,ll;OrOBIP 3ACTABII MAMHOBIIX IIPAB HA IIOTOQHI PAXYHKII

RIGHTS TO OPERATING ACCOUNTS PLEDGE AGREEMENT

)];orOBlP 3ACTABH MAMHOBHX IIPAB HA IIOTOqHI PAXYHKH Bi,l:l 10 qepBH5I 2010 (,l:lBi Tllc5Iqi ,l:leC5ITOro) pOKY YKfla,l:lemIllB M. MHKOflaeBi, YKpai'Ha Mi)fC (1) Bi):(KpHTHM aKQioHepHHM TOBapHcTBoM "Ba):(aH Hp):(c OKeaH", TOBapHcTBoM, cTBopeHHM 3a 3aKOHO,l:laBCTBOM YKpai'HH (peecTpan:illHHll HOMep 14307653), Micn:e3HaXO,l:l)KeHWI 5IKOro: 3aBO,l:lCbKa nflorn:a 1, M. MHKoflai'B, 54050, YKpai'Ha ("3acTaBo):(aBeQb"), ,l:lfl5I n:HX n:iflell npe,l:lCTaBfleHHM reHepaflbHHM ,l:lHpeKTOpoM POMaHQYKoM MHKOflOIO I1aBflOBHQeM, 5IKHll ,l:lieHa ni,l:lCTaBiCTaTyTy; Ta (2) "IIOM3AHTEP XOJI)];IHr3 JIT)];", KOMnaHieIO, cTBopeHoIO 3a 3aKOHO,l:laBCTBOM Pecny6fliKH Kinp (peecTpan:illHHll HOMep HE 249122), 3 Micn:e3HaXO,l:l)KeHH5IM3a a,l:lpecoIO: Byfl. KiMOHOC 43A, 3095, M. JIiMaccofl, Kinp ("3acTaBo):(epiKaTeJIb"), ,l:lfl5In:iflell n:boro ,ZJ:OlOBOPY npe,l:lCTaBJTeHHM BOpO,l:lQyKOMMaKcHMoM AHaToflillOBI1QeM, 5IKHll ,l:lie Ha ni,l:lcTaBi ,l:loBipeHocTi Bi,l:l 3 TpaBH5I2010 pOKY. 3aCTaBO,l:lep)KaTeflbTa 3aCTaBO,l:laBen:bHa,l:lafli Pa30M Ha3HBaIOTbC5I"CTOPOHH",a oKpeMo "CTopoHa".

THIS RIGHTS TO OPERATING ACCOUNTS PLEDGE AGREEMENT is made on June 10, 2010 (two thousand ten) in Mykolayiv, Ukraine between (1) OPEN JOINT STOCK COMPANY WADAN YARDS OKEAN, a legal entity incorporated and existing under the laws of Ukraine, with its registered address at 1 Zavodska Ploshcha, city of Mykolaiv, 54050, Ukraine, identification code 14307653 (the "Pledgor"), for these purposes represented by the General Director, Mr. Romanchuk Mykola Pavlovych, acting pursuant to the Charter; and

(2) POIZANTER HOLDINGS LTD, a company organized under the laws of the Republic of Cyprus (registration number HE 249122), having its registered offices at Kimonos, 43A, P.C. 3095, Limassol, Cyprus (the "Pledgee"), for these purposes represented by Maksym Anatoliyovych Borodchuk acting on the basis of the Power of Attorney issued on May 3,2010.

The Pledgor and the Pledgee are hereinafter referred to collectively as the "Parties", and individually as a "Party".

(A) OCKiflbKH 3acTaBO,l:lep)KaTeflb npHllH5IB Ha ce6e Bci npaBa Ta 3060B'5I3aHH5I Kpe,l:lHTOpano Bi,l:lHOllIeHHIO ,l:l03aCTaBO,l:laBn:5I 3a ,ZJ:OlOBOPOM CTpOKOBOi' Kpe,l:lHTHoi' fliHii' N~1 Bi,l:l 19 TpaBH5I 2009 pOKY, 3 nO,l:laflbIlIHMH 3MiHaMH Ta ,l:lOnOBHeHH5IMH,l:l0 Hboro, BHeceHHMH Bi,l:lnoBi,l:lHHMH ,l:lO,l:laTKOBHMH yrO,l:laMH;cyKynHa cyMa Kpe,l:lHTy3a 5IKHMHe nepeBHrn:ye 3 577 762 (TpH MiJ1bllOHHn'5ITCOT CiM,l:leC5IT ciM THC5IQciMcoT llIicT,l:leC5IT,l:lBa) BpO Ta ,ZJ:OlOBOPOM CTpOKOBOi'Kpe,l:lHTHoi' fliHii' N~5 Bi,l:l 14 QepBH5I 2007 pOKY, 3 nO,l:laflbIlIHMH3MiHaMH Ta ,l:lOnOBHeHH5IMH ,l:l0 Hboro, BHeceHHMH Bi,l:lnoBi,l:lHHMH ,l:lO,l:laTKOBHMHyrO,l:laMH; cyKynHa cyMa Kpe,l:lHTy3a 5IKHMHe nepeBHrn:ye 41 931 314 (COpOKO,l:lHH MiflblloH ,l:leB'5ITCOT O,l:lHaTHC5IQa TpHcTa QOTHpHa,l:ln:5ITb)BpO ("Kpe):(HTHi )];oroBopH");

(A) Whereas the Pledgee has assumed all rights and obligations of the Lender with respect to the Pledgor under Term Loan Facility Agreement No.1, dated May 19, 2009, as subsequently amended by respective additional agreements for the total facility amount not exceeding EUR 3,577,762 (three million five hundred seventy seven thousand and seven hundred sixty two Euro) and Term Loan Facility Agreement No.5, dated June 14, 2007, as subsequently amended by respective additional agreements for the total facility amount not exceeding EUR 41,931,3 14 (forty one million nine hundred thirty one thousand and three hundred fourteen Euro) (the "Facility Agreements");

ITOTOllHI1MHPaxyHKaMH, rrepenilleHHMH B ,Z:(o,n:aTKy A ,n:oIJ;bOrO,Z:(oroBopy ("3aCTaBJIeHi PaxYHIm") B ITy6nillHoMY aKIJ;ioHepHoMy TOBapHcTBi PaH<jJ<jJaH3eH EaHK ABaJ1b ("naHK"); Ta
(C) 3BmKaIOllH Ha Kpe,n:HTHHH,Z:(oroBip Ta ,n:mr crroHyKaHH5I 3acTaBo,n:ep)KaTen5I 3,n:iHcHHTH BHrrnaTy 3aCTaBo,n:aBIJ;IO 3a Kpe,n:HTHHMH ,Z:(oroBopaMH, B 3ane)KHocTi Bi,n: 06cTaBHH, i ,n:n5I 3a6e3rrelleHH5I BHrrnaTH 3acTaBo,n:ep)KaTenIO 3a6e3rrelleHHx 3060B' 5I3aHb (5IK BH3HaQeHO B IJ;bOMY ,Z:(oroBopi), 3acTaBo,n:aBeIJ;brroro,n:HBC5I Ha,n:aTH B 3acTaBy HaHBHIIJ;oro rrpiopHTeTy Bci MaHHoBi rrpaBa 3acTaBo,n:aBIJ;5I Ha 3acTaBneHi PaxyHKH Ta rrpaBo 3a6e3rrelleHH5I B HHX, BKnIOllaIOllH Ha Bci rporni, ,n:erroHoBaHi Ha TaKoMy paxyHKy llac Bi,n: llacy, Ha KOpHCTb 3acTaBo,n:ep)KaTen5I y Bi,n:rroBi,n:HocTi 3 yMoBaMHIJ;bOrO,Z:(orOBopy.

Operating Accounts listed in Exhibit A hereto (the "Pledged Account") at the Public Joint Stock Company "Raiffeizen Bank A val" (the "Bank"); and

(C) In consideration of, and to induce the Pledgee to make disbursement to the Pledgor under the Facility Agreements, and to secure repayment to the Pledgee of the Secured Obligations (as defined herein), the Pledgor has agreed to grant a first ranking pledge over all of the Pledgor's property rights and interest in and to the Pledged Accounts, including rights to all monies deposited in such account from time to time, in favour of the Pledgee in accordance with the terms of this Agreement.

3ycTpillHe 3a,n:OBoneHH5I, OTpHMaHH5I Ta a,n:eKBaTHicTb 5IKOrO IJ;HM rri,n:TBep,n:)KeHo, 3aCTaBo,n:ep)KaTenb Ta 3acTaBo,n:aBeIJ;b ,n:OMOBHJIHCb rrpo TaKe: CTATT5l1. T JIYMA qEHH5l BH3HAqEHH5l TA

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Pledgor and the Pledgee agree as follows:

ARTICLE 1. DEFINITIONS INTERPRETATION

TepMiHH 3 BeJIHKOI niTepH, 5IKi BHKOpHCTOByIOTbC5I, ane He BH3HalleHi B IJ;bOMY ,Z:(oroBopi, MaIOTb 3HalleHH5I, HaBe,n:eHi ,n:n5I HHX y Kpe,n:HTHHX ,Z:(orOBopax, a HH)KlleHaBe,n:eHi TepMiHH MaIOTb TaKi 3HalleHH5I: ",l];oroBip" 03Hallae IJ;eH ,Z:(oroBip 3acTaBH MaHHoBHx ITpaB Ha ITOTOllHi PaxyHKH, 3 yciMa 3MiHaMH Ta ,n:orrOBHeHH5IMH,IIJ;O MO)KYTb BHOCHTHCb llac Bi,n:llacy, Ta BKnIOllae 6y,n:b-5IKe rrOCHJIaHH5I Ha 6y,n:b-5IKHH ,n:OKyMeHT, 5IKHH 3MiHIOe 6y,n:b-5IKi yMOBH IJ;bOro ,Z:(OroBOpya60 CTaHOBHTbBi,n:MoByBi,n: HHX, a60 5IKHHe ,n:o,n:aTKOBHM ,n:o 6y,n:b-5IKHX yMOBIJ;bOiO,Z:(orOBopy; "QHHHe 3aKOHO,iJ;aBCTBO" 03Hallae 6y,n:b5IKHHllHHHHH 3aKoH, ,n:oroBip, KOHCTHTYIJ;iIO, 3Be,n:eHH5I 3aKoHiB, 3aKOHo,n:aBllHHaKT, yKa3, HopMaTHBHHH aKT, HOpMY, rrOJIO)KeHH5I, cy,n:OBe pirneHH5I, HaKa3, Ha,n:rrHC, Cy,n:OBy 3a60poHy, BH3HalleHH5I, yXBany a60 iHrni

Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Facility Agreements, and the following terms shall have the following meanings:

"Agreement" shall mean this Rights to Operating Accounts Pledge Agreement, as may be amended or supplemented from time to time and includes a reference to any document which amends, waives, is supplemental to, novates or is entered into, made or given pursuant to or in accordance with any of the terms ofthis Agreement;

"Applicable Law" shall mean any applicable law, treaty, constitution, statute, legislation, decree, normative act, rule, regulation, judgment, order, writ, injunction, determination, award or other legislative or administrative measure or judicial or arbitral decision in any jurisdiction, which has the

