the Shareholders
          Agreement shall be cancelled automatically by virtue of the provision
          of Clause 6.1.1 hereof and the Articles of Association will be amended
          as agreed in this Agreement. However, upon a request by B Shareholder,
          the Parties will negotiate a new shareholders agreement on the basis
          of a 80% shareholding interest by A Shareholders and 20% by B
          Shareholder, for the period as from 01 July to 30 September 2004. If
          the parties agree on a new shareholders' agreement the Shareholders
          Agreement will be replaced by such new shareholders agreement and the
          Articles of Association will be amended accordingly. If the parties
          cannot reach an agreement on the new shareholders agreement, the
          Shareholders Agreement shall be cancelled automatically by virtue of
          the provision of Clause 6.1.1 hereof and the Articles of the Articles
          of Association will be amended as agreed in this agreement.

     (ii) The Article of Association shall be amended by cancelling Articles 7
          and 30(A) and unless otherwise agreed hereof, they shall be replaced
          with the provisions of the Turkish Commercial Code, B Shareholder
          shall vote in the General Assembly and shall cause the members of the
          Board of Directors that it has nominated to vote in favor of the
          replacement with the provisions of the Turkish Commercial Code as
          stipulated herein.

     (iii) A Shareholders and 8 shareholder shall be free to sell any of their
          shares to any third party. If the Shareholders decide to sell some or
          all of their shares to any third party the shareholders shall follow
          the procedure set forth in Clause IV (Restrictions on Transfer by
          Shareholders) of the Shareholders Agreement (as amended hereof) and
          Article 30(C) (Restrictions on Transfer by Shareholders) of the
          Articles of Association (as amended hereof)

2.   IV Transfer of Shares

Clause IV will be amended as follows:

IV.1 Permitted Equity Sale to Third Party(ies)

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(a)  The Parties may one or more third party ("Third Party(ies)") to particate
     to the Company. The Parties agree that the Third Party(ies) may acquire the
     shares of the Company either through the newly issued shares after a
     capital increase or through the sale of the shares by the Shareholders. In
     this respect, the Shareholders may sell some of their shares to Third
     Party(ies) on or before 30 September 2004. If the Shareholders decide to
     sell some of their shares to Third Party(ies) on or before 30 September
     2004, the Shareholders shall follow the procedure set forth in Article
     30(C) (Restrictions on Transfer by Shareholders) of the Articles of
     Association (the amended hereof) and Clause IV.2 (Restrictions on Transfer
     by Shareholders) of the Shareholders Agreement (as amended hereof). The
     Shareholders shall notify each other of their decision to sell the shares
     to a third party to enable the other Shareholder to take part in the
     negotiations with Third Party(ies).

     B Shareholder will participate the whole negotiations with Third
     Party(ies).

     Exclusively in the event of sale to Third Party(ies), B Shareholder may use
     its Option Right partially. However B Shareholder shall sell all such
     partial shares it may purchase from A Shareholders by using its Option
     Right partially to the purchasing Third Party(ies).

IV.2 Shares and Conditions for Transfer of Share

(a)  No shareholder shall create, ___ assume or suffer to exist any lien upon or
     with respect to any of its share without the prior written consent of each
     of the other shareholders.

(b)  The share certificates representing the shares shall all bear the Turkish
     translation of the following legend.

     " The transfer and/or ______________________ in any manner of the shares
     represented by the share certificate are restricted by and subject to the
     provisions of the Articles of Association of the Company, a copy of which
     may be reviewed at the Companys headquarters during buisness hours."

(c)  A transfer of shares may only occur in accordance with the provisions of
     this Agreement and any other attempted transfer shall be void. This Clause
     IV.2(c) shall be interpreted such that it is in compliance with the TCO.

(d)  Any transfer of shares between the shareholders or between any shareholder,
     if such shareholder is an individual shareholder, may be freely made.
     Transfers pursuant to this Clause IV.2(d) are not subject to the provisions
     of Clause IV.3. Notwithstanding anything to the contrary contained in this
     Clause IV.2; any transfer of shares between the A Shareholders is subject
     to the prior approval of the A Shareholders representing a majority of the
     outstanding A shares.

(e)  Any transfer shares hereunder shall take effect as of the date of such
     transfer, provided that the transferee of such shares has previously become
     a party to this Agreement and that all necessary consents to the Turkish
     authorities have been obtained.

(f)  The shareholders agree that they shall request their representatives on the
     Board

                                       12

<PAGE>

     of Directors to vote for the approval of the Board of Directors of any
     transfer of shares executed in compliance with the terms of this Clause IV.
     This Clause IV.2(f) shall be interpreted such that it is in compliance with
     the TCC.

(d)  The Board of Directors of the Company shall have the right to refuse to
     register in the Company's share book the shares belonging to any person or
     entity who owns such shares as a result of transfer not in conformity with
     the provisions of this Clause IV.

IV.3 Restrictions on Transfer by Shareholders.

