Document:

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                                                                    EXHIBIT 4.52

                                                                  CONFORMED COPY

[CLIFFORD CHANCE PUNDER LOGO]

                           MARCONI COMMUNICATIONS GMBH

                                   AS PLEDGOR

                                       AND

                   THE LAW DEBENTURE TRUST CORPORATION p.l.c.

                         AS PLEDGEE AND SECURITY TRUSTEE

                                       AND

                                     OTHERS

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                             SHARE PLEDGE AGREEMENT
        relating to the shares in Marconi Communications Software
                      Systems Verwaltungsgesellschaft mbH

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                                  NOTARIAL DEED

                                                        ROLL OF DEED NO. 46/2003

Recorded

at Basel this 15th day of May 2003

Before me, the undersigned

                                Dr. Thomas Gelzer

                                  notary public

with official offices in Basel (Switzerland) appeared today the following
persons:

1.       Ms. Muriel Krebs, born on March 31, 1978 having her business address at
         Aeschenvorstadt 4, 4010 Basel (Switzerland) personally known to the
         notary.

2.       Ms. Stefanie Brennwald, born on February 8, 1978, having her business
         address at Aeschenvorstadt 4, 4010 Basel (Switzerland) personally known
         to the notary.

The person appearing to 1. declared to make the following declarations not in
her own name but, excluding any personal liability, for and on behalf of

         MARCONI COMMUNICATIONS GmbH, a limited liability company organised
         under the laws of the Federal republic of Germany, having its business
         address at Gerberstra(beta)e 33, D-71522 Backnang, which is registered
         in the commercial register (Handelsregister) of the local court
         (Amtsgericht) of Backnang under HRB 1563 (the "PLEDGOR"),

         Presenting a fax copy of the power of attorney dated May 13, 2003,
         promising to furnish the original as soon as possible.

The person appearing to 2. declared to make the following declarations not in
her own name but, excluding any personal liability, for and on behalf of

         THE LAW DEBENTURE TRUST CORPORATION p.l.c., having its business address
         at Fifth Floor, 100 Wood Street, London, EC2V 7EX, England in its
         capacity as security trustee under the Relevant Documents (as defined
         below) (the "SECURITY TRUSTEE" or the "PLEDGEE"),

         presenting a fax copy of the power of attorney dated May 14, 2003,
         promising to furnish the original as soon as possible.

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Neither the Notary nor the proxies assume any liability as to the validity
and/or the scope of the powers of attorney presented.

The aforementioned original powers of attorney will be attached to this deed in
copies which are herewith certified.

The Notary convinced himself that the persons appearing are in adequate command
of the English language and declared that he is in command of the English
language as well.

The persons appearing stated that the parties represented by them requested that
this instrument be recorded in the English language.

On being asked whether there had been any prior involvement by the notary in
terms of paragraph 3 sub-paragraph 1 No. 7 of the German Notarisation Act
(Beurkundungsgesetz) the provisions of which had been explained by the Notary,
the persons appearing said that there had been no such prior involvement.

I.       Requesting its notarisation, the persons appearing then declared the
         following:

SHARE PLEDGE AGREEMENT

BETWEEN:

1.       Marconi Communications GmbH, a limited liability company organised
         under the laws of the Federal Republic of Germany, having its business
         address at Gerberstra(beta)e 33, D-71522 Backnang, which is registered
         in the commercial register (Handelsregister) of the local court
         (Amtsgericht) of Backnang under HRB 1563 (the "PLEDGOR"); and

2.       The Law Debenture Trust Corporation p.l.c., having its business address
         at Fifth Floor, 100 Wood Street, London, EC2V 7EX, England in its
         capacity as security trustee under the Relevant Documents (as defined
         below) (the "SECURITY TRUSTEE" or the "PLEDGEE").

WHEREAS:

(A)      Marconi Corporation p.l.c. (the "ISSUER") has agreed to issue the
         following notes:

         (i)      USD equivalent of GBP 450,000,000 senior secured notes due
                  2008 (the "SENIOR NOTES");

         (ii)     USD 300,000,000 plus USD equivalent of GBP 117,270,000 of
                  junior secured notes due 2008 (the "JUNIOR NOTES");

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                  (together the "NOTES"); the notes under (i) being documented
                  in a senior note indenture dated on or about 19 May 2003
                  between, inter alios, the Issuer and Law Debenture Trust
                  Company of New York as senior note trustee and the notes under
                  (ii) being documented in a junior note indenture dated on or
                  about 19 May 2003 between, inter alios, the Issuer and
                  JPMorgan Chase Bank as junior note trustee (together the
                  "INDENTURES").

(B)      The security created by or pursuant to this Agreement is to be granted
         to and administered by the Security Trustee for itself and as trustee
         of the secured creditors pursuant to the relevant provisions of a
         security trust and intercreditor deed dated on or about 19 May 2003
         between, inter alios, the Issuer, Law Debenture Trust Company of New
         York as senior note trustee, JPMorgan Chase Bank as junior note
         trustee, the Security Trustee and the Obligors ( including the Pledgor)
         as amended from time to time (the "SECURITY TRUST AND INTERCREDITOR
         DEED").

(C)      The Pledgor has agreed to grant a first ranking pledge over its shares
         in the Company (as defined below) as security for the payment and
         discharge of the Secured Obligations (as defined below) subject to the
         terms and conditions set out herein.

NOW, IT IS AGREED as follows:

1.       DEFINITIONS AND LANGUAGE

1.1      In this Agreement:

         "COMPANY" means Marconi Communications Software Systems
         Verwaltungsgesellschaft mbH, a limited liability company (Gesellschaft
         mit beschrankter Haftung) organised under the laws of the Federal
         Republic of Germany having its business address at Gerberstra(beta)e
         33, D-71522 Backnang, Germany, which is registered in the commercial
         register (Handelsregister) of the local court (Amtsgericht) of Backnang
         under HRB 1447.

         "CONTINUING" in relation to an Enforcement Event, shall be construed as
         a reference to an acceleration of any Obligation (other than
         Obligations arising under the New Bonding Facility Agreement) where
         such acceleration has not been rescinded in writing or a declaration
         that the Obligations (other than Obligations arising under the New
         Bonding Facility Agreement) are prematurely due and payable (other than
         solely as a result of it becoming unlawful for a secured creditor to
         perform its obligations under the Relevant Documents) where such
         declaration has not been revoked in writing or any failure by an
         Obligor to pay any principal amount in respect of any Obligations
         (other than Obligations

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         arising under the New Bonding Facility Agreement) whether on maturity
         or otherwise which has not been waived in writing.

         "DEFAULT" means any event or circumstance specified as Default in any
         of the Relevant Documents (as defined below).

         "ENFORCEMENT EVENT" means the acceleration of any Obligations (as
         defined below) (other than Obligations arising under the New Bonding
         Facility Agreement (as defined below)) or any declaration that any
         Obligations (other than Obligations arising under the New Bonding
         Facility Agreement) are prematurely due and payable (other than solely
         as a result of it becoming unlawful for a secured creditor to perform
         its obligations under the Relevant Documents) or any failure by any
         Obligor to pay any principal amount in respect of any Obligations
         (other than Obligations arising under the New Bonding Facility
         Agreement) whether on maturity or otherwise.

         "ESCROW AGREEMENT" means the escrow agreement dated on or about the
         date of the Security Trust and Intercreditor Deed and made between,
         inter alia, the Security Trustee and the Issuer establishing and
         setting out the terms and conditions of each of the escrow accounts.

         "EVENT OF DEFAULT" means any event or circumstance specified as an
         Event of Default in any of the Relevant Documents (as defined below).

         "GUARANTEE" means any guarantee of any of the Obligations.

         "INITIAL SECURITY DOCUMENTS" means the Guarantees guaranteeing the
         Obligations and the security documents, each to be dated on or before
         the dates on which the Senior Notes and the Junior Notes are first
         originally issued.

         "NEW BONDING FACILITY AGREEMENT" means the GBP 50,000,000 (or the
         equivalent in other currencies) committed multicurrency revolving
         bonding facility agreement dated 27 March 2003 and entered into by,
         inter alios, the Issuer, Marconi Bonding Limited and HSBC Bank plc for
         the issuance of bonds, guarantees, letters of credit, indemnities and
         similar instruments.

         "OBLIGATIONS" means all present and future indebtedness, liabilities
         and obligations (for the avoidance of doubt, including any liabilities
         and obligations which have been cash-collateralised by the Obligors) at
         any time of any Obligor under the Relevant Documents, both actual and
         contingent and whether incurred solely or jointly or in any other
         capacity together with any of the following matters relating to or
         arising in respect of those liabilities and obligations:

         (a)      any refinancing, novation, deferral or extension;

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         (b)      any obligation relating to any increase in the amount of such
                  obligations;

         (c)      any claim for damages or restitution; and

         (d)      any claim as a result of any recovery by an Obligor of a
                  payment or discharge, or non-allowability, on the grounds of
                  preference,

         and any amounts that would be included in any of the above but for any
         discharge, non-provability or unenforceability of those amounts in any
         insolvency or other proceedings (including interest accruing after the
         commencement of any insolvency or other proceedings).

         "OBLIGORS" means the Issuer, any entity being a party to the Security
         Trust and Intercreditor Deed as guarantor, including the Pledgor, and
         any entity which accedeS to the Security Trust and Intercreditor Deed
         as guarantor and an "OBLIGOR" means any of them.