3aKoHo)J,aBLIi a60 a)),MiHicTpanIBHi 3aXO)J,H a60 cy)J,OBeLIHap6iTpmI<He piweHWI B 6y)J,I,-5IKiH lOPHC)J,HKU;ii',IIIO MalOTI, CHJIy 3aKoHy, BKJIlOLIalOLIH, 6e3 06Me)l(eHH5I, 3aKOH rrpo 3acTaBy; "nOBHOBaJKHUH OpraH" 6Y)J,I,-5IKHH Hau;ioHaJII,HHH, Ha)J,Hau;ioHaJII,HHH, perioHaJII,HHH a60 opraH Micu;eBoro CaMOBp5I)J,yBaHH5I a60 )J,ep)l(aBHHH, a)J,MiHicTpaTHBHHH LIHcy)J,OBHHopraH, BiMiJI, KOMici5I, rroBHoBa)l(HHH opraH, opraH rrpaBocy)J,)J,5I, areHu;i5I LIH opraHi3au;i5I a60 u;eHTpaJII,HHH6aHK (a60 6Y)J,I,-5IKa Oc06a, LIH TO )J,ep)l(aBHa,LIHHe)J,ep)l(aBHa,He3aJIe)KHOBi)J, crroc06y i"i cTBOpeHH5I, HaHMeHyBaHH5I Ta MeTo)J,iB <jJyHKu;ioHyBaHH5I, IIIO BHKOHyC <jJyHKU;ii' u;eHTpaJII,HOrO6aHKy); B TOMy LIHCJIi 6Y)J,I,-5IKe MiHicTepcTBo, yrrpaBJIiHH5I a60 yCTaHoBy (y TOMy LIHCJIi Cy)J,H Ta cy)J,oBi opraHH), a TaKO)l( 6y)J,I,-5IKyiHWy yCTaHoBy, areHTCTBO,opmH a60 lOpH)J,HLIHy LIH<jJi3HLIHy oc06y, 5IKa 3)J,iHCHlOC <jJyHKU;ii' opmHy )J,ep)l(aBHoi' BJIa)J,H 6Y)J,I,-5IKOrO BH)J,y, BKJIlOLIalOLIH Bci opraHH )J,ep)l(aBHoi'BJIa)J,HTa )J,ep)l(aBHoi'a)J,MiHicTpau;ii',a TaKO)l(Bci opraHH 6Y)J,I,-5IKOi' a)J,MiHicTpaTHBHo-TepHTOpiaJII,Hoi' O)J,HHHU;i; ")l;o3BiJI" 03HaLIac 6y)J,I,-5IKy JIiu;eH3ilO a60 3ro)J,y, peccTpau;ilO, rrO)J,aHH5I, yro)J,y, HOTapiaJII,He rrocBi)J,LIeHH5I, cBi)J,oU;TBO, yXBaJIy, )J,03BiJI, rrOBHOBmKeHH5I a60 Bi)J,rroBi)J,He 3BiJII,HeHH5I 6Y)J,I,-5IKOrO TIoBHOBa)l(HOrOOpraHy, LIHTO B pe3yJII,TaTi rrp5IMoi' )J,ii', LIH TaKi, IIIO BBa)l(alOTI,C5I Ha)J,aHHMH y pe3yJII,TaTi 6e3)J,i5IJII,HOCTi BrrpO)J,OB)l( 6Y)J,I,-5IKOrO BH3HaLIeHoro rrepio)J,y LIacy, a60 6y)J,I,-5IKiKoprropaTHBHi yXBaJIH LIH 3rO)J,H,Ta yXBaJIH LIH3rO)J,H Kpe)J,HTopiB a60 aKu;ioHepiB;
"BaHK" Mac 3HaLIeHH5I, HaBe)J,eHe TIpeaM6yJIi U;I,oro )..I,oroBopy;

force of law, including, Pledge Law;

without

limitation,

the

"Authority" shall mean any national, supranational, regional or local government or governmental, administrative, fiscal, judicial, or government-owned body, department, commission, authority, tribunal, agency or entity, or central bank (or any Person, whether or not government owned and howsoever constituted or called, that exercises the functions of a central bank), including any ministry, department or agency (including courts or judicial agencies), and any other agency, instrumentality, body or natural or legal entity exercising governmental authority of any kind including all organs of state power and state administration and those of any administrative-territorial structure;

"Authorization" shall mean any license or consent, registration, filing, agreement, notarization, certificate, approval, permit, authority or exemption from, by or with any Authority, whether given by express action or deemed given by failure to act within any specified time period or any corporate, creditors' or stockholders' approvals or consents;

"Bank" shall have the meaning preamble of this Agreement;

specified

III the

"P060QUH )l;eHl," 03HaLIac )J,eHI" KOJIH6aHKH Bi)J,KpHTi)J,JI5I p060TH y M. HiKocii' (Kirrp) Ta M. KHCBi(YKpai'Ha). "npe)l,MeT 3aCTaBU" Mac 3HaLIeHH5I, HaBe)J,eHe y TIyHKTi2.01(a) U;I,oro )..I,oroBopy; ")l;aTa Ha6paHHH qUHHocTi" 03HaLIac )J,aTy rri)J,rrHcaHH5I U;I,oro )..I,oroBopy;

"Business Day" shall mean a day when banks are open for business in Nicosia, Cyprus and Kyiv, Ukraine; "Collateral" shall have the meaning Section 2.01(a) ofthis Agreement; "Effective Date" Agreement; shall mean specified in

the date of this

CTHrHeHHH" Mae 3Ha-qeHHH, HaBe,lJ,eHe B ITyHKTi 5.02 IJ,bOlO,n:oroBopy; "BlIna,lJ,OK HeBIIKoHaHHH 30ooB'H3aHl," 3Ha-qeHHH Ha,lJ,aHe IJ,bOMy TepMiHy B Kpe,lJ,HTHHX ,n:oroBopax; "BIITpaTII" 03Ha-qae Bci BH,lJ,aTKH,BHTpaTH, CTHrHeHHH -qH 360pH (B TOMy -qHcni, 6e3 06Me)l{eHHH,rOHopapH 3a rrocnyrH IOpHCTiBTa iHIIIi BHTpaTH Ha IOpH,lJ,H-qHi rrocnyrH i cy,lJ,oBi BHTpaTH), crrnaTa HKHX BHMaraeTbCH Bi,lJ, 3aCTaBO,lJ,aBIJ,H 3a IJ,HM,n:OlOBOpOMTala60 HKi 3aCTaBO,lJ,ep)l{aTenbMO)l{eHeCTH B 6Y,lJ,b-HKHH -qac y 3B'H3KYi3 CTBopeHHHM, peeCTpaIJ,iclO, yTpHMaHHHM a60 rrpHMycoBHM BHKOHaHHHM 3acTaBH, a60 3BepHeHHHM CT51THeHHH, peani3aIJ,iclO, rrpO,lJ,ffiKeM,rrepe,lJ,a-qelO Tala60 OIJ,iHKOIO 3aCTaBneHHX ITpaB, a TaKO)l{6y,lJ,bHKiTa Bci CTHrHeHHH,rrO,lJ,aTKH, rep60Bi 360pH Ta ,lJ,ep)l{aBHi 360pH, HOTapianbHi MHTa Ta BH,lJ,aTKHHa rrepeKna,lJ, Ta 6y,lJ,b-HKi iHlui BHTpaTH, rrOHeceHi 3aCTaBO,lJ,ep)l{aTeneM y 3B'H3KY 3 yKna,lJ,aHHHM, BTineHH5IM, BHKOHaHHHM Ta/a60 3,lJ,iHCHeHHHMIJ,bOrO ,n:orOBopy a60 Kpe,lJ,HTHHX ,n:oroBopiB; ",!l;oroBip IIepe,lJ,aqi KOillTiB" 03Ha-qac ,n:oroBip ITepe,lJ,a-qi KOIIITiB Ha ITOTO-qHHX PaxyHKax Mi)l{ 3aCTaBO,lJ,ep)l{aTeneM, 3aCTaBO,lJ,aBIJ,eMTa EaHKOM, rrepeBa)l{HHM -qHHOM y opMi, ,lJ,o,lJ,aHiH ,lJ,0IJ,bOrO,n:orOBopy HK ,n:O,lJ,aTOK C, HKHH c -qacTHHOIO IJ,bOrO )..(orOBOpy, Bi,lJ,rrOBi,lJ,HO ,lJ,0 51Koro KOIIITH, ,lJ,errOHOBaHi Ha 3acTaBneHHX PaxyHKax, rricnH HaCTaHHH BHrra,lJ,Ky HeBHKOHaHHH 3060B' H3aHHH, 6y,lJ,yTb rrepeKa3aHi Ha TaKi paXYHKH,51K 3a3Ha-qHTb3aCTaBO,lJ,ep)l{aTenb; "P03nopH)J,'l\:eHHHnpo IIepeKa3 KOillTiB" 03Ha-qac KO)l{HeP03rrOp5l,lJ,)l{eHHH rrpo ITepeKa3 KOIIITiB, BH)J,aHe 3aCTaBO)J,aBIJ,eM EaHKy Bi,lJ,rrOBi,lJ,HO ,lJ,0)..(orOBopy ITepe,lJ,a-qiKOIIITiB; "3aKOH npo OOTH'l\:eHHH"03Ha-qac 3aKOH YKpaiHH "ITpo 3a6e3rre-qeHHH BHMor Kpe,lJ,HTOpiB Ta peccTpaIJ,ilO 06TH)l{eHb" Nsd 255-IV Bi)J, 18 nHCTOrra,lJ,a2003 pOKY, i3 3MiHaMH Ta ,lJ,OrrOBHeHHHMH, l.l\0 BHOCHTbC51 -qac Bi,lJ, qacy; "PeCCTp OOTH'l\:eHl," 03Ha-qac )..(ep)l{aBHHH peccTp 06TH)l{eHb pyxoMoro MaHHa, BCTaHOBneHHH Bi,lJ,rroBi,lJ,Ho ,lJ,0 3aKoHy rrpo 06TH)l{eHHH; "Event of Default" shall have specified in the Facility Agreements; the meaning

"Expenses" shall mean all expenses, costs, charges or fees (including, without limitation, attorneys fees and other legal expenses and court costs) which the Pledgor is required to pay under this Agreement and/or which the Pledgee may incur at any time in connection with the creation, registration, maintenance or enforcement of the Pledge, or the foreclosure, realization, sale, transfer and/or valuation of the Pledged Rights, as well as any and all charges, taxes, stamp and state duties, notary and translation fees and any other similar expenses whatsoever incurred by the Pledgee in connection with the execution, implementation, performance and/or enforcement of this Agreement or the Facility Agreements;

"Funds Transfer Agreement" shall mean the Operating Accounts Funds Transfer Agreement among the Pledgee, the Pledgor and the Bank, substantially in the form attached hereto as Exhibit C, which is made part of this Agreement, pursuant to which the funds on deposit in the Pledged Account, upon occurrence of an Event of Default, shall be transferred to such accounts as the Pledgee may direct;

"Funds Transfer Order" shall mean each Funds Transfer Order issued by the Pledgor to the Bank pursuant to the Funds Transfer Agreement;

"Liens Law" shall mean the Law of Ukraine on Securing Creditors' Claims and Registration of Liens No. 1255-IV, dated November 18, 2003, as amended from time to time;

"Liens Registry" shall mean the State Registry of Liens over Movable Property, established pursuant to the Liens Law;

"IIoBi,ll;OMJIeHHH PeccTpy OOTH~eHh" Mae 3HaqeHWI, HaBe,lJ;eHe B I1yHKTi 5.02 U;boro ,2J;oroBopy; "Ocooa" 6Y,lJ;b-5IKa clJi3HqHa oc06a, Koprropau;i5I, KOMrraHi5I, TOBapHcTBo, clJipMa, ,lJ;06pOBinbHe 06' e,lJ;HaHH5I, crriITbHe rri,lJ;rrpHeMCTBo, TpecT, rrpHBaTHa opraHi3au;i5I, YrrOBHOBa:lKeHayCTaHoBa qH 6Y,lJ;b-5IKa iHIua opraHi3au;i5I, Il(0 ,lJ;ie Bi,lJ; cBoro iMeHi, B clJi,lJ;yu;iapHiH a60 iHIUiH 5IKOCTi; "3acTaBa" Mae 3HaqeHH5I, HaBe,lJ;eHe B I1yHKTi 2.01 (a) U;boro ,2J;oroBopy; "3acTaBJIeHi PaxyHKH" Mae 3HaqeHH5I, HaBe,lJ;eHe B I1peaM6yITi U;boro ,2J;oroBopy, ,lJ;eTaITi 5IKOrOHaBe,lJ;eHiy ,2J;O,lJ;aTKy A ,lJ;0U;boro ,2J;oroBopy, 5IKHH e qaCTHHOIO U;boro ,2J;oroBopy; 03HaqaC 3aKoH "3aKoH npo 3acTaBy" YKpai'HH "I1po 3acTaBy" N<:!2654-XII Bi,lJ; 2 :lKOBTH5I 1992 pOKY, i3 3MiHaMH Ta

"Liens Registry Notice" shall have the meaning specified in Section 5.02 of this Agreement;

"Person" corporation, association, organization, acting in an

shall mean any natural person, company, partnership, firm, voluntary joint venture, trust, unincorporated Authority or any other entity whether individual, fiduciary or other capacity;

"Pledge" has the meaning designated Section 2.01 (a) of this Agreement;

to it in

"Pledged Accounts" shall have the meaning specified in the preamble of this Agreement, the details of which are given in Exhibit A hereto, which is made a part ofthis Agreement;

"Pledge Law" shall mean the Law of Ukraine on Pledge No. 2654-XII, dated October 2, 1992, as amended;

"3aoe3neQeHi 300oB'H3aHHH" Mac 3HaqeHH5I, Ha,lJ;aHe y I1yHKTi 2.02 U;bOro ,2J;oroBopy; "IIepio,lJ; 3aOe3neQeHHH" 03HaQae rrepio,lJ;, 5IKHH rrOQHHaETbC5I 3 ,2J;aTH Ha6paHH5I qHHHOCTi, Il(0 BKITIOQae TaKy ,lJ;aTy, Ta rrp0,lJ;OB:lKyeTbC5I BKITIOQHO,lJ;0 ,lJ;aTH, rricIT5I 5IKOi',Ha BH3HaQeHH5I3aCTaBO,lJ;ep:lKaTeIT5I, (i) BHQeprraHO Bci KOiliTH ,lJ;IT5I Ha,lJ;aHH5I Kpe,lJ;HTy 3ri,lJ;HO 3 Kpe,lJ;HTHHMH ,2J;oroBopaMH, (ii) rrOBHicTIO BHKoHaHi Bci 3a6e3rreQeHi 3060B' 5I3aHH5I,i (iii) He 3aITHiliHITOC5I :lKO,lJ;HHX CYM, HeCrrITaQeHHX 3aCTaBO,lJ;ep:lKaTeITIO 3a Kpe,lJ;HTHHMH ,2J;oroBopaMH.

