Document:

Exhibit 4.21

 

RANKING
AGREEMENT

 

among

 

CABLETEL (UK) LIMITED

 

and

 

	
  DEUTSCHE
  BANK AG, LONDON BRANCH as First Security Trustee and Second Security Trustee

  	
   

  

 

19
January 2010

 

	
   

  	
  DUNDAS & WILSON
  CS LLP

  
	
   

  	
   

  
	
   

  	
  Saltire
  Court

  
	
   

  	
  20
  Castle Terrace

  
	
   

  	
  Edinburgh
  EH1 2EN

  
	
   

  	
   

  
	
   

  	
  Tel
  0131 228 8000

  
	
   

  	
  Fax
  0131 228 8888

  
	
   

  	
  Legal
  Post: LP2 Edinburgh 6

  
	
   

  	
  FAS:
  1310

  
	
   

  	
   

  
	
   

  	
  Ref:
  DAC/CLP/DEU002.0063

  

 

 

	
   

  	
  RANKING
  AGREEMENT

  
	
   

  	
   

  
	
   

  	
  amongst

  
	
   

  	
   

  
	
   

  	
  CABLETEL
  (UK) LIMITED, incorporated under the Companies Acts (Company Number 02835551) and
  having its Registered Office at 160 Great Portland Street, London, W1W 5QA
  (the “Chargor”)

  
	
   

  	
   

  
	
   

  	
  and

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK AG, LONDON BRANCH, in its capacity as security trustee for the
  First Beneficiary and the Second Beneficiaries under the First Standard
  Security (the “First  Security
  Trustee”)

  
	
   

  	
   

  
	
   

  	
  and

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK AG, LONDON BRANCH, in its capacity as security trustee for the
  First Beneficiary and the Second Beneficiaries under the Second Standard
  Security (the “Second Security Trustee”)

  

 

WHEREAS:-

 

A.                                   The Chargor has granted in
favour of the First Security Trustee the First Standard Security;

 

B.                                     The Chargor has granted in
favour of the Second Security Trustee the Second Standard Security;

 

C.                                     The First Security Trustee
and the Second Security Trustee wish to regulate their respective priorities in
the manner set out in this Agreement; and

 

D                                       The Chargor has agreed to
the said ranking of the respective priorities of the Standard Securities as is
evidenced by its execution of this Agreement.

 

NOW
THEREFORE IT IS AGREED AS FOLLOWS:-

 

1.                                       INTERPRETATION

 

1.1                                 In this Agreement the
following expressions shall have the meanings set out opposite them:

 

	
   

  	
  Beneficiaries

  	
   

  	
  shall mean the
  First Beneficiary and the Second Beneficiaries as defined in the Group
  Intercreditor Deed

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  First
  Standard Security

  	
   

  	
  shall mean the
  standard security granted by the 

  

 

2

 

	
   

  	
   

  	
   

  	
  Chargor in favour
  of the First Security Trustee over the Security Subjects dated 3 and
  registered in the Land Register of Scotland on 10, both March 2006, as
  varied by Deed of Variation of Standard Security by the Chargor in favour of
  the First Security Trustee dated on or around the date hereof and registered
  or about to be registered in the Land of Register of Scotland

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Group
  Intercreditor Deed

  	
   

  	
  shall mean the
  group intercreditor deed dated 3 March 2006, as amended and restated on
  13 June 2006, 10 July 2006, 31 July 2006, 15 May 2008, 30
  October 2009 and 8 January 2010 and as amended, restated, modified,
  supplemented or novated from time to time entered into among the Security
  Trustee, the Facility Agent, the Original Senior Borrowers, the Original
  Senior Guarantors, the Senior Lenders, the Hedge Counterparties, the
  Intergroup Debtors and the Intergroup Creditors (as each of those terms are
  defined therein) and certain other members of the Group.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Second
  Standard Security

  	
   

  	
  shall mean the
  standard security granted or to be granted by the Chargor in favour of the
  Second Security Trustee over the Security Subjects dated on or around the
  date hereof and registered or about to be registered in the Land Register of
  Scotland

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Security
  Subjects

  	
   

  	
  shall mean ALL and
  WHOLE the subjects comprising the land and warehouse premises at Glasgow
  Road, Renfrew and registered in the Land Register of Scotland under Title
  Number REN93989

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Standard
  Securities

  	
   

  	
  shall mean the
  First Standard Security and the Second Standard Security

  

 

1.2                                Unless otherwise stated,
the terms defined in the Group Intercreditor Deed shall have the same meaning
herein (including in the recitals hereto).

 

1.3                                References to the First
Security Trustee, the Second Security Trustee and the Chargor include their
respective successors and assignees permitted in terms of the Group
Intercreditor Deed.

 

1.4                                In this Agreement, the
singular includes the plural and vice versa. 
Clause headings are for convenience only.

 

1.5                                Reference to any statutory
provision shall be deemed to include reference to any statute or statutory
provision which amends, extends, consolidates or replaces the same or which has
been amended, extended, consolidated or replaced by the same, and to any order,
regulation, instrument or other subordinate legislation made under the relevant
statute.

 

3

 

2.                                       GROUP
INTERCREDITOR DEED

 

This
Agreement is supplemental to the Group Intercreditor Deed and the whole terms,
undertakings, obligations, powers, rights, provisions and others of and
contained in the Group Intercreditor Deed are held to be incorporated in and
shall be deemed to form part of this Agreement. 
In the event of any inconsistency between the terms of this Agreement
and the terms of the Group Intercreditor Deed, the terms of the Group Intercreditor
Deed shall prevail.

 

3.                                       RANKING

 

The
Standard Securities shall rank in the following order of priority, namely:-

 

The
First Standard Security and the Second Standard Security shall rank pari passu
as if they had been created simultaneously and as a continuing security for,
and shall not be affected by any fluctuations in the amounts secured thereby.

 

4.                                       EXCLUSION
OF LEGAL RULES

 

Notwithstanding
the provisions of Section 13 of the Conveyancing and Feudal Reform
(Scotland) Act 1970 or Sections 464 or 466 of the Companies Acts 1985, or any
other rule of law which might operate to the contrary effect, the
provisions of Clause 3 as to ranking of the Standard Securities shall be valid
and effective irrespective of the dates or times at which the Standard
Securities were executed or constituted or registered and irrespective of the
date or dates on which sums have been or may be advanced by the Beneficiaries
to any Chargor or any other person or have been or shall be drawn out by any
Chargor or any other person or debited to any Chargor or any other person, the
Chargor having no concern with the composition of or fluctuations in the sum or
sums due by the Chargor to the Beneficiaries.

 

5.                                       DAMAGE/DESTRUCTION

 

In
the event of damage to or destruction of the Security Subjects or any part
thereof by any risk insured against by any Chargor from time to time and in the
event that the insurance monies shall not be used to reinstate the Security
Subjects or the relevant part thereof, the insurance monies shall be treated as
heritable and secured by the Standard Securities and the respective rankings
set out in Clause 3 hereof shall apply to such monies as if such monies were
fully secured by the Standard Securities.

 

6.                                       VARIATION/ALTERATION

 

The
Standard Securities are hereby varied to the extent specified in the Agreement
and this Agreement shall be construed and receive effect as a variation within
the meaning of Section 16 of the Conveyancing and Feudal Reform (Scotland)
Act 1970.

 

7.                                       PROPER
LAW

 

This
Ranking Agreement shall be governed by and construed in accordance with the law
of Scotland and each of the parties hereto hereby prorogates and accepts the
jurisdiction of the Court of Session in Edinburgh.

 

4

 

8.                                       CONSENT
TO REGISTRATION

 

The
parties hereto consent to registration hereof for preservation:  IN WITNESS WHEREOF these presents comprising
this and the preceding three pages are subscribed for and on behalf of CABLETEL (UK) LIMITED acting by its directors VIRGIN MEDIA DIRECTORS LIMITED and VIRGIN MEDIA
SECRETARIES LIMITED as follows:-

 

ROBERT
MACKENZIE
duly authorised by

VIRGIN MEDIA DIRECTORS
LIMITED

to
sign on its behalf as director

 

	
   

  	
  /s/ ROBERT
  MACKENZIE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  In the presence
  of:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ MANOJ BHUNDIA

  	
  Witness

  
	
   

  	
   

  	
   

  
	
   

  	
  Manoj Bhundia

  	
  Print full name of Witness

  
	
   

  	
   

  	
   

  
	
   

  	
  99 City Road

  	
  Address of Witness

  
	
   

  	
  London
  EC1Y 1AX

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  together at

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  on

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ROBERT
  GALE
  duly authorised by

  	
   

  
	
   

  	
  VIRGIN
  MEDIA SECRETARIES LIMITED

  	
   

  
	
   

  	
  to sign on its
  behalf as director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ ROBERT GALE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  In the presence of:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ MANOJ BHUNDIA

  	
  Witness

  
	
   

  	
   

  	
   

  
	
   

