3aCTaBO,ll,aBIJ;IO Ta EaHKy IlOBi,ll,OMJIeHH5I llpO 3BepHeHH5ICT5IrHeHH5I ("IIOBi,IJ;OMJ1eHHH "PO 3BepHeHHH CTHrHeHHH"), cyTTeBo 3a cPOpMOIO, I..I.

l,0HaBe,ll,eHa y ,110,ll,aTKY B ,ll,0 I(hOro ,11oroBopy, Ta B iHlIIIIM clloci6, I..I.l,0 BI1MaraeThC5I Ha TOM MOMeHT qI1HHI1M 3aKOHO,ll,aBCTBoM. 5IKI..I.l,O yllpO,ll,OB)K TpI1,ll,I(5ITI1 (30) ,ll,HiB 3 ,ll,aTI1 TIoBi,ll,oMJIeHH5I llpO 3BepHeHH5I CT5IrHeHH5I 3aCTaBO,ll,aBeI(h He IlOraCI1Th CYMI13a6e311eqeHI1X 3060B' 5I3aHb, HaJIe)KHi Ha TOM qac ,ll,0 CllJIaTI1 (qepe3 CKOpOqeHH5ICTpOKy llJIaTe)Ky a60 B iHlIIIIM clloci6), a60 B iHIIJI1M clloci6 He BI1KOHae 3a6e311eqeHi 3060B' 5I3aHH5I, y 3B'5I3Ky 3 5IKI1MI1 HaCTaB Ta TpI1Bae BI111a,ll,OK HeBI1KOHaHH5I 3060B' 5I3aHH5I, 3aCTaBO,ll,ep)KaTeJIb MaTI1Me llpaBo llepeBeCTI1 KOIIJTI1,3apaxoBaHi Ha 3acTaBJIeHi PaxyHKI1 Ha CBOIO KOpI1CTh, Y TiM Mipi, Y 5IKiM I(e He06xi,ll,Ho ,ll,JI5I BHKOHaHH5I 6Y,ll,h-5IKHX Ta Bcix 3a6e311eqeHHX 3060B' 5I3aHh, Hane)KHHX ,ll,0 CllJIaTH 3aCTaBO,ll,ep)KaTeJIIO (qepe3 CKOpOQeHH5I CTpOKy llJIaTe)Ky a60 B iHIIJI1M clloci6), Y IlOP5I,ll,KY, BI13HaQeHoMY y ,11oroBopi TIepe,ll,aQiKOIIJTiB.

If, within thirty (30) days from the date of the Enforcement Notice, the Pledgor fails to pay the amounts of the Secured Obligations then due and payable (whether by way of acceleration or otherwise) or to otherwise perform the Secured Obligations in connection with which an Event of Default has occurred, the Pledgee shall have the right to transfer the funds standing to the credit of the Pledged Accounts in its favor to the extent required to discharge any and all Secured Obligations, then due and payable to the Pledgee (whether by way of acceleration or otherwise), in accordance with the procedure set forth in the Funds Transfer Agreement.

(a) 5IKI..I.l,O 3aCTaBO,ll,ep)KaTeJIh 06rpyHToBaHo BBa)Kae, I..I.l,0 3aCTaBO,ll,aBeI(hHe BI1KOHaB CBOi' 3060B' 5I3aHH5I 3a TIyHKTOM 4.01 (b) I(hOrO ,11oroBopy, 3aCTaBO,ll,ep)KaTeJIhMO)KecaM BHKOHaTHTaKi ,ll,ii',5IKiBiH BBa)Kae He06xi,ll,HI1MI1 ,ll,JI5I 3aXI1CTY CBOi'x llpaB Ha TIpe,ll,MeT 3aCTaBI1, y TOMy QHCJIiCllJIaTHTH,Ta llpH,ll,6aTHa60 OCKap)KHTH 6Y,ll,b-5IKY iHluy 3acTaBy a60 iHIIJe 06T5I)KeHH5I, 5IKe llepe,ll,ye 3acTaBi a60 Mae BHI..I.l,HM llpiopI1TeT, i llpI1 3,ll,iMcHeHHiI(bOrO llpaBa MO)Ke HeCTI1 6Y,ll,h-5IKi BIITpaTIl, BH,ll,aTKH,CllJIaQYBaTH 6Y,ll,h-5IKi CyMH a60 roHopapH y 3B'5I3KY 3i 3,ll,iMcHeHH5IM 3a3HaQeHHX ,ll,iM Ta llJIaTe)KiB, a 3aCTaBO,ll,aBeI(h 3060B' 5I3aHI1M Ha BI1Mory 3aCTaBO,ll,ep)KaTeJI5I CllJIaTHTI1MOMyCYMI1 Bcix TaKI1X BHTpaT, llJIaTe)KiB, BI1HarOpO,ll, a60 BH,ll,aTKiB,y TOMy QHCJIi, 6e3 06Me)KeHH5I, CyMH BHHaropO,ll, 3a IOpI1,ll,HQHi 1l0CJIym. 3aCTaBO,ll,ep)KaTeJIh3060B' 5I3aHHMCllOBiI..I.l,aTI1 3aCTaBO,ll,aBI(5IllpO 6Y,ll,h-5IKi,ll,ii', 3,ll,iMCHeHi 3aCTaBO,ll,ep)KaTeJIeM3a I(I1M ,11oroBopoM ,ll,0 a60 BO,ll,HOQaC 3i 3,ll,iMcHeHH5IM HI1M BHI..I.l,e3a3HaQeHHX llJIaTe)KiB Ta ,ll,iM; ane 3a yMOBH,I..I.l,0 HeHa,ll,aHH5I TaKoro IlOBi,ll,OMJIeHH5I 3aCTaBO,ll,aBI(1O y Bi,ll,IlOBi,ll,HOCTi3 I(HM TIyHKTOM 5.03 (a): (i) He BllJIHBae HeraTI1BHOi

(a) If the Pledgee reasonably believes that the Pledgor has not complied with its obligations under Section 4.01 (b) of this Agreement, the Pledgee may do any acts as it may deem necessary to protect its rights to the Collateral, including paying, purchasing or contesting any other pledge or other Lien that is prior to or superior to the Pledge, and in exercising such authority, may incur any costs, charges, fees or expenses in connection therewith and the Pledgor shall pay to the Pledgee on demand all such costs, charges, fees or expenses including, without limitation, legal fees. The Pledgee shall notify the Pledgor of any actions taken by it hereunder prior to or simultaneously with the taking of such actions; provided, however, that the failure to give notice to the Pledgor pursuant to this Section 5.03 (a) shall not (i) affect or prejudice in any way, or be interpreted or construed so as to invalidate, any actions taken by the Pledgee hereunder, or (ii) affect or prejudice in any way the Pledgor's obligations to reimburse the Pledgee on demand in connection with the Pledgee's costs, charges, fees or expenses (including, without limitation, legal fees) as provided for herein.

Y )KO,n:HOMyp33i He 3aBa)l<ae 3,n:iiIcHeHHlO 3aCTaBo,n:ep)KaTeJIeM 6y,n:b-5IKI1X,n:iiI 3a 1l,l1M ,I,(oroBopoM i He rroBIIHHo iHTeprrpeTyBaTIIC5I a60 TJIYMaqIITIIC5I 5IKrr036aBJIeHH5I TaKIIX ,n:iiI lOPII,n:lIqHOlCIIJIII,(ii) He BrrJIIIBae HeraTIIBHo i y )KO,n:HOMyp33i He 3aBa)l<ae BIIKOHaHHlO 3aCTaBo,n:aBll,eM iIoro 3060B' 5I3aHb lll,o,n:o Bi,n:llIKo,n:yBaHH5I Ha BIIMory 3aCTaBo,n:ep)l<aTeJI5I CyM rrOHeCeHI1X HIIM BIITpaT Ta BII,n:aTKiB a60 CrrJIaqeHIIX HIIM rrJIaTe)KiB qlI BIIHaropo,n: (y TOMy qlICJIi, 6e3 06Me)KeHH5I, BIIHaropo,n: 3a lOPII,n:lIqHi rrOCJIyrlI), rrepe,n:6aqeHI1X 1l,lIM,I,(oroBopoM. (b) 3aCTaBo,n:ep)KaTeJIb He rrplIiIMae Ha ce6e Bi,n:rroBi,n:anbHicTb qepe3 ,n:il,rrOB'5I3aHi 3i 3BepHeHH5IM CT5IrHeHH5I Ha ITpe,n:MeT 3aCTaBII. (b) The Pledgee shall incur any liability as a result of enforcement actions with respect to the Collateral.

y p33i HeBI1KOHaHH5I 3acTaBo,n:aBll,eM 6y,n:b5IKOl ,n:oMOBJIeHOCTi a60 3060B' 5I3aHH5I, 333HaqeHIIX y ll,bOMy ,I,(oroBopi a60 ,I,(oroBopi ITepe,n:aqi KOlliTiB, 3acTaBo,n:ep)KaTeJIb MO)Ke, aJIe He 3060B' 5I3aHlIiI, BIIKOHaTII caM a60 HaK33aTII iHIlIHM oc06aM BHKOHaTH TaKy ,n:OMOBJIeHicTb a60 3060B'5I3aHH5I y TiiI Mipi, Y 5IKiiIll,e ,n:03BOJIeHO qlIHHIIM 3aKOHo,n:aBCTBOM, a BIITpaTII Ta BII,n:aTKII(y TOMy qHCJIi, 6e3 06Me)KeHH5I, CyMH BHHaropo,n: 3a lOpH,n:HqHi rrOCJIyrH), rroHeceHi ll,HM3acTaBo,n:ep)KaTeJIeM y ll,bOMy 3B'5I3KY, Ha BHMory 3aCTaBo,n:ep)KaTeJI5I 6y,n:YTb Bi,n:IlIKO,n:OBaHi 3acTaBo,n:aBll,eM. 3aCTaBo,n:ep)KaTeJIb 3060B' 5I3aHl1iI crroBilll,aTII 3acTaBo,n:aBll,5Irrpo 6y,n:b-5IKi ,n:i'i, 3,n:iiIcHlOBaHi HHM 3a ll,HM ,I,(oroBopoM ,n:o a60 Bo,n:HOqaC3i 3,n:iiIcHeHH5IM BHlll,e333HaqeHHX ,n:iiI 3aCTaBo,n:ep)KaTeJIeM; ane BpaxoBylOqH, lll,0 HeHa,n:aHH5I y Bi,n:rrOBi,n:HOCTi 3 ll,HM ITyHKTOM5.04 TaKoro rroBi,n:oMJIeHH5I 3acTaBo,n:aBll,1O(i) He BrrJIHBae HeraTHBHO i y )KO,n:HOMypa3i He 3aB~ae 3,n:iiIcHeHHlO 3aCTaBo,n:ep)KaTeJIeM 6y,n:b-5IKHX ,n:iiI 3a ll,HM ,I,(oroBopOM i He rrOBHHHO iHTeprrpeTyBaTHC5I a60 TJIYMaqHTHC5I 5IK rr036aBJIeHH5ITaKHX,n:iiIlOPII,n:HqHOl CHJIH,a60 (ii) He BrrJIHBae HeraTI1BHO i y )KO,n:HOMy p33i He 3aBa)Kae BHKOHaHHlO 3aCTaBo,n:aBll,eMiIoro 3060B' 5I3aHb lll,o,n:o Bi,n:IlIKo,n:yBaHH5I Ha BHMory 3acTaBo,n:ep)KaTeJI5I CyM rrOHeceHHX HHM BHTpaT Ta BH,n:aTKiB a60 CrrJIaqeHHX HHM rrJIaTe)KiB qH BHHaropo,n: (y TOMy qHCJIi, 6e3 06Me)KeHH5I, BHHaropo,n: 3a lOpH,n:HqHi rrocJIyrn), rrepe,n:6aqeHHX ll,HM)J;oroBopoM.