(a)  If any shareholder (the "Offering Shareholder") resolves an offer to
     purchase or makes an offer to sell (such other having been irrevocably
     accepted by the offeree), any or all of the shares (the "Offered Shares")
     such shareholder shall before selling the offered Shares offer to sell the
     Offered Share for a purchase price equal to that of the offer made by it to
     or received by its from a third party (the "Option Price") as follows:

     (i)  first to the non-offering shareholder if any, owning shares of the
          same class to the Offering Shareholder and

     (ii) second to the shareholder owning shares of the other class.

     Each such offer shall be made by the Offering Shareholder delivering to all
     other shareholders a written offer by ______ transmission setting forth the
     price and other material terms and conditions of the proposed sale (the
     "Offer Terms"), and including (i) the identity of the third party making or
     receiving the offer and (ii) written evidence that such offer to buy or
     sell, as the case may be is irrevocable and accepted by the offerrer
     subject to this application of the provisions of this Clause IV.3, the
     material terms thereof and a commitment by such third party that it will
     fulfill the obligations of a shareholder owning the shares in question
     hereunder and abide by the terms of the Articles of Association and this
     Agreement if it acquires the Offered Shares.

(b)  The non-offering shareholders owning shares in the class of the Offering
     Shareholder shall have the right within 30 days after the written notice
     specified above to elect to purchase all, but not less than all, of the
     Offered shares at the Option Price and upon the Offer Terms by giving
     notice to such effect within such 30 day period specifying the date for the
     purchase not more than 15 days after the end of such 30 day period. If more
     than one such shareholder elects to so purchase the Offered Shares each
     such electing shareholder shall purchase a portion of the Offered Shares
     equal to the result obtained by multiplying the number of the Offered
     Shares by a fraction the numerator of which shall be the number of shares
     held by each shareholder electing to purchase and the denominator of which
     shall be the number of shares held by all such electing shareholders. If
     such calculator does not result in a round number of Offered shares
     attributable to the electing shareholders any Offered Share that is divided
     among the electing shareholders shall be purchased in the following manner;
     and or

     (aa) If there are two or more electing shareholders, by the electing
          shareholder that owns the greater number of shares; or

     (bb) If the electing shareholders own the same number of shares by the

                                       13

<PAGE>

          electing shareholder that is an individual; if all the electing
          shareholders that own the same number of shares is an individual, by
          the electing shareholder whose principal piece of business is located
          the furthest most

(c)  If the non-offering shareholders owning shares in the class of the Offering
     Shareholder fail to elect the purchase the Offered Shares pursuant to
     paragraph (b) above then the shareholder of the other class shall have the
     right, within 30 days following the initial 30-day period, to elect to
     purchase all, but not less than all, of the Offered Shares at the Option
     Price and upon the Offer Terms by giving notice to such effect with such
     subsequent 30-day period specifying a date for the purchase not more than
     15 days after the end of such 30 day period. If more than one such
     shareholder elects to so purchase, each such electing shareholder shall
     purchase a portion of the Offered Shares equal to the result obtained by
     multiplying the number of the Offered Shares by a fraction, the numerator
     of which shall be the number of shares held by each shareholder electing to
     purchase and the denominator of which shall be the number of shares held by
     all such electing shareholder. If such calculation does not result in a
     round number of Offered Shares attributable to the electing Shareholders,
     any Offered Shares that is divided among the electing shareholders shall be
     purchased in the following manner

     (aa) If there are two or more electing shareholders by the electing
          shareholder that owns the greater number of shares or

     (bb) If the electing shareholders own the same number of shares, by the
          electing shareholder that is an individual; if all the electing
          shareholders that own the same number of shares are individuals by the
          oldest individual electing shareholder; if none of the electing
          shareholders that own the same number of shares is an individual, by
          the electing shareholder whose principal piece of business is located
          the furthest most.

(d)  In the event that the shareholders electing to purchase the Offered Shares
     pursuant to paragraph (b) or paragraph (c) above need an authorization from
     any governmental authority prior to the purchase of the Offered Shares the
     purchasing periods referred to above shall be extended as needed to obtain
     such authorization or to appeal any adverse decision related to the
     granting of such authorization until such time as no further appeal is
     possible.

(e)  If an Offering Shareholder makes an offer to sell the Offered Shares to the
     other shareholders pursuant to Clause IV.3 (a) and the other shareholders
     fail to purchase the Offered Shares pursuant to the respective option set
     forth in such Section, then the Offering Shareholder shall be free to sell
     the Offered Shares to the person or entity named in the notice at the price
     and on terms not more beneficial to such person or entity than the Offer
     Price and on the Offer terms within 90 days following the expiration of
     such options. The Board of Directors of the Company shall authorize such
     sale of shares as provided for in the Articles of Association. If the
     proposed sale is not completed within such 90-day period that the rights of
     the other shareholders under this Agreement with respect to the sale of the
     Offered Shares shall be fully reserved and again exists if such offer had
     never been made.