  	
  Manoj Bhundia

  	
  Print full name of Witness

  
	
   

  	
   

  	
   

  
	
   

  	
  99 City Road

  	
  Address of Witness

  
	
   

  	
  London
  EC1Y 1AX

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  together at

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  on

  	
   

  

 

5

 

SUBSCRIBED for and on behalf of DEUTSCHE BANK AG, LONDON BRANCH as security trustee for the
First Beneficiary and the Second Beneficiaries under the First Standard
Security:

 

	
   

  	
  at

  	
  London

  	
   

  	
   

  
	
   

  	
  on

  	
  19th January 2010

  	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ NICOLA ANNE
  DAWES

  	
   

  	
  Nicola
  Anne Dawes

  
	
   

  	
  Authorised Signatory

  	
   

  	
   

  	
  Full Name

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ VIKKI ANNE
  MAYELL

  	
   

  	
  Vikki
  Anne Mayell

  
	
   

  	
  Authorised
  Signatory

  	
   

  	
   

  	
  Full Name

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ CHRISTOPHER
  MARK AMOTT

  	
   

  	
   

  	
  Christopher Mark
  Amott

  
	
   

  	
  Witness

  	
   

  	
  Witness
  Full Name

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Deutsche Bank AG
  London

  
	
   

  	
   

  	
   

  	
   

  	
  Winchester House

  
	
   

  	
   

  	
   

  	
   

  	
  1 Great Winchester
  Street

  
	
   

  	
   

  	
   

  	
   

  	
  London EC2N 2DB

  
	
   

  	
   

  	
   

  	
   

  	
  Address

  
							

 

 

SUBSCRIBED for and on behalf of DEUTSCHE BANK AG, LONDON BRANCH as security trustee for the
First Beneficiary and the Second Beneficiaries under the Second Standard
Security:

 

	
   

  	
  at

  	
  London

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  on

  	
  19th January 2010

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ NICOLA ANNE
  DAWES

  	
   

  	
  Nicola
  Anne Dawes

  
	
   

  	
  Authorised
  Signatory

  	
   

  	
   

  	
  Full Name

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ VIKKI ANNE
  MAYELL

  	
   

  	
  Vikki
  Anne Mayell

  
	
   

  	
  Authorised
  Signatory

  	
   

  	
   

  	
  Full Name

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ CHRISTOPHER
  MARK AMOTT

  	
   

  	
   

  	
  Christopher Mark
  Amott

  
	
   

  	
  Witness

  	
   

  	
   

  	
  Witness
  

  
	
   

  	
  Full Name

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Deutsche Bank AG
  London

  
	
   

  	
   

  	
   

  	
   

  	
  Winchester House

  
	
   

  	
   

  	
   

  	
   

  	
  1 Great Winchester
  Street

  
	
   

  	
   

  	
   

  	
   

  	
  London EC2N 2DB

  
	
   

  	
   

  	
   

  	
   

  	
  Address

  
							

 

6Exhibit
4.22

 

SHARES PLEDGE

 

by

 

VIRGIN MEDIA LIMITED

 

and

 

DEUTSCHE BANK AG, LONDON
BRANCH

as Security Trustee

 

	
  19 January 2010

  	
   

  	
  DUNDAS &
  WILSON CS LLP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Saltire Court

  
	
   

  	
   

  	
  20 Castle Terrace

  
	
   

  	
   

  	
  Edinburgh EH1 2EN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tel 0131 228 8000

  
	
   

  	
   

  	
  Fax 0131 228 8888

  
	
   

  	
   

  	
  Legal Post: LP2
  Edinburgh 6

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ref:
  DO/CLP/DEU002.0038

  

 

 

Table
of Contents

 

	
  1.

  	
  INTERPRETATION

  	
  1

  
	
   

  	
   

  	
   

  
	
  2.

  	
  OBLIGATION
  TO PAY

  	
  8

  
	
   

  	
   

  	
   

  
	
  3.

  	
  SECURITY

  	
  9

  
	
   

  	
   

  	
   

  
	
  4.

  	
  UNDERTAKINGS

  	
  9

  
	
   

  	
   

  	
   

  
	
  5.

  	
  WARRANTIES

  	
  12

  
	
   

  	
   

  	
   

  
	
  6.

  	
  VOTING
  RIGHTS, DIVIDENDS ETC.

  	
  12

  
	
   

  	
   

  	
   

  
	
  7.

  	
  LIABILITY
  TO PERFORM

  	
  13

  
	
   

  	
   

  	
   

  
	
  8.

  	
  ENFORCEMENT

  	
  13

  
	
   

  	
   

  	
   

  
	
  9.

  	
  APPLICATION
  OF ENFORCEMENT MONEYS

  	
  14

  
	
   

  	
   

  	
   

  
	
  10.

  	
  RECONVEYANCE

  	
  15

  
	
   

  	
   

  	
   

  
	
  11.

  	
  PROTECTION
  OF SECURITY

  	
  15

  
	
   

  	
   

  	
   

  
	
  12.

  	
  FURTHER
  ASSURANCE

  	
  17

  
	
   

  	
   

  	
   

  
	
  13.

  	
  MANDATE
  AND ATTORNEY

  	
  17

  
	
   

  	
   

  	
   

  
	
  14.

  	
  SECURITY
  TRUST AGREEMENT

  	
  17

  
	
   

  	
   

  	
   

  
	
  15.

  	
  INDEMNITIES;
  COSTS AND EXPENSES

  	
  18

  
	
   

  	
   

  	
   

  
	
  17.

  	
  CURRENCIES

  	
  19

  
	
   

  	
   

  	
   

  
	
  18.

  	
  MISCELLANEOUS

  	
  19

  
	
   

  	
   

  	
   

  
	
  19.

  	
  NOTICES

  	
  19

  
	
   

  	
   

  	
   

  
	
  20.

  	
  SET-OFF

  	
  20

  
	
   

  	
   

  	
   

  
	
  21.

  	
  GOVERNING
  LAW

  	
  20

  

 

SCHEDULE

Pledged Securities

 

 

SHARES PLEDGE

 

between

 

(A)       VIRGIN MEDIA LIMITED (formerly known as NTL
Group Limited) incorporated under the laws of England and Wales with registered
number 02591237 and having its registered office at 160 Great Portland Street,
London W1W 5QA (hereinafter referred to as the  Company); and

 

(B)       DEUTSCHE BANK AG, LONDON BRANCH in its capacity as Security
Trustee for the Beneficiaries (hereinafter referred to as the Security
Trustee).

 

CONSIDERING THAT:

 

(A)          The Lenders have agreed to make available to
the Borrowers (as defined in the Senior Facilities Agreement (as defined below))
certain credit facilities pursuant to the terms and subject to the conditions
of the Senior Facilities Agreement.

 

(B)          Virgin Media Secured Finance PLC has agreed to issue
and sell the Senior Secured Notes under the Senior Secured Notes Indenture.

 

(C)          By an intercreditor deed dated 3 March 2006, as
amended and restated on 13 June 2006, 10 July 2006, 31 July 2006,
15 May 2008, 30 October 2009 and 8 January 2010 (the Group Intercreditor Deed) the Security Trustee, the Facility
Agent, the Original Senior Borrowers, the Original Senior Guarantors, the
Senior Lenders, the Hedge Counterparties, the Intergroup Debtors and the
Intergroup Creditors and certain other members of the Group have agreed to
regulate their relationship as creditors on the terms set out therein.

 

(D)          The board of directors of the Company is satisfied
that the Company is entering into this Instrument for the purposes of carrying
on its business and that doing so benefits the Company.

 

(E)           The Security Trustee holds the benefit of this Instrument
on trust for itself and the other Beneficiaries on the terms and subject to the
conditions of the Security Trust Agreement and the Group Intercreditor Deed.

 

NOW IT IS HEREBY PROVIDED
AND DECLARED THAT:-

 

1.             INTERPRETATION

 

1.1           In this Instrument:

 

	
  Beneficiaries

  	
   

  	
  means the First
  Beneficiary and the Second Beneficiaries;

  
	
   

  	
   

  	
   

  
	
  Chargors

  	
   

  	
  means each of the
  Original Charging Companies and each of the Original Charging Partnerships;

  

 

 

	
  Debenture

  	
   

  	
  means the
  composite debenture dated on or about the date hereof among, inter alios, the companies listed therein as Original Charging Companies (including the Company), the partnerships listed therein as
  the Original Charging Partnerships and Deutsche Bank AG, London Branch as
  Security Trustee for the Beneficiaries;

  
	
   

  	
   

  	
   

  
	
  Default
  Rate

  	
   

  	
  means the rate
  specified in Clause 28.2 of the Senior Facilities Agreement or, upon its
  repayment in full and cancellation of all undrawn commitments thereunder such
  equivalent provision in the Relevant Facilities Agreement;

  
	
   

  	
   

  	
   

  
	
  Designated
  Secured Obligations

  	
   

  	
  means Financial
  Indebtedness in the form of notes or other such similar instruments of any
  member of the Group that is designated as “Designated
  Secured Obligations” by written notice from Virgin Media
  Investment Holdings Limited and its successors in title from time to time to
  the Security Trustee which notice will certify that the Financial
  Indebtedness is an instrument for which Rule 3-16 of Regulation S-X
  under the Securities Act (“Rule 3-16”)
  is applicable or will become applicable upon registration of such instrument
  or an instrument exchangeable for such instrument pursuant to a contractual
  requirement;

  
	
   

  	
   

  	
   

  
	
  Enforcement
  Date

  	
   

  	
  means the date on
  which, following the occurrence of an Event of Default that is continuing, either
  the Relevant Agent or the Security Trustee notifies the relevant Chargor of
  the occurrence of that Event of Default, or takes, under any one or more of
  the Senior Finance Documents, any of the steps it is entitled to take by
  reason of the occurrence of such Event of Default.