If the Pledgor fails to perform any agreement or obligation contained herein or in the Funds Transfer Agreement, the Pledgee may, but shall not be obligated to, perform, or cause the performance of, such agreement or obligation to the extent permitted under Applicable Law, and the costs and expenses (including without limitation, legal fees) of the Pledgee incurred in connection therewith shall be reimbursed by the Pledgor upon demand of the Pledgee. The Pledgee shall notify the Pledgor of any actions taken by it hereunder prior to or simultaneously with the taking of such actions; provided, however, that the failure to give notice to the Pledgor pursuant to this Section 5.04 shall not: (i) affect or prejudice in any way, or be interpreted or construed so as to invalidate, any actions taken by the Pledgee hereunder, or (ii) affect or prejudice in any way the Pledgor's obligations to reimburse the Pledgee on demand in connection with the Pledgee's costs, charges, fees or expenses (including, without limitation, legal fees) as provided for herein.

CTATTH6. PErYAHlHlQE IIPABO/BIIPIillEHHH CIIOPIB

ARTICLE 6. GOVERNING DISPUTE RESOLUTION

LAW

AND

lJ,eH ,lJ;oroBip perymoeTbcH Ta TJIYMaqIITbCH y BiiJ,IIOBiiJ,HOCTi i3 3aKOHOiJ,aBCTBOM YKpai'HII.

This Agreement shall be governed by, and construed in accordance with, the laws of Ukraine.

(a) Bci CIIOpII a60 IIpeTeH3ii', lll,0 BIIHIIKaIOTb 3 IJ,bOrO,lJ;oroBopy a60 y 3B'H3KY3 HIIM, BIIpiIllyIOTbCH BHKJIIOqHOap6iTproKHHM CyiJ,OM y BiiJ,IIOBiiJ,HOCTi3 PerJIaMeHTOM J10HiJ,OHCbKOroMi)J{HapOiJ,HOrO ap6iTp~Horo cYiJ,y ("AMAC"), perJIaMeHT Ta IIpaBHJIa HKoro BBa)J{aIOTbCH BKJIIOqeHHMH B IJ,eHI1yHKT IIIJIHXOM IIOCIIJIaHHH Ha HHX. MicIJ,eM ap6iTpa)J{y e J10HiJ,OH (AHrJIiH), Ta ap6iTpa)J{HHH P03rJIHiJ, BeiJ,eTbCHaHrJIiHcbKOIO MOBOIO. Ap6iTp~ 3,L\iHcHIOeTbcH OiJ,HHM ap6iTpoM, a opraH OM, lll,0 Horo IIpH3Haqae, 6YiJ,eJ1MAC. (b) BIITpaTII Ha ap6iTpa)J{HHH P03rJIHiJ, (He BpaxoByIOqII BIITpaT KO)J{HOi'CTOpOHH Ha IIiiJ,roToBKyiJ,0 IIpOIJ,ecy, IIepei'3iJ" BHHarOp0iJ,II IOpHcTaM a60 cxo)J{i BHTpaTH) IIoBHHHi CIIJIaqYBaTHcb BiiJ,IIOBiiJ,HO iJ,0 pIIlleHHH ap6iTpy. (C) PiIlleHHH ap6iTpy e OCTaTOqHIIM Ta 060B'H3KOBHMiJ,JIHBHKOHaHHHcTopoHaMH, a piIlleHHH, BHHeceHe IIO ap6iTpa)J{HoMy IIpOIJ,ecy ap6iTpoM, MO)J{e6YTlI 3BepHeHe iJ,0 BHKOHaHHHy 6yiJ,b-HKOMy cyiJ,i BiiJ,IIOBiiJ,HOi' IOPHciJ,HKIJ,ii'. 51Klll,o HeBHKOHaHHHCTOpOHOIO piIlleHHH ap6iTpa BHMarae BiiJ, iHIIIOi'CTOpOHII 3BepHeHHH iJ,0 cYiJ,y iJ,JIH IIpIIMycoBoro BHKOHaHHH TaKoro piIlleHHH, TOiJ,i He BHKOHYIOqaCTopOHa Hece BiiJ,IIOBiiJ,aJIbHiCTb IIepeiJ, iHillOIO CTOpOHOIO3a Bci BIITpaTH Ha TaKIIH CyiJ,OBIIH IIp0IJ,eC, BKJIIOqaIOqIIBIIIIJIaTy 06rpyHToBaHIIX rOHopapiB IOpHCTaM.

(a) All disputes or claims arising out of or in relation to this Agreement shall be resolved exclusively by arbitration in accordance with the Rules of the London Court of International Arbitration (the "LCIA"), which rules are deemed to be incorporated by reference into this Section. The place of arbitration shall be London, England and the language of the arbitration shall be English. There shall be one arbitrator and the appointing authority shall be the LCIA.

(b) Fees of the arbitration (excluding each party's preparation, travel, attorneys' fees and similar costs) shall be borne in accordance with the decision of the arbitrator.

(c) The decision of the arbitrator shall be final, binding and enforceable upon the parties and judgment upon any award rendered by the arbitrator may be entered in any court having jurisdiction thereof. In the event that the failure of a party to comply with the decision of the arbitrator requires any other party to apply to any court for enforcement of such award, the non-complying party shall be liable to the other for all costs of such litigation, including reasonable attorneys' fees.

CTOpOHII MO)J{YTb Y 6YiJ,b-HKIIHqac BHOCIITII 3MiHII Ta iJ,OIIOBHeHHH iJ,0 IJ,bOrO ,lJ;oroBopy, aJIe IJ,i 3MiHII Ta iJ,OIIOBHeHHHHa6yBaIOTb qIIHHOCTi TiJIbKII Y pa3i i'x HaJIe)J{Horo BIIKOHaHHHCTOpoHaMH a60 BiiJ, i'x iMeHi y

This Agreement may be amended at any time by the Parties, but no such amendment shall be effective unless set forth in a written instrument duly executed by or on behalf of the Parties, and registered with the Liens Registry if any

rrllchMoBili <J!opMi Ta peecTpaIJ,il y PeecTpi 06T5I)l(eHh, 5IKllJ,OIJ,i 3MiHll Ta Jl,OrrOBHeHH5I CTOCYIOThC5Io6c5Iry ITpeJl,MeTy 3aCTaBll. KO)l(Ha CTopOHa MO)l(eBiJl,MOBllTllC5I BiJl,cBolx rrpaB 3a IJ,llM )J;orOBopOM, 3a yMOBll rrIIChMOBoro o<J!opMJIeHH5I TaKoI BiJl,MOBll, Me )1:<0Jl,Ha BiJl,MoBa6YJl,h-5IKOIO 3i CTopiH BiJl,CBoi' rrpaB 3a IJ,IIM )J;orOBopOM y OJl,HOMy a60 KiJIhKOXBllrraJl,Kax He BBa)l(aTllMeThC5Ii He TJIYMa'IIITllMeThC5I5IK BiJl,MoBa BiJl, TaKora rrpaBa 'Ill yMOBll a60 6YJl,h-5IKOI iHIliOI yMOBll IJ,hOrO )J;oraBopy Ha Mali6yTH. Bci 3ac06ll rrpaBOBoro 3axIIcTy, HaJl,aHi 3a IJ,llM )J;orOBopOM,3a 3aKOHoM'III B iHIIIHli crroci6, e KYMYJI5ITIIBHllMII, a He MhTepHaTIIBHIIMII. HeBIIKopIICTaHH5I Ta 3aTpllMKa y BIIKopllCTaHH5I6YJl,h-5IKOIO CTOpOHOIO 6yJl,h5IKOra rrpaBa 3a IJ,llM )J;orOBopOM Ta BCTaHOBJIeHOrO llJ,OJl,O TaKoro rrpaBa rrOp5IJl,Ky He CJIyryBaTllMyTh BiJl,MOBOIOBiJl, HllX, a OJl,Hopa30Be 'Ill 'IaCTKOBe BllKopIICTaHH5I 6YJl,h-5IKOrOrrpaBa 3a IJ,llM )J;orOBopOM He BIIKJIIO'IaTllMelioro BllKopllCTaHH5I B iHIIIHli crroci6 a60 y Mali6yTHhoMy Ta BIIKopIICTaHH5I 6YJl,h-5IKOrO iHIlioro rrpaBa.

amendments are made to the scope of the Collateral. Each Party may waive its rights under this Agreement, provided that such waiver is made in writing, but no waiver by any Party of any of its rights hereunder, in anyone or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by law or otherwise afforded, shall be cumulative and not alternative. No failure on the part of any Party to exercise and no delay in exercising, and no course of dealing with respect to, any right under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.

(a) EYJl,h-5IKe rroBiJl,oMJIeHH5I,BIIMora a60 iHIua KopecrroHJl,eHIJ,i5I,y TOMy 'IllcJIi BIIMora rrpo 3Jl,ilicHeHH5I ap6iTpa)l(y, llJ,0 MaIOTh HaJl,aBaTIIC5I a60 3Jl,ilicHIOBaTllc5I 3a IJ,IIM )J;oroBopoM, rroBllHHi O<J!0pMJIIOBaTllC5I rrllChMOBO. 3a yMOBll BllKOHaHH5I ITyHKTy 6.02 IIhoro )J;oroBopy (BupitueHH51 cnopie), 6yJl,h5IKa TaKa KopecrroHJl,eHIJ,i5I MO)l(e Jl,OCTaBJI5ITllCh Kyp'epoM, rro <J!aKCY (3 rriJl,TBepJl,)l(eHH5IM OTpIIMaHH5Irro TeJIe<J!OHY) a60 eJIeKTpOHHOIO rrOillTOIO 'Ill Bll3HaHOIO Kyp' epchKOIO CJIy)l(60IO Ha aJl,pecy BiJl,rroBiJl,HoICTOpOHII,3a3Ha'IeHy Hll)l('Ie, a60 Ha TaKy iHilly aJl,pecy, rrpo 5IKyTaKa CTopOHa MO)l(e'lac BiJl,'lacy crroBillJ,aTIIiHilly CTOpOHy, Ta BBa)l(aTllMeThC5I 'IllHHOIO rricJI5I Ii OTpIIMaHH5I. (b) IloBiJl,oMJIeHH5I HaJl,CIIJIaIOThC5I: Bi)l:KpuTe aKIJ,ioHepHe TOBapUCTBO"BaJl,aH 51p,n:cOKeaH" AJl,peca: 3aBOJl,ChKa rrJIOllJ,a M. MIIKOJIaIB,54050, YKpalHa

(a) Any notice, request or other communication, including any request for arbitration to be given or made under this Agreement shall be in writing. Subject to Section 6.02 (Dispute Resolution) of this Agreement, any such communication may be delivered by hand, facsimile (with telephonic confirmation with the recipient of such facsimile) or electronic mail or established courier service to the Party's address specified below or at such other address as such Party notifies to the other Party from time to time, and will be effective upon receipt.