                                       14

<PAGE>

(f)  Any Offering Shareholder shall deliver to the Company and to the other
     shareholders such information relating to the third party referred to in
     the first paragraph of Clause IV.3 (a) and its principal as such other
     shareholders shall request.

3. V2. SHAREHOLDERS MEETING

Paragraph (c) of the clause V.2 of the Shareholders Agreement is amended as
follows:

(c)  Quorum; Voting: except as otherwise mandatory under the Turkish Commercial
     Law, the quorum for Shareholders Meetings shall consist of Shareholders
     present or represented by proxy holding a majority of the Company's capital
     and the number of votes required for decisions shall consist of
     shareholders holding a majority of the votes present or represented by
     proxy. However the following resolutions can only be taken if B Shareholder
     votes in favour of such resolution:

     (i)  any increase of capital or reorganization of share capital;

     (ii) amendments to Articles of Association;

     (iii) section to render the Company insolvent or bankrupt, reorganization;

     (iv) merger or consolidation or any other manner of reorganization or
          purchase of the capital stock or equity interest or substantial part
          of the asset of another company;

     (v)  payment of dividends.

     Each Share shall entitle its owner to one vote.

(a)  If, for only reason whatsoever, B Shareholder shall not use its Option
     Right set forth in Clause II.2 hereof until 30 September 2004, except any
     revision is made pursuant to Article 6.1, hereof, the paragraphs (c) of
     this Clause shall automatically become void and this paragraph shall be
     replaced with the respective provisions of the Turkish Commercial Code
     simultaneously as of 30 September 2004 without need to any further
     ceremony;

4. V3 BOARD OF DIRECTORS

Clause V.3 of the Shareholders Agreement is amended as follows:

(a)  The Company shall be governed by a Board of Directors consisting of eight
     (8) members, Five (5) members of the Board of Directors shall be elected
     from among persons nominated by the Majority A Shareholders. Three (3)
     members of the Board of Directors shall be elected from among persons
     nominated by the Majority B Shareholders.

     The Shareholders agree that the Majority A Shareholders shall have the
     right to appoint the Chairman and the Majority B Shareholders shall have
     the right to appoint the Vice-Chairman.

                                       15

<PAGE>

(b)  Remains unchanged.

(c)  The administration and representation of the Company shall be within the
     exclusive authority of the Board of Directors. The following acts,
     expenditures, decisions or obligations made or incurred by the Board of
     Directors are the major decisions (the "Major Decisions") and the Major
     Decisions can only be taken by the affirmative vote of at least four
     members, including at least one member nominated by the Majority B
     Shareholders.

     (i) decision to propose to the Shareholders Meeting a capital increase or
     decrease, a regrouping or splitting of the shares, or an issuance of any
     securities giving the right, or which could give the right, to a share
     representing a portion of the share capital, as well as the decision to
     apply an authorization of the Shareholders Meeting to proceed with a
     capital increase or with the issuance of securities which could in the
     future result in a capital increase.

     (ii) decision to submit to the Shareholders Meeting any modification of the
     Articles of Association;

     (iii) approval of the Company's annual and long-term budgets and Business
     Plan any amendments thereto;

     (iv) approval of managerial and administrative organization of the Company
     and of modification thereto;

     (v) appointment or dismissal and determination of the duties and
     responsibilities of the Company's General Manager, Chief Financial Officer,
     Technical manager and key officers;

     (vi) disposal of the fixed and tangible assets of the Company if the total
     value of assets disposed of in each such disposal or a series of related
     disposals exceeds EURO 2,000,000 or its equivalent in any currency.

     (vii) approval of contracts to be entered into with the Shareholders and/or
     their affiliates or relatives;

     (viii) entry into any agreement of an unusual nature or for a period of
     more than three years, or which does not come within the normal scope of
     the activities of the Company, or in which the commitment of the Company
     would exceed EURO 2,000,000 over the course of one calender year;

     (ix) appointment or dismissal of external auditors;

     (x) adoption of any merger, split or partial merger project; Investment in
     any grouping. In any company as a jointly and severally liable partner,
     joint venture or compensation agreement in any form whatsoever;

     (xi) entry into or modification of any employment, service or consultancy
     contract wherein the commitment of the Company would exceed EURO 500,000 or
     its equivalent in any currency;

                                       16

<PAGE>

     (xiv) other than those payments required to be made by applicable laws,
     granting of a person, of any indemnity whatsoever (with the exception of
     reimbursement of expenses) or of a retirement plan for an officer or
     employee of the Company wherein the commitment of the Company would
     globally exceed EURO 500,000 or its equivalent in any currency;

     (xii) decision to request the opening of a procedure for the liquidation of
     the assets of the Company; decision to propose to the Shareholders Meeting
     the dissolution of the Company, for any reason whatsoever;

     (xiv) any important decision relating to an unusual nature and on
     environmental matters;

     (xv) establishment of or participation in new companies and then
     establishment, acquisition, transfer or dissolution of subsidiaries and
     branches of the Company;

     (xvi) sale (or the disposal under any form whatsoever) of any stock in a
     company or any interest in a company or any grouping);

     (xvii) closing of the annual accounts or legally permissible modification
     of the accounting methods as they shall be applied by the Company on the
     date hereof; and

     (xviii) cancellation and renewal of the Technical Assistance and License
     Agreement by and between CEAC and Inci ARO Sanayi Ve Ticaret A.S. dated 30
     November 1993.