         "RELEVANT DOCUMENTS" means the Security Trust and Intercreditor Deed,
         any agent/trustee accession letter relating to the Security Trust and
         Intercreditor Deed any bank accession letter relating to the New
         Bonding Facility Agreement, any guarantor accession letter relating to
         any Guarantee, the Indentures, the Escrow Agreement, the Notes, the New
         Bonding Facility Agreement, the Security Documents, any fee letter and
         any additional remuneration fee letter pursuant to the Security Trust
         and Intercreditor Deed and any notices issued and any other documents
         or agreements entered into in connection with or relating to such
         documents.

         "SECURITY DOCUMENTS" means (i) the Initial Security Documents securing
         the Obligations, (ii) any other pledge agreements, security agreements,
         mortgages, deeds of trust and other agreements, instruments and
         documents entered into from time to time by the Issuer or any
         subsidiary of the Issuer creating or granting any Guarantee, indemnity
         or security in favour of any of the secured creditors or the Security
         Trustee, as trustee for the secured creditors, as security for any of
         the Obligations and (iii) any other agreements, instruments and
         documents executed and delivered pursuant to any of the foregoing, in
         the case of each of clauses (i) through (iii), as amended, modified,
         restated or supplemented from time to time..

         "SECURED OBLIGATIONS" has the meaning given to it under Clause 3.

         "SECURITY TRUST AND INTERCREDITOR DEED" has the meaning given to it in
         Clause (B) of the recitals.

1.2      This Agreement is made in the English language. For the avoidance of
         doubt, the English language version of this Agreement shall prevail
         over any translation

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         of this Agreement. However, where a German translation of a word or
         phrase appears in the text of this Agreement, the German translation of
         such word or phrase shall prevail.

2.       PLEDGED SHARES

2.1      The Company has a nominal share capital (Stammkapital) of EUR 25,564.59
         (in words: Euro twenty-five thousand five hundred sixty-four and
         fifty-nine) which is divided into one share, which share has a nominal
         amount of EUR 25,564.59 (in words: Euro twenty-five thousand five
         hundred sixty-four and fifty-nine) (the "EXISTING SHARES"). There are
         no other shares in the Company.

2.2      The Pledgor is the sole owner of the Existing Shares free from any
         encumbrances.

2.3      The Existing Shares are fully paid up. There is no obligation for the
         Pledgor to make additional contributions.

3.       SECURED OBLIGATIONS

         The pledges hereunder are constituted in order to secure together with
         other security granted by the Pledgor the prompt and complete
         satisfaction of any and all obligations (present and future, actual and
         contingent) which are (or are expressed to be) or become owing by the
         Pledgor to the Pledgee under the Relevant Documents (including, but not
         limited to the parallel obligations of the Pledgor pursuant to clause 3
         of the Security Trust and Intercreditor Deed to pay to the Security
         Trustee sums equal to the sums owed by the Pledgor to the secured
         creditors or any of them) (the "SECURED OBLIGATIONS") up to an
         aggregate amount of EUR 170 million.

4.       PLEDGE

4.1      The Pledgor hereby pledges to the Pledgee the Existing Shares and all
         additional shares in the capital of the Company (irrespective of their
         nominal value) which the Pledgor may acquire in the future (the "FUTURE
         SHARES" and, together with the Existing Shares the "SHARES") together
         with all ancillary rights and claims associated with the Shares as more
         particularly specified in Clause 5 hereof (each a "PLEDGE" and together
         the "PLEDGES").

         The Pledgee hereby accepts the Pledges.

4.2      The validity and effect of each of the Pledges shall be independent
         from the validity and the effect of the other Pledges created
         hereunder.

4.3      Each of the Pledges is in addition, and without prejudice, to any other
         security the Pledgee may now or hereafter hold in respect of the
         Secured Obligations.

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4.4      The Pledges shall rank ahead of any other security interest or third
         party right now in existence or created in the future in or over any of
         the Shares.

4.5      For the avoidance of doubt, the parties agree that nothing in this
         Agreement shall exclude a transfer of all or part of the Pledges
         created hereunder by operation of law upon the transfer or assignment
         (including by way of assumption (Vertragsubernahme)) of all or part of
         the Secured Obligations by the Pledgee to a future pledgee.

5.       SCOPE OF THE PLEDGES

5.1      The Pledges constituted by this Agreement include:

         (a)      the present and future rights to receive:

                  (i)      dividends payable in relation to the Shares, if any;
                           and

                  (ii)     liquidation proceeds, redemption proceeds
                           (Einziehungsentgelt), repaid capital in case of a
                           capital decrease, any compensation in case of
                           termination (Kundigung) and/or withdrawal (Austritt)
                           of a shareholder of the Company, the surplus in case
                           of surrender (Preisgabe) and all other pecuniary
                           claims associated with the Shares;

         (b)      the right to subscribe for newly issued shares; and

         (c)      all other rights and benefits attributable to the Shares.

5.2      Notwithstanding that the dividends are pledged hereunder, the Pledgor
         shall be entitled to receive and retain, all dividend payments whether
         in cash, by the issue of any loan note or debt instrument or in specie
         in respect of the Shares until the occurrence of an Enforcement Event
         and at any time when no Enforcement Event is continuing.

6.       EXERCISE OF MEMBERSHIP RIGHTS

         The membership rights, including the voting rights, attached to the
         Shares remain with the Pledgor. The Pledgor, however, shall at all
         times until the full satisfaction of all Secured Obligations or the
         release of the Pledges exercise its membership rights, including its
         voting rights, to the extent that such exercise would not constitute a
         Default or an Event of Default.

7.       ENFORCEMENT OF THE PLEDGES

7.1      At any time after the occurrence of an Enforcement Event which is
         continuing and if the requirements set forth in Section 1204 et seq. of
         the German Civil

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         Code (Burgerliches Gesetzbuch) with regard to the enforcement of any of
         the Pledges are met (Pfandreife), in particular, if any of the Secured
         Obligations has become due and payable, then in order to enforce the
         Pledges, the Pledgee may, in its discretion, at any time hereafter
         avail itself of all rights and remedies that a pledgee has upon
         occurrence of the requirements with regard to the enforcement of the
         Pledges under the laws of the Federal Republic of Germany (Pfandreife).

7.2      Notwithstanding Section 1277 of the German Civil Code, the Pledgee is
         entitled to exercise its rights without obtaining a final judgment or
         other instrument (vollstreckbarer Titel) against the Pledgor in any
         relevant court or tribunal by way of public auction.

7.3      The Pledgor hereby expressly agrees that five (5) Business Days' prior
         written notice to the Pledgor of the place and time of any such public
         auction shall be sufficient. The public auction may take place at any
         place in the Federal Republic of Germany designated by the Security
         Trustee.

7.4      If the Pledgee should seek to enforce the Pledges under this Clause
         7hereof, the Pledgor shall, at its own expense, render forthwith all
         necessary assistance in order to facilitate the prompt sale of the
         Shares or any part thereof and/or the exercise by the Pledgee of any
         other right it may have as Pledgee.

7.5      If the Pledges are enforced, no rights of the Pledgee shall pass to the
         Pledgor by subrogation or otherwise unless and until all of the Secured
         Obligations have been satisfied and discharged in full. In the case of
         enforcement, Section 1225 of the German Civil Code shall not apply.
         Until full discharge of the Secured Obligations, the Pledgee shall be
         entitled to treat all enforcement proceeds as additional collateral for
         the Secured Obligations, or to seek satisfaction from such proceeds at
         any time.

7.6      Following satisfaction of the requirements for enforcement under Clause
         7.1 hereof, all subsequent dividend payments and all payments based on
         similar ancillary rights attributed to the Shares may be applied by the
         Pledgee in satisfaction in whole or in part of the Secured Obligations
         or treated as additional collateral.

7.7      Even if the requirements for enforcement referred to under Clause 7.1
         above are met, the Pledgee shall not, whether as proxy or otherwise, be
         entitled to exercise the voting rights attached to the Shares.

7.8      The Pledgee may, in its sole discretion, determine which of several
         security interests, if applicable, shall be used to satisfy the Secured
         Obligations.

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7.9      The Pledgor hereby expressly waives all defences of revocation (Einrede
         der Anfechtbarkeit) and set-off (Einrede der Aufrechenbarkeit) pursuant
         to Sections 770, 1211 of the German Civil Code.

7.10     With respect to the enforcement of the Pledges, the Pledgee will take
         into consideration the legitimate interest of the Pledgor.

8.       LIMITATION OF PLEDGE

8.1      The right to enforce the Pledges created hereunder shall, to the extent
         that the Secured Obligations represent those of an affiliated company
         (verbundenes Unternehmen) within the meaning of Section 15 et seq. of
         the German Stock Corporation Act (Aktiengesetz) of the Pledgor (other
         than any of the Pledgor's subsidiaries), at all times be limited to an
         amount equal to the Pledgor's assets (the calculation of which shall
         take into account the captions reflected in Section 266 sub-section (2)
         A, B and C of the German Commercial Code (Handelsgesetzbuch)) less the
         sum of (A) the Pledgor's liabilities (the calculation of which shall
         take into account the captions reflected in Section 266 subsection (3)
         B, C and D of the German Commercial Code), and (B) the stated share
         capital (Stammkapital) of the Pledgor (the "NET ASSETS").