Wadan Yards Company" Address:

54050, Ukraine

Okean

Open

Joint

Stock

Zavodska

Square,

Mykolaiv

,D;O yBam: POMawlyKa ITaBnOBWIa

IToBi)..(OMneHWI Ha)..(CHnaIOTbC5I:

[(eH ,D;oroBip OOpMn5IeTbC5I aHrniHcbKoIO Ta yKpaIHcbKOIO MOBaMH.ITpH iHTeprrpeTaQiI Ta TnyMa'IeHHi QbOro ,D;oroBopy aHI'niHcbKa Bepci5I Mae rrepeBary Ha)..( yKpaIHcbKOIO. AHI'niHcbKa Bepci5I QbOro ,D;oroBopy Mae rrepeBary rrpH p03m5I)..(i 6Y)..(b-5IKOrocrropy Mi:tKCTOpoHaMH, y TOMy 'IHcni rrpH p03m5I)..(i y cy)..(i a60 rrpH iHIlIOMy rrpoBa)..(:tKeHHi. Y BHrra)..(Ky, 5IKrn;O cy)..(a60 iHIlIHHIToBHOBa:tKHHH OpraH, 3alle:tKHOBi)..(KOHKpeTHHx06cTaBHH, rrocHnaeTbC5I Ha yKpaIHcbKy BepciIO Qboro ,D;OroBOPY, a Mi:tK yKpaIHcbKOIO Ta aHmiHcbKoIO Bepci5IMH iCHye 6Y)..(b-5IKa p036i)l<HiCTb,CTOpOHH3060B' 5I3aHiBHMaraTH, ll\06 TaKHH cy)..( a60 IToBHOBa:tKHHH OpraH 3BepHynHC5I)..(0 eKcrrepTa (rrpHHH5ITHOrO)..(n5I CTopiH, BHTpaTH Ha 3ally'IeHH5I 5IKOrO crrna'Iye 3acTaBo)..(aBeQb) rn;o)..(o rrepeKna)..(y aHI'niHcbKoI BepciI Qboro ,D;oroBopy.

This Agreement shall be executed in English and Ukrainian. In the interpretation and construction of this Agreement, the English version of this Agreement shall prevail over the Ukrainian version. The English version of this Agreement shall govern in any dispute between the Parties, including in the course of any court or other proceedings. In the event a court or other Authority, as may be applicable, refers to the Ukrainian version of this Agreement and any inconsistency exists between the Ukrainian and English versions of this Agreement, the Parties shall ask such court or other Authority to consult an expert (who shall be acceptable to the Parties and whose costs shall be borne by the Pledgor) in translating the English version of this Agreement.

3acTaBo)..(aBeQb rrpHHMae Ha ce6e rroBHy Bi)..(rroBi)..(allbHiCTb 3a Bi)..(IlIKO)..(yBaHH5I i rrorO)..(:tKyeTbC5I Bi)..(IlIKO)..(OByBaTH Ta Bi)..(IlIKO)..(OByBaTMMe i Bi)..(ropO)..(:tKyBaTMMe 3aCTaBo)..(ep:tKaTen5ITa IX rroca)..(OBHXoci6, )..(HpeKTopiB, rrpaQiBHHKiB, areHTiB Ta cny:tK60BQiB Bi)..( 6Y)..(b-5IKHX Ta Bcix BH)..(iB Bi)..(rroBi)..(allbHocTi, 3060B' 5I3aHb, 36MTKiB, BTpaT, cKapr, BHMor, rro)..(aTKiB, MHTa,rr030BiB, BHTpaT Ta BH)..(aTKiB(y TOMy 'IHcni, 6e3 06Me)KeHH5I, BHHaropo)..( 3a IOPH)..(H'IHi rrocnyrH Ta BHTpaT Ta BM)..(aTKiB Ha

The Pledgor assumes full liability for, and agrees to and shall indemnify and hold harmless the Pledgee and its officers, directors, employees, agents and servants against and from, any and all liabilities, obligations, losses, damages, penalties, claims, actions, taxes, duties, suits, costs and expenses (including, without limitation, legal counsel's fees and expenses and costs of investigation) of whatsoever kind and nature and which in any way relate to or arise out of, whether directly or indirectly:

p03cJIi)J,yBaHH5I) 6Y)J,b-51KOrO BI1)J,y Ta xapaKTepy, ll(0 MO)\{YTb cTocyBaTI1C5I a60 BI1HI1KaTI1, l1p5lMO a60 0110Cepe)J,KOBaHO, qepe3 TaKe: (i) BI1KOpI1CTaHH5I a60 cl1p06y BI1KOpHCTaHH5I 6Y)J,b-51KI1X l1paB, 110BHOB~eHb a60 )J,I1cKpeu:iHHI1x l1paB, Ha)J,aHI1X 3acTaBo)J,ep)\{aTemO 3a U:I1M)..I,oroBopoM a60 )..I,oroBopoMITepe)J,aqi KOlilTiB; (ii) yKJIa)J,eHH5I a60 36epe:tKeHH5I U:bOro )..I,oroBopy a60 )..I,oroBopy ITepe)J,aqi KOIIITiB a60 peaniJau:iIo l1paB KO)\{HOrO 3acTaBo)J,ep)\{aTeJI5I 3a HIIMII;a60 (iii) eKcl1JIyaTau:i51 Ta yTpI1MaHH5I 3aCTaBJIeHI1XPaxyHKiB a60 l1paBO BJIacHocTi a60 KOHTpOJIIO 3aCTaBo)J,ep)\{aTeJI5I Ha)J, 3aCTaBJIeHI1MI1 PaxyHKaMI1 a60 l1epe6yBaHH5I i'x y 3acTaBo)J,ep)\{aTeJI5I; 3a yMOBI1, ru:o 3aCTaBO)J,ep)\{aTeJIbHe Mae l1paBa Ha Bi)J,IIIKO)J,yBaHH5I 3a U:I1M )..I,orOBopOM Qepe3 BJIacHy rpy6y He)J,6anicTb, cBi)J,oMe HeBI1KOHaHH5I CBOi'X060B'513KiB, IIIaxpaHCTBO a60 110pyIIIeHH5IU:bOro )..I,oroBopy (y TOMy qI1CJIi, 30KpeMa, qepe3 HeHa)J,aHH5I 3aCTaBO)J,ep)\{aTeJIeM 110Bi)J,oMJIeHb, l1epe)J,6aQeHIIX ITyHKTOM 5.01 (a) a60 ITyHKTOM 5.02 U:bOro)..I,oroBopy). 7.05 ITpaBoHacTyl1HI1KII u:ecioHapii' (a) [(eH )..I,oroBipMae 3060B'513anbHYCI1JIY i Ha6yBae QI1HHOCTi Ha KOPI1CTbBi)J,rroBi)J,HI1X rrpaBoHacTyrrHI1KiB Ta )J,03BOJIeHI1X u:ecioHapii'B CTopiH, ane 3aCTaBO)J,aBeU:b He Mae rrpaBa Bi)J,CTyrrIITII a60 y iHIIIIIH crroci6 rrepe)J,anl Bci CBOi'rrpaBa a60 060B'513KI13a U:I1M )..I,oroBopoM a60 i'x QaCnIHy 6e3 rrorrepe)J,Hboi' rrI1CbMoBoi' 3rO)J,II 3acTaBo)J,ep)\{aTeml. (b) 3acTaBo)J,ep)\{aTeJ1b MO)\{e, y MaKcI1MaJIbHiH Mipi, )J,03BoJIeHiH LJIIHHIIM 3aKoHo)J,aBcTBoM, 6e3 rrorrepe)J,Hboi' rrI1CbMoBoi'3rO)J,II 3aCTaBo)J,aBU:51 Bi)J,cTyrrIITII a60 B iHIIII1Hcrroci6 rrepe)J,aTI1Bci CBOi'rrpaBa a60 060B'513KII 3a U:IIM )..I,oroBopoM a60 i'x QaCTIIHy6y)J,b-51KiH Oc06i, 51KiH BiH Bi)J,cTyrrae CBOi' Bi)J,rroBi)J,Hi rrpaBa Ta 3060B' 513aHH5I 3a Kpe)J,I1THIIMI1 )..I,oroBopaM, i 3aCTaBo)J,aBeU:b 3060B' 513aHIIH BcimlKo CrrpII5ITI1 3acTaBo)J,ep)\{aTeJIIO Ta 0<P0PMJI5ITI1 i (a) This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of the Parties hereto, except that the Pledgor may not assign or otherwise transfer all or any part of its rights or obligations under this Agreement without the prior written consent of the Pledgee. (i) the exercise or purported exercise of any rights, powers or discretions vested to the Pledgee pursuant to this Agreement or the Funds Transfer Agreement;

(ii) the entering into, preservation or enforcement of the Pledgee's rights under this Agreement or the Fund Transfer Agreement; or

(iii) the operation or maintenance of the Pledged Accounts or the ownership, control or possession thereof by the Pledgor;

provided, that the Pledgee shall have no right to be indemnified hereunder for its own gross negligence, willful misconduct, fraud or breach of this Agreement (including, without limitation, any failure by the Pledgee to give the notices contemplated by Section 5.01 or Section 5.02 of this Agreement).

(b) To the fullest extent permitted by Applicable Law, the Pledgees may assign or otherwise transfer all or part of its rights and/or obligations under this Agreement without the consent of the Pledgor to any Person to which it assigns its respective rights and obligations under the Facility Agreements and the Pledgor shall cooperate fully with the Pledgee, and execute and deliver, any documents necessary and/or reasonably requested by the Pledgee and effect all filings, applications and/or registrations necessary,

IIepe):(aBaTII Bci ):(OKyMeHTII, Ill,0 He06xi):(HIIMII, Tala60 KOTpi apryMeHToBaHO BIIMarae 3aCTaBo):(ep)KaTeJIb, a TaKO)K IIo):(aBaTII Bci ):(OKyMeHTII, 3lliIBlI Ta/a60 3):(iHCHIOBaTII pecTpau:iIO Bcix ):(OKyMeHTiB, He06xi):(HIIX ):(JIH 'IIIHHOCTi Bi):(CTyIIJIeHHH IIpaBa Tala60 3060B' H3aHb 3aCTaBo):(ep)KaTeJIH 3a U:IIM j.(orOBopOM.

in order to make the assignment of the Pledgee's rights and/or obligations hereunder valid and effective.

3aCTaBo):(aBeU:b 3060B' H3aHlIH Bi):(IlIKO):(OByBaul3aCTaBo):(ep)KaTeJIIO 6y):(bHKi3611TKlI,Ill,0 BIIHIIKaIOTb 'Iepe3 o):(ep)KaHHH IIJIaTe)Ky a60 Ha):(aHHHHaKa3Y a60 pillIeHHH cy):(y 3a U:lIM j.(orOBopOM, j.(orOBopOM TIepeKa3Y KOIliTiB Tala60 Kpe):(lITHlIMlI j.(oroBopaMlI, y 6y):(b-HKiHiHllIiH BaJIIOTi,Hi)K ):(OJIapll CIllA, a60 y 6y):(b-HKOMyiHIlIOMY Micu:i, Hi)K Ha paxyHoK, BII3Ha'IeHIIH y TIoBi):(OMJIeHHi 3aCTaBo):(ep)KaTeJIIO (3a B1I3Ha'IeHHHMU:boro TepMiHy y j.(oroBopi TIepe):(a'Ii KOIlITiB), Ill,0 Ha):(aTbCH 3aCTaBo):(ep)KaTeJIIO 3ri):(HO 3 yMoBaMlI j.(orOBopy TIepe):(a'Ii KOIliTiB. B HKOCTi oKpeMoro 3060B'H3aHHH, aJIe 6e3 IIO):(BiHHoro BpaxyBaHHH, 3aCTaBo):(aBeU:b 3060B' H3aHlIH CIIJIaTlITlI TaKy ):(o):(aTKoBy CyMy, Ill,0 He06xi):(HOIO ):(JIH Toro, Ill,06 IIiCJIH KOHBepmu:ii"y ):(OJIaplI CillA 3a PIIHKOBOIO CTaBKOIOTa IIepeKa3y Ha TaKlIH paxyHoK 3aCTaBo):(ep)KaTeJIb o):(ep)KaB BCIO CyMy, HaJIe)KHY):(0 CIIJIaTlI 3aCTaBo):(ep)KaTeJIIO3a U:lIM j.(orOBopOM Ta j.(orOBopOM TIepe):(a'Ii KOIliTiB y ):(OJIapax CillA Ta Ha paxyHoK, B1I3Ha'IeHlIH y TIoBi):(OMJIeHHi 3aCTaBo):(ep)KaTeJIIO(3a B1I3Ha'IeHHHMU:boro TepMiHy y j.(oroBopi TIepe):(a'Ii KOIlITiB), Ill,O Ha):(aTbCH 3aCTaBo):(ep)KaTeJIIO 3ri):(HO 3 yMoBaMlIj.(orOBopy TIepe):(a'Ii KOIliTiB.