(d)  The quorum for meeting of the Board of Meetings shall be the presence of
     five (5) members of the Board of Directors. Except for the special quorum
     for Major Decisions as set forth in (c) above all decisions of the Board of
     Directors shall be taken by the affirmative votes of simple majority who
     are present at the meeting.

(e)  Remains unchanged.

(f)  Remains unchanged.

(g)  Remains unchanged.

(h)  If, for any reason whatsoever, B Shareholder shall not use its Option Right
     set forth in Clause 11.2 hereof until 30 September 2004, except any
     revision is near pursuant to Article 6.1. hereof the paragraphs (c) and (d)
     of this Clause shall automatically become void and these paragraphs shall
     be replaced with the provisions of the Turkish Commercial Code
     simultaneously as of 30 September 2004 without need to any further ceremony
     and the paragraph (a) will be amended as follows:

     The Company shall be governed by the Board of Directors consisting of eight
     (8) members. Seven (7) members of the Board of Directors shall be elected
     from among persons nominated by the Majority A Shareholders. One (1) member
     of the Board of Directors shall be elected from among persons nominated by
     the

                                       17

<PAGE>

     Majority B Shareholders. All decisions of the Board of Directors without
     any exception shall be taken by the affirmative votes of simple majority
     who are present at that meeting.

     The meetings of the Board of Directors will be held in English and the
     resolutions will be written and kept in Turkish.

     B Shareholders shall vote in the General Assembly and shall cause the
     members of the Board of Directors that it has nominated, to vote in favor
     of such amendment as stipulated herein.

5.   MANAGEMENT

Second and third paragraphs of Clause V.4 (Management) are divided in their
entirety.

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<PAGE>

Annex B

Amendments to the Article of Associations of the Company

The Parties have agreed to amend the following Articles of the Articles of
Association as set forth below

1.   Article 6 Capital

6.1  The capital of the Company with share premium is increased for TL
     4,600,000,000,000 as follows.

(a)  The registered capital of the Company shall be TL 1,626,000,000,000 by an
     increase of TL 975,000,000,000; B Shareholder shall not participate in the
     capital Increase; the increases of TL 975,000,000,000 of TL
     4,800,000,000,000 shall be paid solely by A shareholders as capital
     contribution; and the remaining amount of TL 3,625,000,000,000 of TL
     4,600,000,000,000 representing the share premium shall be treated as
     reserve. After this transaction, the share interest of A Shareholders shall
     increase from TL 326,000,000,000 to 1,300,000,000,000 and B Shareholder
     shall continue to keep the current registered capital of TL
     375,000,000,000.

     The participation to the capital increase with share premium of TL
     4,600,000,000,000 by A Shareholder shall be entered into the books of the
     Company as explained below for the reason to adapt a share composition of
     80% by A Shareholders and 20% by B Shareholders that is in the sole
     interest of B Shareholder; otherwise, B Shareholder's share interest in the
     Company will become negligible. In the books of the Company (a) B
     Shareholders current registered capital of TL 325,000,000,000 will remain
     unchanged; however, by maintaining the current registered capital its share
     interest will reduce to 20%; (b) the increase of capital of TL
     975,000,000,000 by A Shareholders shall be entered into the books of the
     Company as the registered capital and their share interest will increase to
     80%; and to the remaining TL 3,625,000,000,000 of TL 4,600,000,000 shall be
     issued as share premium (emisson primi) that will be anlysed in reserve

(b)  The registered capital of the Company is increased to TL 1,625,000,000,000
     by an increase of TL 975,000,000,000. After the increase; the capital
     of the Company shall be divided into 16,250,000 registered shares each
     having a nominal value of TL 100,000.

     The shares of the Company are divided into two classes of shares, namely
     Class A shares and Class B shares. Thirteen million (13,000,000) of the
     shares of the Company with a total nominal value of TL 1,300,000,000,000
     are Class A Shares (the "A Shares") and three million two hundred fifty
     thousand (3,250,000) of the shares of the Company with a total nominal
     value of TL 325,000,000,000 are Class B Shares( the "B Shares") After the
     increase, the A Shares and B shares shall be owned by the Shareholders in
     the among set forth below:

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<PAGE>

     Inci Holding                                      A Shares   9,579,000
     Convert Inci                                      A Shares   1,300,000
     Cinex __ Tioarel vs Pozertains A. S.              A Shares   2,120,000
     Celtap Manfed Krom Ce___ ______ vs Ticaret A.S.   A Shares       1,000
     CEAC Compagnie Europeonne of Accumlateus S.A.     B Shares   3,250,000

(c)  The remaining TL 3,625,000,000,000 of TL 4,600,000,000,000 is the share
     premium (emisyon print) that shall be included into the profit of the
     Company and that shall be entered into the books of the Company as share
     premium (emisyon print) that will be treated as receive therein and it
     cannot be distributed to shareholders.