"Secured Obligations" has the meaning Section 2.02 of this Agreement;

stated in

"Security Period" means the period from and including the Effective Date to the date upon which the Pledgee determines that (i) no sum remains to be lent under the Facility Agreements, (ii) all of the Secured Obligations have been satisfied in full and (iii) no sum remains payable to the Pledgee under the Facility Agreements.

(a) B U;bOMY ,2J;oroBopi, 5IKIl(O iHilie He BHMaraeTbC5I KOHTeKCTOM, CITOBa, Il(0 03HaQaIOTb O,lJ;HHHy BKITIOQaIOTb MHO:lKHHY Ta HaBIlaKH, CITOBa, Il(0 03HaQaIOTb oci6, BKITIOQaIOTb Koprropau;ii', rrapTHepCTBa Ta iHilii IOpH,lJ;HQHiOC06H, a rrOCHITaHH5IHa oc06y BKITIOQaC iT rrpaBoHacTyrrHHKiB Ta ,lJ;03BOITeHHX Ha6yBaQiB; (b) B U;bOMY ,2J;oroBopi rrOCHITaHH5IHa KOHKpeTHHH I1yHKT TITYMaQHTbC5I, 5IK

(a) In this Agreement, unless the context otherwise requires, words denoting the singular include the plural and vice versa, words denoting persons include corporations, partnerships and other legal persons and references to a person include its successors and permitted assigns;

(b) specified

In this Agreement, a reference to a Section shall be construed as a reference

rrOCHJIaHH5IHa TaKHH KOHKpeTHHH DyHKT IJ,bOrO~orOBOpy; (c) B IJ,bOMy ~oroBopi rrOCHJIaHH5I Ha ,I:\oroBip TJIYMa'lHTbC5I 5IKrrOCHJIaHH5I Ha TaKHH ,I:\oroBip, 5IK BiH MO)Ke 6YTlI 3MiHeHHH, ,I:\OrrOBHeHHH, rrepe,I:\aHHH a60 Bi,I:\cTyrrJIeHHH 'lac Bi,I:\ 'lacy; (d) B IJ,bOMy ~oroBopi 3arOJIOBKH B)KHBaIOTbC5l JIMIne,I:\JI5I 3py'lHOCTi rrOCHJIaHH5I, i He BrrJIHBaIOTb Ha TJIYMa'leHH5I IJ,bOrO ~orOBOpy; (e) B IJ,bOMy ~oroBopi rrOCHJIaHH5I Ha "3aKOH" BKJIIO'lae rrOCHJIaHH5IHa 6Y,I:\b-5IKY 3aCTocoBHy yro,I:\y, KOHcTHTyIJ,iIO, cTaTyT, 3aKOHO,I:\aBCTBO, YKa3, HopMaTHBHHH aKT, HOpMy, rrOJIO)KeHH5I,piweHH5I CY,I:\y,HaKa3, rrpHrrHc, THM'laCOBHH 3axi,I:\, BH3Ha'leHH5I, yXBarry a60 iHwHH 3aKOHO,I:\aB'lHH 'lH a,I:\MiHicTpaTHBHHH3axi,I:\ a60 cY,I:\OBe 'lH TpeTeHcbKe piweHH5I B 6Y,I:\b-5IKiH IOPHc,I:\HKIJ,ii', 5IKiMaIOTbCHJIy3aKOHY;
(f) B IJ,bOMy ~oroBopi nOCHJIaHH5I Ha HacTyrrHHKa a60 HaCTyrrHHKiB TJIYMa'lHTbC5I TaK, lI(06 BKJIIO'laTH 6Y,I:\b-5IKOrO IJ,ecioHapi5I a60 HacTyrrHHKa rrpaBa CTOpOHHa60 OC06H, 5IKa Bi,I:\rroBi,I:\Ho ,I:\O 3aKoHiB i"i IOPHc,I:\HKIJ,ii' peeCTpaIJ,ii' a60 MicIJ,e3Haxo,I:\)KeHH5I, Ha6yJIa rrpaB Ta 3060B'5I3aHb TaKoi' CTOpOHH 3a Kpe,I:\HTHHMH ~oroBopaMH a60 5IKiH Bi,I:\rroBi,I:\Ho ,I:\OTaKHX 3aKoHiB TaKe rrpaBO Ta 3060B'5I3aHH5I6yJIH nepe,I:\aHi;

(C) In this Agreement, a reference to an agreement shall be construed as a reference to such agreement as it may be amended, varied, supplemented, novated or assigned from time to time; (d) In this Agreement, the headings are inserted for convenience of reference only and shall not affect the interpretation of this Agreement; (e) In this Agreement, a reference to "law" includes references to any applicable treaty, constitution, statute, legislation, decree, normative act, rule, regulation, judgment, order, writ, injunction, determination, award or other legislative or administrative measure or judicial or arbitral decision in any jurisdiction which has the force of law;

In this Agreement, a reference to Successor or Successors shall be construed so as to include any assignee or successor in title of a party and any person who, under the laws of its jurisdiction of incorporation or domicile, has assumed the rights and obligations of such party under the Facility Agreements or to which, under such laws, such right and obligations have been transferred;
(f)

(g) Bci ~O,I:\aTKH ,I:\O IJ,bOrO ~orOBOpy CTaHOBJI5ITb 'laCTHHy IJ,bOrO~orOBOpy. (h) .>IKlI(O Y Bi,I:\rroBi,I:\HoCTi3 yMoBaMH IJ,bOrO~orOBOpy oCTaHHiH CTpOK BHKOHaHH5I 6Y,I:\b-5IKHX 3060B' 5I3aHb 3aCTaBO,I:\aBIJ,5I rrpHrra,I:\aea60 3aKiH'lyeTbc5I Ha ,I:\eHb,5IKHHHe e P060'lHM ~HeM, TO oCTaHHiH CTpOK BHKOHaHH5I TaKHX3060B' 5I3aHb rrO,I:\OB)KyeTbC5I ,I:\O HacTynHoro P060'loro ~H5I B TOMy )K KarreH,I:\apHoMy Mic5IIJ,i (5IKlI(0 e) a60 CKOPO'lYeTbC5I,I:\O rrOrrepe,I:\HbOrO P060'loro ~H5I (5IKlI(0HeMae).

(g) All Schedules to this constitute a part of this Agreement.

Agreement

(h) If, in accordance with the terms of this Agreement, the deadline for the performance of any obligations of the Pledgor falls or expired on a date which is not a Business Day, the deadline for the performance of such obligations shall be extended to the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

(a) ~JI5I 3a6e3rre'leHH5I CBOC'laCHOrO rroraWeHH5I, ,I:\OTpHMaHH5I rrOBHoro

(a) In order to secure the prompt and complete payment, observance and performance of

BilKOHaHH5! BCIX 3a6e3rreqeHIIX 3060B' 5!3aHb Ta 3Ba:iKaIOqII Ha yKna,l..\eHH5! 3aCTaBO,l..\ep:iKaTeneM Kpe,l..\IITHIIX,lJ,oroBopiB, 3aCTaBO,l..\aBeU;b U;IIM Ha,l..\a 3aCTaBO,l..\ep:iKaTemO Ta Ha Horo KOpIICTb, y rroBHiH Mipi, ,l..\03BOneHllI lllIHHilM 3aKOHO,l..\aBCTBOM, Ta y Bi,l..\rroBi,l..\HoCTi 3 yMoBaMil U;bOro ,lJ,oroBopy, 3acTaBy HaHBlIlUoro rrpioplITeTy ("3aCTaBa ") Ha MaHHoBi rrpaBa Ta rrpaBO 3a6e3rreqeHH5! 3aCTaBO,l..\aBU;5! Ha 3acTaBneHi PaxyHKII, BKmOqaIOqlI rrpaBO OTpIIMyBaTil Bei KOlliTII, Pa30M 3 HapaXOBaHIIMIIHa HIIX rrpou;eHTaMII, ,l..\erroHoBaHiHa 3aCTaBneHlIX PaxyHKax a60 iHllIIIM qlIHOM 3apaxoBaHi Ha Hboro qac Bi,l..\ qacy, Ha ,lJ,aTy Ha6paHH5! llIIHHOCTi, Ha ,l..\aTy rrplIMycoBoro BlIKOHaHH5! 3aCTaBlI a60 rricn5! TaKIIX ,l..\aT, ,1..\0 3aKiHqeHH5! Depio,l..\y 3a6e3rreqeHH5! ("ITpeiJ,MeT 3aCTaBII"). (b) 3aCTaBa 3aITlIllIaTbC5! qIIHHOIOB 5!KOCTi 3a6e3rreqeHH5! rroBHol crrnaTil Ta BilKOHaHH5! 3a6e3rreqeHlIX 3060B' 5!3aHb3 ,lJ,aTIIHa6paHH5! llIIHHOCTi ,1..\0 rrOBHoro rrorallIeHH5! 3a6e3rreqeHIIX 3060B' 5!3aHb,3a60prOBaHlIX Ha KOPIICTb 3aCTaBO,l..\ep:iKaTen5!,B KO:iKHOMY BlIrra,l..\KY, y cyBopiH Bi,l..\rroBi,l..\HoCTi 3 yMoBaMil Kpe,l..\IITHIIX ,lJ,oroBopiB. (C) DpiopiiTeTHe rrpaBO 3aCTaBO,l..\ep:iKaTen5! Ha OTpIIMaHH5! 3a,l..\OBOneHH5! 3a paxyHoK Dpe,l..\MeTY3aCTaBil TaKO:iKBi,l..\HOCIITbC5! ,1..\0 BIIna,l..\KY niKBi,l..\au;il Ta 6aHKpyTcTBa 3aCTaBO,l..\aBU;5!. (d) He 06Me:iKYIOqII 6Y,l..\b-5!KIIX npaB 3aCTaBO,l..\ep:iKaTen5!3a U;IIM ,lJ,oroBopoM, CTOpOHilnOrO,l..\:iKYIOTbC5!, lUOCTaHOM Ha ,lJ,aTy Ha6paHH5! lllIHHOCTi BapTicTb Dpe,l..\MeTa 3acTaBlI CTaHOBIITb 285 241,73 rplIBHi (,I..\BicTi BieiM,I..\ec5IT rr' 5!Tb TlIC5!q ,l..\BicTiCOpOK O,l..\Ha rpIIBH5!73 KorriHKII).

all Secured Obligations and in consideration of the Pledgee entering into the Facility Agreements, the Pledgor hereby grants to and for the benefit of the Pledgee, to the fullest extent possible under Applicable Law and in accordance with the terms of this Agreement, a first ranking pledge (the "Pledge") over the Pledgor's property rights and interest in and to the Pledged Accounts, including the right to receive all funds together with all interest accrued thereon, on deposit in the Pledged Accounts or otherwise accruing thereto from time to time, whether on the Effective Date, on the date of enforcement of the Pledge or thereafter, until the expiration of the Security Period (the "Collateral").

(b) The Pledge shall remain in effect as security for the payment in full and performance of the Secured Obligations from the Effective Date until the Secured Obligations owing to the Pledgee shall have been discharged in full, in each case, strictly in accordance with the terms of the Facility Agreements.

(c) The Pledgee's priority right to recover against the Collateral shall also extend to an event ofliquidation and bankruptcy of the Pledgor.

(d) Without limiting any of the Pledgee's rights hereunder, the Parties agree that, as of the Effective Date, the value of the Collateral is 285,241.73 Hryvnias (two hundred eighty five thousand two hundred forty one Hryvnias 73 copecks).