The Pledgor shall indemnify the Pledgee against any losses resulting from a payment being received, or an order or judgment being given under this Agreement, the Funds Transfer Agreement and/or the Facility Agreements in any currency other than US Dollars or any place other than the account specified in the Pledgee's Notice (as such item is defined in the Funds Transfer Agreement) given by the Pledgee pursuant to the terms of the Fund Transfer Agreement. The Pledgor shall, as a separate obligation but without double counting, pay such additional amount as is necessary to enable the Pledgee to receive, after conversion to US Dollars at a market rate and transfer to that account, the full amount due to the Pledgee under this Agreement and the Funds Transfer Agreement in US Dollars and in the account specified in the Pledgee's Notice (as such term is defined in the Funds Transfer Agreement) given by the Pledgee pursuant to the terms of the Funds Transfer Agreement.

B1I3HaHHH 6y):(b-HKoro IIOJIO)KeHHHU:boro j.(orOBopy He):(iHCHIIMa60 TaKlIM, Ill,O He MO)Ke 6YTlI BlIKOHaHlIM IIOBHicTIO a60 'IaCTKOBO, CTOCyTbCH TiJIbKlI U:boro IIOJIO)KeHHH a60 Bi):(IlOBi):(HOl Horo 'IaCTIIHlI, a pelliTa U:boro IIOJIO)KeHHH Ta Bci iHllIi IIOJIO)KeHHH U:bOro j.(oroBopy 3aJIIIllIaTlIMYTbCH 'IlIHHlIMlITa ):(iHCHlIMlI.

If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability shall attach only to such provision or the applicable part of such provision, and the remaining part of such provision and all other provisions of this Agreement shall continue to remain in full force and effect.

IJ;eli .D:oroBip rri,ll,IUICaHHli y lfOTHPbOX (4) opHriHaJIhHHx rrpHMipHHKax, KO:>KHHli aHrJIilichKOIO Ta yKpa'iHchKoIO MOBOIO,rro ,ll,Ba rrpHMipHHKa KO:>KHOIO MOBOIO ,ll,JI5I 3aCTaBO,ll,ep:>KaTeJI5I, O,ll,HH3aCTaBO,ll,aBIlIOTa O,ll,HH,ll,JI5I crrpaB rrpHBaTHoro HOTapiyca. Y BHrra,ll,Ky 6Y,ll,h-5IKO'i HeBi,ll,rroBi,ll,HocTi Mi:>K aHrJIilichKOIO Ta yKpa'iHchKoIO Bepci5IMH [(hOrO .D:Or0BOPY, rrepeBara Ha,ll,aeThC5I aHrJIilichKili Bepci'i; ane 3a yMOBH, 1[(0 rrpH Heo,ll,H03HalfHocTi aHrJIilichKo'i Bepci'i .D:oroBopy 3aB:>K,ll,H MO:>KHa3BepHyTHC5I ,ll,0 lioro yKpa'iHchKo'i Bepci'i ,ll,JI5I 3'5IcYBaHH5I, HacKiJIhKH [(e MO:>KJIHBO, 6Y,ll,h-5IKO'i Heo,ll,H03HalfHocTi B aHmilichKili Bepci'i .D:oroBopy.

This Agreement has been signed in four (4) original counterparts, each in the English and in the Ukrainian language, two counterparts for the Pledgee, one for the Pledgor and one for the notary. If there is any inconsistency between the English and Ukrainian versions, the English language version shall prevail; provided, however, that in case of ambiguity in the English language version of the Agreement recourse may always be had to the Ukrainian language version in order to clarify, insofar as possible, any ambiguity in the English language version of the Agreement.

HA 3ACBlJ-F-lf:HH5I 1I0ro,
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IIi'U!,'iKH~I'V1

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JJ:ortHJOpy Biil iMc!fi K[)~(ljo'i

Hanotral'KY UbOI'O

3 1-I1lX B lUll'',},

,l],oroBopy,

IN W WHEREOF, the Panics, acting thmugh their duly ilmflorized represcntalives, hah; call:;ed this to be signed in their names as of the elate firsl above written.

A.llpCC<1: M. MI11\lUll"iH,

3al!\'.ll'hK3

II liYIJ.,

::'4050.

YKpa'I'II:l

Aeidrc''''': I Zavo,t:,I..::\ :'di):"l., Ukraine

ny6Jl

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TOl3apnCTBO
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531IK Allanb" IlcpcpaxyBHIIH51

.LlJlll n01la/TblllOCO

06.'1aclly

,llHPCKLliIO

M. MHKOnll'if], 54010, Ylq)ailla Apl'l1nepil1chKa, 19-A CBreDI': AVALUAUI<.NIC

PaxyHoK N~ 260005840285
EillIK-nOCepe.llI'1 Gar-lit 08 HLIO HI<:

Public Joint Swck Company "Rilrl'k-it'-.:cn AV<1I" for further credil to Mykolctyiv Re1:cional Branch Mykolayiv, 54030, Ukraine 19-A, /\rtyleriyska SIr. SWIFI: A VAUJAUI<NIC I\ce. No. 160005840285 llallkcorrt;:sponc!cr:l: Bank 01' New Yotk New 'y'urk, US,A

r';ropl<

HbrO i/lOpK, CWA CBlenT: IRVTUSJN

PaxYI'loK N~ 890-0260-688

SVil . IRVTI}S3N Ace No. 890-02110-688

A.4peca:
Kill[J

By JI

AdJII:ss: Kil11ot1( 1massoL Cypnls

N~ paxyHKy: 15811 003127 IBAN: CY13003001580000015811003127 SWIFT: LIKICY2N EaHK: MaptPiH TIon'IOnap EeHK TIa6niK Ko J1T):( mMaccon, Kinp

Account No. 15811003127 IBAN: CY1300300 1580000015811 003127 SWIFT: LlKICY2N Bank: Marfin Popular Bank Public Co

LTD
Limasso1, Cyprus

.n;o .n:OrOBopy 3aCTaBM TIOTO'lHMXPaxyHKiB Mi)!{ Bi.n;KpMTMM aKldoHepHMM TOBapMcTBOM "Ba.n;aH 5Ip.n;c OKeaH" HK 3acTaBo.n;ep)!{aTeJIh Ta "TIoI13aHTep XOJI.n;iHr3 JlT.n;" HK 3acTaBo.n;aBe~h

to the Rights to Operating Accounts Pledge Agreement between Wadan Yards Okean Open Joint Stock Company as Pledgee and Poizanter Holdings Ltd as Pledgor DESCRIPTION OF PLEDGED ACCOUNTS

1. PaxyHoK N~ 26002102309 (rpMBHH) 1. Account Bi.n;KpMTMil 3acTaBo.n;aB~eM y MMKoJIalBchKiil maintained 06JIaCHiil .n;MpeK~il TIAT Pailail3eH BaHK "Raiffeisen ABaJIh. directorate. 2. PaxyHoK N~ 26002102310 (rpMBHH) 2. Account Bi.n;KpMTI1il 3acTaBo.n;aB~eM y MI1KoJIalBchKiil maintained 06JIaCHiil .n;I1peK~il TIAT Pailail3eH BaHK "Raiffeisen directorate. ABaJIh. 3. PaxyHoK N~ 260005840285 (.n;oJIap ClllA) 3. Account Bi.n;KPI1TI1il 3acTaBo.n;aB~eM y MI1KoJIalBchKiil maintained 06JIaCHiil .n;I1peK~i"iTIAT Pailail3eH BaHK "Raiffeisen directorate. ABaJIh. 4. PaxyHoK N~ 26006597835 (BpO) Bi.n;KPI1TI1il 4. Account 3acTaBo.n;aB~eM y MMKoJIalBchKiil 06JIaCHiil maintained .n;IIpeK~ii TIAT Pailail3eH BaHK ABaJIh. "Raiffeisen directorate. 5. PaxyHoK N~ 2600256436 (pociilchKI1il py6JIh) 5. Account Bi.n;KPI1TI1il 3aCTaBo.n;aB~eM y MI1KoJIalBchKiil maintained 06JIaCHiil .n;I1peK~il TIAT Pailail3eH BaHK "Raiffeisen ABaJIh. directorate. 6. PaxyHoK N~ 260581652 (rpIIBHH) Bi.n;KPIITIlil 6. Account 3aCTaBo.n;aB~eM y MIIKoJIalBchKiil 06JIaCHiil maintained .n;I1peK~ilTIAT Pailail3eH BaHK ABaJIh. "Raiffeisen directorate. 7. PaxyHoK N~ 260551653 (rpMBHH) Bi.n;KpMTIlil 7. Account 3acTaBo.n;aB~eM y MIIKonalBchKiil 06nacHiil maintained .n;I1peKl.(ii'TIAT Pailail3eH BaHK ABaJIh. "Raiffeisen directorate. 8. PaxyHoK N~ 26001102311 (rpIIBHH) 8. Account Bi.n;KpIITIIil 3aCTaBo.n;aB~eM y MI1KoJIalBchKiil maintained 06nacHiil .n;I1peK~il TIAT Pailail3eH BaHK "Raiffeisen directorate. ABaJIh. 9. PaxyHoK N~ 260075840286 (.n;onap ClllA) 9. Account Bi.n;KpI1TIIil3aCTaBo.n;aB~eM y MI1KonalBchKiH maintained 06nacHiil .n;I1peK~il TIAT Pailail3eH BaHK "Raiffeisen directorate. ABaJIh. 1O. PaxyHoK N~ 26005102317 (rpMBHH) 10. Account Bi.n;KPI1TI1il 3aCTaBo.n;aB~eM y MI1KonalBchKiil maintained o6nacHiil .n;I1peK~il TIAT Pailail3eH BaHK "Raiffeisen directorate. ABaJIh.

Number 26002102309 (UAH) by the Pledgor with PJSC Bank Aval", Mykolayiv oblast Number 26002102310 (UAH) by the Pledgor with PJSC Bank A val", Mykolayiv oblast Number 260005840285 by the Pledgor with Bank AvaI", Mykolayiv Number 26006597835 by the Pledgor with Bank Aval", Mykolayiv Number 2600256436 by the Pledgor with Bank Aval", Mykolayiv (USD) PJSC obIast (EUR) PJSC oblast (RUB) PJSC oblast

Number 260581652 (UAH) by the Pledgor with PJSC Bank A val", Mykolayiv oblast Number 260551653 (UAH) by the Pledgor with PJSC Bank AvaI", Mykolayiv obIast Number 26001102311 (UAH) by the Pledgor with PJSC Bank Aval", Mykolayiv oblast Number 260075840286 by the Pledgor with Bank A val", Mykolayiv (USD) PJSC obIast

Number 26005102317 (UAH) by the Pledgor with PJSC Bank Aval", Mykolayiv oblast

11. PaxyHoK N~ 26007582612 (cPYHT cTepJIiHriB) BiJ:(KpIITlIll 3aCTaBoJ:(aBlJ;eM y MIIKOJIa"iBcbKill o6JIacHill J:(lIpeKIJ,i"i I1AT PallcPcPall3eHBaHKABaJIb. 12. PaxyHoK N~ 26000145 (rpIIBH5I) BiJ:(KplITlIll 3acTaBoJ:(aBIJ,eM y MIIKOJIa"iBcbKill o6JIacHill J:(lIpeKl.d"i I1AT PallcPcPall3eHBaHKABaJIb.