6.2  Option Right to B Shareholder:

6.2.1 Option Right: (a) B Shareholder shall have an Option Right until 30
     September 2004 to _________ the Equal Share interest. For the purpose of
     these articles of association. Equal Share Interest shall mean an equal
     share interest between A Shareholder and B Shareholder (e.g. either a share
     composition of 50% + 50% of all the shares of the company, being the
     current composition as of the date of this amemdment or any lesser but
     equal share composition between A Shareholders and B Shareholder offer the
     sale of some shares to Third Party(ies) pursuant to Article 30(A) of these
     articles of association

     If B Shareholder decides to use the Option Right on or before 30 September
     2004, this right can only be used on ______ to provide Equal Share
     interest. In the event that B Shareholder. Wishes to exercise its Option
     Right, it will serve on A Shareholders a notice (the "Call Notice")
     requiring A Shareholders to sell such amount of the share to _________
     Equal Share interest.

     In such an event, in order to reinstate Equal Share interest, B Shareholder
     shall purchase only such amount of shares to enable B Shareholder to reach
     50% of the total shares held by A Shareholders and B Shareholder at the
     date of the Option Right. For example, at the date of the Call Notice, if
     the share Interest of B Shareholder was 20% and A Shareholders' 60% B
     Shareholder can only purchase shares representng 20%, so that parties will
     reach an Equal Share Interest of 40% + 40%.

     If B Shareholder uses its Option Right, for the purposes of these articles
     of association, the Parties have agreed that the value of each share held
     by A Shareholders shall be USD 0.29 per share.

     The purchase price shall be USD 0.29 per share plus an interest charge of
     (20)% (twenty per cent) per annum on pro rata basis as from 30 September
     2002 until this payment done of the purchases by B Shareholder.

     The Option Right may be exercised at code. A Shareholders hereby agree and
     undertake that they shall take all steps necessary or desirable to affect
     the transfer as soon as possible, but in any event within thirty (30) days
     of the date of the Call Notice. Such thrity (30) day period shall be
     subject to extension as may be necessary to receive any required
     governmental approvals.

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<PAGE>

     Upon using the Option Right, within thrity (30) days of the Call Notice
     with no extension in order to share the guarantee risks and obligations in
     the form of mortgages, liens and other encumbrances and the loans by A
     Shareholders or their affiliates, B Shareholder will give guarantees equal
     to the half (50%) of the guarantees given by A Shareholders to any third
     party, including financial entities such as banks, factoring companies
     leasing companies, etc. and shall reimburse for an amount equal to the half
     (50%) of the guarantees given by A Shareholders or their affiliates to any
     third party.

6.2.2 Consequences of B Shareholder's not Using the Option Right:

     If, however, B Shareholder does not used the Option Right:

(i)  Unless otherwise agreed herein, the provision of the Articles of
     Association shall be replaced with the provision of the Turkish Commercial
     Code, B Shareholder shall vote in the General Assembly and shall cause the
     members of the Board of Directors that it has nominated, to vote in favour
     of the replacement with the provisions of the Turkish Commercial Code as
     stipulated herein.

     However, upon a request by B Shareholder, the Parties will negotiate a new
     shareholders agreement on the basis of a 80% shareholding interest by A
     Shareholders and 20% by B Shareholder, for the period as from 01 July to 30
     September 2004. If the Parties agree on a new shareholders agreement, the
     Shareholders Agreement will be replaced by such new shareholders agreement
     and the Articles of Association will be attended accordingly. If the
     Parties cannot reach an agreement shall be cancelled automatically and the
     provisions of the Articles of Association shall be replaced with the
     provisions of the Turkish Commercial Code.

(ii) Articles 7 and 30(A) of the Articles of Association shall be cancelled and
     unless otherwise agreed herein, they shall be replaced with the provision
     of the Turkish Commercial Code B Shareholder shall vote in the General
     Assembly and shall cause the members of the Board of Directors that it has
     nominated, to vote in favour of the replacement with the provisions of the
     Turkish Commercial Code as stipulated herein.

(iii) A Shareholders and B Shareholder shall be free to sell any of their shares
     to any third party. If the Shareholders decide to sell some or all of their
     shares to any third party, the Shareholders shall follow the procedure set
     forth in Article 30 (C) (Restrictions on Transfer by Shareholders) of the
     Articles of Assoication.

6.2.3 Permitted equity sale to Third Party(ies)

The Parties may invite a Private Equity investor(s) to paticipate to the
Company. The Parties agree that the Private Equity Investor(s) may acquire the
shares of the Company (i) through the newly issued shares after a capital
increase or (ii) through the sale of the shares by the Shareholders.