(a) l.(eH ,lJ,oroBip Ta cTBopeHa 3a U;IIM ,lJ,oroBopoM 3acTaBa 3a6e3neQYIOTb cnnaTy Ta BilKOHaHH5! 3aCTaBO,l..\aBu;eM Bcix 3a6e3neQeHIIX 3060B'5!3aHb ("3a6e3neQeHIIX 306oB'H3aHl,"), 5!Ki BKnIOQaIOTb, 6e3 06Me:iKeHH5!, TaKi: (i) Bci 3060B'5!3aHH5!,5!KiB 6Y,Il,b-5!KIIH Qac ni,l..\n5!raIOTb cnnaTi 3aCTaBO,Il,aBu;eM 3a Kpe,Il,IITHIIMII ,lJ,oroBopaMil Ha KOPIICTb 3aCTaBO,Il,ep:iKaTen5!, iCHyIOQi a60 MaH6yTHi,

(a) This Agreement and the Pledge created hereby secure the payment and performance by the Pledgor of all of the secured obligations (the "Secured Obligations"), which include, without limitation, the following:

(i) all obligations at any time due, owing or incurred by the Pledgor under the Facility Agreements in favor of the Pledgee, whether present or future, actual or contingent (and whether

epaKTWIBi a60 MO)KJIIIBi (B35ITi CaMOCTlIIHO a60 KOJIeKTI1BHO,B 5IKOCTi,JJ,oBipIITeJI5Ia60 TIOpyqI1TeJI5I, a60 B 6Y,JJ,b~5IKiH iHIlIiH 5IKOCTi),B TOMy qIICJIi, 6e3 06Me)KeHH5I, rn:0,JJ,0CTIJIaTI1 Bcix OCHOBHIIX CYM, TIpOll,eHTiBTa 6Y,JJ,I,-5IKIIX KOMiciHHI1X, 360piB, Bi,JJ,UlKo,JJ,yBaHI,a60 iHUlI1X TIJIaTe)KiB, HaJIe)KHI1X ,JJ,O CTIJIaTII 3aCTaBO,JJ,aBll,eM 3a Kpe,JJ,I1THI1MI1 ,Z:(orOBOpaMI1 (TIpI1 HaCTaHHi CTpOKy OTIJIaTII, B pe3yJIbTaTi CKOpOqeHH5I CTpOKyTIJlaTe)Kya60 iHIlIoro); Ta (ii) Bcix BI1TpaT, TIOHeCeHIIX 3aCTaBo,JJ,ep)KaTeJIeMy 3B' 5I3Ky3 Kpe,JJ,IITHIIMII ,Z:(oroBOpaMI1Ta/a60 ll,I1M,Z:(oroBopoM, pa30M 3 TaKI1MI1 iHUlIIMI1 cyMaMI1, Ha 5IKi 3aCTaBo,JJ,ep)KaTeJII, MO)Ke MaTII TIpaBO Bi,JJ,TIOBi,JJ,HO ,JJ,0 l{IIHHOro 3aKoHo,JJ,aBCTBa. (b) BapTicTb 3a6e3TIeQeHI1X 3060B'5I3aHb CTaHOBI1Tb 45 509 076 (cop OK TI'5ITb MiJIbHOHiB TI'5ITCOT,JJ,eB'5ITbTIIC5Iq ciM,JJ,eC5IT UlicTb) BpO (a60 TaKy qaCTllHY ll,ie'i CYMI1, 5IKy 3aCTaBo,JJ,aBell,b 3aTI03IIQI1B y 3aCTaBO,JJ,ep)l<aTeJl5I Ta He TIOBepHyB), TIJIlOC Bci TIpOll,eHTI1 Ta 6Y,JJ,I,-5IKi KOMiciHHi TIJlaTe)Ki, 360pI1, Bi,JJ,UlKO,JJ,yBaHH5I, TIJlaTe)KiTa BI1TpaTI1, BKJllOQeHi Bi,JJ,TIOBi,JJ,HO ,JJ,0 (a60 y 3B'5I3KY 3 OTIepall,i5IMI1, TIepe,JJ,6aQeHI1MI1) Kpe,JJ,I1THI1X ,Z:(oroBopiB Ta/a60 ll,I,Oro ,Z:(oroBopy, 5IK QaCTIIHa3a6e3TIeQeHI1X 3060B' 5I3aHb. (C) ,Z:(aTOlO, ,JJ,0 5IKoi' TIOBI1HHi 6YTI1 TIOBHicTlOcTIJlaQeHi Ta TIOraUleHi 3a6e3TIeQeHi 3060B'5I3aHH5I, 14 QepBH5I 2012 pOKY, 3a BI1H5ITKOM TI1XBI1TIa,JJ,KiB, KOJlI1ll,5I,JJ,aTaMO)Ke 6yTI1 TIpO,JJ,OB)KeHa QI1 CKOpOQeHa Bi,JJ,TIOBi,JJ,HO ,JJ,0Kpe,JJ,IITHI1X ,Z:(oroBopiB. BI1rn:e3a3HaQeHe y )KO,JJ,HOMy pa3i He TIOpyUly QI1HHOCTiTa/a60 MO)KJII1BOCTiTIpI1MyCOBOro BI1KOHaHH5Ill,ie'i 3aCTaBI1, 5IKa, He3Ba)KalOQI1 Ha 6Y,JJ,b-rn:0, 3aJII1UlaTbC5ITIOBHiCTlOQI1HHOlOTa ,JJ,iHCHOlO BTIpO,JJ,OB)K BCI,oro I1epio,JJ,y 3a6e3TIeQeHH5I. 2.03 PecTpagi5I I1piOpI1TeTHicTI, Ta Ocj:>opMJleHH5I3aCTaBI1.

incurred solely or jointly and whether as principal or surety or in some other capacity), including, without limitation, the payment of all principal, interest, and any premium, fees, indemnities or other payments due from the Pledgor under the Facility Agreements (whether at stated maturity, as a result of acceleration or otherwise); and

(ii) all Expenses incurred by the Pledgee in connection with the Facility Agreements and/or this Agreement, together with such other amounts to which the Pledgee may be entitled under Applicable Law.

(b) The value of the Secured Obligations is EUR 45,509,076 (forty five million five thousand nine seventy six Euro) (or so much thereof as the Pledgor may have borrowed from the Pledgee and not repaid) plus all interest thereon and any premium, fees, indemnities, payments and Expenses included under (or in connection with the transactions contemplated by) the Facility Agreements and/or this Agreement as forming part of the Secured Obligations.

(c) The date by which the Secured Obligations must be repaid in full is June 14, 2012, except as that date may be extended or shortened in accordance with the Facility Agreements. The foregoing shall not in any way undermine the validity and/or enforcement of this Pledge, which shall nevertheless remain in full force and effect for the entire Security Period.

2.03 Pledge.

Registration Ranking

and

Perfection

of

the

(a) 3a TII1CbMOBOlO iHcTpyKll,ilO 3acTaBo,JJ,ep)KaTeJI5I Ta y BKa3aHi CTpOKII a TaKO)K B ,JJ,aTyKO)KHOi" HOBOi"pe,JJ,aKll,ii" ll,I,OrO ,Z:(oroBopy, yKJIaCTI1 ,Z:(oroBip I1epe,JJ,aQi KOUlTiB (a60 Bi,JJ,TIOBi,JJ,HyHoro HOBy pe,JJ,aKll,ilO, B 3aJIe)KHocTi Bi,JJ, 06CTaBI1H) Ta ,JJ,OCTaBI1TI1 EaHKy opl1riHaJI Bi,JJ,TIoBi,JJ,Horo(I1x) P03TIOp5I,JJ,)KeHH5I( -HI,) Ha I1epeKa3

(a) upon written instruction of and within the term established by the Pledgee, enter into the Funds Transfer Agreement (or the corresponding amendment and restatement thereof, as the case may be), and deliver to the Bank the original of the relevant Funds Transfer Order(s);

(b) 5IKHaHCKopiwe, aJIe B 6Y,D;b-5IKOMY BHIIa,D;Ky He IIbHiwe Hi)l{ TpbOX (3) P060'lHX ~HiB IIicJI5I ~aTH Ha6paHH5I LIHHHOCTi, Ha,D;aTH 3aCTaBO,D;ep)l{aTemO Bci TaKi ,D;OKyMeHTH i CIIpH5IHH5I, 5IKi 3aCTaBO,D;ep)l{aTeJIb MO)l{e BHMaraTH ,D;JI5I(i) peccTpau;ii' 3aCTaBH y PeccTpi 06T5I)l{eHb, Ta (ii) ,D;OTpHMaHH5I 6Y,D;b-5IKHX He06xi,D;HHX IIO,D;aHb, peccTpau;ii', IIOBi,D;OMJIeHb a60 <pOpMaJIbHHX,D;iHIIJ;O,D;O U;boro ~oroBopy 3i 3MiHaMH Ta ,D;OIIOBHeHH5IMH, IIJ;O MO)l{YTb BHOCHTHC5I,D;O Hboro 'lac Bi,D; 'lacy, Ta 3acTaBH; (c) y BHIIa,D;Ky, 5IKIIJ;O peccTpau;iHHi Ta IIpOTOKOJIbHiBHMorH Bi,D;IIOBi,D;HO ,D;O LIHHHoro 3aKOHO,D;aBCTBa 6y,D;yTb 3MiHeHi a60 ,D;OIIOBHeHi, a60 5IKIIJ;O 3MiHHTbC5I KopilopaTHBHa <popMa 3aCTaBO,D;aBU;5I, TO 3aCTaBO,D;aBeU;bIIOrO,D;)l{YCTbC5I 6e3Bi,D;KJIa,D;HO Ta 3a cBiH BJIaCHHH paxyHoK O<pOPMHTHTa ,D;OCTaBHTH Bci ,D;O,D;aTKOBi ,D;OKyMeHTH, yrO,D;H Ta iHWi ,D;OKyMeHTH, i 3,D;iHCHHTH Bei ,D;O,D;aTKOBi ,D;ii', 5IKi MO)l{YTb 6yTH He06xi,D;HHMH, a60 5IKi 3aCTaBO,D;ep)l{aTeJIb MO)l{e 06rpyHToBaHo BHMaraTH, ,D;JI5I peccTpau;ii', 06JIiKy Ta 3axHcTy rrepwOqeproBoi' 3acTaBH, cTBopeHoi' 3a U;HM ~oroBopoM, ,D;JI5I Toro, IIJ;06 3aCTaBO,D;ep)l{aTeJIbMir 3,D;iHCHHTH CBOi'rrpaBa Ta CKopHCTaTHC5I 3ac06aMH rrpaBOBoro 3axHcTy 3a U;HM~orOBopOM rro Bi,D;HOWeHHIO ,D;O 3aCTaBJIeHHXPaxyHKiB; Ta (d) 6Y,D;b-5IKiBHTpaTH, IIJ;O BHrrJIHBaIOTb i3 BHIIJ;e3a3HaqeHHX ,D;iH(BKJIIOqaIO'lH BHTpaTH, rroHeceHi 3aCTaBO,D;ep)l{aTeJIeM), rroKpHBaIOTbC5I 3aCTaBO,D;aBu;eM 5IKIIJ;O BHMaraCTbC5I LIHHHHM 3aKOHO,D;aBCTBOM i B Mipi, B 5IKiH TaK BHMaraCTbC5I, 3aCTaBO,D;ep)l{aTeJIb rrOBHHeH Ha,D;aTH Bi,D;rrOBi,D;Hi ,D;03BOJIH 3aCTaBO,D;aBU;IO ,D;JI5I Toro, IIJ;06 BiH 3,D;iHCHHB peccTpau;ii' Ta BHKOHaBCBOi' iHWi 3060B' 5I3aHH5I, rrepe,D;6aqeHi B U;bOMY nyHKTi 2.03. 3aCTaBO,D;ep)l{aTeJIb MO)l{e, Ha cBiH BJIaCHHH P03CY,D;,caM 3,D;iHCHHTH 6y,D;b5IKi peccTpau;ii' Ta caM BHKOHaTH 6Y,D;b-5IKi iHWi 3060B' 5I3aHH5I 3aCTaBO,D;aBU;5I, rrepe,D;6aQeHi B U;bOMY nyHKTi 2.03, i B TaKoMy BHrra,D;Ky 6Y,D;b-5IKi BHTpaTH Ta BH,D;aTKH, rroHeceHi 3aCTaBO,D;ep)l{aTerreM y 3B' 5I3Ky b BHIIJ;errepeJIiQeHHMH ,D;i5IMH, cTaHyTb QaCTHHOIO BHTpaT Ta 6y,D;yTb rroHeceHi

(b) as soon as practicable, but in any event, no later than three (3) Business Days after the Effective Date provide to the Pledgee all such documents and assistance as a Pledgee may require in order to (i) register the Pledge in the Liens Registry, and (ii) comply with any other required filings, registration, notifications or formalities with respect to this Agreement as amended form timed to time and the Pledge;

(C) in the event that the registration or recordation requirements under Applicable Law shall have been amended or modified, or the corporate form of the Pledgor shall have been changed, then the Pledgor agrees promptly and at its expense to execute and deliver all further instruments, agreements and other documents, and to take all further action, that may be necessary, or that the Pledgee may reasonably request, in order to register, record and protect the first priority Pledge created hereunder and to enable the Pledgee to exercise and enforce its rights and remedies hereunder with respect to the Pledged Accounts; and

(d) any expense resulting from any of the foregoing actions (including those amounts incurred by the Pledgee) shall be borne by the Pledgor. If required by Applicable Law and to the extent so required, the Pledgee shall issue appropriate authorizations to the Pledgor to enable it to effect registrations and to perform its other obligations provided in this Section 2.03. The Pledgee may at its sole discretion elect to effect by itself any or all registrations and to perform by itself any or all other obligations of the Pledgor provided in this Section 2.03, in which case any and all cost and expense incurred by the Pledgee in connection with any of the foregoing actions shall become a part of Expenses and shall be borne by the Pledgor.