11. Account Number 26007582612 (GBP) maintained by the Pledgor with PJSC "Raiffeisen Bank Ava1", Myko1ayiv oblast directorate. 12. Account Number 26000145 (UAH) maintained by the Pledgor with PJSC "Raiffeisen Bank Aval", Mykolayiv oblast directorate.

):(0 ,IJ:oroBopy 3aCTaBIl I10TO'lHIlX PaxyHKiB Mi)!( Bi):(KpIlTIlMaKI.I,ioHepHIlMTOBapIlCTBOM"Ba):(aH 5Ip):(c OKeaH" 5IK 3aCTaBo):(ep)!(aTeJIh Ta "I101I3aHTep XOJI):(iHr3JIT):("5IK3aCTaBo):(aBeI.l,h

to the Rights to Operating Accounts Pledge Agreement between Wadan Yards Okean Open Joint Stock Company as Pledgee and Poizanter Holdings Ltd as Pledgor

<l>OPMA 3BEPHEHHH

IIOBI,ll;OMJIEHHH CTHrHEHHH [To Be Completed on the Pledgee's letterhead in English, and, if necessary, in Ukrainian]

[Mae 6yTIl o<jlopMJIeHe aHrJIiHchKOIO MOBOIO Ha <jlipMoBoMy 6JIaHKy 3acTaBo):(ep)!(aTeJI5I, a 3a He06xi):(HocTi - YKpalHchKoIO MOBOIO]

KOMy: Bi):(KpHTe aKIJ,ioHepHe TOBapHCTBO

"Ba;J;aHHp,a:c OKeaH"

Wadan Yards Okean Joint Stock Company

Open

ByJI3aBo):(chKa rrJIOII.l,a1, M. MIlKOJIalB, 54050, YKpalHa

1 Zavodska Square, Mykolaiv 54050, Ukraine, Ukraine

CTOCOBHO: IIOBI,ll;OMJIEHHH IIPO 3BEPHEHHH CTHrHEHHH BI,n:IIOBI,n:HO ,ll;0 IIYHKTY 5.02 ,ll;OrOBOPY 3ACTABlI (HK .QEM TEPMIH B1I3HA qEHO HlIJKqE)

Re: ENFORCEMENT NOTICE PURSUANT TO SECTION 5.02 OF THE PLEDGE AGREEMENT (AS DEFINED BELOW)

3aCTaBo):(ep)!(aTeJIIO Ha):(aHO B 3acTaBy HaHBIlII.I,OrO rrpiopIlTeTy MaHHoBi rrpaBa Ta rrpaBo 3a6e3rre'leHH5I 3acTaBo):(aBI.I,5I Ha 3acTaBJIeHi PaxyHKIl, BKJIIO'lHO 3 rrpaBOM OTpIlMyBaTIl Bci KOIliTIl, ):(erroHoBaHi Ha HhOMY 'lac Bi):(tIacy, Bi):(rroBi):(Ho ):(0 ,IJ:oroBopy 3acTaBIl I10TOtIHIlX PaxyHKiB Mi)!( 3acTaBo):(aBI.I,eM i 3acTaBo):(ep)!(aTeJIeM Bi):( 10 QepBH5I 2010 pOKY (",IJ:oroBip 3acTaBIl"). 3acTaBa 3a ,IJ:oroBopoM 3aCTaBIl 6yJIa 3apeecTpoBaHa y ,IJ:ep)!(aBHoMy PeecTpi 06T5I)!(eHh PyxoMoro MaHHa 3a N~[.]. Bci TepMiHIl 3 BeJIIlKOl JIiTepIl, 5IKIlMy I.I,hOMy I1oBi):(oMJIeHH5I rrpo 3BepHeHH5I CT5IrHeHH5IHe Ha):(aHOiHllIoro BIl3Ha'leHH5I, MaIOTh 3HatIeHH5I, HaBe):(eHiy ,IJ:oroBopi 3acTaBIl.

The Pledgee has been. granted a first ranking pledge over the Pledgor's property rights and interest in the Pledged Accounts, including the right to receive all monies on deposit therein from time to time under the Rights to Operating Accounts Pledge Agreement between the Pledgor and the Pledgee, dated June 10, 2010 (the "Pledge Agreement"). The pledge under the Pledge Agreement has been registered in the State Register of Liens over Movable Property under No. [.]. All capitalized terms not otherwise defined in this Enforcement Notice shall have the meanings set forth in the Pledge Agreement. We hereby give you notice pursuant to Section 5.02 of the Pledge Agreement that an Event of Default with respect to the

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Bl1na,noK HeBl1KOHaHH5I 3060B' 513aHH5I CTOCOBHO Hl1)K'leni,nnl1caHoro 3aCTaBo,nep)l{aTeJI5I3a [3a3J-/allme eionoeioHuii IIyHKm KpeoumHUX /{ozoeopie], Hl1)l{lIeni,nnl1CaHl1it 3aCTaBo,nep)l{aTeJI1, o,nHolIaCHo i3 Ha,naHH5IM ~10ro IToBi,noMJIeHH5I npo 3BepHeHH5I CT5!rHeHH5ITa y 3B'513KYi3 Bl1na,nKoM HeBl1KOHaHH5I 3060B' 513aHH5I, 3apeCTpyBaB y PecTpi 06T5I)l{eHb TaKy iH<j.lOpMau:iIO mo,no nOlIaTKY npou:e,nypl1 3BepHeHH5ICT5!rHeHH5I Ha npe,nMeT 3aCTaBl1, 51K Bl1MaraeTbC5I Bi,nnoBi,nHo ,no 3aKoHy npo 06T5I)l{eHH5I. Koni51 TaKoro IToBi,noMJIeHH5I PeCTpy 06T5I)l{eHb(51K u:eu TepMiH B113HalIeHo B ITyHKTi 5.02 ,I:(oroBopy 3aCTaBl1) ,no,naTbC5I ,no U:10ro IToBi,noMJIeHH5I npo 3BepHeHH5I CT5IrHeHH5I. Ul1M Ml1 Bl1MaraMO3,niuCHl1Tl1nJIaTi)l{ B cyMi EUR_____ i TaKa cyMa CKJIa,nae [ - Haoaume onuc mozo, UfO CKflaOa J15l cyMa, HanpUKflao "3a60pzoeaHy oCHoeHy CyMy pa30M i3 HapaxoeaHUMu, aile He cnflalleHUMu, npoljeHmaMU Ha Hei~ ma eci UlmparjJu, neH51 ma npOljeHmU, 5lKi 3acmaeOOaeeljb 3a60pzyeae Ha Kopucmb 3acmaeooepJICamefl51 3a KpeoumHUMU /{ozoeopaMu"], i TaKa cyMa HaJIe)l{HOIO,no CnrraTl1, 3a60proBaHa Ta Ma 6YTl1 cnrralIeHa 3aCTaBo,naBu:eMHa KOPl1CTb3aCTaBo,nep)l{aTerr51 Ha ,naTY U:boro IToBi,noMrreHH5I npo 3BepHeHH5I CT5IrHeHH5I. 51Kmo Ml1 He OTpl1MaMO nrraTi)l{ Ha 3a3HalIeHY Bl1me CyMy Bnpo,noB)l{ Tpl1,nU:5!Tl1 (30) ,nHiB rricrr51 ,naTl1 U:lOro IToBi,noMJIeHH5I npo 3BepHeHH5I CT5IrHeHH5I,TO Ml1 CKOpl1CTaeMOC5I HaIlll1Ml1npaBaMl1 Bi,nnoBi,nHo ,nO ITyHKTy5.02 ,I:(oroBopy 3aCTaBl1 Ta ,I:(oroBopy ITepe,nalIi KOillTiB. [Ml1 TaKO)l{ U:l1M nOBi,noMJI5IMOBaM, mo iCHyIOTb iHilli 3apecTpoBaHi Kpe,nl1TOpl1,lIH! BHMorH3a6e3rrelIeHi ITpe,nMeToM3acTaBH.] UHM IToBi,noMrreHH5IM rrpo 3BepHeHH5I CT5!rHeHH5IEaHKy Ha,naIOT1C5IiHCTpyKu:i! He 3,niucHIOBaTH Ta He ,n03BOrr5lTl13,niitcHIOBaTH 6y,n1-51Ki BHnJIaTH, nepe,nalli a60 cnHCaHH5I KOillTiB 3 3aCTaBJIeHHX PaxyHKiB (oKpiM nepeKa3iB EaHKy y 3B'513KY i3 06rpYHTOBaHl1Ml1 360paMl1 Ta KOMiciuHHMH EaHKy CTOCOBHO 3aCTaBJIeHHX PaxyHKiB a60 BHnrraT 3aCTaBo,nep)l{aTerrIO, mo ni,nrrHcaBc5I Hl1)l{lIe, mo,no 3a6e3nelIeHl1X 3060B'513aH1), ,nOKHBl1 He o,nep)l{HTe Bi,n HH)l{lIeni.D:IIHCaHOro

undersigned has occurred and is continuing under [specifY Section under the Facility Agreements] and that the undersigned Pledgee has, simultaneously herewith and in connection with such Event of Default, registered with the Liens Registry such information regarding the initiation of the enforcement of the Pledge as is required under the Liens Law. A copy of the Liens Registry Notice (as such term is defined in Section 5.02 of the Pledge Agreement) is attached hereto.

We hereby demand payment in an amount of EUR ----such amount constituting !_______ insert description of what the amount comprises e.g. "the principal amount outstanding, together with all accrued but unpaid interest thereon, and all penalties, fees and interest due to the Pledgee by the Pledgor under the Facility Agreements"], which amount is due, owing and payable by the Pledgor to the Pledgee as of the date hereof.

If we have not received payment of the above-mentioned amount within thirty (30) days from the date of this Enforcement Notice, we will exercise our rights under Section 5.02 of the Pledge Agreement and the Funds Transfer Agreement. [We also hereby notify you that there are other registered creditors whose claims are secured by the Collateral.] The Bank is hereby instructed not to make or permit any disbursement, transfer or other withdrawal of funds from the Pledged Accounts (other than transfers to the Bank in connection with the reasonable fees and commissions of the Bank relating to the Pledged Accounts or disbursement to the undersigned Pledgee in respect of the Secured Obligations) until such time as you shall have received written confirmation from the undersigned

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that no Event of Default continues to exist, unless such disbursement, transfer or other withdrawal has been consented to by the undersigned in writing. From the date of this Enforcement Notice, the Bank is hereby required to follow all instructions that the undersigned Pledgee may give in connection with the Pledged Accounts, until receipt of written confirmation of the undersigned to the contrary.