If the Private Equity Investor(s) shall acquire share interest by way of
acquisition, the Shareholders may sell some of their shares to Private Equity
Investor(s) on or before 30

                                       21

<PAGE>

September 2004. If the Shareholders decide to sell some of their shares to
Private Equity Investor(s) on or before 30 September 2004, the terms and
conditions of the Shareholders Agreement (as amended hereof and the Articles of
Association (as amended hereof) will be complied with B Shareholder will
participate in negotiations with Private Equity Investor(s).

Exclusively in such an event, however, B Shareholder may use its Option Right
partially. Such partial use of the Option Right will be limited to 50% of the
total shares that A Shareholders will sell to Private Equity Investor(s).
However, B Shareholder shall sell all such partial shares it may purchase from A
Shareholders by using its Option Right partially to the purchasing Private
Equity Investor(s). However, using of the Option Right partially will be only
applicable in the case that both parties agree that the revenue from the such
sales of shares shall not be injected back to the Company.

3.   Article 7 Board of Directors

A.   The Company shall be governed by a Board of Directors consisting of eight
     (8) members. Five (5) members of the Board of Directors shall be elected
     from among persons nominated by the Majority A Shareholders. Three (3)
     member of the Board of Directors shall be elected from among persons
     nominated by the Majority B Shareholders.

     The Shareholders agree that the Majority A Shareholders shall have the
     right to appoint the Chairman and the Majority B Shareholders shall have
     the right to appoint the Vice-Chairman.

B.   The administration and representation of the Company shall be exculsive
     authority of the Board of Directors. The following acts, expenditure,
     decision or obligations made or incurred by the Board of Directors are the
     major decisions (the "Major Decisions") and the Major Decisions can be
     taken by the affimative vote of at least four members, including at least
     one member nominated by the Majority A Shareholders and one member
     nominated by the Majority B Shareholders.

(a)  decision to propose to the Shareholders Meeting a capital increase or
     decrease, regrouping or splitting of that shares, or an issuance of any
     securities giving the right of which could give the right ______ share
     representing a portion of the share capital, as well as the decision to
     apply an authorization of the Shareholders Meeting to proceed with a
     capital increase or with the issuance of securities which could in the
     future result in a capital increase.

(b)  decision to submit to the Shareholders Meeting any modification of the
     Articles of Association;

(c)  approval of the Company's annual and long-term bugets and Business Plan any
     amendments thereto;

(d)  approval of managerial and administrative organization of the Company and
     of modification thereto;

(e)  appointment or dismmissal and determination of the duties and
     responsibilities

                                       22

<PAGE>

     of the Company's General Manager, Chief Financial Officer, Technical
     manager and key officers;

(f)  disposal of the fixed and tangible assets of the Company if the total value
     of assets disposed of in each such disposal or a series of related
     disposals exceeds EURO 5,000,000 or its equivalent in any currency;

(g)  approval of contracts to be entered into with the Shareholders and/or their
     affiliates or relatives;

(h)  entry into any agreement of an unusual nature or for a period of more than
     seven years, or which does not come within the normal scope of the
     activities of the Company, or in which the commitment of the Company would
     exceed EURO 2,000,000 over the course of one calender year;

(i)  appointment or dismissal of external auditors;

(j)  adoption of any merger, split or partial merger project; investment in any
     grouping, to any company as a jointly and severally liable partner, joint
     venture or cooperation agreement in any form whatsoever;

(k)  entry into or modification of any employment, service or consultancy
     contract whereto the commitment of the Company would exceed EURO 500,000 or
     its equivalent in any currency;

(l)  other than those payments required to be made by applicable laws, granting
     of a pension, of any indemnity whatsoever (with the exception of
     reimbursement of expenses) or of a retirement plan for an officer or
     employee of the Company wherein the commitment of the Company would
     globally exceed EURO 500,000 or its equivalent in any currency;

(m)  decision to request the opening of a procedure for the liquidation of the
     assets of the Company; decision to propose to the Shareholders Meeting the
     dissolution of the Company, for any reason whatsoever;

(n)  any important decision relating to an unusual nature and on environmental
     matters;

(o)  establishment of or participation in new companies and then establishment,
     acquisition, transfer or dissolution of subsidiaries and branches of the
     Company;

(p)  sale (or the disposal under any form whatsoever) of any stock in accompany
     or any interest in a company or any grouping);

(q)  closing of the annual accounts or legally permissible modification of the
     accounting methods as they shall be applied by the Company on the date
     hereof; and

(r)  cancellation and renewal of the Technical Assistance and License Agreement
     by and between CEAC and Inci ___. Sanayi ve Ticaret A.S. dated 30 November
     1993.

(C)  The quorum for meetings of the Board of Meetings shall be the presence of

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     five (5) members of the Board of Directors. Except for the special quorum
     for Major Decisions as set forth in (B) above, all decisions of the Board
     of Directors shall be taken by the affirmative votes of simple majority who
     are present at that meeting.