8.2      The Pledgor shall realise, to the extent legally permitted and, in
         respect of the Pledgor, commercially justifiable, in a situation where
         the Pledgor does not have sufficient Net Assets to maintain its
         registered share capital, any and all of its assets that are shown in
         the balance sheet with a book value (Buchwert) that is significantly
         lower than the market value of the assets if the asset is not necessary
         for the Pledgor's business (betriebsnotwendig).

8.3      The Security Trustee shall enforce any Pledge created hereunder against
         the Pledgor in accordance with the following procedure:

                  (i)      The Pledgor shall, following a notification by the
                           Security Trustee to the Pledgor that an Enforcement
                           Event has occurred and that the Security Trustee
                           intends to enforce the Pledges, deliver to the
                           Security Trustee within sixty days of such
                           notification an auditors' determination from a firm
                           of auditors of international standard and reputation
                           (the "AUDITORS' DETERMINATION") stating the value of
                           the Net Assets, i.e., the amounts which may be
                           claimed against the Pledgor under the Pledges having
                           regard to Sections 30 and 31 of the German Limited
                           Liability Companies Act.

                  (ii)     The Auditors' Determination, i.e., the amount which
                           may be claimed against the Pledgor under the Pledges,
                           having regard to Section 30 and 31 of the German
                           Limited Liability Companies

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                           Act, shall take into account the generally accepted
                           accounting principles applicable from time to time in
                           Germany (GAAP) and be based on the same principles
                           that were applied when establishing the previous
                           year's balance sheet.

                  (iii)    The amount specified in the relevant Auditors'
                           Determination pertaining to the Pledgor shall be
                           up-to-date and in any event such Auditors'
                           Determination shall have been prepared as of a date
                           no earlier than 15 business days prior to the date of
                           notification by the Security Trustee to the Pledgor
                           that it intends to enforce the Pledges.

                  (iv)     If the Pledgor fails to deliver the Auditors'
                           Determination to the Security Trustee within the
                           sixty day period stated in (i) above, the Security
                           Trustee shall be entitled to enforce the Pledges
                           against the Pledgor without limitation.

9.       UNDERTAKINGS OF THE PLEDGOR

         During the term of this Agreement, the Pledgor undertakes to the
         Pledgee:

9.1      not to take, or participate in, any action which results or might
         result in the Pledgor's loss of ownership of all or part of the Shares,
         and any other transaction which would have the same result as a sale,
         transfer, encumbrance or other disposal of the Shares or which would
         for any other reason be inconsistent with the security interest of the
         Pledgee or the security purpose (as described in Clause 3 hereof)
         except, in each case, to the extent that such action is not expressly
         prohibited for the Issuer and its subsidiaries under the Indentures;
         and

9.2      insofar as additional documents, declarations or actions (including
         making all filings and registrations) are necessary for the creation,
         perfection, protection or maintenance of the Pledges created (or
         purported to be created) hereunder (or any of them) in favour of the
         Pledgee or for the exercise of all rights, powers and remedies of the
         Security Trustee provided by or pursuant to this Agreement or by law or
         to facilitate the realisation of the Pledges created (or purported to
         be created) hereunder (or any of them), the Pledgor shall at the
         Security Trustee's request, made in accordance with the Security Trust
         and Intercreditor Deed, enter into or provide such documents, make such
         declarations and undertake/or such actions at the Pledgor's cost and
         expense.

10.      EXPENSES, COSTS AND TAXES

10.1     EXPENSES

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         The Pledgor shall, from time to time and promptly on demand by the
         Security Trustee reimburse to the Security Trustee all costs and
         expenses (including legal fees) on a full indemnity basis together with
         any applicable value added tax or any other tax of similar nature
         incurred by the Security Trustee and any representative, agent or
         advisor (hereinafter a "DELEGATE") (provided that in relation to
         sub-clause (i) of this Clause 10, such costs and expenses must be
         properly incurred) in connection with:

                  (i)      the execution, release and discharge of this
                           Agreement and the security created or intended to be
                           created in respect of the Pledges and the perfection
                           of the security contemplated in this Agreement or in
                           any such documents or forming part of the security
                           created or intended to be created in respect of the
                           Pledges;

                  (ii)     the actual or contemplated exercise, preservation
                           and/or enforcement of any of the rights, powers and
                           remedies of, or the performance of the duties and
                           obligations of, the Security Trustee or any Delegate,
                           or any amendment or waiver in respect of this
                           Agreement;

                  (iii)    the foreclosure of any Pledges; and

                  (iv)     the preservation and/or enforcement of the security
                           created or intended to be created in respect of the
                           Pledges,

                  which shall carry interest (before and after any judgment and
                  to the extent interest at a default rate is not otherwise
                  being paid on such sum) from the date of such demand until so
                  reimbursed calculated on a daily basis at the rate determined
                  in accordance with the provisions of clause 18.4 (Interest on
                  Demands) of the Security Trust and Intercreditor Deed.

10.2     TAXES

         The Pledgor shall pay, promptly on demand of the Security Trustee all
         stamp, registration, notarial and other similar tax, duty, levy,
         impost, assessment or other governmental charge of whatever nature
         (including penalties, interest and other liabilities related thereto)
         (hereinafter "TAXES") or fees paid or payable by the Security Trustee
         in connection with any action taken or contemplated by or on behalf of
         the Security Trustee for perfecting, enforcing, releasing, cancelling,
         reassigning or resolving any doubt concerning, or for any other purpose
         in relation to this Agreement, any amendment thereto, any transfer
         and/or assignment of the rights and/or obligations under the same or
         the security created or intended to be created in respect of the
         Pledges and shall, from time to time, indemnify the Security Trustee
         promptly on demand against any liabilities,

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         costs, claims and expenses resulting from any failure to pay by the
         Pledgor or any delay by the Pledgor in paying any such Taxes or fees.

11.      DURATION AND INDEPENDENCE

11.1     This Agreement shall remain in full force and effect until complete
         satisfaction of the Secured Obligations. The Pledges shall not cease to
         exist, if the Pledgor has only temporarily discharged the Secured
         Obligations.

11.2     This Agreement shall create a continuing security and no change,
         amendment, or supplement whatsoever in the Relevant Documents or in any
         document or agreement related to any of the Relevant Documents shall
         affect the validity or the scope of this Agreement nor the obligations
         which are imposed on the Pledgor pursuant to it.

11.3     This Agreement is independent from any other security or guarantee
         which may have been or will be given to the Pledgee. None of such other
         security shall prejudice, or shall be prejudiced by, or shall be merged
         in any way with this Agreement.

12.      RELEASE (PFANDFREIGABE)

12.1     Upon complete and irrevocable satisfaction of the Secured Obligations,
         the Pledgee shall (in accordance with the terms and subject to the
         conditions and circumstances set out in the Security Trust and
         Intercreditor Deed without recourse to, or any representation or
         warranty by, the Security Trustee or any of its nominess) at the cost
         and expense of the Pledgor confirm the release of the Pledges
         (Pfandfreigabe) to the Pledgor as a matter of record. For the avoidance
         of doubt, the parties are aware that upon full and complete
         satisfaction of the Secured Obligations the Pledges, due to their
         accessory nature (Akzessorietat) cease to exist by operation of German
         law.

12.2     At any time when the total value of the aggregate security granted by
         the Pledgor to secure the Secured Obligations (the "SECURITY") which
         can be expected to be realised in the event of an enforcement of the
         Security (realisierbarer Wert) exceeds 110% of the Secured Obligations
         (the "LIMIT") not only temporarily, the Pledgee on demand of the
         Pledgor shall (in accordance with the terms and subject to the
         conditions and circumstances set out in the Security Trust and
         Intercreditor Deed without recourse to, or any representation or
         warranty by, the Security Trustee or any of its nominees) release such
         part of the Security (Sicherheitenfreigabe) as the Pledgee may in its
         reasonable discretion determine so as to reduce the realisable value of
         the Security to the Limit.

                                     - 13 -
<PAGE>

13.      PARTIAL INVALIDITY; WAIVER

13.1     If at any time, any one or more of the provisions hereof is or becomes
         invalid, illegal or unenforceable in any respect under the law of any
         jurisdiction, that provision shall as to that jurisdiction be
         ineffective to the extent necessary without affecting or impairing the
         validity, legality and enforceability of the remaining provisions of
         this Agreement or of such provisions in any other jurisdiction. The
         invalid or unenforceable provision shall be deemed replaced by a valid,
         legal and enforceable provision which comes as close as possible to the
         original intent of the parties as to the invalid, illegal or
         unenforceable provision. This shall apply analogously in the case of
         gaps.

13.2     No failure to exercise, nor any delay in exercising, on the part of the
         Pledgee, any right or remedy hereunder shall operate as a waiver
         thereof, nor shall any single or partial exercise of any right or
         remedy prevent any further or other exercise thereof or the exercise of
         any other right or remedy. The rights and remedies provided hereunder
         are cumulative and not exclusive of any rights or remedies provided by
         law.

14.      AMENDMENTS; WAIVER

         This Agreement may be amended, modified or waived only in writing
         unless notarial form by operation of law is required. This also applies
         to this Clause 14.

15.      NOTICES AND THEIR LANGUAGE

15.1     Each communication under or in connection with this Agreement shall be
         made in writing and, unless otherwise stated, may be made by fax or
         letter.