):(0 ,IJ,oroBopy 3aCTaBII I10TOlJHIIXPaxyHKiB MbK Bi):(KpIITIIM aKu:ioHepHIIM TOBapIICTBOM"Ba):(aH 5Ip):(c OKeaH" 5IK 3aCTaBo):(ep)KaTerrb Ta "I10113aHTepXorr):(iHr3 JIT):(" 5IK 3aCTaBo):(aBeU:b

to the Rights to Operating Accounts Pledge Agreement between Wadan Yards Okean Open Joint Stock Company as Pledgee and Poizanter Holdings Ltd as Pledgor FORM OF ACCOUNTS AGREEMENT THE FUNDS OPERATING TRANSFER

<l>OPMA ,IJ;orOBOPY KOlliTIB HA TIOTOqHIIX

TIEPE,IJ;A qI PAXYHKAX

,IJ;OrOBIP IIEPE,IJ;AqI IIOTOqHIIXPAXYHKAX

KOlliTIB

HA

OPERATING ACCOUNTS TRANSFER AGREEMENT

FUNDS

l...(eii,IJ;orOBIP IIEPE,IJ;AqI KOlliTIB HA IIOTOqHIIX PAXYHKAX (",IJ;oroBip") yKrra):(eHO[-"1 2010 pOKYMbK:

THIS OPERATING ACCOUNTS FUNDS TRANSFER AGREEMENT (the "Agreement") is entered into as of ______ ",2010, among: (1) Wadan Yards Okean Open Joint Stock Company, a legal entity organised and existing in the form of an open joint stock company under the laws of Ukraine (the "Pledgor"), with its registered address at: 1 Zavodska Square, Mykolaiv 54050, Ukraine, Ukraine, identification code 14307653, represented by [ ~, [title], acting on the basis of [ ];

(I) B~KPHTHM aKQioHepHHM TOBapHCTBoM "Ba,ll;aH Hp,ll;C OKeaH", IOPII):(IIlJHOIO OC060IO, cTBopeHOIO y <popMi Bi):(KpiiToro aKu:ioHepHoro TOBapIICTBa Ta 3apeeCTpoBaHoIO Bi):(rroBi):(Ho ):(0 3aKOHo):(aBCTBa YKpalHII (" 3aCTaBo):(aBeQh "), Micu:e3HaXO):()KeHH5I 5IKOro: ByJI 3aBO):(CbKa rrrrow:a 1, M. MMKorraiB, 54050, YKpalHa, i):(eHTM<piKau:iiiHIIii KO):( 14307653, ):(JI5IU:MX u:irreii rrpe):(cTaBrreHMM [ ], [nocaaa], 5IKMii(-5IKa) ):(ie Ha rri):(cTaBi
[---].;

(2) "IIoihaHTep XOJI,Il;iHrJ JIT,Il;" ("3acTaBO,ll;ep:tKaTeJIh "), KOMnaHieIO, cTBopeHoIO 3a 3aKOHo):(aBCTBOM Pecny6rriKII Kirrp (peecTpau:iiiHIIii HOMep HE 249122), 3 Micu:e3HaXO):()KeHH5IM 3a a):(pecoIO: Byrr. KiMOHOC43A, 3095, M. JIiMaccorr, Kirrp, ):(JI5I U:MX u:iJIeii rrpe):(cTaBJIeHIIM [ ], 5IKMii ):(iE: Ha rri):(cTaBi
[ ]; Ta

(2) Poizanter Holdings Ltd (the "Pledgee"), 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, represented by [ ], acting on the basis of [ ]; and

(3) TIy6JIiQHHM aKQioHepHHM TOBapHcTBoM PaM<}><}>aiheH EaHK ABaJIh, 6aHKoM, CTBOpeHIIM Ta iCHyIOLJ:IIM Bi):(noBi):(Ho ):(0 3aKOHo):(aBCTBa YKpalHII, Micu:e3Haxo):()KeHH5I 5IKOro: [ ], YKpalHa ("EaHK"), B oc06i [ 1 [nocaaa], 5IKMii):(ie Ha rri):(cTaBi[ .]; (Ha):(arri B U:bOMY,IJ,oroBopi 3acTaBo):(aBeU:b, 3acTaBo):(ep)KaTenb Ta EaHK Ha3IIBaIOTbC5I

(3) Public Joint Stock Company "Raiffeisen Bank Aval", a bank established and existing under the laws of Ukraine, located at: Ukraine, having its registered offices at [ ] (the "Bank"), represented by [ ,] [title], acting on the basis of [ ]; (hereinafter the Pledgor, the Pledgee and the Bank are referred to as, individually,

OCKIJIbKI1, 3acTaBo,[(ep)KaTeJIh i 3aCTaBo,[(aBeIJ;h yKJIaJIH ,I],oroBip cTpoKoBol Kpe,[(HTHolJIiHil N5!l Bi,[(19 TpaBwI 2009 pOKY, 3 rro,[(aJIhIIIHMH 3MiHaMHTa ,[(orroBHeHWIMH ,[(0 Hhoro, BHeceHHMH Bi,[(rroBi,[(HHMH ,[(o,[(aTKoBHMH yro,[(aMH, Ta ,I],oroBip cTpoKOBOI Kpe,[(HTHolJIiHil N5!5 Bi,[(14 'lepBWI 2007 pOKY, 3 rro,[(aJIhIIIHMH 3MiHaMHTa ,[(orrOBHeHH5IMH ,[(0 Hhoro, BHeceHHMH Bi,[(rroBi,[(HHMH ,[(o,[(aTKOBHMH yro,[(aMH ("Kpe,[(lITHi ,ll;oroBoplI"), Bi,[(IIoBi,[(Ho ,[(0 5IKHX 3acTaBo,[(ep)KaTeJIhrroro,[(HBC5I Ha,[(aTHrr03HKH ,[(eKiJIhKoMaTpaHIIIaMH Ha 3araJIhHY CyMy ,[(0 45509076 (COpOK rr'5ITh MiJIhMOHiBrr'HTCOT ,[(eB'5ITh THC5I'l ciM,[(ecHT IIIicTh) BpO Ha yMoBax, BH3Ha'leHHX y Kpe,[(HTHHX ,I],oroBopax; OCKIJIbKI1, 3acTaBo,[(aBeIJ;h Bi,[(KpIIB Ta yrrpaBJI5IE: ITOTO'lHHMH PaxyHKaMH, rrepeJIi'leHHMH y ,I],o,[(aTKy A ,[(0 IJ;hOrO ,I],oroBopy ("3aCTaBJIeHiPaxYHKlI") B EaHKy;
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WHEREAS, the Pledgee and the Pledgor have entered into Term Loan Facility Agreement No.1, dated May 19, 2009, as subsequently amended by respective additional agreements and Term Loan Facility Agreement No.5, dated June 14, 2007 as subsequently amended by respective additional agreements (the "Facility Agreements") pursuant to which the Pledgee has agreed to provide a multiple tranche loans in the aggregate amount of up to total facility amount not exceeding EUR 45,509,076 (forty five million five thousand nine seventy six Euro) on the terms and conditions set forth in the Facility Agreements;

WHEREAS, the Pledgor has opened and operates the Operating Accounts listed in Exhibit A hereto (the "Pledged Accounts") at the Bank; and

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WHEREAS, in consideration of, and to induce the Pledgee to make disbursements to the Pledgor under the Facility Agreements and to secure repayment to the Pledgee of the Secured ObligatiQns (as defined in the Pledge Agreement), the Pledgor has agreed to grant a first ranking pledge over all of the Pledgor's property rights and interest in and to all of the Pledged Accounts, including rights to all monies deposited in such accounts from time to time, in favour of the Pledgee pursuant to the terms of the Rights to Operating Accounts Pledge Agreement dated on or about the date of this Agreement (the "Pledge Agreement"), and to allow the Pledgee, upon occurrence of an Event of Default (as such term is defined in the Facility Agreements), to cause the Bank to transfer funds from the Pledged Accounts to such account(s) as specified by the Pledgee.

(a) Bci TepMiHH 3 BeJIHKOIJIlTepH, iHlIIHM qHHOM He BH3HaqeHi B IJ,bOMy )J;oraBopi, MaIOTb 3HaqeHH5I, HaBe,IJ,eHi B )J;oroBopi 3acTaBH Ta Kpe,IJ,HTHHX )J;orOBopax.

(a) All capitalized terms not otherwise defined in here shall have the meaning set forth in the Pledge Agreement and in the Facility Agreements. (b) The Parties establish herein the enforcement mechanism with respect to the Pledge over all of the Pledgor's property rights and interest in and to all of the Pledged Accounts, including the right to receive all monies deposited in such accounts from time to time, in favor of the Pledgee pursuant to the Pledge Agreement. This Funds Transfer Agreement provides, inter alia, for contractual release to the Pledgee by the Bank of funds in the Pledged Accounts to the extent required to discharge any and all Secured Obligations owing to the Pledgee upon receipt of a notification from the Pledgee that an Event of Default has occurred and is continuing.

(b) CTOpOHH BCTaHOBJIIOIOTb B IJ,bOMy )J;oroBopi MexaHi3M l1pHMycoBora BHKOHaHH5I 11.J,0,IJ,0 3aCTaBH Ha Bci MaHHoBi l1paBa 3aCTaBO,IJ,aBIJ,5I Ha 3acTaBJIeHi PaxyHKH Ta l1paBO 3a6e311eqeHH5I B HHX, BKJIIOqaIOqH l1paBOOTpHMyBaTHBci KOlIITH,,IJ,el1oHoBaHi Ha TaKHX paxyHKax qac Bi,IJ,qacy, Ha KOpHCTb 3aCTaBO,IJ,ep)1(aTeJI5I Bi,IJ,l1oBi,IJ,HO ,IJ,O)J;oroBopy 3acTaBH. l.J;eH )J;oroBip I1epe,IJ,aqi KOlliTiB l1epe,IJ,6aqa, inter alia, ,IJ,oroBipHe Cl1HCaHH5I BaHKoM Ha KOpHCTb 3aCTaBO,IJ,ep)1(aTeJI5I KOlliTiB Ha 3aCTaBJIeHMX PaxyHKax y Mipi, He06xi,IJ,HiH ,IJ,JI5I110ralIIeHH5I 6Y,IJ,b-5IKHX Ta Bcix 3a6e311eqeHHX 3060B' 5I3aHb, 3a60proBaHHx Ha KOpHCTb3aCTaBO,IJ,ep)1(aTeJI5I l1icJI5I oTpHMaHH5I 110Bi,IJ,oMJIeHH5I Bi,IJ, 3aCTaBO,IJ,ep)1(aTeJI5I l1pO Te, 11.J,0 Blma,IJ,OK HeBHKOHaHH5I 3060B' 5I3aHH5I HaCTaB Ta TpHBa.
2.
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3aCTaBJIeHi PaxYHKH; BHeceHHH 3MiH lJ,bOrO )l;oroBopy

2. Pledged

Accounts; this Agreement

Amendments

to

(a) 3aCTaBo,IJ,aBeIJ,b Ma 3acTaBJIeHi PaxyHKM, ol1HcaHi B )J;O,IJ,aTKy A ,IJ,OIJ,bOrO )J;oroBopy. P03IIOpHiJ,'KeHHH KOIIITiB
3.

(a) :The Pledgor maintains the Pledged Accounts described in Exhibit A hereto.

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(a) The Pledgor hereby submits to the Bank and the Bank hereby acknowledges that it has received, with respect to the the Pledgee, an order from the Pledgor (countersigned by the Pledgee), substantially in the form attached hereto as Exhibit B (the "Funds Transfer Order"), with respect to the Pledged Accounts, pursuant to which funds available from time to time in the Pledged Accounts shall be transferred from the Pledged Accounts to such account(s) as specified by the Pledgee in the Pledgee's Notice, upon receipt of such notice.