(a) 3aJI11IllaETbC~ y IIOBHlI1 cl1ni Ta ql1HHOCTiBIIpO,o:OB)K Depio,o:y 3a6e3IIeqeHHll Ta )KO,o:HI1M ql1HOM He 06Me)KYETbc~ 6y,o:bllKI1M iHIllI1M 06n)KeHH~M Ha 3acTaBneHi PaxyHKI1, oKpiM 06Tll)KeHb, III1CbMOBO ,o:03BOneHl1X 3acTaBo,o:e)KaTeneM; (b) He IIPI1III1H~ETbC~ IIoraIlleHH~M ql1 3a,o:oBOJIeHH~M 6y,o:b-~KO'i qaCTI1HI1 3a6e3IIeqeHl1X 3060B' ~3aHb, 3a6e3IIeqeHl1X QI1M J!:oroBopoM, a e TPI1BaJIl1M 3a6e3IIeqeHH~M ,0:0 IIpI1III1HeHH~ Qboro J!:oroBopy y Bi,o:IIoBi,o:HocTi 3 Moro yMoBaMI1,i IIOIllI1PIOETbCll Ha 6y,o:b-~Ki Ta Bd 3060B'~3aHH~, ~Ki qac Bi,o: qacy e 3a6e3IIeqeHl1Ml1 3060B'~3aHH~MI1, i BOHa He cKacoByETbC~ i He 06Me)KyeTbc~ 6y,o:b-llKI1M ql1HOM (i) IIepio,o:oM qacy, ~KI1M Ha,o:aeTbcll 3acTaBo,o:aBQIOa60 iHIIIOIO Bi,o:cTpoqKOIOql1 iHIIIOIO IIOCTyIIKOIO 3aCTaBo,o:aBQIO, (ii) B3~TT~M, TpI1MaHH~M, 3MiHOIO, He 3BepHeHHllM CTllrHeHH~ a60 cKacYBaHH~M 3acTaBo,o:ep)KaTeneM 6y,o:b-~Koro iHIlloro 3a6e3IIeqeHH~ 3a Bci a60 6y,o:b-~KY qaCTI1HY 3a6e3IIeQeHlIX 3060B'~3aHb, a60 (iii) 6y,o:b~KOIOMo,o:l1epiKaQieIO QI1 3MiHoIO Kpe,o:lITHI1X J!:oroBopiB Ta 6y,o:b-~KI1X 06CTaBlIH, ~Ki, ~K611 Qe IIOnO)KeHH~ He iCHyBaJIO, MOlITl1 6 ,o:03BOn~TI1 CKaCYBaHH~ 6y,o:b-~KlIX 3a6e3IIeQeHl1X 3060B' ~3aHb a60 3BinbHeHHll 3acTaBo,o:aBQ~ Bi,o: Bi,o:IIoBi,o:aJIbHOCTi 3a 3a6e3IIeQeHi 3060B' ~3aHH~ QI1'ix cKacYBaHH~ a60 iHIllI1M QI1HOM BIInl1HYTI1 Ha 3a6e3IIeQeHH~, cTBopeHe QI1MJ!:OlOBOPOM; (c) e 3060B' ~3aJIbHOIO ,o:JI~ 3acTaBo,o:aBQ~, Moro IIpaBoHacTyIIHI1KiBTa QecioHapi'iB; Ta (d) ,o:ie, pa30M i3 IIpaBaMI1 Ta 3ac06aMli IIpaBoBoro 3aXl1CTY 3acTaBo,o:ep)!<aTen~, Ha KOPlICTb 3acTaBo,o:ep)KaTen~ Ta Moro Bi,o:IIOBi,o:HI1X IIpaBoHaCTyIIHlIKiB, Ha6yBaQiB i QecioHapi'iB.

(a) remain in full force and duration of the Security Period and way be prejudiced or affected by over the Pledged Accounts, other permitted by the Pledgee in writing;

effect, for the shall not in any any other Lien than the liens

(b) not terminate by payment or satisfaction of any part of the Secured Obligations hereby secured but shall be a continuing security until termination of this Agreement in accordance with the terms hereof, and extend to cover any and all obligations constituting from time to time Secured Obligations and shall not be discharged or prejudiced in any way by (i) time being given to the Pledgor or by any other indulgence or concession to the Pledgor, (ii) the taking, holding, varying, non-enforcement or release by the Pledgee of any other security for all or any of the Secured Obligations, or (iii) any variation of or amendment to the Facility Agreements that, but for this provision, might operate to discharge any of the Secured Obligations or to exonerate or discharge the Pledgor from the Secured Obligations or otherwise affect the security hereby constituted;

(c) be binding on the Pledgor, its successors and assigns; and (d) inure, together remedies of the Pledgee, Pledgee and its respective and assigns. with the rights and to the benefit of the successors, transferees

3aCTaBa, CTBopeHa QI1M J!:oroBopoM, IIOBHicTIOIIpI1IIlIH~eTbc~ B IIepIllI1H P060QlIH J!:eHb IIicn~ 3aKiHQeHH~ Depio,o:y 3a6e3IIeQeHH~, i IIpI1III1H~eTbC51CTOCOBHO

The Pledge granted hereby shall be terminated in full on the first Business Day following the expiration of the Security Period, and shall terminate with respect to the Pledgee in accordance

3aCTaBo):(ep:>KaTeml y Bi):(rroBi):(HocTi 3 nyHKTOM 2.01(b) IJ,bOrO L!:oroBopy. nicml rrpMrrMHeHH51 3aCTaBM 3aCTaBo):(ep:>KaTeJIb,3a paxyHoK 3aCTaBo):(aBIJ,51, 5lKHaHIlIBM):(llIe, O<pOpMMTb Ta ):(OCTaBMTb 3aCTaBo):(aBIJ,IO 6y):(b5lKiTaKi ):(oKyMeHTM, 5lKi3aCTaBo):(aBeIJ,bMO:>Ke p03yMHO BMMaraTM ):(JI51 3acBi):('leHH51TaKoro rrpMmIHeHH51 3aCTaBM Ta B:>KMBe 6Y):(b-51KMX Ta Bcix He06xi):(HMx):(iH):(JI51 peE:cTpaIJ,il y PeE:cTpi 06T51:>KeHb iH<popMaIJ,il rrpo rrpIUlMHeHH51 3aCTaBM,cTBopeHol IJ,MM L!:oroBopoM. CTATTH3. 3AITEBHEHHH rAP AHTII 3ACT ABO)l.AB:QH

with Section 2.01 (b) of this Agreement. Upon termination of the Pledge, the Pledgee shall, at the expense of the Pledgor, as soon as reasonably practicable execute and deliver to the Pledgor any such documents as the Pledgor can reasonably request to evidence such termination of the Pledge and shall take any and all necessary action to register with the Liens Registry the information about the termination of the Pledge established hereby.

ARTICLE 3. REPRESENTATIONS WARRANTIES OF THE PLEDGOR

AND

3aCTaBo):(aBeIJ,b IJ,MM,rapaHTyE:, 3arreBH51E: Ta CTBep):(:>KyE:, IIl,0 Ha L!:aTyHa6paHH51 L[MHHOCTi: (a) 3aCTaBo):(aBeIJ,b E: Bi):(KpMTHM aKIJ,ioHepHHM TOBapMCTBoM, HaJIe:>KHHM 'lHHOM CTBopeHMM Ta 3aKOHHO iCHyIO'lHM Bi):(rroBi):(Ho):(0 3aKoHo):(aBCTBa YKpaIHH, Ta 3apeE:CTpOBaHMM B ycix Bi):(rroBi):(HMX opraHax peE:cTpaIJ,il YKpaIHH, i oTpMMaB Bci He06xi):(Hi L!:03BOJIM ):(JI51 (i) BOJIo):(iHH51 cBolMH aKTMBaMM, (ii) ):(JI51 yKJIa):(eHH51 IJ,bOrOL!:oroBopy, (iii) ):(JI51 Toro, IIl,06 BiH Mir Bi):(KpMTM, MaTM Ta orrepyBaTM 3aCTaBJIeHMMHPaxyHKaMH, Ta (iv) Ha):(aTM 3acTaBy 3a IJ,MM L!:oroBopoM; (b) 3acTaBo):(aBeIJ,b E: E:):(MHMM BJIaCHHKOM 3aCTaBJIeHMXPaxyHKiB Ta rrpaB 3a6e3rre'leHH51 B HMX;BiH E:E:):(MHOIO OC060IO, IIl,0 MaE:rrpaBo 3HiMaTM KOIlITM 3 3aCTaBJIeHMX PaxyHKiB; npe):(MeT 3aCTaBM He E: rrpe):(MeToM 6y):(b5lKOrO iHllIoro npaBa 3a6e3rre'leHH51 i He rri):(rra):(aE:ni):( ):(iIO 6Y):(b-51KOrOKOHTpaKTy, 6Y):(b-51KOI ):(oMoBJIeHocTi a60 3aKoHo):(aBCTBa, yMOBHMxa60 6e3yMoBHMX, 3a 5lKMMM MO:>KyTb 6yTM cTBopeHi rrpaBa 3a6e3rreqeHH51 Ha 6y):(b5lKi rrpaBa y 3aCTaBJIeHMX PaxyHKax, oKpiM y3ro):(:>KeHMX Mi:>K 3aCTaBo):(ep:>KaTeJIeM i 3aCTaBo):(aBIJ,eM; (C) 3aCTaBo):(aBeIJ,b MaE: KoprropanlBHe nOBHOBa:>KeHH51 yKJIaCTH IJ,ell L!:oraBip Ta BHKoHyBaTM Hora, i MaE:Bci rrOBHOBa:>KeHH51 Ta rrpaBa Ha):(aTM 3acTaBy Ha 3aCTaBJIeHi PaxyHKH y Bi):(rroBi):(HocTi3 yMoBaMM IJ,bOrO L!:oroBOpy; (d) IJ,eH L!:oroBip E: HaJIe:>KHHM 'IHHOM Ta o<popMJIeHHH yrroBHoBa:>KeHMlI 3acTaBo):(aBIJ,eM, Ta CTaHOBHTb 'lMHHi i

The Pledgor hereby guarantees, represents warrants that as of the Effective Date:

and

(a) the Pledgor is an open joint stock company company, duly incorporated and validly existing under the laws of Ukraine and has the corporate power, is registered with all relevant registration bodies in Ukraine, has obtained and holds all required Authorizations, to (i) own its assets, (ii) enter into this Agreement, (iii) enable it to open, maintain and operate the Pledged Accounts, and (vi) grant the Pledge hereunder;

(b) the Pledgor owns and has full right, title and interest in and to the Pledged Accounts; it is the only Person entitled to withdraw funds from the Pledged Accounts. The Collateral is not subject to any security interests, and the Pledgor is not subject to any contract, arrangement or law, whether conditional or unconditional, pursuant to which any security interests on any right or interest in the Pledged Accounts may be created, except for those agreed between the Pledgor and the Pledgee;

(c) the Pledgor has the corporate power to enter into and perform this Agreement and has full power and authority to grant the Pledge on the Pledged Accounts pursuant to the terms of this Agreement;

(d) this Agreement has been duly authorised and executed by the Pledgor, constitutes valid and legally binding obligation of the Pledgor,

lOplllJ)I'IHO 3060B' 5I3ylO'Ii 3060B' 5I3aHH5I 3aCTaBO,ll,aBlJ,5I, IIJ,OMO)KYTh6YTlI rrpilMYCOBO BilKoHaHi rrpOTil 3aCTaBO,ll,aBlJ,5I y Bi,ll,rroBi,ll,HocTi ,ll,0 HorO yMOB (oKpiM Bllrra,ll,KiB, KOJIll TaKa MO)KJIllBiCTb rrpilMycoBoro BilKOHaHH5I MO)Ke 06Me)KYBaTilCh'IllHHilM 3aKOHO,ll,aBCTBOM rrpo 6aHKpyTcTBO, HerrJIaTocrrpoMo)KHiCTb, peopraHi3alJ,ilO, MopaTopiH a60 CXO)KllM 3aKOHO,ll,aBCTBOM, mo BrrJIllBae Ha rrpaBa Kpe,ll,llTOpiBB3arani a60 6Y,ll,h-5IKilM 'IllHHilM 3aKOHO,ll,aBCTBoM); (e) yKJIa,ll,eHH5I IJ,hOrO )J;oroBopy ,ll,OTpllMaHH5I yMOBIJ,hOro)J;oroBopy: Ta

enforceable against the Pledgor in accordance with its terms (except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally or any applicable law);

(e) the making of this compliance with its terms:

Agreement

and

(i) He MaTilMe HacJIi,ll,KoM rropYIlIeHH5I yCTaHOB'IllX ,ll,oKyMeHTiB3aCTaBO,ll,aBlJ,5I a60 6Y,ll,h-5IKOrO )J;03BOJIy 'Ill 6Y,ll,b-5IKOlO rrOJIO)KeHH5I l.lllHHoro 3aKOHO,ll,aBCTBa; (ii) He 6Y,ll,ecyrrepe'IllTil Ta He rrpll3Be,ll,e,ll,O rropYIlIeHH5I6Y,ll,b-5IKllX yMOB a60 rrOJIO)KeHb 6Y,ll,b-5IKOrO eMiciHHoro ,ll,OlOBOPY,irroTeKll, ,ll,OrOBopy'Ill iHIlIOl yrO,ll,ll a60 ,ll,oMoBJIeHocTi, CTOpOHOIO 5IKllXe 3aCTaBO,ll,aBelJ,h a60 5IKilMil 3aCTaBO,ll,aBelJ,b'Ill 6Y,ll,h-5IKi Horo aKTilBII 3B'5I3aHi;Ta (iii) He MaTilMe HacJIi,ll,KoMcTBOpeHH5Ia60 HaKJIa,ll,aHH5I 6Y,ll,h-5IKOrO rrpaBa 3a6e3rre'IeHH5I (oKpiM rrOrO,ll,)KeHllX CTopoHaMll) y 3aCTaBJIeHllXPaxyHKax. (f) oTpllMaHH5I 6Y,ll,h-5IKllX)J;03BOJIiB a60 rrO,ll,aHH5I 'Ill peecTpalJ,il B 6Y,ll,b-5IKOMY IToBHOBa)KHoMY OpraHi, He BilMaralOThC5I,ll,JI5I (i) Ha,ll,aHH5I 3aCTaBO,ll,aBlJ,eM 3acTaBil Ha ITpe,ll,MeT3acTaBil Ta cTBOpeHH5IHaHBllIIJ,OrO rrpiopilTeTy (oKpiM peecTpalJ,il 3aCTaBll, cTBopeHol IJ,llM )J;oroBopoM y PeecTpi 06T5DKeHh), (ii) Hane)KHOrO o<jJopMJIeHH5I, ,ll,OCTaBKlla60 BIIKOHaHH5I3aCTaBO,ll,aBlJ,eM IJ,bOlO )J;oroBopy, a60 (iii) 'IllHHOCTi Ta MO)KJIIIBOCTi rrplIMycoBoro BIIKOHaHH5I IJ,bOrO )J;oroBopy; (g) lJ,eH )J;olOBip rricJI5I BlIKOHaHH5I 3aCTaBO,ll,aBlJ,eM yMOB, Bll3Ha'IeHIIX B ITyHKTi2.03, CTaHOBIITilMe 'IIIHHe 06T5I)KeHH5I HaHBIIIIJ,OrO rrpiopilTeTy Ha ITpe,ll,MeT3aCTaBlI Ha KOPIICTb 3aCTaBO,ll,ep)KaTeJI5I, 3a6e3rre'IyIO'Ill 3a6e3rre'IeHi 3060B' 5I3aHH5I Ta MalO'Ill rrpiopilTeT IIJ,0,ll,06Y,ll,h-5IKOlO iHIlIoro 06T5I)KeHH5I Ha TaKi 3acTaBJIeHi PaxyHKll

(i) does not result in the violation of the Pledgor's constituent documents or any Authorisation or any provision of Applicable Law;

(ii) does not conflict with or result in breach of any of the terms, conditions or provisions of, or constitute a default or require any consent under, any indenture, mortgage, agreement or instrument or arrangement to which the Pledgor is a party or by which the Pledgor or any of its assets is bound; and (iii) does not result in the creation or imposition of any security interests (other than agreed by the Parties) on the Pledged Accounts.

(f) no Authorisation or filings or registrations with any Authority are required for (i) the grant by the Pledgor of the Pledge over the Collateral and the creation of a first priority security interest therein (other than the registration of the Pledge established by this Agreement with the Liens Registry), (ii) the due execution, delivery or performance by the Pledgor of this Agreement, or (iii) the validity or enforceability hereof;

(g) this Agreement will, when the Pledgor satisfies the conditions set forth in Section 2.03, constitute a first-priority Lien on the Collateral in favour of the Pledgee securing the Secured Obligations and ranking senior to any other Liens with respect to such Pledged Accounts (if any);

(h) He p03rmJ)..(aCTbC5I )KO,l.\He cY,l.\OBe rrpOBa,l.\)KeHH5I, rrp0I.\ec, p03cni,l.\YBaHH5I,rr030B a60 cnyxaHH5I rrpOTll 3aCTaBO,l.\aBI.\5Iy 3B'5I3KY i3 Ilpe,l.\MeTOM 3acTaBll, i 3aCTaBO,l.\aBI.\IOHe Bi,l.\oMO rrpo 6Y,l.\b-5IKY 3arp03y Bi,l.\ 6Y,l.\b-5IKOIOC06ll 'Ill IloBHoBa)KHoro OpraHy ll.(0,l.\0 IX BllHllKHeHH5I; (i) 3acTaBfleHi PaxYHKH Bi,l.\KPllTi Ta 06cnyroByIOTbC5I y Bi,l.\rrOBi,l.\HOCTi 3 qllHHllM 3aKOHO,l.\aBCTBOMTa ~oroBopoM Ilepe,l.\a'Ii KOIIITiB Ta, HaCKinbKll Bi,l.\OMO 3aCTaBO,l.\aBI.\IO rricn5I HaBe,l.\eHH5I Bi,l.\rrOBi,l.\HllX ,l.\OBi,l.\OK, 3aCTaBneHi PaXYHKll Bi,l.\KpllTi Ta 06cnyroByIOTbC5I y Bi,l.\rroBi,l.\HoCTi 3i CTaH,I.\apTHllMll rrp0I.\e,l.\ypaMll EaHKy, Bci ,l.\OrOBOpllMi)K 3aCTaBO,l.\aBI.\eM Ta EaHKOM Ha Bi,l.\KpllTT5I Ta Be,l.\eHH5I 3aCTaBneHlIX PaxyHKiB Hane)KHllM'IHHOM3aTBep,l.\)l(eHiTa YKna,l.\eHi,i 3 60Ky 3aCTaBO,l.\aBI.\5I Ta, HacKinbKH Bi,l.\oMO 3aCTaBO,l.\aBI.\IO, 3 60Ky EaHKy He Bi,l.\6ynocH )KO,l.\HOro rropyilleHH5I, ll.(0 Morno 6 HeraTllBHO BrrnllHYTll Ha Bi,l.\KpHTT5I, Be,l.\eHH5I Ta BIIKopllCTaHH5I 3aCTaBneHlIX PaxyHKiB; Ta

(h) there is no litigation, action, investigation, claim or proceeding pending against the Pledgor in connection with the Collateral, nor is the Pledgor aware of any threat by any Person or Authority to commence the same;

(i) the Pledged Accounts have been established, and are maintained, in compliance with Applicable Law and the Funds Transfer Agreement, and, to the best of the Pledgor's knowledge after due inquiry, the Pledged Accounts have been established and are maintained in compliance with the standard procedures of the Bank. All agreements between the Pledgor and the Bank relating to the establishment and maintenance of the Pledged Accounts have been duly authorized and executed and there has occurred no breach by the Pledgor, or to the best of the Pledgor's knowledge, any breach by the Bank, which could adversely affect the establishment, maintenance or operation of the Pledged Accounts; and

U) Y 6Y,l.\b-5IKOMY opraHi Bna,l.\11 He 3apeCCTpOBaHO )KO,l.\HOrO ,l.\OrOBopy 3a6e3rre'IeHH5I, 3aCTaBll a60 lHilloro ,l.\OKyMeHTy 06T5I)l(eHH5I ll.(0,l.\0 BCboro Ilpe,l.\MeTy 3acTaBlI a60 Horo 'IaCTIIHH, oKpiM TIIX ,l.\oroBopiB Ta ,l.\oKyMeHTiB, ll.(0 3apeccTpoBaHi Bi,l.\rroBi,l.\Ho,1.\0 yMOB I.\bOrO ~oroBopy a60 Kpe,l.\IITHHX ~oroBopiB,
CTATT$l4. OEOB'$I3KM 30EOB' $I3AHH$I

U) no security agreement, pledge or other lien instrument covering all or any part of the Collateral is on file or of record in any public office, except those entered into or filed pursuant to the terms of this Agreement or the Facility Agreements.

3aCTaBO,l.\aBeI.\b rrOBHHeH TaKHX3060B'5I3aHb:

,l.\OTpHMyBaTHcb

The Pledgor covenants:

shall

comply

with

the following

(a) 6e3 rrorrepe,l.\Hbol rrHcbMoBol 3rO,l.\ll 3aCTaBO,l.\ep)KaTen5I 3aCTaBO,l.\aBeI.\b: (i) He 3,1.\iHCHIOBaTHMe )KO,l.\HHX ,l.\ii' ll.(0,l.\0 OCKap)KeHH5I a60 cKacyBaHH5IP03rrOp5I,I.\)KeHHH rrpo IlepeKa3 KOIIITiB, a60 (ii) He CTBopIOBaTHMe a60 He ,l.\03BOn5ITHMe iCHyBaHH5I 6Y,l.\b-5IKOrO 06T5I)KeHH5I Ha Ilpe,l.\MeT 3aCTaBH, oKpiM 06T5I)l(eHH5I, CTBOpeHH5I 5IKOrO ,l.\03BOneHo Kpe,l.\HTHHMH ~orOBopaMH;

(a) without the prior written consent of the Pledgee, the Pledgor shall not (i) take any action challenging or revoking the Funds Transfer Order or (ii) create or permit to exist any Lien on the Collateral other than as permitted by the Facility Agreements;

(b) 3aCTaBO,Il,aBeI(I" He3aJIe)KHOBi,Il, Toro, 'Ill BllMarae 3acTaBO,Il,ep)KaTeJII" rrOBllHeH 3aXIIlll,aTll 3a CBOl BJIaCHi KOlliTll (i) Bci CBOl rrpaBa Ta rrpaBa 3aCTaBO,Il,ep)KaTemI Ha I1pe,Il,MeT 3acTaBll y Tilt Mipi, Y 5IKilt I(e MO)KJIlIBO3a llllHHlIM 3aKOHO,Il,aBcTBOM, Ta (ii) 3aCTaBy. 5IKlI(O3aCTaBO,Il,aBeI(I, HaJIe)KHlIM 'IlIHOM He 3aXlIlI(aTlIMe TaKi rrpaBa a60 3aCTaBy, TO 3aCTaBO,Il,ep)KaTeJII, MO)Ke,Ha cBilt p03yMHlIlt P03CY,Il"caMocTiHHO 3,Il,iHcHlOBaTlI TaKlIlt 3aXlICT (i OCKap)KyBaTlI, BperyJII,oByBaTlI a60 3a,Il,OBOJII,H5ITlI 6y,Il,I,-5IKy rrOB'5I3aHy rrpeTeH3ilO), i 3aCTaBO,Il,aBeI(I, Ha,Il,aCTI, 3aCTaBO,Il,ep)KaTeJIlO 6Y,Il,I,-5IKi Ta Bci ,Il,OKyMeHTlI,He06xi,Il,Hi a60 ,Il,OI(iJIbHi ,Il,JI5I 3aXlICTY rrpaB 3aCTaBO,Il,ep)KaTeJI5I3a I(lIM ~orOBopOM Ta ~orOBopOM I1epe,Il,a'Ii KOlliTiB. 3aCTaBO,Il,aBeI(I, OrrJIaTlITI, Ha BlIMory 3aCTaBO,Il,ep)KaTeJI5I Bci BlITpaTlI, CT5IrHeHH5I, 360PlI Ta BlITpaTlI (BKJIlO'IalO'IlI, 6e3 06Me)KeHH5I,BlITpaTlI Ha lOPlI,Il,lI'IHirrOCJIyrlI), rroHeceHi 3aCTaBO,Il,ep)KaTeJIeMy 3B'5I3KY i3 TaKlIM3aXlICTOM; (C) 3aCTaBO,Il,aBeI(I, HeraHHO rroBi,Il,OMlITI, 3aCTaBO,Il,ep)KaTeJIlO rrpo 6Y,Il,I,-5IKirrpeTeH3il a60 BlIMorlI, lI(O MalOTI, Bi,Il,HOllieHH5I ,Il,0 I1pe,Il,MeTy 3aCTaBlI, a60 rrpo 6Y,Il,I,-5IKi iHllii rro,Il,il, lI(0 HeraTlIBHO BrrJIlIBalOTI, a60, 5IK MO)KHa 06rpyHToBaHO O'IiKyBaTlI, MO)KYTI, HeraTlIBHO BrrJIlIHYTlI Ha 3aCTaBy, a60 5IKi MalOTI, a60, 5IK MO)KHa 06rpyHToBaHo O'IiKyBaTlI, MO)KYTI, MaTlI HeraTlIBHlIH BrrJIlIB Ha qlIHHicTI, a60 MO)KJIlIBicTI,rrplIMycoBoro BlIKOHaHH5I 3acTaBlI, cTBopeHol I(lIM ~oroBopoM, a60 Ha rrpaBa 'Ill 3ac061I rrpaBoBoro 3aXllCTY 3aCTaBO,Il,ep)KaTeJI5I3a I(lIM ~oroBopoM, i 3aCTaBO,Il,aBeI(I, rricJI5IToro B)KlIBeTaKlIX,Il,ii1,Il,JI5I BlIrrpaBJIeHH5I clITyaI(i5I, 5IKi 3aCTaBO,Il,ep)KaTeJII, MO)Ke 06rpyHToBaHo BlIMaraTlI i 5IKi Bi,Il,rrOBi,Il,alOTI, lllIHHOMy 3aKOHO,Il,aBCTBy; (d) 3acTaBO,Il,aBeI(I,He rrOBlIHeH3aKplIBaTlI, JIiKBi,Il,yBaTlI, rrepe,Il,aBaTlI, iH,Il,OcyBaTlI, rrpO,Il,aBaTII Ta y )KO,Il,HlIHiHllilIH crroci6 Bi,Il,qy)J(YBaTlI 3aCTaBJIeHi PaxyHKlI 6e3 rrOrrepe,Il,HI,Ol rrlICI,MOBOi' 3rO,Il,ll 3aCTaBO,Il,ep)KaTeJI5I; 3aCTaBO,Il,aBeI(I, He rrOBlIHeH Bi,Il,KplIBaTlI iHllii 6aHKiBCI,Ki paXYHKlI B YKpalHcI,KlIi1 a60 iH03eMHii1 BaJIlOTl B BaHKy a60 6Y,Il,I,-5IKOMY iHlliOMy 6aHKy, 5IKlI(O 3acTaBO,Il,ep)KaTeJII, He rrOrO,Il,lITI,C5IiHllilIM 'IHHOM Y rrHcI,MoBii1 <popMi, i B TaKoMy BHrra,Il,Ky3aCTaBO,Il,aBeI(I, 3060B'5I3yeTI,C5IyKJIaCTlI ,Il,oroBip(lI) 3aCTaBlI