15.2     Any communication or document to be made or delivered under or in
         connection with this Agreement shall be made or delivered to the
         following addresses or fax numbers (and for the attention of the
         department or officer noted):

         For the Pledgor:       Marconi Communications GmbH
                                Address:    Gerberstra(beta)e 33
                                            D-71522 Backnang

                                Fax:        07191 13 2419
                                Attention:  Hans-Werner Altermann
                                            Legal Advisor

         For the Pledgee:       The Law Debenture Trust Corporation p.l.c.
                                Address:    Fifth Floor
                                            100 Wood Street

                                     - 14 -
<PAGE>

                                            London EC2V 7EX
                                            England

                                Fax:        +44 20 7696 5261
                                Attention:  Manager Trust Administration

         or to such other address as the recipient may notify or may have
         notified to the other party in writing.

15.3     DELIVERY

15.3.1   Any communication or document made or delivered by one person to
         another under or in connection with this Agreement will only be
         effective:

                  (i)      if by way of fax, when received in legible form; or

                  (ii)     if by way of letter, when it has been left at the
                           address specified in Clause 15.2 above or five
                           Business Days after being deposited in the post
                           postage prepaid in an envelope addressed to the
                           addressee at that address,

         and, if a particular department or officer is specified as part of that
         address, if addressed to that department or officer.

15.3.2   Notwithstanding the provisions of sub-clause 15.3.1 (ii) above, any
         communication or document to be made or delivered to the Security
         Trustee will be effective only when actually received by the Security
         Trustee and then only if it is expressly marked for the attention of
         the department or officer identified in Clause 15.2 (or any substitute
         department or officer as such person shall specify for this purpose).

15.4     Save for the notice pursuant to Section 16 of the German Limited
         Liability Companies Act (Gesetz betreffend die Gesellschaften mit
         beschrankter Haftung) and Section 1280 of the German Civil Code
         (Burgerliches Gesetzbuch) any notice given under or in connection with
         this Agreement shall be in the English language. All other documents
         provided under or in connection with this Agreement shall be in the
         English language or, if in any other language, accompanied by a
         translation into English which if reasonably requested by the Security
         Trustee shall be a certified translation. In the event of any conflict
         between the English text and the text in any other language, the
         English text shall prevail unless the document is a constitutional,
         statutory or other official document.

                                     - 15 -
<PAGE>

16.      APPLICABLE LAW; JURISDICTION

16.1     APPLICABLE LAW

         This Agreement shall be governed by and construed in accordance with
         the laws of the Federal Republic of Germany.

16.2     GERMAN COURTS

         The courts of Frankfurt am Main have exclusive jurisdiction to settle
         any dispute (a "DISPUTE") arising out of or in connection with this
         Agreement (including a dispute regarding the existence, validity or
         termination of this Agreement or the consequences of its nullity).

16.3     CONVENIENT FORUM

         The parties agree that the courts of Frankfurt am Main are the most
         appropriate and convenient court to settle Disputes between them and,
         accordingly, that they will not argue to the contrary.

16.4     NON-EXCLUSIVE JURISDICTION

         This Clause 16 is for the benefit of the Pledgee only. As a result it
         does not prevent the Pledgee from taking proceedings relating to a
         Dispute ("PROCEEDINGS") in any other courts with jurisdiction. To the
         extent allowed by law, the Pledgee may take concurrent Proceedings in
         any number of jurisdictions.

17.      ASSIGNMENT

         The Security Trustee may assign and transfer all or any of its rights
         and obligations under this Agreement in accordance with the Security
         Trust and Intercreditor Deed. To the extent legally permissible the
         Security Trustee shall be entitled to disclose such information
         concerning the Pledgor and this Agreement as the Security Trustee
         considers appropriate to any actual or proposed direct or indirect
         successor or to any person to whom information may be required to be
         disclosed by any applicable law.

18.      EFFECTIVENESS

         This Agreement shall become effective only subject to the condition
         precedent and at the time of the first original issuance of the Senior
         Notes.

                                     - 16 -
<PAGE>

The Notary advised the persons appearing

     -        that a pledge is a security instrument of strictly accessory
              nature (which means that it comes into legal existence only if, to
              the extent that, and as long as, the underlying secured claims do
              in fact exist, and that the owners of the secured claims and the
              pledgee must be identical);

     -        that there is no bona fide creation, acquisition nor ranking of a
              pledge of shares (which means that the pledgee is not protected if
              the shares purported to be pledged do not exist, have been
              previously transferred to a third party, or have been previously
              encumbered for the benefit of a third party); and

     -        that the English original version of this Agreement will not be
              acceptable for enforcement but will have to be translated, by a
              certified translator, into German for such purposes.

The Notary is hereby instructed to give notice of this Agreement and the Pledges
of the rights pursuant to Clause 4 (Pledge) and Clause 5 (Scope of the Pledges)
to the Company by means of forwarding to the Company a certified copy of this
Agreement.

The above Agreement [including the Schedule] was read aloud by the Notary to the
persons appearing, approved by them and signed in their own hand as follows:

Basel, this 15th (fifteenth) day of May, 2003 (two thousand and three)

MS MURIEL KREBS

MS STEFANIE BRENNWALD

DR THOMAS GELZER (Signed and Sealed)

Allg. Prot. Nr. 46/2003

                                     - 17 -
<PAGE>

                                    SCHEDULE

                        COPY OF SHAREHOLDERS' RESOLUTION

                                     - 18 -

<PAGE>

<TABLE>
<S>                                                                    <C>
                 GESELLSCHAFTERBESCHLUSS                                   SHAREHOLDER'S RESOLUTION

Die unterzeichnete                                                     The undersigned

                                                     Marconi Communications GmbH

eingetragen im Handelsregister des Amtsgerichts Backnang unter Nr.     registered in the commercial register (Handelsregister) of
HRB 1563                                                               the Local Court (Amtsgericht) of Backnang under registration
                                                                       no. HRB 1563

ist die alleinige Gesellschafterin der                                 is the sole shareholder of

                                 MARCONI COMMUNICATIONS SOFTWARE SYSTEMS VERWALTUNGSGESELLSCHAFT mbH

 eingetragen im Handelsregister des Amtsgerichts Backnang unter Nr.    registered in the commercial register (Handelsregister) of
 HRB 1447                                                              the Local Court (Amtsgericht) of Backnang under registration
                                                                       no. HRB 1447

                                                (die "GESELLSCHAFT" / the "COMPANY").

Die Marconi Corporation plc beabsichtigt, schuldrechtlich              Marconi Corporation plc intends to issue USD equivalent of
erstrangige, garantierte und besicherte Inhaberschuldverschreibungen   GBP 450,000,000.00 guaranteed and secured senior notes due
fallig 2008 in Hohe eines US Dollar Betrag, der aquivalent zu GBP      2008 (referred to as "SENIOR NOTES") and UDS 300,000,000.00
450.000.000,00 ist, (im folgenden "ERSTRANGIGE                         plus USD equivalent of GBP 117,270,000.00 guaranteed and
SCHULDVERSCHREIBUN-GEN" genannt) und USD 300.000.000,00 plus dem       secured Junior notes due 2008 (referred to as "JUNIOR
aquivalenten US Dollar Betrag von GBP 117.270.000,00 schuldrechtlich   NOTES").
zweitrangige, garantierte und besicherte Inhaberschuldver-schreibungen
fallig 2008 (im folgenden "ZWEITRANGIGE SCHULDVERSCHREIBUNGEN"
ge-nannt) zu begeben.

Des weiteren schlossen Marconi Corporation plc, Marconi Bonding        In addition, on 27th March, 2003, Marconi Corporation plc,
Limited und andere Mitglieder der Gruppe am 27. Marz 2003 einen        Marconi Bonding Limited and other members of the Marconi
Vertrag zur Aufnahme eines neuen Avalkredit in Hohe von GBP            group entered into a GBP 50,000,000.00 new bonding facility
50.000.000,00, der in Form von Obligation, Burgschaften,               for the issuance of bonds, guarantees, letter of credits,
Akkreditiven, Garantien und ahnlichen Instrumenten ausgereicht         indemnities and similar instruments (referred to as "NEW
werden soll, ab (im
</TABLE>

<PAGE>

<TABLE>
<S>                                                                    <C>
folgenden "AVALKREDIT" genannt).                                       BONDING FACILITY").

Unter anderem zur Besicherung (i) der Anspruche der Law Debenture      In order to secure, among others, (i) the claims of Law
Trust Company of New York als Treuhander und der Inhaber der           Debenture Trust Company of New York as note trustee and the
erstrangigen Schuldverschreibungen unter den erstrangigen              noteholders under the Senior Notes, (ii) the claims of
Schuldverschreibungen, (ii) der Anspruche von JPMorgan Chase Bank      JPMorgan Chase Bank as note trustee and the noteholders under
als Treuhander und der Inhaber der zweitrangigen                       the Junior Notes; and (iii) the claims of HSBC Bank plc as
Schuldverschreibungen unter den zweitrangigen Schuldverschreibungen    security trustee and agent, the issuing banks and others
und (iii) der Anspruche der HSBC Bank plc als Sicherheitentreuhander   under New Bonding Facility, Marconi Communications GmbH
und Agent, der ausstellenden Banken und anderer unter dem Avalkredit   intends to pledge its present and future shares in the
beabsichtigt Marconi Communications GmbH, ihre gegenwartigen und       Company in favour of The Law Debenture Trust Corporation
kunftigen Gesellschaftsanteile an der Gesellschaft zugunsten von The   p.l.c. as security trustee.
Law Debenture Trust Corporation p.l.c. als Sicherheitentreuhander zu
verpfanden.