(D)  If, for any reason whatsoever, B Shareholder shall not use their option
     set forth in Article 8.2 hereof until 30 September 2004, the paragraphs (B)
     and (C) of this Article shall become void and these paragraphs shall be
     replaced with the provisions of the Turkish Commercial Code simultaneously
     as of 30 September 2004 and paragraph (A) will be amended to read as "The
     Company shall be governed by a Board of Directors consisting of eight (8)
     members. Seven (7) members of the Board of Directors shall be elected from
     among persons nominated by the Majority A Shareholders and one (1) member
     of the Board of Directors shall be elected from among persons nominated by
     the Majority B Shareholders. All decisions of the Board of Directors
     without any exception shall be taken by the affirmative votes of simple
     majority who are present at that meeting."

     B Shareholder shall vote in the General Assembly and shall cause the
     members of the Board of Directors that he has nominated; to vote in favor
     of such amendment is stipulated herein.

6.   Article 10 Voting

Except as otherwise mandatory under the Turkish Commercial Law, the quorum for
decisions shall consist of shareholders holding a majority of the votes present
or represented by proxy. However, the following resolutions can only be taken if
B Shareholder voted in favour of such resolutions:

(i)  any increase of capital or reorganization of share capital;

(ii) amendments to Articles of Association;

(iii) action to rendor the Company insolvent or bankrupt, reorganization;

(iv) merger or consolidation or any other manner of reorganization or purchase
     of the capital stock or equity interest or substantial part of the asset of
     another company;

(v)  payment of dividends.

Each Share shall entitle its owner to one vote.

If, for any reason whatsoever, B Shareholders shall not use its Option Right set
forth in Clause 8.2 hereof, until 30 September 2004, the paragraphs (c) of this
article shall become void and this paragraph shall be registered with the
respective provisions of the Turkish Commercial Code simultaneously as of 30
September 2004 without need to any further ceremony.

Second paragraph remains unchanged.

                                       24

<PAGE>

4.   Article 28 Reserve Funds.

New paragraph: Upon the contribution by A Shareholders of TL 4,600,000,000,000,
after entering TL 975,000,000,000 as the registered share, the remaining TL
3,625,000,000,000 of TL 4,600,000,000,000 shall be entered into the books of The
Company as share premium (_______ primi) that will be treated as reserve in the
books of The Company and it cannot be distributed to shareholders.

5.   Article 30 Transfer of Shares

Article 30 is amended as follows:

A.   Permitted Equity Sale to Third Party(ies)

     Third Party(ies) may acquire the shares of the Company either through the
     newly issued shares after a capital increase or through the sale of the
     shares by the Shareholders. In this respect, the Shareholders may sell some
     of their shares to Third Party(ies) in accordance with Article 30 (C)
     (Restrictions on Transfer by Shareholders) of the Articles of Association.

B.   Shares and Conditions for Transfer of Shares:

(a)  No shareholder shall create, incur, assume or suffer to exist any lien upon
     or with respect to any of its shares without the prior written consent of
     each of the other shareholders.

(b)  The share certificates representing the shares shall all bear the Turkish
     translation of the following legend:

     "The transfer and/or encumbrance in any manner of the shares represented by
     this share certificates are restricted by and subject to the provisions of
     the Articles of Association of the Company, a copy of which may be reviewed
     at the Company's headquarters during business hours."

(c)  A transfer of shares may only occur in accordance with the provisions of
     this Articles of Association, and any other attempted transfer shall be
     void. This article 30.D (c) shall be interpreted such that it is in
     compliance with the TCC.

(d)  Any transfer of shares between the shareholders or between any shareholder,
     if such shareholder is an individual shareholder, may be freely made.
     Transfers pursuant to this Article 80.B (d) are not subject to the
     provisions of Article 30.C. Notwithstanding anything to the contrary
     contained in this Article 30.B, any transfer of shares between the A
     Shareholders is subject to the prior approval of the A Shareholders
     representing a majority of the outstanding A Shares.

(e)  Any transfer of shares hereunder shall take effect as of the date of such
     transfer, provided that the transferee of such shares has previously become
     a party to this Articles of Association and that all necessary consents of
     the Turkish authorities have been obtained.

(f)  The shareholders agree that they shall request their representatives on the
     Board

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<PAGE>

     of Directors to vote for the approval of the Board of Directors of any
     transfer of shares executed in compliance with the terms of this Article
     30. This Article 30.B (f) shall be interpreted such that it is in
     compliance with the TCC.

(g)  The Board of Directors of the Company shall have the right to refuse to
     register in the Company's share book the shares belonging to any person or
     entity who owns such shares as a result of transfer not in conformity with
     the provisions of the Article 30.