(b) the Pledgor shall, whether or not requested by the Pledgee, protect and defend at its own cost (i) all of its and the Pledgee's rights to the Collateral to the extent possible under Applicable Law, and (ii) the Pledge. If the Pledgor fails to so diligently defend such rights or the Pledge, the Pledgee may, in its reasonable discretion, assume such defense (and contest, settle or discharge any related claim), and the Pledgor shall provide to the Pledgee withany and all documents necessary or appropriate to defend the Pledgee's rights under this Agreement and the Funds Transfer Agreement. The Pledgor shall pay to the Pledgee on demand all costs, charges, fees and expenses (including, without limitation, legal fees), incurred by the Pledgee in connection with such defense;

(c) the Pledgor shall promptly notify the Pledgee of any claims or demands relating to, and of any other event adversely affecting or which could reasonably be expected to adversely affect, the Collateral, or which has had or which could reasonably be expected to have an adverse effect on the validity or enforceability of the Pledge created hereby or on the rights or remedies of the Pledgee hereunder, and the Pledgor shall thereafter take such action to remedy the situation as the Pledgee may reasonably request and as IS consistent with Applicable Law;

(d) the Pledgor shall not close, liquidate, sell, convey, endorse, negotiate or in any way dispose of the Pledged Accounts without the prior written consent of the Pledgee; the Pledgor shall not open other bank accounts in Ukrainian or foreign currency in the Bank or any other bank unless the Pledgee otherwise agrees in writing, and in such event, the Pledgor undertakes to enter into a pledge agreement(s) with respect to the monies deposited on such bank account(s);

Il(O,D,O KOlliTiB Ha 6aHKiBchKOMy(IIX)paxyHKy(aX);

TaKOMY(IIX)

(e) 3aCTaBO,D,aBe[(hrrOBIIHeH 3a6e3rre'lIITII, Il(06 Bci KOlliTII, BKJUO'laIO'III KOlliTII B iH03eMHiH BaJIIOTi, HaJIe)KHi ,D,OCrrJIaTII HOMy Bi,D, 6Y,D,h-JIKO'i TpeTho'i CTOpOHII, CrrJIa'lyBaJIIICJIHa 3acTaBJIeHi PaxyHKII; (f) 3aCTaBO,D,aBe[(hHe B)KIIBaTIIMe)KO,D,HIIX ,D,1lI, JIKi 6 3aB,D,aJIII IlIKO,D,IIa60 3p06IIJIII He,D,iHCHIIMII'III HeraTIIBHO BrrJIIIHyJIII Ha Ha,D,aHHJIa60 o<jJopMJIeHHJI 'III rrpiopIITeT 3aCTaBII Ha I1pe,D,MeT3acTaBII; (g) 3aCTaBO,D,aBe[(h6y,D,e 3a BJIaCHIIHKOlliT 36epiraTII Ta BeCTII CTaH,D,apTHIIHpeeCTp ,D,iJIOBIIX orrepa[(iH l.L(0,D,0 I1pe,D,MeTy3aCTaBII; TaKIIH peecTp 36epiraTIIMeThCJI 3a Mic[(e3Haxo,D,)KeHHJIM 3aCTaBO,D,aB[(JI; (h) JIKIl(O HaCTaB Ta TpIIBae BIIrra,D,OK HeBIIKOHaHHJI 3060B' JI3aHHJI, 1 3aCTaBO,D,ep)KaTeJIh He Bi,D,MoBJIJIeThcJIBi,D, rrpaB 3a HIIM, 3aCTaBO,D,aBe[(hHe Mae rrpaBa, 6e3 rrOrrepe,D,Hho'i rrIIchMOBOIO 3lO,D,II 3aCTaBO,D,ep){<aTeJIJI, 3HJITII a60 rrepeKa3aTII KOlliTII 3 3aCTaBJIeHIIX PaxyHKiB. BeCh 'lac rricJIJI HaCTaHHJITa ,D,OKII TPIIBaTIIMe BIIrra,D,OK HeBIIKOHaHHJI 3060B' JI3aHHJI, He 3aB,D,aIO'III IlIKO,D,II6Y,D,h-JIKIIMiIlIIIM ,D,OrOBOpaM Mi)K 3aCTaBO,D,aB[(eMTa/a60 3aCTaBO,D,ep)KaTeJIeM Ta/a60 EaHKOM, 3aCTaBO,D,aBe[(h MO)Ke, BIIKJIIO'IHO Ha cBiH P03CY,D" BIIKopIICTaTII KOlliTII 3 3aCTaBJIeHIIX PaxyHKiB, 3a yMOBII, Il(O TaKi ,D,i'i 3aCTaBO,D,aB[(JIBi,D,rroBi,D,aIOTh yMoBaM [(hOrO .D:oroBOpy, Kpe,D,IITHIIX .D:oroBopiB Ta l.lIIHHOMy3aKOHO,D,aBCTBy; (i) HeraHHO rroBi,D,OMJIJITII 3aCTaBO,D,ep)KaTeJIIO6y,D,h-JIKy iH<jJopMa[(iIO, OTpIIMaHy3aCTaBO,D,aB[(eM CTOCOBHO:
(1) 6Y,D,h-JIKIIX 06Me)KeHh, JIKi BrrJIIIBaIOTh Ha I1pe,D,MeT3acTaBII, Il(O BIIHIIKaIOThrricJUr ,D,aTII yKJIa,D,aHHJI [(hOrO .D:oroBopy;

(e) the Pledgor shall ensure that all funds, including those in foreign currency, payable to it by any third party are paid to the Pledged Account;

(f) the Pledgor shall take no action which would impair or render ineffective, or adversely affect, the granting or perfection or the priority of the Pledge over the Collateral;

(g) the Pledgor will keep and maintain at its own cost and expense customary business records in respect of the Collateral and such records shall be kept at the Pledgor's principal place of business;

(h) if an Event of Default has occurred and is continuing and has not been waived by the Pledgee, the Pledgor may not, without the prior written consent of the Pledgee, withdraw or transfer funds from any of the Pledged Accounts. So long as no Event of Default shall have occurred and be continuing, without prejudice to any other agreements between the Pledgor and/or the Pledgee and/or the Bank, the Pledgor may, at its sole discretion, dispose of funds in the Pledged Account, provided that such actions of the Pledgor shall be consistent with the terms of this Agreement, the Facility Agreements and Applicable Law;

(i) promptly notify the Pledgee of any information received by the Pledgor regarding:

(I) any restrictions or limitations affecting the Collateral that arise after the date hereof;

(2) 6Y,D,h-JIKY BII'iMKy, KOH<jJicKa[(iIO, BIITpe6yBaHHJI, apelliT a60 iHIlIe rrpIIBJIaCHeHHJI I1pe,D,MeTy3aCTaBII; a60
(3) 6Y,D,h-JIKOrO cy,D,OBOrO 'III ap6iTpa)KHOlO rrpo[(ecy (a60 6Y,D,h-JIKOrO iHIlIoro rrpo[(ecy) 'III Cy,D,OBIIX rr030BiB a60 BIIMor, JIKi MO)KYTh rrpII3BecTII ,D,O TaKIIX rrpO[(eciB Il(O,D,O

any seizure, confiscation, requisition, attachment, or other appropriation of the Collateral; or

(2) (3) any judicial or arbitration proceeding (or any other procedure) or lawsuits or claims which may lead to such proceeding with respect to the Collateral; and

(j) 3a6e3neqHTH, Il(06 )J,oroBip TIepe.n:aqi KOIIITiBBeCh qaC nepe.n:6aqaB npaBO 3aCTaBO.n:ep)f(aTeJl5I 3.n:iHCHIOBaTH CnHCaHH5Ii3 3aCTaBJleHHXPaxyHKiB 6e3nOCepe.n:HhO nicJl5I HaCTaHH5I BHna.n:Ky HeBHKOHaHH5I 3060B' 5I3aHH5I.

(j) ensure that the Agreement at all times provides Pledgee to debit the Pledged upon the occurrence of an Event

Funds Transfer for the right of the Accounts directly of Default.

4.02 BiIlCYTHicTh 3060B' 5I3aHH5I 060B' 5I3KY Y 3aCTaBO.llep)f(aTeJl5I (a) 3acTaBo.n:aBe[(h 3aJTHIJlaTHMeThC5I 3060B'5I3aHHM 3a BciMa nOB'5I3aHHMH 3 TIpe.n:MeTOM 3aCTaB11 .n:orOBopaMH Ta KOHTpaKTaM11, y 5IKHX BiH Ha.llaBaTHMe 3acTaBy 3a [(11M)J,orOBopOM Ta Kpe.ll11THHMH )J,orOBopaMH, y TiH Mipi, Il(0 nepe.n:6aqeHa TaKHMH .n:orOBopaMHTa KOHTpaKTaMH. (b) 3acTaBo.n:ep)f(aTem He Mae 060B'5I3KY qH 3060B' 5I3aHH5I 3a 6y.n:h-5IKHM11 .n:orOBOpaM11 a60 KOHTpaKTaMHIl(o.n:o TIpe.n:MeTy 3aCTaBH qepe3 [(eii )J,oroBip a60 Kpe.n:HTHi)J,oroBopH, i He 3060B'5I3aHHH BHKoHyBaTH 6y.n:h-5IKHH3 060B' 5I3KiB qH 3060B' 5I3aHh3acTaBo.n:aB[(5I. (a) The Pledgor shall remain liable under all agreements and contracts relating to the Collateral in which it will grant a Pledge pursuant to this Agreement and the Facility Agreements to the extent provided in such agreements and contracts.

(b) The Pledgee shall not have any obligation or liability under any contracts or agreements relating to the Collateral by reason of this Agreement or the Facility Agreements, nor shall the Pledgee by obligated to perform any of the obligations or duties of the Pledgor.

CTATTH5. 3ACOEH ITPABOBOrO 3AXHCTY3ACTABO~EP~ATE~H

ARTICLE 5.
PLEDGEE

(a) 3acTaBo.n:ep)f(aTeJlh Ha6yBae npaBa B11MaraTH BHKOHaHH5I 3a6e3neqeHHX 3060B'5I3aHh, He3aJTe)f(HO Bi.n:Toro, qH HaCTaB CTpOK IX BHKOHaHH5I, 3 6y.n:h-5IKHXnpHqHH, .n:03BOJleHHXKpe.n:HTH11MH)J,orOBopaMH, y TO My qHCJli, 6e3 06Me)f(eHH5I, npH HacTaHHi 6y.n:h-5IKOI3 TaKHX06CTaBHH: (i) iHlna, Hi)f( 3aCTaBo.n:ep)f(aTeJIh, oc06a Ha6yrra npaBa CT5IrHeHH5I Ha TIpe.n:MeT 3acTaBH; a60 (ii) npOTH 3acTaBo.n:ep)f(aTeJI5I nopyIJleHO rrpOBa.n:)f(eHH5I npo BH3HaHH5I HerrJIaTocnpoMo)f(HocTi, 6aHKpyTcTBa a60 CXO)f(e npoBa.n:)f(eHH5I, a60 3acTaBo.n:aB[(5I orOJIOIJleHO6aHKpyToM; a60 (iii) npHHH5ITO piIJleHH5I npo 3aCTaBO.llaB[(5I, J1iKBi.n:a[(iIO

(a) The Pledgee has the right to demand the fulfillment and performance of the Secured Obligations, regardless of whether such fulfillment or performance has become due, for any reason permitted under the Facility Agreements, including, without limitation, if any of the following occurs: (i) any person other than the Pledgee has acquired a right to foreclose on the Collateral; or

(ii) an insolvency, bankruptcy or similar proceeding has been initiated against the Pledgor, or the Pledgor has been declared bankrupt; or

(iii) a decision has been taken regarding the liquidation of the Pledgor, and for the avoidance of doubt any or all of the foregoing shall constitute an Event of Default.