(b) CTOpOHH Qboro ~oroBopy noro)..()KyIOTbC5I, ru;o P03nOp5I)..()l(eHH5I npo ITepeKa3 KOIIITiB MO)l(e 6yTH Bi)..(KJIHKaHo JIIIIIle 3a nHcbMoBOi'3rO)..(H 3acTaBo)..(ep)l(aTeJUI. 4.
Ha~aHHH IIoBi~oMJIeHHH PeccTpy 06TH~eHb Ta IIoBi~oMJIeHHH npo 3BepHeHHH CTHrHeHHH; e:t>opMa IIoBmoMJIeHHH 3acTaBo~ep~aTeJIH

(b) The Parties hereto hereby agree that a Funds Transfer Order can only be revoked with the written consent of the Pledgee to whom it applies.
4. Delivery of Liens Registry Notice and Enforcement Notice; Form of the Pledgee's Notice

(a) )..(JI5I iHiQiIOBaHH5I n03acy)..(oBoro 3BepHeHH5I CT5IrHeHH5IHa ITpe)..(MeT3acTaBH, 3acTaBo)..(ep)l(aTeJIb (i) 3apecCTpyc impopMaQiIO, ru;o MicTHTbC5IB IToBi)..(oMJIeHHi PecCTpy 06T5I)l(eHb y PeccTpi 06T5I)l(eHb, Ta (ii) O)..(HO'laCHO 3 TaKOIOpeccTpaQiIO Ha)..(illIJIe IToBi)..(OMJIeHH5I npo 3BepHeHH5I CT5IrHeHWI 3aCTaBo)..(aBQIO Ta BaHKy. (b) ITiCJI5I Ha)..(aHH5I IToBi)..(oMJIeHH5Inpo 3BepHeHH5I CT5IrHeHH5I BaHKY, 5IK rrepe)..(6a'leHO ITyHKTOM 4(a) BI1ru;e, 3aCTaBo)..(ep)l(aTeJIbMac rrpaBo Ha)..(aTHBaHKy rroBi)..(OMJIeHWI ("IIoBi~oMJIeHHH 3acTaBo~ep~aTeJIH"), nepeBa)l(HHM 'lHHOMy <popMi ~o)..(aTKYC )..(0Qboro ~oroBopy, i TaKe nOBi)..(oMJIeHH5I Ha)..(aCTbC5I Ha TpH)..(Q5ITHH (30HH) )..(eHb a60 B 6y)..(b-5IKiH 'lac rricJI5I TpH)"(Q5ITOrO (30-ro) )..(H5I Bi)..( )..(aTH IToBi)..(oMJIeHH5I npo 3BepHeHH5I CT5IrHeHH5I, rroBi)..(oMJI5IIO'lH BaHK, ru;o BHna)..(oK HeBHKOHaHH5I 3060B' 5I3aHH5I, 3ra)..(aHHH y IToBi)..(oMJIeHHirrpo 3BepHeHH5I CT5IrHeHWI, TpHBac, a 3acTaBo)..(ep)l(aTeJIb BHpillIHB rrpHMycoBo BHKOHaTHCBOi'rrpaBa ru;o)..(oBcix Ta 6Y)..(b-5IKHX KOIliTiB Ha 3aCTaBJIeHHX PaxyHKax, 5IKnepe)..(6a'leHO y ITyHKTi 1 Qboro ~oroBopy Ta y ~oroBopi 3aCTaBH. IToBi)..(oMJIeHH5I 3aCTaBo)..(ep)l(aTeJI5I BH)..(aCTbC5I Ha <pipMOBOMy6JIaHKy 3acTaBo)..(ep){<aTeJI5I i rri)..(rrHcycTbC5I Horo yrroBHOBa)l(eHHM rrpe)..(cTaBHHKoM.

(a) In order to give effect to the extrajudicial enforcement of the Collateral, the Pledgee shall (i) register the information contained in the Liens Registry Notice with the Liens Registry, and (ii) simultaneously therewith, send an Enforcement Notice to the Pledgor and the Bank. (b) Following delivery of an Enforcement Notice to the Bank as contemplated by Section 4(a) above, the Pledgee shall be entitled to deliver to the Bank a notice (the "Pledgee's Notice"), substantially in the form of Exhibit C hereto, such notice to be delivered at any time on or after the thirtieth (30th) day after the date of the Enforcement Notice, informing the Bank that the Event of Default referred to in the Enforcement Notice is continuing and that the Pledgee elects to exercise its rights over all or any funds on deposit in the Pledged Accounts as provided in Section 1 of this Agreement and in the Pledge Agreement. The Pledgee's Notice shall be on the Pledgee's letterhead and shall be signed by its authorized representative.

O)..(HO'laCHO 3 Ha)..(aHH5IM IToBi)..(oMJIeHH5I 3aCTaBo)..(ep)l(aTeJI5I, 3aCTaBo)..(ep)l(aTeJIb'lepe3 CBoro yrroBHOBa)l(eHOrO npe)..(CTaBHHKa Mac rrpaBO Ha)..(aTH BaHKy BHMorY(-H) CTaH)..(apTHoro <popMaTy, 5IK BHMaraCTbC5I3a 3aKOHo)..(aBCTBOM YKpai'HH ("BHMora(-H) npo CnJIary") CTOCOBHO 3aCTaBJIeHHXPaxyHKiB.

Concurrently with the issuance of the Pledgee's Notice, the Pledgee through its authorized representative is entitled to submit to the Bank payment request(s) in the standard format required under Ukrainian law (the "Payment Request(s)") with respect to the Pledged Accounts.

,[(iH IIoBi~oMJIeHHH rrpo 3BepHeHHH IIoBi~oMJIeHHH CTHrHeHHH Ta 3acTaBO~ep)KaTeJIH

6.

Effect of the Enforcement and the Pledgee's Notice

6.

Notice

(a) IIa'lIIHaIO'lII 3 P060'lora )J;WI, B 5IKIIll BaHK aTpIIMae I1aBi,n:aMJIeHH5I IIpa 3BepHeHH5I CT5IrHeHH5I Bi,n: 3acTaBa,n:ep)KaTeJI5I, 5IK IIepe~6a'leHa I1yHKTaM4(a) BIIIl(e), BaHK B a6c5I3i, IIepe,n:6a'leHaMy IIIIHHIIM 3aKaHa,n:aBcTBaM, He 3,n:ilicHIOBaTIIMei He ,n:03BaJIIITh3,n:illcHeHH5I6y,n:h-5IKal BIIIIJIaTII, IIepeKa3y a60 iHIliora CIIIICaHH5IKOiliTiB 3 3aCTaBJIeHIIX PaxyHKiB (oKpiM IIepeKa3iB BaHKy y 3B'5I3KY i3 06rpyHTaBaHIIMII 360paMII Ta KaMicillHIIMII BaHKy CTaCaBHa 3aCTaBJIeHIIX PaxyHKiB a6a BIIIIJIaT 3acTaBa~ep)KaTeJIIO Bi,n:IIaBi,n:Ha ,n:a Ta 3ri,n:Ha I1aBi,n:aMJIeHH5I 3acTaBa,n:ep)KaTeJI5I) ,n:aTaKara 'lacy, KaJIII BaHK aTpIIMae IIIIChMaBe IIi,n:TBep,n:)KeHH5I Bi,n: 3aCTaBa,n:ep)KaTeJI5I, Il(a BIIIIa,n:aK HeBIIKaHaHH5I 3060B' 5I3aHH5I, IIpIIIIIIHIIB iCHyBaTII, 5IKIl(a TaKa BIIIIJIaTa, IIepeKa3 a60 CIIIICaHH5IHe 6yJIII ,n:03BaJIeHi 3acTaBa,n:ep)KaTeJIeM y IIIIChMaBillOPMi.

(a) Commencing on the Business Day on which the Bank receives an Enforcement Notice from the Pledgee as contemplated by Section 4(a) above, the Bank shall, to the maximum extent permissible by Applicable Law, not make or permit any disbursement, transfer or other withdrawal of funds from the Pledged Accounts (other than transfers to the Bank in connection with the reasonable fees and commissions of the Bank relating to the Pledged Accounts or disbursements to the Pledgee pursuant to and in accordance with the Pledgee's Notice) until such time as the Bank shall have received written confirmation from the Pledgee that the Event of Default has ceased to exist, unless such disbursement, transfer or other withdrawal has been consented to by the Pledgee in writing. (b) On the Business Day on which the Bank receives the Pledgee's Notice and any Payment Request(s) from the Pledgee and/or such later date on which the Bank receives a further notice in connection with, or as provided for, in the Pledgee's Notice (each, an "Additional Notice"), the Bank shall arrange ..for the amounts requested in such the Pledgee's Notice or Additional Notice(s) to be transferred from the Pledged Accounts to the account(s) specified by the Pledgee in the Pledgee's Notice or Additional Notice, as the case may be; provided that the Bank has received the Pledgee's Notice and the related Payment Request(s) or the Additional Notice prior to 4.00 p.m. on such Business Day. If the Bank receives the Pledgee's Notice and the related Payment Request(s) or an Additional Notice at or after 4.00 p.m. on such Business Day, the amounts requested in the Pledgee's Notice or Additional Notice, as the case may be, shall be transferred by the Bank to the account(s) requested in the Pledgee's Notice or Additional Notice on the following Business Day.

(b) B P060'lIIll )J;eHh, B 5IKIIIIBaHKOTpIIMae I1oBi,n:aMJIeHH5I 3acTaBa,n:ep)KaTeJI5ITa 6y,n:h5IKy BIIMary( -II) Il(a,n:a CIIJIam Bi,n: 3acTaBa,n:ep)KaTeJI5ITaJa60 B TaKy IIi3HiIlIy ,n:aTy, B 5IKy BaHK aTpIIMae ,n:a,n:aTKOBe IIaBi,n:aMJIeHH5I y 3B'5I3Ky i3 I1aBi,n:aMJIeHH5IM 3aCTaBa,n:ep)KaTeJI5I a60 5IK IIepe,n:6a'leHa y I1aBi,n:aMJIeHHi3acTaBa,n:ep)KaTeJI5I(Ka)KHe ",[(o~aTKoBe IIoBi,n:oMJIeHHH"), BaHK 3a6e3IIe'lIITh, Il(06 CYMII,3aIIIITaHi B TaKaMY I1aBi,n:aMJIeHHi 3acTaBa,n:ep)KaTeJI5I a60 )J;o,n:aTKoBaMy(-IIX) I1aBi,n:aMJIeHHi( -5Ix), 6yJIII IIepeKa3aHi 3 3aCTaBJIeHIIX PaxyHKiB Ha paxyHaK( -KII), 3a3Ha'leHIIll(-i) 3acTaBa,n:ep)KaTeJIeM y TaKaMYI1aBi,n:aMJIeHHi 3acTaBa,n:ep)KaTeJI5I a60 )J;a,n:aTKaBoMy TIoBi,n:aMJIeHHi, B 3aJIe)KHocTi Bi,n:o6cTaBIIH; 3a yMOBII,Il(a BaHK aTpIIMaB TIaBi,n:aMJIeHH5I 3acTaBa,n:ep)KaTeJI5I Ta Bi,n:IIOBi,n:Hy(-i) BIIMory( -II) IIpa CIIJIaTy a60 )J;o,n:aTKaBe I1aBi,n:aMJIeHH5I ,n:a 16:00 B TaKIIll P06o'lIIll )J;eHh. 5IKIl(a BaHK aTpIIMae I1oBi,n:aMJIeHH5I 3acTaBa,n:ep)KaTeJI5I Ta Bi,n:IIOBi,n:Hy( -i) BIIMary( -II) IIpO CIIJIaTy a6a )J;a,n:aTKoBe I1oBi,n:OMJIeHH5I 0 16:00 a60 IIicJI5I 16:00 B TaKIIll P060'lIIll )J;eHh, TO CYMII,3aIIIITaHi B TIoBi,n:aMJIeHHi 3acTaBo,n:ep)KaTeJI5I, IIepeKa3YIOThC5IBaHKoM Ha paxyHoK( -KII), BII3Ha'leHi y TIoBi,n:oMJIeHHi 3acTaBa,n:ep)KaTeJI5I a60 )J;a,n:aTKoBaMy