  
	
   

  	
   

  	
   

  
	
  Event
  of Default

  	
   

  	
  means each of:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  a Senior Default;
  and

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  an event of
  default or termination event (however described) under any Hedging Agreement;

  
	
   

  	
   

  	
   

  
	
  Excluded
  Charged Assets

  	
   

  	
  has the meaning
  given to such term in Clause 4.2 of this Instrument.

  
	
   

  	
   

  	
   

  
	
  Existing
  Security Trustee

  	
   

  	
  means Deutsche
  Bank AG, London Branch in its capacity as security trustee under the Existing
  Share Pledge.

  

 

 

	
  Existing
  Share Pledge

  	
   

  	
  means the share
  pledge granted by the Company in favour of Deutsche Bank AG, London Branch in
  respect of the Pledged Securities and dated 3 March 2006.

  
	
   

  	
   

  	
   

  
	
  Incapacity

  	
   

  	
  means, in relation
  to any person, the insolvency, bankruptcy, liquidation, dissolution,
  winding-up, administration, receivership, amalgamation, reconstruction or
  other incapacity of that person whatsoever (and, in the case of a
  partnership, includes the termination or change in the composition of the
  partnership);

  
	
   

  	
   

  	
   

  
	
  Instructing
  Party

  	
   

  	
  has the meaning
  given to it in the Group Intercreditor Deed;

  
	
   

  	
   

  	
   

  
	
  Indemnified
  Party

  	
   

  	
  has the meaning
  set out in Clause 15.3;

  
	
   

  	
   

  	
   

  
	
  Liability

  	
   

  	
  means any
  obligation or liability for the payment of money, whether in respect of
  principal, interest or otherwise, owed jointly or severally and whether owed
  as principal or surety or in any other capacity;

  
	
   

  	
   

  	
   

  
	
  Original
  Charging Companies

  	
   

  	
  has the meaning
  given to it in the Debenture;

  
	
   

  	
   

  	
   

  
	
  Original
  Charging Partnerships

  	
   

  	
  has the meaning
  given to it in the Debenture;

  
	
   

  	
   

  	
   

  
	
  Permitted Encumbrance

  	
   

  	
  means any Encumbrance permitted under clause
  25.2 of the Senior Facilities Agreement or upon its repayment in full and
  cancellation of all undrawn commitments thereunder such equivalent provision
  in the Relevant Facilities Agreement;

  
	
   

  	
   

  	
   

  
	
  Pledged Company

  	
   

  	
  means Prospectre Limited (registered number
  SC145280);

  
	
   

  	
   

  	
   

  
	
  Pledged
  Securities

  	
   

  	
  means the
  securities described in paragraph (A) of the Schedule hereto to be
  transferred, or which have been transferred pursuant to the Existing Share
  Pledge to the Security Trustee or its nominee and the securities, moneys,
  assets, rights and powers described in paragraphs (B) and (C) of
  the Schedule hereto and all other securities (if any) which are hereafter
  transferred or delivered to the Security Trustee to be held subject to the
  terms and conditions of this Instrument;

  
	
   

  	
   

  	
   

  
	
  Receiver

  	
   

  	
  means any receiver
  or administrative receiver appointed in respect of all or any of the Pledged
  Securities (whether pursuant to this Instrument, pursuant to any statute, by
  a Court or

  

 

 

	
   

  	
   

  	
  otherwise) and
  includes joint receivers;

  
	
   

  	
   

  	
   

  
	
  Relevant
  Facilities Agreement

  	
   

  	
  means the Senior
  Facilities Agreement, or, upon its repayment in full and cancellation of all
  undrawn commitments thereunder, the Designated Refinancing Facilities
  Agreement, provided that if upon the repayment in full and cancellation of
  all undrawn commitments under the Senior Facilities Agreement there is no
  Designated Refinancing Facilities Agreement, until such time that a
  Refinancing Facilities Agreement has been designated as a Designated Refinancing
  Facilities Agreement, the “Relevant Facilities Agreement” shall be the Senior
  Facilities Agreement immediately prior to such termination, and provided
  further that upon the repayment in full and cancellation of all undrawn
  commitments under the Designated Refinancing Facilities, until such time that
  a Refinancing Facilities Agreement has been designated as a Designated
  Refinancing Facilities Agreement, the “Relevant Facilities Agreement” shall
  be the Designated Refinancing Facilities Agreement immediately prior to such
  termination.

  
	
   

  	
   

  	
   

  
	
  Rule 3-16

  	
   

  	
  has the meaning
  given to such term in “Designated Secured
  Obligations”;

  
	
   

  	
   

  	
   

  
	
  SEC

  	
   

  	
  means the United States Securities and
  Exchange Commission;

  
	
   

  	
   

  	
   

  
	
  Secured
  Obligations

  	
   

  	
  means the Security
  Trustee Liabilities, the Senior Liabilities and the Hedging Liabilities,
  provided that any liabilities that have been designated as “New Senior Liabilities” under the Group Intercreditor Deed
  or are incurred after 31 December 2009 under any Refinancing Facilities
  Agreement entered into after such date,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  in breach of the
  provisions of the Senior Facilities Agreement, or upon its repayment in full
  and cancellation of all undrawn commitments thereunder (unless there is no
  Designated Refinancing Facilities Agreement), the Designated Refinancing
  Facilities Agreement, or any Refinancing Facilities Agreement on the date of
  such designation (excluding any applicable cure period), or

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  that the Security
  Trustee, acting reasonably, has not agreed to act as security trustee for,

  

 

 

	
   

  	
   

  	
  shall not, in any
  such case constitute “Secured Obligations”
  for the purpose of this Instrument;

  
	
   

  	
   

  	
   

  
	
  Securities Act

  	
   

  	
  means
  the United States Securities Act of 1933, as amended;

  
	
   

  	
   

  	
   

  
	
  Security
  Period

  	
   

  	
  means the period
  beginning on the date of this Instrument and ending on the date on which all
  the Secured Obligations have been unconditionally and irrevocably paid and
  discharged in full;

  
	
   

  	
   

  	
   

  
	
  Security
  Provider

  	
   

  	
  means any person
  who has granted or may at any time hereafter grant any security interest on
  security for the Secured Obligations;

  
	
   

  	
   

  	
   

  
	
  Security
  Trust Agreement

  	
   

  	
  means the security
  trust agreement dated 3 March 2006 and amended and restated on or about
  the date of this Instrument between Deutsche Bank AG, London Branch as
  Security Trustee and as Facility Agent, Virgin Media Investment Holdings
  Limited (formerly known as NTL Investment Holdings Limited) and the companies
  named therein as Original Obligors;

  
	
   

  	
   

  	
   

  
	
  Senior
  Facilities Agreement

  	
   

  	
  means the senior
  facilities agreement dated 3 March 2006 (as amended and restated on 22
  May 2006, 10 July 2006, 10 August 2006, 4 April 2007, 15
  May 2008, 10 November 2008, 30 October 2009 and 8
  January 2010 and as amended, restated, supplemented or novated from time
  to time between Virgin Media Inc., Virgin Media Finance plc, Virgin Media
  Investment Holdings Limited (formerly known as NTL Investment Holdings
  Limited), Telewest Communications Network Limited, VMIH Sub Limited (formerly
  known as NTLIH Sub Limited) as UK Borrowers, Virgin Media Dover LLC (formerly
  known as NTL Dover LLC) as US Borrower, Deutsche Bank AG, London Branch, J.P.
  Morgan plc, The Royal Bank of Scotland plc and Goldman Sachs International as
  Bookrunners and as Mandated Lead Arrangers, Deutsche Bank AG, London Branch
  as Facility Agent and as Security Trustee, Deutsche Bank AG, New York Branch
  as US Paying Agent, GE Corporate Banking Europe SAS as Administrative Agent,
  Deutsche Bank AG, London Branch as Original L/C Bank and the persons named
  therein as Lenders;

  
	
   

  	
   

  	
   

  
	
  Senior Secured Notes

  	
   

  	
  has the meaning given to the term “Notes” in the Senior Secured Notes Indenture;

  

 

 

	
  Senior Secured Notes Documents

  	
   

  	
  means the Senior Secured Notes Indenture
  including the guarantees set out therein, and the Senior Secured Notes;

  
	
   

  	
   

  	
   

  
	
  Senior Secured Notes Indenture

  	
   

  	
  means the indenture dated on or about the
  date of this Instrument governing the US$1,000,000,000 6.50% Senior Secured
  Notes due 2018 and the £875,000,000 7.00% Senior Secured Notes due 2018,
  among Virgin Media Inc., Virgin Media Investment Holdings Limited, Virgin
  Media Finance PLC, Virgin Media Secured Finance PLC, the subsidiary
  guarantors named therein. The Bank of New York Mellon, as trustee, registrar
  and paying agent and The Bank of New York Mellon (Luxembourg), S.A., as
  Luxembourg paying agent, as amended, restated, supplemented or otherwise
  modified from time to time.