Dies zur Kenntnis nehmend halt die unterzeichnete Marconi              Acknowledging the above the undersigned Marconi
Communications GmbH als alleinige Gesellschafterin der Gesellschaft    Communications GmbH as sole shareholder of the Company hereby
hiermit unter Verzicht auf alle gesetzlichen und satzungsmassigen      a shareholders' meeting of the Company and passes s, waiving
Frist- und Formvorschriften eine Gesellschaftsversammlung der          all and any requirements of form or notice imposed by
Gesellschaft ab und fasst den folgenden Gesellschafterbe-schluss:      applicable law or the articles of the Company, the following
                                                                       shareholders' resolution:

1)  Die Marconi Communications GmbH stimmt hiermit als alleinige       1) Marconi Communications GmbH as sole shareholder of the
    Gesellschafterin der Gesellschaft der Verpfandung der                 Company hereby consents to a pledge over all present and
    gegenwartigen und kunftigen Geschaftanteile an der Gesellschaft       future shares in the Company in favour of The Law
    zugunsten von The Law Debenture Trust Corporation p.l.c. als          Debenture Trust Corporation p.l.c. as security trustee.
    Sicherheitentreuhander zu.

2)  Die Gesellschaft des weiteren ist zum AbschluB des globalen        The Company is, furthermore, entitled to enter into the
    Lizenzvertrages mit anderen Mitglieder der Marconi                 global licence agreement with other member of the Marconi
                                                                       group.
</TABLE>

<PAGE>

<TABLE>
<S>                                                                    <C>
        Gruppe berechtigt.                                             other member of the Marconi group.

 Weitere Beschlusse wurden nicht gefasst.                   No further resolutions were taken.
</TABLE>

                        Backnang, den / this 14.05. 2003

                           Marconi Communications GmbH

                                    Durch/By:

             S DICK                                       E PROKSCHI

          Steffen Dick                                  Edmund Prokschi

Geschaftsfuhrer/Managing Director              Geschaftsfuhrer/Managing Director

                                    M GARTNER

                                 Michael Gartner

                        Geschaftsfuhrer/Managing Director<PAGE>

                                                                    EXHIBIT 4.53

CLIFFORD                                                          CONFORMED COPY
CHANCE
PUNDER

                     MARCONI COMMUNICATIONS REAL ESTATE GMBH

                                   AS PLEDGOR

                   THE LAW DEBENTURE TRUST CORPORATION p.l.c.

                         AS PLEDGEE AND SECURITY TRUSTEE

                                       AND

                                     OTHERS

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

                            ACCOUNT PLEDGE AGREEMENT
                               (Kontoverpfandung)

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

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                                                     PAGE
<S>                                                                                                        <C>
1.       Definitions and language......................................................................      4

2.       Secured Obligations...........................................................................      5

3.       Pledge........................................................................................      5

4.       Pledgor's Right of Disposal...................................................................      5

5.       Enforcement of the Pledges....................................................................      6

6.       Limitation of Pledge..........................................................................      7

7.       Undertakings of the Pledgor...................................................................      8

8.       Notification of Pledge........................................................................      9

9.       Super Priority of cash collateral.............................................................      9

10.      Expenses, Costs and Taxes.....................................................................      9

11.      Duration and Independence.....................................................................     10

12.      Release (Pfandfreigabe)......................................................................      11

13.      General Business Conditions..................................................................      11

14.      Partial Invalidity; Waiver...................................................................      11

15.      Amendments; Waiver...........................................................................      12

16.      Notices and their Language...................................................................      12

17.      Applicable Law; Jurisdiction.................................................................      13

19.      Effectiveness................................................................................      14

20.      Counterparts.................................................................................      14

Schedule 1 List of Accounts...........................................................................      15

Schedule 2 Notice of Pledge...........................................................................      16

Schedule 3 Notice of Enforcement of Pledge............................................................      18
</TABLE>

                                     - 1 -

<PAGE>

THIS ACCOUNT PLEDGE AGREEMENT is made the 16th day of May 2003

BETWEEN:

(1)      Marconi Communications Real Estate GmbH, a limited liability company
         organised under the laws of the Federal Republic of Germany, having its
         business address at Gerberstra(beta)e 33, D-71522 Backnang, which is
         registered in the commercial register (Handelsregister) of the local
         court (Amtsgericht) of Backnang under HRB 1561 (the "PLEDGOR"); and

(2)      The Law Debenture Trust Corporation p.l.c., having its business address
         at Fifth Floor, 100 Wood Street, London, EC2V 7EX, England in its
         capacity as security trustee under the Relevant Documents (the
         "SECURITY TRUSTEE" or the "PLEDGEE")

WHEREAS:

(A)      Marconi Corporation p.l.c. (the "ISSUER") has agreed to issue the
         following notes:

         (i)      USD equivalent of GBP 450,000,000 senior secured notes due
                  2008;

         (ii)     USD 300,000,000 plus USD equivalent of GBP 117,270,000 of
                  junior secured notes due 2008;

                  the notes under (i) being documented in a senior note
                  indenture dated on or about 19 May 2003 between, inter alios,
                  the Issuer and Law Debenture Trust Company of New York as
                  Senior Note Trustee and the notes under (ii) being documented
                  in a junior note indenture dated on or about 19 May 2003
                  between, inter alios, the Issuer and JPMorgan Chase Bank as
                  Junior Note Trustee (together the "INDENTURES").

(B)      The security created by or pursuant to this Agreement is to be granted
         to and administered by the Security Trustee for itself and as trustee
         of the Secured Creditors pursuant to the relevant provisions of a
         security trust and intercreditor deed dated on or about 19 May 2003
         between, inter alios, the Issuer, Law Debenture Trust Company of New
         York as Senior Note Trustee, JPMorgan Chase Bank as Junior Note
         Trustee, the Security Trustee and the Obligors (as defined therein
         including the Pledgor) as amended from time to time (the "SECURITY
         TRUST AND INTERCREDITOR DEED").

(C)      Subject to the terms and conditions set out herein, in particular
         Clause 13 below, the Pledgor has agreed to grant a first ranking pledge
         over its bank accounts held

                                     - 2 -

<PAGE>

         within the Federal Republic of Germany (as specified below) as security
         for the payment and discharge of the Secured Obligations (as defined
         below)

                                     - 3 -

<PAGE>

NOW, IT IS AGREED as follows:

1.       DEFINITIONS AND LANGUAGE

1.1      In this Agreement:

         "ACCOUNTS" means the bank accounts listed in Schedule 1 hereto and all
         bank accounts which the Pledgor holds in Germany in the future, other
         than those opened for the purpose of depositing cash collateral
         referred to in Clause 9, and "Account" means any of them.

         "ACCOUNT BANK" means a bank administering any of the Accounts.

         "CONTINUING" in relation to an Enforcement Event, shall be construed as
         a reference to an acceleration of any Secured Obligation (other than
         Secured Obligations arising under the New Bonding Facility Agreement)
         where such acceleration has not been rescinded in writing or a
         declaration that the Secured Obligations (other than Secured
         Obligations arising under the New Bonding Facility Agreement) are
         prematurely due and payable (other than solely as a result of it
         becoming unlawful for a Secured Creditor to perform its obligations
         under the Relevant Documents) where such declaration has not been
         revoked in writing or any failure by an Obligor to pay any principal
         amount in respect of any Secured Obligations (other than Secured
         Obligations arising under the New Bonding Facility Agreement) whether
         on maturity or otherwise which has not been waived in writing. For the
         purposes of this definition of "continuing" the expression "Secured
         Obligations" shall have the same meaning as in the Security Trust and
         Intercreditor Deed.

         "SECURED OBLIGATIONS" has the meaning given to it under Clause 2.

         "SECURITY TRUST AND INTERCREDITOR DEED" has the meaning given to it in
         Clause (B) of the recitals.

1.2      Unless otherwise defined herein or unless the context requires,
         capitalised terms shall have the same meaning as ascribed thereto in
         the Security Trust and Intercreditor Deed.

1.3      This Agreement is made in the English language. For the avoidance of
         doubt, the English language version of this Agreement shall prevail
         over any translation of this Agreement. However, where a German
         translation of a word or phrase appears in the text of this Agreement,
         the German translation of such word or phrase shall prevail.

1.4      The parties hereto each acknowledge that the Security Trustee, when
         acting hereunder, shall, to the extent permitted under the laws of
         Germany, be acting in

                                     - 4 -

<PAGE>

         accordance with and subject to the terms of the Security Trust and
         Intercreditor Deed.

2.       SECURED OBLIGATIONS

         The pledges hereunder are constituted in order to secure together with
         other security granted by the Pledgor the prompt and complete
         satisfaction of any and all obligations (present and future, actual and
         contingent) which are (or are expressed to be) or become owing by the
         Pledgor to the Pledgee under the Relevant Documents (including, but not
         limited to the parallel obligations of the Pledgor pursuant to clause 3
         of the Security Trust and Intercreditor Deed to pay to the Security
         Trustee sums equal to the sums owed by the Pledgor to the Secured
         Creditors or any of them) (the "SECURED OBLIGATIONS") up to an
         aggregate amount of EUR 30 million.

3.       PLEDGE

3.1      Subject to Clause 13 below, the Pledgor hereby pledges to the Pledgee a
         first priority pledge over all present and future credit balances,
         including all interest payable, from time to time standing to the
         credit on the Accounts (including any sub-account, renewal,
         redesignation or replacement thereof) (each a "PLEDGE" and together the
         "PLEDGES").