i .n:JI5I yHHKHeHH5I CYMHlBIB 6y.n:h-5IKa 3 BHIl(e3a3HaqeHHXno.n:iii a60 Bci BOHHpa30M e

(b) .5IKI.l(O HaCTaB Ta TpHBae BHIIa,I(oK HeBHKOHaHH5I 3060B' 5I3aHH5I, 3aCTaBO,I(ep:>KaTemO QHM Ha,I(aIOTbC5I IIpaBa Ta IIOBHOBa:>KeHH5I y cIIoci6 Ta y 'lac, 5IKi BiH BBa:>Kae3a ,I(oQiJIbHe, y TiH Mipi, Y 5IKiH Qe He06xi,I(Ho ,I(JI5I BHKOHaHH5I6Y,I(b-5IKOrOTa Bcix 3a6e3IIe'leHHx 3060B' 5I3aHb, HaJIe:>KHHX Ha TOHMOMeHT,I(OCIIJIaTH('lepe3 cKopO'leHH5I CTpOKy IIJ1aTe:>KY 'lH B iHIlIIIH cIIoci6) Ha KOpHCTb3aCTaBO,I(ep:>KaTeJ15I, y IIpHMyCOBOMy IIOp5I,I(Ky3,I(iHCHHTHBci CBOi' IIpaBa 3a QHM ~oroBopOM, ~oroBopoM Ilepe,I(a'li KOIliTiB a60 qHHHHM 3aKOHO,I(aBCTBOM, 'lepe3 cy,I( a60 He 3BepTaIO'lHCb ,I(O HbOro (KpiM BHIIa,I(KiB, KOJIII Qe BHMaraeTbC5I qHHHHM 3aKOHO,I(aBCTBOM), y TOMy 'lHCJIi 3,I(iHCHHTH 6e3 3rO,I(H 3aCTaBO,I(aBQ5IBci Ta 6y,I(b-5IKi HH:>K'le3a3Ha'leHi ,I(ii' y TiH Mipi, Y 5IKiH Qe ,I(03BOJIeHOqIIHHIIM 3aKOHO,I(aBCTBOM (Ta y IIOp5I,I(Ky, BCTaHOBJIeHoMy qHHHHM 3aKOHO,I(aBCTBOM): (i) 3aCTaBO,I(ep:>KaTeJIb Mae IIpaBO, i IIpH QbOMy Bi,I( Hboro He BHMaraeTbC5I IIO,I(aHH5I 6Y,I(b-5IKOrO IIOBi,I(oMJIeHH5I, OKpiM IToBi,I(oMJIeHH5I PeecTpy 06T5I:>KeHb Ta IToBi,I(oMJIeHH5IIIpO 3BepHeHH5I CT5IrHeHH5I, 3a3Ha'leHOro y ITyHKTi 5.02 QbOro ~oroBopy, BHMaraTH, I.l(06 BaHK IIepeKa3aB Bci Ha5IBHiHa 3aCTaBJIeHHX PaxyHKax KOIliTH Ha paxyHoK, I.l(0 6y,I(e BH3Ha'leHIIH y IloBi,I(oMJIeHHi 3aCTaBO,I(ep:>KaTeJI5I (3a BH3Ha'leHH5IM Qboro TepMiHy y ~oroBopi ITepe,I(a'li KOIlITiB), y nOp5I,I(Ky 3BepHeHH5ICT5IrHeHH5I, BH3Ha'leHoMY y ITyHKTi 5.02 Qboro ~oroBopy Ta ~oroBopy ITepe,I(a'li KOIliTiB, 3ri,I(Ho 5IKOrOHa ni,I(cTaBi Bi,I(noBi,I(Horo P03nOp5I,I(:>KeHH5I npo IlepeKa3 KOIliTiB Ta nicJI5I nO,I(aHH5I ,I(oKyMeHTiB, BH3Ha'leHHX y ~oroBopi ITepe,I(a'li KOIliTiB, 3aCTaBO,I(ep:>KaTeJIb Mae IIpaBO O,I(ep:>KaTII TaKi KOIliTH 3 3aCTaBJIeHHX PaxyHKiB Ta BHKopHCTaTH i'x ,I(JI5l norallIeHH5I 3a6e3ne'leHHx 3060B' 5I3aHb, HaJIe:>KHHXHa TOH MOMeHT,I(O CnJIaTII ('lepe3 CKopO'leHH5I CTpOKy nJIaTe:>Ky 'lH y iHIlIHH cnoci6) Ha KOpHCTb 3aCTaBO,I(ep:>KaTeJI5I, TaK, 5IK BiH BBa:>Kae 3a ,I(oQiJIbHe, aJIe TiJIbKH y TiH Mipi, 5IKI.l(O 3aCTaBO,I(aBeQbHe CIIJIaTHBCyMy TaKHX 3a6e3ne'leHHX 3060B' 5I3aHb, HaJIe:>KHHXHa TOH MOMeHT,I(O CnJIaTH ('lepe3 cKopO'leHH5I CTpOKy nJIaTe:>Ky 'lH B iHIlIHH cnoci6) Ta HeCnJIa'leHHX, a60 iHIlIIIM 'lHHOM BHKOHaTH 3a6e3ne'leHi 3060B'5I3aHH5I, y 3B'5I3KY 3 5IKHMH HaCTaB BHna,I(oK HeBHKOHaHH5I

(b) If an Event of Default has occurred and is continuing, the Pledgee is hereby authorized and empowered, as and when it sees fit, to the extent required to discharge any and all Secured Obligations then due and payable (whether by way of acceleration or otherwise) to the Pledgee, to enforce all its rights hereunder, under the Funds Transfer Agreement or under Applicable Law, with or without judicial recourse (unless required by Applicable Law), including the taking of any and all of the following actions, without the consent of the Pledgor, to the extent permitted under Applicable Law (and pursuant to the procedure required under Applicable Law):

(i) the Pledgee shall have the right, without being required to give any notice, except for the Liens Registry Notice and the Enforcement Notice referred to in Section 5.02 of this Agreement, to request that funds available in the Pledged Accounts be transferred by the Bank to such account as is specified in the Pledgee's Notice (as such term is defined in the Funds Transfer Agreement), according to the enforcement mechanism specified in Section 5.02 of this Agreement and the Funds Transfer Agreement, pursuant to which, based on the relevant Funds Transfer Order and upon submission of the documents specified in the Funds Transfer Agreement, the Pledgee shall be entitled to receive such funds from the Pledged Account and to apply such funds to the payment of the Secured Obligations then due and payable to the Pledgee (whether by way of acceleration or otherwise) as it sees fit, but only to the extent that the Pledgor has failed to pay the amounts of such Secured Obligations due and payable (whether by way of acceleration or otherwise) and unpaid, or otherwise perform the Secured Obligations in connection with which an Event of Default has occurred within 30 (thirty) days from the date of the Enforcement Notice;

3060B'513aHH5I,ynpO,[l,OB)K TpH,[I,ll,51TH (30) ,[I,HiB 3 ,[I,aTH I1oBi,[l,OMJIeHH5Inpo 3BepHeHH5I CT5IrHeHH5I; (ii) 3aCTaBO,[l,ep)l(aTeJIh MO)l(e p03nO'IaTH cy,[l,OBe npOBa,[l,)l(eHH5I a60 OTpHMaHH5I HOTapiaJIhHoro npHnHcy 'IH O,[l,ep)l(aHWI HaKa3Y 6Y,[l,h-51KOro cy,[l,y KOMrreTeHTHol IOpHC,[I,HKll,il a60 ap6iTp~y 'IH TpeTeHChKoro opraHy, a60 6Y,[l,h-5lKHHiHIlIHH Cy,[l,OBHH npouec, ,[I,03BOJIeHHH l.[HHHHM 3aKOHO,[l,aBCTBOM, 3 MeTOIO OXOpOHH Ta BHKOHaHH5I Horo rrpaB 3a ll,HM,I],oroBopOM a60 ,I],oroBopOMI1epe,[l,a'Ii KOIliTiB ('IH TOIlIJI5lXOM BHKOHaHH5I y HaTypi 6Y,[l,h-51KOl 3 yMOB ll,hOrO ,I],oroBopy 'IH ,I],oroBopy I1epe,[l,a'Ii KOIliTiB, 'IH TO Ha ,[I,OrrOMory,[1,03,[1,iHcHeHH5I 6Y,[l,h-51KHX rrOBHOBa)l(eHh,Ha,[l,aHHX ll,HM,I],oroBopOM a60 ,I],oroBopOM I1epe,[l,a'Ii KOIliTiB, y TOMy 'IHCJIi ,[1,03BepHeHH5I[(hOrO ,I],oroBopy Ta ,I],oroBopy I1epe,[l,a'Ii KOIliTiB ,[1,0BHKOHaHH5I), a TaKO)l( ,[I,JI5I 3,[1,iHcHeHH5Irrepe,[l,a'Ii KOIliTiB, IIl,0 3HaXO,[l,5lThC5l Ha 3aCTaBJIeHHX PaxyHKax, Ha cBiH paxyHoK B rrOrallIeHH5I 3a6e3rre'IeHHX 3060B' 513aHh, HaJIe)l(HHXHa TOH MOMeHT,[1,0 CIIJIaTH 3acTaBO,[l,ep)l(aTeJIIO ('Iepe3 CKOpO'IeHH5ICTpOKy rrJIaTe)l(y a60 B iHIlIHH crroci6); Ta (iii) 3aCTaBO,[l,ep)l(aTeJIb MO)l(eHa,[l,aTII EaHKy p03rrOp5l,[l,)l(eHH5I He BHKoHyBaTH 6y,[l,b-5lKy BHMory 3aCTaBO,[l,aBll,51 3HiMaTH a60 rrepeKa3yBaTH KOIliTH 3 3aCTaBJIeHHX PaxyHKiB 6e3 rrorrepe,[l,HbOl nHcbMoBOl 3rO,[l,H TaKoro 3aCTaBO,[l,ep)l(aTeJI5I. 5.02 3BepHeHH5I CT51rHeHH5IHa I1pe,[l,MeT 3acTaBlI y rr03acy,[l,OBoMyrrOp5l,[l,Ky ,I],JI5I 3BepHeHH5l CT5lrHeHH5I Ha rrpe,[l,MeT 3acTaBH y rr03acy,[l,OBoMy rrOp5l,[l,Ky (a) 3aCTaBO,IJ;ep)l(aTeJIb 3060B' 513aHHH 3apeecTpyBaTH y PeecTpi 06T5I)l(eHb TaKy iHepopMall,iIO rrpo nO'IaTOK rrpOll,e,[l,ypH 3BepHeHH5ICT5IrHeHH5I Ha rrpe,[l,MeT3acTaBH, IIl,0 MQ)Ke BHMaraTHC5l 3a 3aKoHoM rrpo 06T5l)KeHH5I, y TaKHH crroci6 Ta 3a TaKOIO epOpMOIO, 51KHX BHMaraTHMeHa TOH'lac 3aKoH rrpo 06T5l)KeHH5l, i ,[I,OKyMeHT(-H), Ha,[l,icJIaHHH(-i)PeecTpy 06T51)KeHb y 3B'5l3KY 3 peecTpall,ieIO ll,ieY iHepopMall,il Ha,[l,aJIi iMeHyeTbc51 y ll,bOMy ,I],oroBopi 5lK "IIoBi,[l,oMJIeHHHPefcTpy OOTH>KeHb", Ta (b) BO,[l,HO'IaC 3 peecTpa[(ieIO iHepopMall,il, 3a3Ha'IeHOl BHIIl,e y I1yHKTi 5.0 1 (b) (i), 3aCTaBO,[l,ep)KaTeJIb3060B' 513aHHH Ha,[l,icJIaTH To give effect to the extrajudicial enforcement of the Pledge, (a) the Pledgee shall register with the Liens Registry such information regarding the initiation of the enforcement of the Pledge as may be required under the Liens Law, in the manner and form required by the Liens Law from time to time, and the document(s) sent to the Liens Registry in connection with such registration is hereinafter referred to as the "Liens Registry Notice", and (b) simultaneously with the registration of the information referred to in Section 5.0 1 (b) (i) above, the Pledgee shall send an enforcement notice (the "Enforcement Notice") to the Pledgor and the Bank, such Enforcement Notice to be substantially in the form attached to this Agreement as Exhibit B and otherwise in accordance with applicable law from time to time. (ii) the Pledgee may institute legal proceedings or a notarial writ or an order of a court of competent jurisdiction or an arbitral tribunal or authority or any other legal process permitted by Applicable Law to protect and enforce its rights under this Agreement or the Funds Transfer Agreement (whether by way of specific performance of any covenant herein or therein contained, or in aid of the execution of any power herein or therein granted, including prior to the foreclosure of this Agreement or the Funds Transfer Agreement) and to effect a transfer of funds on deposit in the Pledged Accounts to its accounts to satisfy the Secured Obligations then due and payable to the Pledgee (whether by way of acceleration or otherwise); and

(iii) the Pledgee may instruct the Bank not to honor any request by the Pledgor to withdraw or transfer any funds from the Pledged Accounts without the prior written consent of the Pledgee.