  

 

1.2       Successors and assigns

 

The expressions “Senior Lenders”, “Beneficiaries”, “Chargor”, “Senior
Finance Party”, “Company”, “Original Charging Company”, “Original Charging
Partnership”, “Relevant Agent”, “Security Provider” and “Security Trustee”
include, where the context admits, their respective successors, permitted
assigns and transferees and, in the case of the Lenders, their Transferees and,
in the case of the Security Trustee, such other person as may from time to time
be appointed as Security Trustee for the Beneficiaries pursuant to the
provisions of the Security Trust Agreement.

 

1.3       Agreement definitions

 

Unless the context otherwise requires or unless otherwise defined in
this Instrument, words and expressions defined in the Group Intercreditor Deed
and (unless otherwise defined in the Group Intercreditor Deed) the Relevant
Facilities Agreement shall have the same meaning when used in this Instrument
(including its recitals).

 

1.4       Headings

 

Clause and schedule headings and the contents page are
inserted for convenience of reference only and shall be ignored in the
interpretation of this Instrument.

 

1.5       Construction
of certain terms

 

In this Instrument, unless the context otherwise requires:

 

(a)        references to
clauses and the schedules are to be construed as references to the
clauses of, and the schedules to, this Instrument and references to this
Instrument include its schedules;

 

(b)        references to (or to any
specified provision of) this Instrument or any other agreement or document
shall be construed as references to this Instrument, that provision, that
agreement or that document as in force for the time being and as from time to
time amended, supplemented, varied, extended, restated, replaced or novated in
accordance with the terms thereof, or, as the case may be, with the

 

 

agreement of the relevant parties and (where such consent is, by the
terms of any Security Document or the relevant document, required to be
obtained as a condition to such amendment being permitted) the prior written
consent of the Relevant Agent, the Security Trustee, all of the Beneficiaries,
an Instructing Party or all or any of the other Senior Finance Parties (as the
case may be);

 

(c)        references to a regulation include any present or future regulation, rule,
directive, requirement, request or guideline (whether or not having the force
of law) of any agency, authority, central bank or government department or any
self-regulatory or other national or supra-national authority;

 

(d)        words importing the plural
shall include the singular and vice versa;

 

(e)        references to a time of day
are to London time;

 

(f)         references to a person shall be construed as including references to an
individual, firm, company, corporation, unincorporated body of persons or any
state or any agency thereof and that person’s successors in title;

 

(g)        references to a guarantee include references to an indemnity or other
assurance against financial loss including, without limitation, an obligation
to purchase assets or services as a consequence of a default by any other
person to pay any Indebtedness and guaranteed
shall be construed accordingly;

 

(h)        references to any enactment
shall be deemed to include references to such enactment as re-enacted, amended
or extended;

 

(i)         references to business in
relation to the Company means any business referred to in the definition of
Group Business in the Senior Facilities Agreement or upon its repayment in full
and cancellation of all undrawn commitments thereunder, the equivalent
provision in the Relevant Facilities Agreement, which the Company engages in,
and references to ordinary course of business shall be similarly
construed; and

 

(j)         references in this
Instrument to a fixed security shall be construed a reference to a fixed
security as defined by Section 486 of the Act as in force at the date
hereof.

 

1.6       Group
Intercreditor Deed

 

This Instrument
should be read and construed subject to the terms of the Group Intercreditor Deed.  In the event of any inconsistency between the
terms of this Instrument and the Group Intercreditor Deed, the terms of the
Group Intercreditor Deed shall prevail.

 

1.7       Construction
of certain terms

 

It is acknowledged and agreed that (without prejudice to the extension
of the Secured Obligations to any other Indebtedness from time to time included
within the definition thereof) as at the date hereof, the Secured Obligations
shall include:

 

(a)        all Liabilities under the
Senior Facilities Agreement; and

 

(b)        all Liabilities under the
Senior Secured Notes Documents.

 

 

2.             OBLIGATION
TO PAY

 

2.1       The Company hereby
covenants that it will on demand made on it by the Security Trustee pay to the
Security Trustee for the account of the relevant Beneficiaries any Secured
Obligation which is due and payable but unpaid.

 

2.2       Any statement of account of
the Company, signed as correct by an officer of the Security Trustee, showing
the amount of any Secured Obligations of the Company shall be prima facie
evidence as to the amount of the Secured Obligations of the Company from time
to time.

 

2.3       The Company warrants that
it has not taken or received, and undertakes that until all the Secured
Obligations have been paid or discharged in full it will not, without the consent
in writing of the Security Trustee, take or receive any security from any other
Chargor or any other person in respect of its obligations under
this Instrument.

 

2.4       All payments to be made by
the Company under this Instrument shall be made in full, without any set-off or
counterclaim or plea of compensation whatsoever and free and clear of any
deductions or withholdings in the relevant currency on the due date to such
account as the Security Trustee may from time to time specify.

 

2.5       Until all the Secured
Obligations have been paid, discharged or satisfied in full (and
notwithstanding payment of a dividend in any liquidation or under any
compromise or arrangement or the discharge by any person of its liability) the
Company agrees that without the prior written consent of the Security Trustee
it will not:

 

(a)        exercise its rights of subrogation, reimbursement and indemnity against
any other Chargor or any other person;

 

(b)        save as otherwise permitted and not restricted in each of the Senior
Finance Documents demand or accept repayment in whole or in part of any
obligations or liabilities now or hereafter due to the Company from any other
Chargor or any Security Provider or demand or accept any guarantee or any other
document or instrument (including, without limitation, any other document or
instrument creating or evidencing a mortgage, charge (whether fixed or
floating), pledge, lien, hypothecation, assignment, trust arrangement or
security interest of any kind) in respect of such obligations or liabilities or
dispose of the same;

 

(c)        take any step to enforce any right against any other Chargor or any
Security Provider in respect of any such obligations or liabilities; or

 

(d)        claim any set-off or counter-claim in respect of any such obligations or
liabilities against any other Chargor or any Security Provider or claim or
prove in competition with the Security Trustee or any of the Beneficiaries in
the bankruptcy, liquidation or administration of any other Chargor or any
Security Provider or have the benefit of, or share in, any payment from or
composition with any other Chargor or any Security Provider or any other
Security Document now or hereafter held by the Security Trustee or any of the
Beneficiaries for any obligations or liabilities of any other Chargor or any
Security Provider but so that, if so directed by the Security Trustee, it will
prove for the whole or any part of its claim in the liquidation of any other
Chargor or any Security Provider on terms that the benefit of such proof and of
all money received by it in respect thereof shall be held on trust for the
Security Trustee and applied in or towards discharge of the Secured Obligations
in accordance with the provisions of the Group Intercreditor Deed.

 

 

2.6       Recoveries by the Company

 

If contrary to
Clause 2.3 or 2.5 the Company takes or receives the benefit of any security or
receives or recovers any money or other property, such security, money or other
property shall be held on trust for the Security Trustee and shall be delivered
to the Security Trustee on demand.

 

3.             SECURITY

 

3.1       In security of the Secured Obligations the
Company hereby:

 

(a)        pledges and assigns to the Security Trustee its whole right, title,
interest and benefit in and to the Pledged Securities (subject to the security created
by the Existing Share Pledge and by clause 3.1(b) below); and

 

(b)        assigns to the Security Trustee all its rights, title, benefits and
interest in and to the right of reconveyance of the Pledged Securities created
and existing under and pursuant to the Existing Shares Pledge including,
without limitation, pursuant to Clause 10 (Reconveyance) of the Existing Share
Pledge.

 

3.2       The Security Trustee hereby acknowledges that, notwithstanding any
transfer or delivery to it or its nominee or nominees ex facie
absolutely of the Pledged Securities and any registration of the Pledged
Securities in the name of the Security Trustee or any nominee(s) holding
to the order of the Security Trustee, or the custody of the documents of title
relating thereto by the Security Trustee or any such nominee(s), the Pledged
Securities are and shall truly be held by it as security for the payment of the
Secured Obligations on the terms and conditions of this Instrument.