3.2      The Pledgee accepts the Pledges.

3.3      The validity and effect of each of the Pledges shall be independent
         from the validity and the effect of the other Pledges created
         hereunder.

3.4      Each of the Pledges is in addition, and without prejudice, to any other
         security the Pledgee may now or hereafter hold in respect of the
         Secured Obligations.

3.5      Subject to clause 13 the Pledges shall rank ahead of any other security
         interest or third party right now in existence or created in the future
         in or over any of the Accounts.

3.6      For the avoidance of doubt, the parties agree that nothing in this
         Agreement shall exclude a transfer of all or part of the Pledges
         created hereunder by operation of law upon the transfer or assignment
         (including by way of assumption (Vertragsubernahme)) of all or part of
         the Secured Obligations by the Pledgee to a future pledgee.

4.       PLEDGOR'S RIGHT OF DISPOSAL

         Unless, following the occurrence of an Enforcement Event, the Security
         Trustee gives notice to the contrary to the Account Bank in
         substantially the form set out

                                     - 5 -

<PAGE>

         in Schedule 3 attached to this Agreement with a copy to the Pledgor,
         the Pledgor shall have the right to exercise all rights and powers in
         respect of the Accounts without limitation.

5.       ENFORCEMENT OF THE PLEDGES

5.1      At any time after the occurrence of an Enforcement Event which is
         continuing and the Security Trustee (acting on instructions received
         pursuant to the terms of the Security Trust and Intercreditor Deed)
         giving notice to the Issuer thereof and if the requirements set forth
         in Section 1204 et seq. of the German Civil Code (Burgerliches
         Gesetzbuch) with regard to the enforcement of any of the Pledges are
         met (Pfandreife), in particular, if any of the Secured Obligations has
         become due and payable, then in order to enforce the Pledges, the
         Pledgee, in its discretion, may at any time hereafter avail itself of
         all rights and remedies that a pledgee has upon occurrence of the
         requirements with regard to the enforcement of the Pledges under the
         laws of the Federal Republic of Germany (Pfandreife).

5.2      Notwithstanding Section 1277 of the German Civil Code, the Pledgee is
         entitled to exercise its rights without obtaining a final judgment or
         other instrument (vollstreckbarer Titel) against the Pledgor in any
         relevant court or tribunal.

5.3      The Pledgee will enforce the Pledges (or any of them) by collecting the
         credit balance from the Accounts only to the extent necessary in order
         to ensure that the outstanding amounts under the Secured Obligations
         are satisfied. After complete, full and irrevocable satisfaction of all
         Secured Obligations any remaining surplus shall be promptly
         retransferred to the Pledgor.

5.4      The Security Trustee shall notify the Pledgor of the intention to
         realise the Pledges with a period of notice of no less than 5 (five)
         Business Days. Such notice period is not necessary if the Pledgor has
         generally ceased to make payments or the commencement of bankruptcy
         proceedings is filed against the Pledgor.

5.5      If the Pledgee should seek to enforce the Pledges under this Clause 5,
         the Pledgor shall, at its own expense, render forthwith all necessary
         assistance in order to facilitate the prompt realisation of the Pledges
         (or any of them) and/or the exercise by the Pledgee of any other right
         they may have as Pledgee.

5.6      If the Pledges are enforced, no rights of the Pledgee shall pass to the
         Pledgor by subrogation or otherwise unless and until all of the Secured
         Obligations have been satisfied and discharged in full. In the case of
         enforcement, Section 1225 of the German Civil Code shall not apply.
         Until full discharge of the Secured Obligations, the Pledgee shall be
         entitled to treat all enforcement proceeds as

                                     - 6 -

<PAGE>

         additional collateral for the Secured Obligations, or to seek
         satisfaction from such proceeds at any time.

5.7      The Pledgee may, in its sole discretion, determine which of several
         security interests, if applicable, shall be used to satisfy the Secured
         Obligations.

5.8      The Pledgor hereby expressly waives all defences of revocation (Einrede
         der Anfechtbarkeit) and set-off (Einrede der Aufrechenbarkeit) pursuant
         to Sections 770, 1211 of the German Civil Code.

5.9      With respect to the enforcement of the Pledges the Pledgee will take
         into consideration the legitimate interest of the Pledgor.

6.       LIMITATION OF PLEDGE

6.1      The right to enforce the Pledges created hereunder shall, to the extent
         that the Secured Obligations represent those of an affiliated company
         (verbundenes Unternehmen) within the meaning of Section 15 et seq. of
         the German Stock Corporation Act (Aktiengesetz) of the Pledgor (other
         than any of the Pledgor's subsidiaries), at all times be limited to an
         amount equal to the Pledgor's assets (the calculation of which shall
         take into account the captions reflected in Section 266 sub-section (2)
         A, B and C of the German Commercial Code (Handelsgesetzbuch)) less the
         sum of (A) the Pledgor's liabilities (the calculation of which shall
         take into account the captions reflected in Section 266 subsection (3)
         B, C and D of the German Commercial Code), and (B) the stated share
         capital (Stammkapital) of the Pledgor (the "NET ASSETS").

6.2      The Pledgor shall realise, to the extent legally permitted and, in
         respect of the Pledgor, commercially justifiable, in a situation where
         the Pledgor does not have sufficient Net Assets to maintain its
         registered share capital, any and all of its assets that are shown in
         the balance sheet with a book value (Buchwert) that is significantly
         lower than the market value of the assets if the asset is not necessary
         for the Pledgor's business (betriebsnotwendig).

6.3      The Security Trustee shall enforce any Pledge created hereunder against
         the Pledgor in accordance with the following procedure:

                  (i)      The Pledgor shall, following a notification by the
                           Security Trustee to the Pledgor that an Enforcement
                           Event has occurred and that the Security Trustee
                           intends to enforce the Pledges, deliver to the
                           Security Trustee within sixty days of such
                           notification an auditors' determination from a firm
                           of auditors of international standard and reputation
                           (the "AUDITORS' DETERMINATION") stating the value of
                           the Net Assets, i.e., the amounts which may be
                           claimed against the Pledgor under the

                                     - 7 -

<PAGE>

                           Pledges having regard to Sections 30 and 31 of the
                           German Limited Liability Companies Act.

                  (ii)     The Auditors' Determination, i.e., the amount which
                           may be claimed against the Pledgor under the Pledges,
                           having regard to Section 30 and 31 of the German
                           Limited Liability Companies Act, shall take into
                           account the generally accepted accounting principles
                           applicable from time to time in Germany (GAAP) and be
                           based on the same principles that were applied when
                           establishing the previous year's balance sheet.

                  (iii)    The amount specified in the relevant Auditors'
                           Determination pertaining to the Pledgor shall be
                           up-to-date and in any event such Auditors'
                           Determination shall have been prepared as of a date
                           no earlier than 15 business days prior to the date of
                           notification by the Security Trustee to the Pledgor
                           that it intends to enforce the Pledges.

                  (iv)     If the Pledgor fails to deliver the Auditors'
                           Determination to the Security Trustee within the
                           sixty day period stated in (i) above, the Security
                           Trustee shall be entitled to enforce the Pledges
                           against the Pledgor without limitation.

7.       UNDERTAKINGS OF THE PLEDGOR

         During the term of this Agreement, the Pledgor undertakes to the
         Pledgee:

7.1      upon the opening of any other account in the Federal Republic of
         Germany, other than an account opened for the purpose of depositing
         cash collateral referred to in Clause 9, to notify the Pledgee of the
         account details with reference to the definition of "Account" of this
         Agreement within 10 (ten) Business Days; and

7.2      insofar as additional documents, declarations or actions (including
         making all filings and negotiations) are necessary for the creation,
         perfection, protection or maintenance of the Pledges created (or
         purported to be created) hereunder (or any of them) in favour of the
         Pledgee or for the exercise of all rights, powers and remedies of the
         Security Trustee provided by or pursuant to this Agreement or by law or
         to facilitate the realisation of the Pledges created (or purported to
         be created) hereunder (or any of them), the Pledgor shall at the
         Security Trustee's request enter into or provide such documents, make
         such declarations and/or undertake such actions at the Pledgor's cost
         and expense.

                                     - 8 -

<PAGE>

8.       NOTIFICATION OF PLEDGE

8.1      The Pledgor hereby undertakes to notify the relevant Account Banks of
         the Pledges within 5 Business Days of the date of this Agreement in
         substantially the form set out in Schedule 2 attached to this Agreement
         requesting the Account Bank to acknowledge receipt of the notification
         and acceptance of the terms thereof to the Pledgee.

8.2      If the Pledgor does not comply with its obligations under Clause 8.1,
         the Pledgee is authorised and is irrevocably empowered by the Pledgor,
         to act in its name and on its behalf in this respect, to notify the
         relevant Account banks in accordance with Clause 8.1.

8.3      The Pledgee may, following the occurrence of an Enforcement Event,
         deliver to the relevant Account Banks, a notice in substantially the
         form set out in Schedule 3 attached to this Agreement.