C.   Restriction on Transfer by Shareholders

(a)  If any shareholder (the Offering Shareholder) receives an offer to purchase
     or notice an offer to sell (such offer having been irrevocably accepted by
     the offeree), any or all of its shares (the "Offered Shares") such
     shareholder shall, before selling the Offered Shares, offer to sell the
     Offered Shares for a purchase price equal to that of the offer made by it
     to or received by its from a third party (the "Option Price") as follows:

     (aa) first, to the non-offering shareholder, if any, owning shares of the
          same class as the offering shareholder; and

     (bb) second, to the shareholders owning shares of the other class.

     Each such offer shall be made by the Offering Shareholder delivering to all
     other shareholders a written offer by facsmille transmission setting forth
     the price and other material terms and conditions of the proposed sale (the
     "Offer Terms" and including (i) the identity of the third party making or
     receiving the offer and (ii) within evidence that such offer to buy or sell
     at the case may be, is irrevocable and accepted by the offered subject to
     the application of the provisions of this Article 30 C, the material terms
     thereof and in commitment by such third party that it will fulfill the
     obligations of a shareholder owning the shares in question hereunder and
     abide by the terms of this Articles of Association if it acquires the
     Offered Shares.

(b)  The non-offering shareholders owning shares in the class of the Offering
     Shareholder shall have the right within 30 days after the written notice
     specified above to elect to purchase all, but not less than all of the
     Offered Shares at the Option Price and upon the Offer Terms by giving
     notice to such effect within such 30-day period, specifying a date for the
     purchase not more than 15 days after the end of such 30-day period. If more
     than one such shareholder elects to so purchase the Offered shares, each
     such electing shareholder shall purchase a portion of the Offered Shares
     equal to the result obtained by multiplying the number of the Offered
     Shares by a fraction, the numerator of which shall be the number of shares
     held by each shareholder electing to purchase and the denominator of which
     shall be the number of shares held by all such electing shareholders; if
     such calculation does not result in a round number of Offered Shares
     attributable to the electing shareholders, any Offered Share that is
     divided among this electing shareholders shall be purchased in the
     following manner:

     (aa) If there are two or more electing shareholders, by the electing
          shareholder that owns the greater number of shares; or

     (bb) if the electing shareholders own the same number of shares by the

                                       26

<PAGE>

          electing shareholder that is an individual; if all the electing
          shareholders that own the same number of shares is an individual, by
          the electing shareholder whose principal place of business is located
          the farthest most.

(c)  If the non-offering shareholder owning shares in the class of the Offering
     Shareholder fall to elect the purchases the Offered Shares pursuant to
     paragraph (b) above, then the shareholder of the other class shall have the
     right, within 30 days following the initial 30-day period, to elect to
     purchase all, but not less than all, of the Offered Shares at the Option
     Price and upon the Offer Terms by giving notice to such effect with such
     subsequent 30-day period, specifying a date for the purchase not more than
     15 days after the end of such 30-day period. If more than one such
     shareholder elects to __ purchase, each such electing shareholder shall
     purchase a portion of the Offered Shares equal to the result obtained by
     multiplying the number of the offered shares by a fraction, the numerator
     of which shall be the number of shares held by each shareholder electing to
     purchase and the denominator of which shall be the number of shares held by
     all such electing shareholder. If such calculation does not result in a
     round number of Offered Shares attributable to the electing Shareholders,
     any Offered Share that is divided among the electing shareholders shall be
     purchased in the following manner.

     (aa) If there are two or more electing shareholders, by the electing
          shareholder that owns the greater number of shares; or

     (bb) If the electing shareholders own the same number of shares, by the
          electing shareholder that is an individual; if all the electing
          shareholders that own the same number of shares are individuals, by
          the oldest individual electing shareholder, If none of the electing
          shareholders that own the same number of shares is an individual, by
          the electing shareholder whose principal place of business is located
          the farthest most.

(d)  In the event that the shareholders electing to purchase the Offered Shares
     pursuant to paragraph (b) or paragraph (c) above need an authorization from
     any governmental authority prior to the purchase of the Offered Shares, the
     purchasing periods referred to above shall be extended as needed to obtain
     such authorization or to appeal any adverse decision related to the
     granting of such authorization until such time as no further appeal is
     possible.

(e)  If an Offering Shareholder makes an offer to sell the Offered Shares to the
     other shareholders pursuant to Article 30.C (a)and the other shareholders
     fail to purchase the Offered Shares pursuant to the respective options set
     forth in such Section, then the Offering shareholder shall be free to sell
     the Offered Shares to the person or entity named in its notice at the price
     and on terms not more beneficial to such person or entity than the Offer
     Price and on the Offer terms within 90 days following the ______________ of
     such options. The Board of Directors of the Company shall authorize such
     sale of shares as provided for in the Articles of Association. If the
     proposed sale is not completed within such 90-day period, that the rights
     of the other shareholders under this Articles of Association with respect
     to the sale of the Offered Shares shall be fully restored and again exists
     if such offer had never been made.

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<PAGE>

(i)  Any Offering Shareholder shall deliver to the Company and to the other
     shareholders such information relating to the third party referred to in
     the first paragraph of Article 30.C(a) and its principal as such other
     shareholders shall request.

                                       28

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