 

3.3       The Company hereby intimates to the Existing Security Trustee that the
Company has hereby assigned its rights, title, benefits and interest in and to
the Pledged Securities (subject to the security created by the Existing Share
Pledge) and its right, title, benefit and interest in and to the reconveyance of
the Pledged Securities pursuant to the Existing Share Pledge including, without
limitation, pursuant to Clause 11 (Reconveyance) of the Existing Share
Pledge and the Existing Security Trustee hereby acknowledges such intimations.

 

4.             RULE 3-16  LIMITATION

 

4.1       Clause 3 of this Instrument
notwithstanding, the Excluded Charged Assets are not charged under this
Instrument to secure the Designated Secured Obligations. For the avoidance of
doubt,

 

(a)        all other
Pledged Securities remain charged or assigned (as the case may be) under this
Instrument to secure all Secured Obligations, including without limitation the
Designated Secured Obligations; and

 

(b)        such Excluded
Charged Assets remain charged under Clause 3 of this Instrument to secure any
Secured Obligations that are not Designated Secured Obligations.

 

4.2         “Excluded Charged Assets” in relation to any
Designated Secured Obligations means any Pledged Securities or other securities
of a Subsidiary of Virgin Media Inc. (excluding the Pledged Securities or other
securities issued by Virgin Media Investments Limited or any successor entity
upon any merger, reorganisation or other

 

 

restructuring effecting it)
that are owned by the Company to the extent that pledging or assigning such
Pledged Securities or other securities under this Instrument to secure such
Designated Secured Obligations would result in Rule 3-16 requiring
separate financial statements of such Subsidiary to be filed with the SEC, but (i) only
to the extent necessary to not be subject to such requirement, (ii) only
for so long as such requirement is in existence and (iii) only if no
member of the Group files or is otherwise required to file separate financial
statements of such Subsidiary with the SEC under a separate rule or
regulation; provided that no
shares or securities will constitute Excluded Charged Assets if any member of
the Group takes any action in the form of a reorganisation, merger or other
restructuring, a principal purpose of which is to provide for the limitation of
the pledge and/or assignment of any Pledged Securities or other securities
pursuant to Clause 4.1.

 

4.3         In the event that Rule 3-16
is amended, modified or interpreted by the SEC to require (or is replaced with
another rule or regulation, or any other law, rule or regulation is
adopted, which would require) the filing with the SEC (or any other United
States federal or state governmental agency) of separate financial statements
of any such Subsidiary due to the fact that such Subsidiary’s Pledged
Securities or other securities secure any Designated Secured Obligations, then
such Pledged Securities or other securities (as applicable) of such Subsidiary
shall automatically be deemed to be Excluded Charged Assets for such Designated
Secured Obligations but (i) only to the extent necessary to not be subject
to any such financial statement requirement, (ii) only for so long as such
financial statement requirement would otherwise have been applicable to such
Subsidiary and (iii) only if no member of the Group files or is otherwise
required to file separate financial statements of such Subsidiary with the SEC
or such other governmental agency under a separate rule or regulation. If
the circumstances described in this paragraph (c) apply, this Instrument
may be amended or modified, without the consent of any Senior Finance Party, to
the extent necessary to release the charge (but only to the extent securing
such Designated Secured Obligations and without prejudice to the charge
securing Secured Obligations referred to in Clause 4.1(b)) in favour of the
Security Trustee on the relevant Pledged Securities and/or other securities
that are so deemed to constitute Excluded Charged Assets.

 

4.4         In the event that Rule 3-16
is amended, modified or interpreted by the SEC to permit (or is replaced with
another rule or regulation, or any other law, rule or regulation is
adopted, which would permit) such Subsidiary’s Pledged Securities and/or other
securities to secure any Designated Secured Obligations in excess of the amount
then pledged without the filing with the SEC (or any other United States
federal or state governmental agency) of separate financial statements of such
Subsidiary, then the Pledged Securities or other securities (as applicable) of
such Subsidiary will automatically be deemed not to be Excluded Charged Assets
for such Designated Secured Obligations, but limited to the extent necessary to
not be subject to any such financial statement requirement. If the
circumstances described in this paragraph 4.4 apply, this Instrument may be
amended or modified, without the consent of any Senior Finance Party, to the
extent necessary to charge in favour of the Security Trustee such additional Pledged
Securities or other securities that were deemed to constitute Excluded Charged
Assets.

 

5.             UNDERTAKINGS

 

5.1       The Company undertakes forthwith on release of the Existing Share Pledge
and receipt by the Company of a stock transfer form transferring the Pledged
Securities back to the Company (provided such release and stock transfer form
is received on a date during the Security Period) to transfer to the Security
Trustee or its nominees

 

 

such of the Pledged
Securities as at the date hereof have not been so transferred and to procure
the issue and delivery of certificates representing the Pledged Securities in
the name of the Security Trustee or such nominee as appropriate and to register
the Pledged Securities in the name of the Security Trustee or its nominee (as
the Security Trustee directs) in the relevant register of members.  If, as at the date of such release of the
Existing Share Pledge, the Existing Security Trustee and the Security Trustee
are the same entity, this Clause 5.1 shall not apply and the Pledged Securities
shall remain registered in the name of such entity or any nominee(s) holding
to the order thereof, provided that in such circumstances, the Existing
Security Trustee, the Security Trustee, the Company and the Pledged Company
hereby acknowledge that immediately on release of the Existing Share Pledge,
the Pledged Securities will cease to be held under the Existing Share Pledge
and will be held pursuant to the terms of this Instrument.

 

5.2        The Company undertakes to deliver to the Security Trustee, within 5
Business Days of the date of the release of the Existing Share Pledge and
receipt by the Company of a stock transfer form transferring the Pledged
Securities back to the Company (provided such release and stock transfer form
is received on a date during the Security Period), a certified true copy of the
register of members of each of the Pledged Companies evidencing the Security
Trustee or its nominee as the holder of the Pledged Securities (the “Register of Members”). If, as at the date of such release of
the Existing Share Pledge, the Existing Security Trustee and the Security
Trustee are the same entity, this Clause 5.2 shall not apply and such certified
true copy of the Register of Members delivered to the Existing Security Trustee
in connection with the Existing Share Pledge shall remain in the possession of
such entity or any nominee(s) holding to the order thereof, provided that
in such circumstances, the Existing Security Trustee, the Security Trustee, the
Company and the Pledged Company hereby acknowledge that immediately on release
of the Existing Share Pledge, the Pledged Securities will cease to be held
under the Existing Share Pledge and will be held pursuant to the terms of this
Instrument.

 

5.3        The Company shall for so long as the security created pursuant to this
Instrument is in force pay duly and promptly all calls which may from time to
time be made in respect of any unpaid moneys under any Pledged Securities
and/or any other moneys which it may lawfully be required to pay in respect of
any Pledged Securities, and in case of default the Security Trustee may, if it
thinks fit, make such payments on behalf of the Company; it being acknowledged
by the Company that neither the Security Trustee nor any of the Beneficiaries
shall in any circumstances incur any liability whatsoever in respect of any
such calls, instalments or other moneys.

 

5.4        Any moneys expended by the Security Trustee under this provision shall
be deemed to be properly paid by the Security Trustee, and the Company shall
reimburse the Security Trustee within 30 days of demand together with interest
at the Default Rate from the date being 30 days after the date of demand until
such repayment, both before and after judgment. 
Such moneys shall pending reimbursement constitute a part of the Secured
Obligations.

 

5.5        If the Company at any time defaults in complying with any of its
obligations contained in this Instrument, the Security Trustee shall, without
prejudice to any other rights of the Security Trustee arising as a consequence
of such default, be entitled (but not bound) to make good any such default and
the Company hereby irrevocably authorises the Security Trustee and its
employees and agents by way of security to do all such things necessary or
reasonably desirable in connection therewith. 
Any moneys so expended by the Security Trustee shall be repayable by the
Company to the Security Trustee within 30 days of demand together with interest
at the Default

 

 

Rate from the date
being 30 days after the date of demand until such repayment, both before and
after decree or judgment.

 

6.             WARRANTIES

 

The Company
represents and warrants to the Security Trustee that subject to this
Instrument, the Existing Share Pledge and/or implementation of the obligations
contained in either of this Instrument, the Existing Share Pledge or both of
them: (i) the Company is, and will remain, the sole beneficial owner of
and has full right and title to the Pledged Securities (comprising 100 per cent
of the issued share capital of the Pledged Company) and the same are fully paid
up and validly allotted and are free from any Encumbrance (other than the
security created by or pursuant hereto, the Existing Share Pledge and any
Permitted Encumbrance) and are not subject to any calls or any option (save to
the extent permitted under or not restricted by each Senior Finance Document)
or other third party right and (ii) the Pledged Securities represent and
will continue to represent 100% of the share capital of each of the companies
mentioned in (i) above.