9.       SUPER PRIORITY OF CASH COLLATERAL

         The security created herunder shall take effect subject to, and shall
         not restrict the ability of the Pledgor to create, any security
         (whether or not such security is or is to be created on, before or
         after the date of this Agreement) which secures obligations under
         and/or in respect of (i) the Interim Bonding Facility Letter (ii) the
         New Bonding Facility Agreement, (iii) the Existing Performance Bonds
         and (iv) any other bonding facility, expressly permitted pursuant to
         Section 4.07 (Limitations on Indebtedness and Preferred Stock) of the
         Senior Note Indenture and Section 4.06 (Limitations on Indebtedness and
         Preferred Stock) of the Junior Note Indenture in each case as a result
         of the provision of cash collateral as permitted pursuant to the terms
         of the Indentures or any of them, the Escrow Agreement or the Security
         Trust and Intercreditor Deed.

10.      EXPENSES, COSTS AND TAXES

10.1     EXPENSES

         The Pledgor shall, from time to time and promptly on demand by the
         Security Trustee reimburse to the Security Trustee all costs and
         expenses (including legal fees) on a full indemnity basis together with
         any applicable VAT incurred by the Security Trustee and any Delegate
         (provided that in relation to sub-clause (i) of this Clause 10, such
         costs and expenses must be properly incurred) in connection with:

                  (i)      the execution, release and discharge of this
                           Agreement and the security created or intended to be
                           created in respect of the Pledges and the perfection
                           of the security contemplated in this

                                     - 9 -

<PAGE>

                           Agreement or in any such documents or forming part of
                           the security created or intended to be created in
                           respect of the Pledges;

                  (ii)     the actual or contemplated exercise, preservation
                           and/or enforcement of any of the rights, powers and
                           remedies of, or the performance of the duties and
                           obligations of, the Security Trustee or any Delegate,
                           or any amendment or waiver in respect of this
                           Agreement;

                  (iii)    the foreclosure of any Pledges; and

                  (iv)     the preservation and/or enforcement of the security
                           created or intended to be created in respect of the
                           Pledges,

                  which shall carry interest (before and after any judgment and
                  to the extent interest at a default rate is not otherwise
                  being paid on such sum) from the date of such demand until so
                  reimbursed calculated on a daily basis at the rate determined
                  in accordance with the provisions of clause 18.4 (Interest on
                  Demands) of the Security Trust and Intercreditor Deed.

10.2     TAXES

         The Pledgor shall pay, promptly on demand of the Security Trustee all
         stamp, registration, notarial and other similar Taxes or fees paid or
         payable by the Security Trustee in connection with any action taken or
         contemplated by or on behalf of the Security Trustee for perfecting,
         enforcing, releasing, cancelling, reassigning or resolving any doubt
         concerning, or for any other purpose in relation to this Agreement, any
         amendment thereto, any transfer and/or assignment of the rights and/or
         obligations under the same or the security created or intended to be
         created in respect of the Pledges and shall, from time to time,
         indemnify the Security Trustee promptly on demand against any
         liabilities, costs, claims and expenses resulting from any failure to
         pay by the Pledgor or any delay by the Pledgor in paying any such Taxes
         or fees.

11.      DURATION AND INDEPENDENCE

11.1     This Agreement shall remain in full force and effect until complete
         satisfaction of the Secured Obligations. The Pledges shall not cease to
         exist, if the Pledgor has only temporarily discharged the Secured
         Obligations.

11.2     This Agreement shall create a continuing security and no change,
         amendment, or supplement whatsoever in the Relevant Documents or in any
         document or agreement related to any of the Relevant Documents shall
         affect the validity or

                                     - 10 -

<PAGE>

         the scope of this Agreement nor the obligations which are imposed on
         the Pledgor pursuant to it.

11.3     This Agreement is independent from any other security or guarantee
         which may have been or will be given to the Pledgee. None of such other
         security shall prejudice, or shall be prejudiced by, or shall be merged
         in any way with this Agreement.

12.      RELEASE (PFANDFREIGABE)

12.1     Upon complete and irrevocable satisfaction of the Secured Obligations,
         the Pledgee shall (in accordance with the terms and subject to the
         conditions set out in the Security Trust and Intercreditor Deed and
         without recourse to, or any representation or warranty by, the Security
         Trustee or any of its nominees) at the cost and expense of the Pledgor
         confirm the release of the Pledges (Pfandfreigabe) to the Pledgor as a
         matter of record. For the advoidance of doubt, the parties are aware
         that upon full and complete satisfaction of the Secured Obligations the
         Pledges, due to their accessory nature (Akzessoritat) cease to exist by
         operation of German law.

12.2     At any time when the total value of the aggregate security granted by
         the Pledgor to secure the Secured Obligations (the "SECURITY") which
         can be expected to be realised in the event of an enforcement of the
         Security (realisierbarer Wert) exceeds 110% of the Secured Obligations
         (the "LIMIT") not only temporarily, the Pledgee on demand of the
         Pledgor shall (in accordance with the terms and subject to the
         conditions set out in the Security Trust and Intercreditor Deed and
         without recourse to, or any representation or warranty by, the Security
         Trustee or any of its nominees) release such part of the Security
         (Sicherheitenfreigabe) as the Security Trustee may in its discretion
         determine so as to reduce the realisable value of the Security to the
         Limit.

13.      GENERAL BUSINESS CONDITIONS

         Subject to Clause 9, the Pledgor undertakes to use its best effort to
         procure that each Account Bank subordinates any existing pledge over
         any of the Accounts, including, but without limitation, any pledge
         existing by operation of its general business conditions, to the
         Pledges so that the Pledges will rank ahead of all other pledges
         affecting the Accounts.

14.      PARTIAL INVALIDITY; WAIVER

14.1     If at any time, any one or more of the provisions hereof is or becomes
         invalid, illegal or unenforceable in any respect under the law of any
         jurisdiction, that provision shall as to that jurisdiction be
         ineffective to the extent necessary without affecting or impairing the
         validity, legality and enforceability of the

                                     - 11 -

<PAGE>

         remaining provisions of this Agreement or of such provisions in any
         other jurisdiction. The invalid or unenforceable provision shall be
         deemed replaced by a valid, legal and enforceable provision which comes
         as close as possible to the original intent of the parties as to the
         invalid, illegal or unenforceable provision. This shall apply
         analogously in the case of gaps.

14.2     No failure to exercise, nor any delay in exercising, on the part of the
         Pledgee, any right or remedy hereunder shall operate as a waiver
         thereof, nor shall any single or partial exercise of any right or
         remedy prevent any further or other exercise thereof or the exercise of
         any other right or remedy. The rights and remedies provided hereunder
         are cumulative and not exclusive of any rights or remedies provided by
         law.

15.      AMENDMENTS; WAIVER

         This Agreement may be amended, modified or waived only in writing,
         unless notarial form by operation of law is required. This also applies
         to this Clause 15.

16.      NOTICES AND THEIR LANGUAGE

16.1     Each communication under or in connection with this Agreement shall be
         made in writing and, unless otherwise stated, may be made by fax or
         letter.

16.2     Any communication or document to be made or delivered under or in
         connection with this Agreement shall be made or delivered to the
         following addresses or fax numbers (and for the attention of the
         department or officer noted):

         For the Pledgor:            Marconi Communications Real Estate GmbH

                                     Address:   GerberstraBe 33
                                                D-71522 Backnang

                                     Fax:       07191 13 2419

                                     Attention: Hans-Werner Altermann
                                                Legal Advisor

         For the Pledgee:             The Law Debenture Trust Corporation p.l.c.

                                     Address:   Fifth Floor
                                                100 Wood Street
                                                London EC2V 7EX
                                                England

                                     Fax:       +44 20 7696 5261

                                     Attention: Manager Trust Administration

                                     - 12 -
<PAGE>

         or to such other address as the recipient may notify or may have
         notified to the other party in writing.

16.3     DELIVERY

16.3.1   Any communication or document made or delivered by one person to
         another under or in connection with this Agreement will only be
         effective:

         (a)      if by way of fax, when received in legible form; or

         (b)      if by way of letter, when it has been left at the address
                  specified in Clause 16.2 above or five Business Days after
                  being deposited in the post postage prepaid in an envelope
                  addressed to the addressee at that address,

         and, if a particular department or officer is specified as part of that
         address, if addressed to that department or officer.

16.3.2   Notwithstanding the provisions of sub-clause 16.3.1 (b) above, any
         communication or document to be made or delivered to the Security
         Trustee will be effective only when actually received by the Security
         Trustee and then only if it is expressly marked for the attention of
         the department or officer identified in clause 16.2 (or any substitute
         department or officer as such person shall specify for this purpose).

16.4     Any notice given under or connection with this Agreement shall be in
         the English language. All other documents provided under or in
         connection with this Agreement shall be in the English language or, if
         in any other language, accompanied by a translation into English which
         if reasonably required by the Security Trustee shall be a certified
         translation. In the event of any conflict between the English text and
         the text in any other language, the English text shall prevail unless
         the document is a constitutional, statutory or other official document.

17.      APPLICABLE LAW; JURISDICTION

17.1     APPLICABLE LAW

         This Agreement shall be governed by and construed in accordance with
         the laws of the Federal Republic of Germany.

17.2     GERMAN COURTS

         The courts of Frankfurt am Main have exclusive jurisdiction to settle
         any dispute (a "DISPUTE") arising out of or in connection with this
         Agreement (including

                                     - 13 -

<PAGE>

         a dispute regarding the existence, validity or termination of this
         Agreement or the consequences of its nullity).

17.3     CONVENIENT FORUM

         The parties agree that the courts of Frankfurt am Main are the most
         appropriate and convenient courts to settle Disputes between then and,
         accordingly, that they will not argue to the contrary.