 

7.             VOTING
RIGHTS, DIVIDENDS ETC

 

7.1       Subject to the obligations
under the Existing Share Pledge, if the Pledged Securities shall entitle the
holder thereof to rights to subscribe for any other securities, then the
Company shall do all acts and things and execute such documents (including such
deed or deeds supplemental hereto) as the Security Trustee may require so as to
effect a fixed security in favour of the Security Trustee (as trustee
aforesaid) over such Pledged Securities when issued.

 

7.2       Until the occurrence of an
Event of Default or following the occurrence of an Event of Default but
provided the same is not continuing, the Company shall be entitled to exercise
any and all voting rights pertaining to the Pledged Securities or any part
thereof and to receive and retain any and all cash dividends, distributions,
interest and other monies paid in respect of the Pledged Securities.  While the registered holder of the Pledged
Securities, the Security Trustee shall promptly supply, and shall procure that
its nominee(s) in whose name(s) the Pledged Securities are registered
shall promptly supply, to the Company copies of all notices, circulars,
accounts and statements sent to it/them in respect of the Pledged
Securities.  If the Security Trustee
receives due notice before the proposed exercise of any such voting rights by
the Company, and if the Company is entitled hereunder to exercise such rights,
the Security Trustee shall procure its nominee to execute and deliver such
documents as the Company may reasonably require in order to enable such rights
to be so exercised, provided the Security Trustee shall be under no obligation
to comply with any such notice where compliance would in the Security Trustee’s
reasonable opinion be prejudicial to the security created by this
Instrument.  In the absence of such
notice, the voting rights attaching to the Pledged Securities shall not be
exercised except where exercisable by the Security Trustee in the circumstances
set out in Clause 7.3.  Subject to the
terms of the Senior Finance Documents, and unless the Enforcement Date has
occurred, the Security Trustee will hold all cash dividends, interest and other
moneys paid on or received by it or its nominee(s) in respect of the
Pledged Securities for the account of the Company and will pay and account for
such dividends, interest and other moneys to the Company.

 

 

7.3        Notwithstanding any other
provision of this Instrument, this Instrument shall take effect so that:

 

7.3.1                 prior to the Enforcement
Date all rights attached to the Pledged Securities shall be exercisable only in
the interests of the Company in accordance with the Company’s instructions in
writing to the Security Trustee provided that the Security Trustee shall be
under no obligation to comply with any such instructions where compliance
would, in the Security Trustee’s reasonable opinion, be prejudicial to the
security created by this Instrument; and

 

7.3.2                 upon any enforcement of the
security created pursuant to this Instrument all rights attached to the Pledged
Securities shall be exercisable by the Security Trustee (subject to the terms
of the Existing Share Pledge) for the purpose of enforcing such security and
otherwise in accordance with Clause 7.3.1, to the intent that nothing contained
herein shall give or is intended to have the effect of giving control of the
Pledged Companies to the Security Trustee or the Beneficiaries otherwise than
on enforcement of such security.

 

7.4        The Security Trustee may
after notifying the Company of its intention to do so, but shall not be obliged
to, pay any calls or other sums that may be or become due in respect of any of
the securities for the time being the subject of this Instrument (including,
without limitation, the Pledged Securities).

 

8.             LIABILITY
TO PERFORM

 

It is expressly
agreed that, notwithstanding anything to the contrary herein contained, the
Company shall remain liable to observe and perform all of the conditions and
obligations assumed by it in respect of the Pledged Securities and the Security
Trustee shall be under no obligation or liability by reason of or arising out
of this Instrument.  The Security Trustee
shall not be required in any manner to perform or fulfil any obligations of the
Company in respect of the Pledged Securities.

 

9.             ENFORCEMENT

 

9.1        If (and only if) the
Enforcement Date has occurred then this Instrument shall become enforceable.

 

9.2        At any time on or after the
Enforcement Date or if requested by the Company, subject to the terms of the
Existing Share Pledge, then if and for so long as the Security Trustee is, or
is entitled to be, registered as the holder of the Pledged Securities in the
register of members of the Pledged Company the security created pursuant to
this Instrument may be enforced in the following manner:

 

9.2.1                 the Security Trustee shall
become entitled to sell, call in, collect or convert into money its interest in
any Pledged Securities with full power on giving notice to the Company to such
effect to sell any of the same either together or in parcels and whether by
private contract or otherwise and for such consideration (whether in cash,
securities or other assets and whether deferred or not) as the Security Trustee
may think fit and with full power to buy in or rescind or vary any contract of
sale of its interest in the Pledged Securities or any part thereof and to
resell the same without being responsible for any loss which may be occasioned
thereby and with full power to compromise and effect compositions and for the
purposes

 

 

aforesaid or any of them to execute and do all such assurances and
things as it shall think fit;

 

9.2.2                 the Security Trustee shall
become entitled to apply all or any moneys received or held by it in respect of
the Pledged Securities in respect of the exercise of any of its rights in
relation thereto in accordance with Clause 9; and

 

9.2.3                 the Company shall on demand
execute all such transfers and assurances and do all such things which the
Security Trustee may require for perfecting its title to any Pledged Securities
or for vesting the same in the Security Trustee or its nominees or any
purchaser.

 

9.3           After the occurrence of an
Event of Default and so long as the same is continuing:

 

9.3.1                 all rights of the Company
to exercise the voting rights which it would otherwise be entitled to exercise
and to receive the dividends and other payments which it would otherwise be
authorised to receive and retain pursuant to Clause 7.2 shall cease and if and
so long as the Security Trustee is, or is entitled to be, registered as the
holder of the Pledged Securities in the register of members of the Pledged
Company all such rights shall (subject to the Existing Share Pledge) thereupon
become vested in the Security Trustee which shall have the sole right to
exercise such voting rights and to receive and hold as Pledged Securities such
dividends and other payments; and

 

9.3.2                 all dividends and other
payments which are received by the Company contrary to the provisions of Clause
9.3.1 shall, if and for so long as the Security Trustee is entitled to be
registered as the holder of the Pledged Securities in the Register of Members
of the Pledged Company be received in, and be declared by the Company to be
subject to a trust for the benefit of the Security Trustee, and shall be
segregated from other funds of the Company and forthwith be paid over to the
Security Trustee,

 

to the intent that
the Security Trustee shall be entitled to exercise such rights and receive such
payments only for the purpose of protecting or enforcing the security
constituted hereby.

 

9.4        The Security Trustee shall
incur no liability to the Company in the event of an over realisation of Pledged
Securities or any of them or from any error or omission in the administration
thereof.

 

9.5        To the extent the Pledged
Securities constitute financial collateral and this Instrument constitutes a
security financial collateral arrangement (as defined in the Financial
Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226)
at any time after the Enforcement Date the Security Trustee (subject to the
terms of the Existing Share Pledge) may appropriate all or any part of the
Pledged Securities in or towards satisfaction of the Secured Obligations, the
value of the assets so appropriated being such amount as the Security Trustee
shall determine in a commercially reasonable manner.

 

10.           APPLICATION
OF ENFORCEMENT MONEYS

 

All moneys received
by the Security Trustee in the exercise of any powers conferred by this
Instrument shall be applied, after the discharge of all liabilities having
priority to

 

 

the Secured
Obligations, in or towards satisfaction of the Secured Obligations in
accordance with the terms of the Group Intercreditor Deed and the Security
Trust Agreement except that the Security Trustee may credit the same to a
suspense account for so long and in such a manner as the Security Trustee may
from time to time determine.

 

11.        RECONVEYANCE

 

Upon the
satisfaction in full of all of the Secured Obligations and there being no
obligation on any Beneficiary to make any of the Secured Obligations available
then:

 

11.1         If the Pledged Securities
have been transferred to or remained registered in the name of the Security
Trustee or its nominee pursuant to Clauses 5.1 and 5.2 then, subject only to
Clause 16 the Security Trustee shall transfer or procure the transfer to the
Company at the Company’s expense, and the Company shall accept the transfer of,
all Pledged Securities then held by or to the order of the Security Trustee and
the Security Trustee shall co-operate in procuring the registration of such
Pledged Securities in the name of the Company or as it shall direct and the
Security Trustee shall execute and do all such other deeds, acts and things as
may be necessary to release the Pledged Securities from the security
constituted hereby; and/or

 

11.2         If the Pledged Securities
have not been transferred to or remained registered in the name of the Security
Trustee or its nominee pursuant to Clauses 5.1 and 5.2 then, subject only to
Clause 16, the Security Trustee shall reassign the property and assets assigned
to the Security Trustee, and do all such other deeds, acts and things as may be
necessary to release the Pledged Securities from the security constituted
hereby.

 

12.           PROTECTION
OF SECURITY

 

12.1      The security created by
this Instrument shall be a continuing security notwithstanding any settlement
of account or other matter or thing whatsoever, and in particular (but without
prejudice to the generality of the foregoing) shall not be considered satisfied
by an intermediate repayment or satisfaction of part only of the Secured
Obligations, and shall continue in full force and effect until total and irrevocable
satisfaction of all the Secured Obligations.

 

12.2      The security created by
this Instrument shall be in addition to and shall not in any way prejudice or
be prejudiced by any collateral or other security, right or remedy which the
Security Trustee may now or at any time hereafter hold for all or any part of
the Secured Obligations.

 

12.3      No failure on the part of
the Security Trustee or any Beneficiary to exercise and no delay on its part in
exercising any right, remedy, power or privilege under or pursuant to this
Instrument or any other document relating to or securing all or any part of the
Secured Obligations will operate as a waiver thereof, nor will any single or
partial exercise of any right or remedy preclude any other or further exercise
thereof or the exercise of any other right or remedy.  The rights and remedies provided in this
Instrument and any such other document are cumulative and not exclusive of any
right or remedies provided by law.

 

12.4      Each of the provisions in
this Instrument shall be severable and distinct from one another and if at any
time any one or more of such provisions is or becomes or is declared null and
void, invalid, illegal or unenforceable in any respect under any law or

 

 

otherwise howsoever the validity, legality and enforceability of the
remaining provisions hereof shall not in any way be affected or impaired
thereby.

 

12.5      If the Security Trustee or
any Beneficiary receives or is deemed to be affected by notice whether actual
or constructive of any subsequent security or other interest affecting any part
of the Pledged Securities and/or the proceeds of sale thereof, the Security
Trustee or such Beneficiary may open a new account or accounts for the
Company.  If the Security Trustee or such
Beneficiary does not open a new account it shall nevertheless be treated as if
it had done so at the time when it received or was deemed to have received
notice and as from that time all payments made to the Security Trustee or such
Beneficiary shall be credited or be treated as having been credited to the new
account and shall not operate to reduce the amount for which this Instrument is
security.

 

12.6      Neither the security
created by this Instrument nor the rights, powers, discretions and remedies
conferred upon the Security Trustee by this Instrument or by law shall be
discharged, impaired or otherwise affected by reason of:

 

12.6.1               any present or future
security, guarantee, indemnity or other right or remedy held by or available to
the Security Trustee or any Beneficiary being or becoming wholly or in part
void, voidable or unenforceable on any ground whatsoever or by the Security
Trustee or any Beneficiary from time to time exchanging, varying, realising,
releasing or failing to perfect or enforce any of the same; or

 

12.6.2               the Security Trustee or any
Beneficiary compounding with, discharging or releasing or varying the liability
of, or granting any time, indulgence or concession to, the Company or any other
person or renewing, determining, varying or increasing any accommodation or
transaction in any manner whatsoever or concurring in accepting or varying any
compromise, arrangement or settlement or omitting to claim or enforce payment
from the Company or any other person; or

 

12.6.3               any act or omission which
would not have discharged or affected the liability of the Company had it been
a principal debtor instead of cautioner or by anything done or omitted which
but for this provision might operate to exonerate the Company from the Secured
Obligations; or

 

12.6.4               any legal limitation,
disability, Incapacity or other similar circumstance relating to the
Company.

 

12.7      The Security Trustee shall
not be obliged, before exercising any of the rights, powers or remedies
conferred upon it by or pursuant to this Instrument or by law, to:

 

12.7.1               take any action or obtain
judgment or decree in any Court against the Company;

 

12.7.2               make or file any claim to
rank in a winding-up or liquidation of the Company; or

 

12.7.3               enforce or seek to enforce
any other security taken, or exercise any right or plea available to the
Security Trustee, in respect of any of the Company’s obligations under the
Security Documents other than this Instrument.

 

 

13.           FURTHER
ASSURANCE

 

The Company shall
(provided it is permitted to do so by the Existing Security Trustee under the
Existing Share Pledge) execute and do all such assurances, acts and things as
the Security Trustee shall from time to time reasonably require for perfecting
or protecting the security created by or pursuant to this Instrument over the Pledged
Securities or, on or after the Enforcement Date, for facilitating the
realisation of such rights and the exercise of all powers, authorities and
discretions vested in the Security Trustee, and shall, in particular, on demand
forthwith sign, execute, deliver and complete all transfers, assignments,
assignations, renunciations, mandates, instructions, deeds and documents of
every kind and do or cause to be done, all acts and things of every kind which
the Security Trustee shall from time to time reasonably require by written
notice to the Company to protect or perfect the interest of the Security
Trustee under this Instrument or, subject to the terms of this Instrument (a) to
enable the Security Trustee or the nominees of the Security Trustee to exercise
any rights or powers attaching to the Pledged Securities or (b) to vest
the Pledged Securities in the Security Trustee or the nominees of the Security
Trustee or (c) to enable the Security Trustee to sell or dispose of the
Pledged Securities or otherwise to enforce or exercise any rights or powers
under or in connection with its security.

 

14.           MANDATE
AND ATTORNEY

 

14.1      The Company by way of security hereby
irrevocably appoints the Security Trustee to be its attorney in its name and on
its behalf, subject to the terms of this Instrument;

 

14.1.1               to execute and complete on or after the
Enforcement Date any documents or instruments which the Security Trustee may
require for perfecting the title of the Security Trustee to the Pledged
Securities or for vesting the same in the Security Trustee, its nominees or any
purchaser;

 

14.1.2               to sign, execute, seal and deliver and
otherwise perfect any further security document or notice referred to in Clause
13 in accordance with the terms thereof; and

 

14.1.3               otherwise generally on or after the
Enforcement Date to sign, seal, execute and deliver all deeds, assurances,
agreements and documents and to do all acts and things which may be required
for the full exercise of all or any of the powers conferred on the Security Trustee
under this Instrument or which may be deemed expedient by the Security Trustee
in connection with any disposition, realisation or getting in by the Security
Trustee of the Pledged Securities or any part thereof or in connection with any
other exercise of any power under this Instrument.

 

14.2      The Company ratifies and confirms and agrees
to ratify and confirm all acts and things which any attorney as is mentioned in
Clause 14.1 shall properly do or purport to do in the exercise of his powers
under such Clause.

 

15.           SECURITY
TRUST AGREEMENT

 

The Company and the
Security Trustee hereby acknowledge that the covenants of the Company contained
in this Instrument and the security and other rights, titles and interests
constituted by this Instrument and the Pledged Securities and all other moneys,
property and assets paid to the Security Trustee or held by the Security
Trustee or received or recovered by the Security Trustee pursuant to or in
connection

 

 

with this Instrument
are held by the Security Trustee subject to and on the terms of the trusts
declared in the Security Trust Agreement.

 

16.           INDEMNITIES;
COSTS AND EXPENSES

 

16.1      The Company binds and obliges itself for the
whole expenses of completing and enforcing the security hereby granted and the
expenses of any discharge hereof.

 

16.2      All costs, charges and
expenses incurred and all payments made by the Security Trustee hereunder in or
about the enforcement, preservation or attempted preservation of the security
created by or pursuant to this Instrument or any of the Pledged Securities
shall carry interest from the date falling 30 days after the date of demand for
payment of such expenses to the date of payment by the Company at the Default
Rate (both before and after judgment). 
The amount of all such costs, charges, expenses and payments and all
interest thereon and all remuneration payable hereunder shall be payable by the
Company on demand and shall be a Secured Obligation.  All such costs, charges, expenses and
payments shall be paid and charged as between the Security Trustee and the
Company on the basis of a full and unqualified indemnity.

 

16.3      The Beneficiaries, the Security Trustee and
any attorney, agent or other person appointed by the Security Trustee under
this Instrument and the officers and employees of each of the aforementioned
(each an Indemnified Party) shall be entitled to
be indemnified out of the Pledged Securities in respect of all costs, losses,
actions, claims, demands or liabilities whether in contract, tort, delict or
otherwise and whether arising at common law, in equity or by statute which may
be incurred by, or made against, any of them (or by or against any manager,
agent, officer or employee for whose liability, act or omission any of them may
be answerable) at any time relating to or arising directly or indirectly out of
or as a consequence of:

 

16.3.1               anything done or omitted in the exercise or
purported exercise of the powers contained in this Instrument; or

 

16.3.2               any breach by the Company of any of its
obligations under this Instrument; or

 

16.3.3               an Environmental Claim made or asserted
against an Indemnified Party which would not have arisen if this Instrument had
not been executed and which was not caused by the negligence or wilful default
of the relevant Indemnified Party

 

in each case, except
in the case of fraud, wilful misconduct or gross negligence on the part of an
Indemnified Party.

 

17.           AVOIDANCE  OF PAYMENTS

 

Any release,
discharge or settlement between the Company and the Security Trustee shall be
conditional upon no security, disposition or payment to the Security Trustee or
any of the Beneficiaries by the Company or any other person being void, set
aside or ordered to be refunded pursuant to any enactment or law relating to
bankruptcy, liquidation, administration or insolvency or for any other reason
whatsoever and if such condition shall not be fulfilled the Security Trustee
shall be entitled to enforce this Instrument subsequently as if such release,
discharge or settlement had not occurred and any such payment had not been
made.  The Security Trustee shall be
entitled to retain the security created pursuant to this Instrument after as
well as before the

 

 

payment, discharge
or satisfaction of all moneys, obligations and liabilities that are or may
become due, owing or incurred to the Security Trustee and the Beneficiaries
from the Company for such period as the Security Trustee may reasonably
determine being not longer than 13 months following the payment, discharge or
satisfaction of the Secured Obligations in full.