17.4     NON-EXCLUSIVE JURISDICTION

         This Clause 17 is for the benefit of the Pledgee only. As a result it
         does not prevent the Pledgee from taking proceedings relating to a
         Dispute ("PROCEEDINGS") in any other courts with jurisdiction. To the
         extent allowed by law, the Pledgee may take concurrent Proceedings in
         any number of jurisdictions.

18.      ASSIGNMENT

         The Security Trustee may assign and transfer all or any of its rights
         and obligations under this Agreement in accordance with the Security
         Trust and Intercreditor Deed. To the extent legally permissible the
         Security Trustee shall be entitled to disclose such information
         concerning the Pledgor and this Agreement as the Security Trustee
         considers appropriate to any actual or proposed direct or indirect
         successor or to any person to whom information may be required to be
         disclosed by any applicable law.

19.      EFFECTIVENESS

         This Agreement shall become effective only subject to the condition
         precedent and at the time of the first original issuance of the Senior
         Notes.

20.      COUNTERPARTS

         This Agreement may be executed in any number of counterparts and by
         different parties hereto on separate counterparts each of which, when
         executed and delivered, shall constitute an original, but all the
         counterparts shall together constitute but one and the same instrument.

                                     - 14 -

<PAGE>

                                   SCHEDULE 1

                                LIST OF ACCOUNTS

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
                               Account
       Account Name            Number           Swift Code      Currency     Bank Name           Address         Country
------------------------------------------------------------------------------------------------------------------------
<S>                           <C>              <C>              <C>        <C>                <C>                <C>
Marconi Communications Real   161724000        DEUTDESSXXX        EUR      DEUTSCHE BANK      Th.-Heuss-Str. 3   Germany
Estate GmbH                                                                                   70174 Stuttgart
------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     - 15 -

<PAGE>

                                   SCHEDULE 2

                                NOTICE OF PLEDGE

From:    [Pledgor]

To:      [Account Bank]

Date:

Dear Sirs

RE: [Account No(s). (THE "ACCOUNT(s)")]

We hereby give you notice that by an account pledge agreement dated [    ] 2003
(the "ACCOUNT PLEDGE AGREEMENT") we have pledged in favour of The Law Debenture
Trust Corporation p.l.c. (the "SECURITY TRUSTEE") all of our right, title and
interest in and to the above account(s) (which shall include all sub-accounts,
renewals, replacements and redesignations thereof) and all monies and interest
from time to time standing or accruing to the credit thereof. A copy of the
Account Pledge Agreement is attached hereto.

Until notice to the contrary from the Security Trustee to be served on you as
Account Bank we may continue to operate the Account(s) and in particular may
dispose of the amounts standing to the credit of the Account(s). Upon receipt of
such aforesaid notice to the contrary you, as Account Bank, shall not allow any
dispositions by ourselves of amounts standing to the credit of the Account(s).

Please acknowledge receipt of this notice and your agreement to the terms hereof
by signing the enclosed copy and returning the same to The Law Debenture Trust
Corporation p.l.c. at Fifth Floor, 100 Wood Street, London EC2V 7EX, England,
attention: Manager Trust Administration .

Yours faithfully,

__________________________________________

For and on behalf of [Pledgor]

                                     - 16 -

<PAGE>

                     FORM OF ACKNOWLEDGMENT OF ACCOUNT BANK

To:      The Law Debenture Trust Corporation p.l.c. (the "SECURITY TRUSTEE")

Cc:      Marconi Corporation p.l.c. (the "COMPANY")

                                                                 Date: [       ]

Dear Sirs

ACCOUNT PLEDGE AGREEMENT DATED [     ] BETWEEN  [PLEDGOR] AND THE LAW DEBENTURE
TRUST CORPORATION p.l.c. (THE "ACCOUNT PLEDGE AGREEMENT")

We refer to the pledged accounts with account numbers [    ] (account names
[    ]) held with us (the "ACCOUNT(s)") and a notice of pledge from [Pledgor]
dated [    ] in connection with the Account Pledge Agreement (the "NOTICE").

At the request of the Company we acknowledge receipt of the Notice and confirm
that:

(a)   we accept the instructions contained in the Notice and agree to comply
      with the Notice;

(b)   we have not received any previous notice of pledge in relation to the
      Account(s) nor are we aware of any third party rights in relation to the
      Account(s);

(c)   we hereby:

                  (i)      grant our consent on behalf of ourselves and our
                           legal successors in title to the pledge of any claims
                           arising out of the Account(s).

                  (ii)     irrevocably and unconditionally waive our rights in
                           respect of and agree not to make any set-off or
                           deduction from the Account(s) or invoke any rights of
                           retention in relation to the Account(s);

(d)   we agree that the pledge in our favour over the Account(s) granted
      pursuant to our General Business Conditions shall rank behind all the
      pledges over the Account(s) granted to the Security Trustee by the Pledgor
      pursuant to the Account Pledge Agreement of which we have been notified by
      the Pledgor.

Yours faithfully

_________________________________________

for and on behalf of
[Account Bank]

                                     - 17 -

<PAGE>

                                   SCHEDULE 3

                         NOTICE OF ENFORCEMENT OF PLEDGE

From: The Law Debenture Trust Corporation p.l.c.

To:   [Account Bank]

CC:   [Pledgor]

Date:

Dear Sirs

RE: [Account No(s). (THE "ACCOUNT(s)")]

We refer to the notice of pledge dated [insert date of notice pursuant to
Schedule 1] by which [Pledgor] has informed you that by an account pledge
agreement dated [    ] 2003 (the "ACCOUNT PLEDGE AGREEMENT") [Pledgor] has
pledged in favour of ourselves all of its right, title and interest in and to
the above account(s) (which shall include all sub-accounts, renewals,
replacements and redesignations thereof) and all monies and interest from time
to time standing or accruing to the credit thereof. A copy of the Account Pledge
Agreement has been provided you.

We hereby give you notice that we enforce our rights under the Account Pledge
Agreement and instruct you that upon receipt by you of this notice:

(i)     [Pledgor] may not continue to operate the Account(s);

(ii)    [Pledgor] may not dispose of the amounts standing to the credit of the
        Account(s); and

(iii)   you, as Account Bank, shall not allow any dispositions by [Pledgor] of
        amounts standing to the credit of the Account(s).

We further instruct you:

(iv)    to disclose to us without any reference to or further authority from
        [Pledgor] and without any enquiry by you as to the justification of such
        disclosure, such information relating to the Account(s) and the sums
        therein as we may at any time and from time to time request;

                                     - 18 -

<PAGE>

(v)     to hold all sums from time to time standing to the credit of the
        Accounts to our order;

(vi)    to pay or release all or any part of the sums from time to time
        standing to the credit of the Account(s) in accordance with our written
        instructions at any time or times;

(vii)   to comply with the terms of any written notice or instructions in any
        way relating to, or purporting to relate to, the Account Pledge
        Agreement and the sums standing to the credit of the Account(s) from
        time to time which you receive at any time from us without any reference
        to or further authority from [Pledgor] and without any enquiry by you as
        to the justification for or validity of such notice or instruction; and

(viii)  to pay all monies received by you for the Account(s) to (and only to)
        the credit of those Accounts.

Please note that [Pledgor] is not permitted to withdraw any amount from (any) of
the Account(s) without our prior written consent.

Please also note that these instructions are not to be revoked or varied without
our prior written consent.

Please acknowledge receipt of this notice and your agreement to the terms hereof
by signing the enclosed copy and returning the same to The Law Debenture Trust
Corporation p.l.c. at Fifth Floor, 100 Wood Street, London EC2V 7EX, England,
attention: Manager Trust Administration.

Yours faithfully,

______________________________________________

For and on behalf of [Security Trustee]

                                     - 19 -

<PAGE>

                             FORM OF ACKNOWLEDGEMENT

To: The Law Debenture Trust Corporation p.l.c.

Dear Sirs,

We confirm receipt from The Law Debenture Trust Corporation p.l.c. of a notice
dated [    ] relating to certain account(s) (the "ACCOUNT(s)") of [Pledgor] with
us.

We confirm that:

(i)      we accept the instructions and authorisations contained in that notice
         and we undertake to act in accordance with the terms of that notice;

(ii)     we have not received notice of the interest of any third party in the
         Account(s);

(iii)    we have neither claimed or exercised nor will claim any rights to make
         any set-off or deduction from the Account(s) nor have invoked or will
         invoke any rights of retention or rights in relation to the Account(s)
         without your prior written consent;

(iv)     we shall pay all monies received by us for the Account(s) to (and only
         to) the credit of the Account(s) unless otherwise consented to by you;
         and

(v)      we shall not permit any amount to be withdrawn from (any of) the
         Account(s) without your prior written consent.

Yours faithfully,

_____________________________________
On behalf of [Account Bank]

                                     - 20 -

<PAGE>

SIGNATURE PAGE

THIS ACCOUNT PLEDGE AGREEMENT HAS BEEN ENTERED INTO ON THE DATE STATED AT THE
BEGINNING BY

MARCONI COMMUNICATIONS REAL ESTATE GmbH

By:  MARY SKELLY

     Name:  Mary Skelly
     Title: Attorney

THE LAW DEBENTURE TRUST CORPORATION p.l.c.

By:  JULIAN MASON-JEBB

     Name:  Julian Mason-Jebb
     Title: Director

                                     - 21 -

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