 

18.           CURRENCIES

 

18.1      All moneys received or held
by the Security Trustee under this Instrument at any time on or after the
Enforcement Date in a currency other than a currency in which the Secured
Obligations are denominated may from time to time be sold for such one or more
of the currencies in which the Secured Obligations are denominated as the
Security Trustee considers necessary or desirable and the Company shall
indemnify the Security Trustee against the full Sterling cost (including all costs,
charges and expenses) properly incurred in relation to such sale.  The Security Trustee shall not have any
liability to the Company in respect of any loss resulting from any fluctuation
in exchange rates after any such sale.

 

18.2      No payment to the Security
Trustee (whether under any judgment or court order or otherwise) shall
discharge the obligation or liability of the Company in respect of which it was
made unless and until the Security Trustee shall have received payment in full
in the currency in which such obligation or liability was incurred.  To the extent that the amount of any such
payment shall on actual conversion into such currency fall short of such
obligation or liability expressed in that currency the Security Trustee shall
have a further separate cause of action against the Company and shall be
entitled to enforce the security created pursuant hereto to recover the amount
of the shortfall.

 

19.           MISCELLANEOUS

 

19.1      Subject to the provisions
of the Senior Finance Documents, the Company hereby authorises the Security
Trustee and the Beneficiaries to exchange between themselves any information
concerning the Pledged Securities unless such information is the subject of a
duty of confidentiality on the part of the Security Trustee or any Beneficiary
not to disclose such information.

 

19.2      This Instrument shall
remain binding on the Company notwithstanding any change in the constitution of
the Security Trustee or any Beneficiary or the absorption of the Security
Trustee or any Beneficiary in, or amalgamation with, or the acquisition of all
or part of its undertaking by, any other person, or any reconstruction or
reorganisation of any kind.  The security
granted by this Instrument shall remain valid and effective in all respects in
favour of the Security Trustee as trustee for the Beneficiaries.

 

19.3      Save as otherwise provided
herein, any ability or power which may be exercised or any determination which
may be made under this Instrument by the Security Trustee or a Beneficiary may
be exercised or made in its absolute and unfettered discretion and it shall not
be obliged to give reasons therefor.

 

19.4      The Company may not assign
or transfer any of its rights or obligations under this Instrument.

 

20.           NOTICES

 

All notices,
requests, demands and other communications to be given under this Instrument
shall be deemed to be duly given or made when delivered or despatched in
accordance with Clause 20 of the Group Intercreditor Deed.

 

 

21.           SET-OFF

 

21.1      The Company hereby agrees
that after the Enforcement Date the Security Trustee and/or each other
Beneficiary may at any time without notice notwithstanding any settlement of
account or other matter whatsoever, combine or consolidate all or any of its
then existing accounts wheresoever situate (including accounts in the name of
the Security Trustee, such other Beneficiary or of the Company jointly with
others), whether such accounts are current, deposit, loan or of any other
nature whatsoever, whether they are subject to notice or not and whether they
are denominated in Sterling or in any other currency, and set-off or transfer
any sum standing to the credit of any one or more such accounts in or towards
satisfaction of the Secured Obligations owed to the Security Trustee and/or
such other Beneficiary which, to the extent not then payable, shall
automatically become payable to the extent necessary to effect such set off.

 

21.2      For the purpose of Clause
21.1 the Company authorises the Security Trustee and each other Beneficiary to
purchase with the moneys standing to the credit of such accounts such other
currencies as may be necessary to effect such applications at the spot rate of
exchange (as, save in the case of manifest error, conclusively determined by
the Security Trustee or the relevant other Beneficiary) prevailing in the
London foreign exchange market for purchasing Sterling with the currency in
which the sum standing to the credit of the relevant account is denominated.

 

22.           GOVERNING
LAW

 

This Instrument (and
all non-contractual disputes arising out of it) shall be construed and governed
in all respects in accordance with the law of Scotland. The Company hereby
represents and warrants to the Security Trustee that its choice of the law of
Scotland to govern this instrument is valid and binding.

 

23.           CONSENT
TO REGISTRATION

 

A Certificate signed
by an officer of the Security Trustee shall, be prima facie evidence of the
amount of the Secured Obligations at any relevant time and shall constitute a
balance and charge against the Company, and no suspension of a charge or of a
threatened charge for payment of the balance so constituted shall pass nor any
sist of execution thereon be granted except on consignation.  The Company consents to the registration of
this Instrument and of any such certificate for preservation:  IN WITNESS WHEREOF
this Instrument consisting of this and the twenty two preceding pages together
with the schedule annexed hereto is executed as follows:

 

	
   

  	
  Subscribed for and on
  behalf of

  	
   

  	
   

  
	
   

  	
  VIRGIN MEDIA LIMITED

  	
   

  	
   

  
	
   

  	
  acting by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ ROBERT GALE

  	
   

  	
  /s/ ROBERT MACKENZIE

  
	
   

  	
  Director

  	
   

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  all together at

  	
   

  	
   

  
	
   

  	
  on

  	
   

  	
   

  

 

 

	
   

  	
  Subscribed for and on
  behalf of

  
	
   

  	
  PROSPECTRE LIMITED

  
	
   

  	
  acting by its directors VIRGIN MEDIA DIRECTORS LIMITED and VIRGIN
  MEDIA

  
	
   

  	
  SECRETARIES LIMITED:

  
	
   

  	
   

  
	
   

  	
  Robert Mackenzie duly
  authorised by

  
	
   

  	
  Virgin Media Directors
  Limited to sign on its behalf as director

  
	
   

  	
   

  
	
   

  	
  /s/ ROBERT MACKENZIE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  in the presence of:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ MANOJ BHUNDIA

  	
   

  	
  Witness

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Manoj Bhundia

  	
   

  	
  Print full name of Witness

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  99 City Road,

  	
   

  	
  Address of Witness

  
	
   

  	
  London, EC1Y 1AX

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  all together at

  	
   

  	
   

  
	
   

  	
  on

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Robert Gale duly
  authorised by

  
	
   

  	
  Virgin Media Secretaries
  Limited to sign on its behalf as director

  
	
   

  	
   

  
	
   

  	
  /s/ ROBERT GALE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  in the presence of:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ MANOJ BHUNDIA

  	
   

  	
  Witness

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Manoj Bhundia

  	
   

  	
  Print full name of Witness

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  99 City Road

  	
   

  	
  Address of Witness

  
	
   

  	
  London, EC1Y 1AX

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  all together at

  	
   

  	
   

  
	
   

  	
  on

  	
   

  	
   

  
						

 

 

	
   

  	
  Subscribed for and on
  behalf of

  
	
   

  	
  DEUTSCHE
  BANK AG, LONDON BRANCH as Security Trustee acting by

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ NICOLA DAWES

  	
   

  	
  Authorised Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Nicola Anne Dawes

  	
   

  	
  Print full name of
  Authorised Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ VIKKI MAYELL

  	
   

  	
  Authorised Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Vikki Anne Mayell

  	
   

  	
  Print full name of
  Authorised Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  all together at London

  	
   

  	
   

  
	
   

  	
  on 19th January 2010

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Subscribed for and on
  behalf of

  
	
   

  	
  DEUTSCHE
  BANK AG, LONDON BRANCH as Existing Security Trustee acting by

  
	
   

  	
   

  
	
   

  	
  /s/ NICOLA DAWES

  	
   

  	
  Authorised Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Nicola Anne Dawes

  	
   

  	
  Print full name of
  Authorised Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ VIKKI MAYELL

  	
   

  	
  Authorised Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Vikki Anne Mayell

  	
   

  	
  Print full name of
  Authorised Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  all together at London

  	
   

  	
   

  
	
   

  	
  on
  19th January 2010

  	
   

  	
   

  
					

 

 

This is the Schedule
referred to in the foregoing Shares Pledge by Virgin Media Limited in favour of
Deutsche Bank AG, London Branch dated January 2010

 

Pledged
Securities

 

(A)          401,000 fully paid ordinary
shares of £1 each in the capital of Prospectre Limited (with registered number
SC145280);

 

(B)           all other securities of every kind which may
at any time, whether directly or indirectly, be derived from any kind of the
said shares, whether by way of bonus, rights, exchange, option, preference,
capital re-organisation or otherwise howsoever; and

 

(C)           where the context so admits, all moneys
(except cash dividends paid in accordance with the terms of the Senior Finance
Documents when no Event of Default has occurred and is continuing) and assets
whatsoever at any time accruing on, or payable or receivable in respect of, any
of the said shares or securities and all voting and other rights and powers of
any kind at any time attaching to, or exercisable in respect of, any of the
said shares or securities.

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