I1oBi,I:\oMJIeHHi,B 3aJIe)l{HOCTiBl,I:\06CTaBIIH, HacTyIlHoro P060qoro .D:H5I. 7. llOKJIaiJ,aHHH ,[I;oKyMeHTau:ilO BaHK rrOKJIa,I:\aTIIMeTbCHHa iH<popMalJ,ilO, Ha,I:\aHY B P03rrOpH,I:\)l{eHHHX rrpo I1epeKa3 KOIIITiB, I1oBi,I:\oMJIeHHi( -HX) rrpo 3BepHeHHH CTHrHeHHH, I1oBi,I:\oMJIeHHi( -HX) 3aCTaBO,I:\ep)l{aTeJIH, .D:O,I:\aTKoBoMY( -IIX) I1oBi,I:\oMJIeHHi( -HX) Ta BIIM03i( -ax) rrpo CrrJIaTy, i He Hece )l{O,I:\HOI Bi,I:\rroBi,I:\arrbHocTi 3a rrOKJIa,I:\aHHH, BIIKOHYlOqII CBOI 3060B'H3aHHH 3a ll,IIM .D:oroBopoM, Ha 6Y,I:\bHKIIH 1J:0KyMeHT, HKIIH, Ha ,I:\yMKy BaHKY, BilJ:rroBi,I:\aE: BIIMoraM I1yHKTiB 3, 4 Ta 5 ll,bOrO .D:oroBopy. BaHK He MaE: aHi rrpaBa, Hi 3060B' H3aHHH3IJ:iHCHlOBaTII 3arrIITII CTOCOBHO iCHyBaHHH BIIrralJ:KY HeBIIKoHaHHH 3060B' H3aHHH, HKIIH CTOCyE:TbCH 3aCTaBOlJ:ep)l{aTeJIH,HKIIH rroBilJ:oMJIHE:,a60 CTOCOBHO Toro, qII CTarro rrpaBo, HKe 3aCTaBOlJ:ep)l{aTeJIb MaE: HaMip rrpIIMycoBO BIIKOHaTII,TaKIIM,Ill,Orri,I:\JIHraE: rrpIIMycoBOMy BIIKOHaHHlO,a60 CTOCOBHO BIIKOHaHHH 6YlJ:bHKIIX 3a6e3rreqeHIIX 3060B' H3aHb 3aCTaBO,I:\ep)l{aTeJIH CTOCOBHO rrpaBa BJIacHocTi qII 3aKoHHocTi 6YlJ:b-HKOI iHIIIoI orrepalJ,il 3aCTaBOlJ:ep)l{aTeJIH Ill,O,I:\O I1pe,I:\MeTy3acTaBII, Ta, Bi,I:\rroBi,I:\HIIM qIIHOM, HeraHHO rricJIH OTpIIMaHHHTaKIIX 1J:0KyMeHTiB,3ra,I:\aHIIX y I1yHKTi 6, BaHK 6Y,I:\e 3060B'H3aHIIH rrepeKa3aTII i rrepeKIDKe CYMII, 3a3HaqeHI B TaKIIX ,I:\OKyMeHTax, Ha paxyHoK 3aCTaBOlJ:ep)l{aTeJIH, HK rrepe,I:\6aqeHO B I1yHKTi6(b) lJ,bOro .D:oroBopy. 7. Reliance Documentation of

The Bank shall rely on the information provided in the Funds Transfer Orders, the Enforcement Notice(s), the Pledgee's Notice(s), the Additional Notice(s) and Payment Request(s) and shall incur no liability for relying, in fulfilling its obligations hereunder, on any document, which, in the Bank's judgment appears to meet the requirements of Sections 3, 4 and 5 of this Agreement. The Bank shall have neither the right nor the obligation to inquire whether an Event of Default exists or whether the power that the Pledgee is purporting to exercise has become exercisable or whether any Secured Obligation has been performed or otherwise as to the propriety or regularity of any dealing of the Pledgee with respect to the Collateral, and accordingly, promptly upon receipt of the documents referred to in Section 6, the Bank shall be obliged to, and shall, transfer the amounts specified in such documents to the account of the Pledgee as contemplated by Section 6 (b) of this Agreement.

(a) OIJ:HOqaCHO 3 lJ,HM .D:oroBopOM 3aCTaBOlJ:aBelJ,bHa,I:\aCTb 3aCTaBOlJ:ep)l{aTeJIlO 1J:0BipeHicTb (",[I;oBipeHicTb"), rrepeBa)l{HHM qHHOMy 4lopMi, ,I:\o,I:\aHiH ,I:\O lJ,bOro .D:OroBOpy HK .D:O,I:\aTOK D, 3a yMOBH, Ill,0 3aCTaBOlJ:ep)l{aTeJIb He BHKOpHcToByBaTHMe CBOlO .D:oBipeHicTb ,I:\O Toro qacy, HK BiH BCTaHOBHTb,Ha cBiH BJIaCHIIH p03Cy,I:\, Ill,O BHrra,I:\oKHeBIIKoHaHHH 3060B'H3aHHH HaCTaB i TpHBae. 3aCTaBOlJ:aBelJ,b 306oB' H3aHIIH rri,I:\TpHMyBaTII qIIHHicTb .D:oBipeHocTi Brrp0IJ:OB)l{ CTpOKyqIIHHOCTilJ,bOrO.D:oroBopy. (b) 3aCTaBO,I:\aBelJ,b Ta BaHK BII3HalOTb, Ill,O 3riIJ:HO Bi,I:\rroBiIJ:HIIX .D:oBipeHocTeH 3aCTaBO,I:\ep)l{aTeJIb MO)l{e, HKIll,O HaCTaB i

(a) Concurrently with this Agreement, the Pledgor shall grant to the Pledgee a power of attorney (the "Power of Attorney"), substantially in the form attached hereto as Exhibit D, provided that Pledgee shall not use its Power of Attorney until it determines, in its sole discretion, that an Event of Default has occurred and is continuing. The Pledgor shall be obliged to maintain the Power of Attorney effective throughout the term of this Agreement. (b) The Pledgor and the Bank acknowledge that pursuant to the respective Powers of Attorney the

TpIIBac Blma,l:\OK HeBIIKOHaHH5l 3060B'5l3aHH5l, Ta B Mipi, He 3a60poHeHiH qIIHHIIM 3aKOHO,l\aBCTBOM, 3,l\lIICHIOBaTIIBci ,l:\ii:Ta pelfi, 5lKi 3aCTaBO,l\aBeIJ;bMir p06IITII CTOCOBHO 3aCTaBneHIIX PaxyHKiB Ta TIpe,l\MeTY3aCTaBII.

Pledgee may, if the Event of Default has occurred and is continuing, and to the extent not prohibited by Applicable Law, do all acts and things which the Pledgor could do in respect of the Pledged Accounts and the Collateral.

BaHK Ha,l\aCTb 3aCTaBO,l\ep)l(aTenIO, 5lKIIH,l:\ic Ha I1i,l:\CTaBiHoro ~oBipeHoCTi, Ha BIIMory 3aCTaBO,l\ep)l(aTen5l, BIII1IICKII3 paxyHKy Ta 6Y,l:\b-5lKY iHIUy impOpMaIJ;iIO CTOCOBHO 3aCTaBneHIIXPaxyHKiB.

The Bank shall provide to the Pledgee, acting on the basis of its Power of Attorney, upon the Pledgee's request, account statements and any other information relating to the Pledged Accounts.

~oroBip I1pIII1IIH5lCCBOIO ,l\iIO B I1epUIIIH P060lfIIH ~eHb I1icn5l I1pIII1IIHeHH5lTIepio,l\y 3a6e3I1elfeHH5l. ~JI5l yHIIKHeHH5l CyMHiBiB,IJ;eH ~oroBip I1pIII1IIH5lC CBOIO ,l\iIO CTOCOBHO 3aCTaBO,l:\ep)l(aTen5l3 ,l:\aTII I1pIII1IIHeHH5l,l\ii: ~orOBOpy 3aCTaBII CTOCOBHO 3aCTaBO,l\ep)l(aTen5l.TIicn5l I1pIII1IIHeHH5l IJ;bOrO ~orOBOpy CTOCOBHO 3aCTaBO,l\ep)l(aTen5l, 3aCTaBO,l:\ep)l(aTenb, 3a paxyHoK 3aCTaBO,l\aBIJ;5l, 5lKHaHIIIBII,l\IIIeOepOpMIITbTa ,l\OCTaBIITb 3aCTaBO,l\aBIJ;IO TaJa60 BaHKy 6Y,l\b5lKi TaKi ,l\OKyMeHTII, 5lKi MO)l(YTb 06rpyHToBaHO BIIMaraTII 3aCTaBO,l\aBeIJ;b TaJa60 BaHK ,l\n5l ni,l\TBep,l\)I(eHH5l TaKoro npIII1IIHeHH5l IJ;bOrO~orOBOpy.

The Agreement shall terminate on the first Business Day following the expiration of the Security Period. For the avoidance of doubt, this Agreement shall terminate with respect to the Pledgee as of the date that the Pledge Agreement terminates with respect to the Pledgee. Upon termination of this Agreement with respect to the Pledgee, the Pledgee shall, at the expense of the Pledgor, as soon as reasonably practicable, execute and deliver to the Pledgor and/or the Bank any such documents as the Pledgor and/or the Bank shall reasonably request to evidence such termination of this Agreement. 11. The Acknowledgements

3aCTaBO,l\ep)l(aTenbBII3Hac, ru;o ,1:\0 OTpIIMaHH5l BaHKOM TIoBi,l\OMneHH5l I1pO 3BepHeHH5l CT5lrHeHH5l, 3aCTaBO,l\aBeIJ;b C BinbHIIM y p03I10p5l,l\)I(eHHi3aCTaBneHIIMII PaxyHKaMII i ru;o, ,l\0 OTpIIMaHH5lBaHKOM TIoBi,l\OMneHH5l I1pO 3BepHeHH5l CT5lrHeHH5l, BaHK He Hece Bi,l\nOBi,l\aJ1bHiCTb3a TaKi ,l\i'i, ru;o MO)l(e 3,l\iHCHIITII 3aCTaBO,l:\aBeIJ;b I10 Bi,l:\HOIIIeHHIO ,l\0 3aCTaBneHIIX PaxyHKiB, OKpiM 5lK 3a iHepopMyBaHH5l3aCTaBO,l\ep)l(aTen5lnpo I10,l\ii:, BII3HalfeHiy TIyHKTi 15(a) IJ;bOrO~orOBOpy.

The Pledgee acknowledges that until the Bank receives an Enforcement Notice, the Pledgor is free to deal with the Pledged Accounts and that, until the Bank receives an Enforcement Notice, the Bank has no responsibility for such action as the Pledgor may take with respect to the Pledged Accounts, except for informing the Pledgee of events set forth in Section 15(a) of this Agreement.

12. Pledgor's Acknowledgements 3aCTaBO,l\aBeIJ;b BII3Hac, ru;o (i) I1oBi,l\OMneHH5l Ta P03I10p5l,l\)I(eHH5l3aCTaBO,l:\aBIJ;5l 3a IJ;IIM The Pledgor acknowledges that (i) the Pledgor's notices and orders hereunder,

)J;orOBopOM, BKJUOT.J:aIOT.J:lI, 6e3 06Me)l{eHH5I, P03rrOp5IA)l{eHH5Irrpo I1epeKa3 KOIlITiB, He MO)l{YTb6yur BiAKITliKaHia60 3MiHeHi, 5IKW:0 3aCTaBOAep)l{aTem, He HaAaCTb CBOIO rrorrepeAHIO rrlICbMOBY 3rOAY, (ii) rricIT5I OTplIMaHH5I I1oBiAOMITeHH5Irrpo 3BepHeHH5I CT5IrHeHH5I Ta BrrpOAOB)l{ iCHyBaHH5I Ta TplIBaHH5I BlmaAKY HeBliKOHaHH5I 3060B'5I3aHH5I naHK Mae 060B'5I30K Ai5ITli BliKITIOT.J:HO Y BiArroBiAHocTi 3 p03rrOp5IA)l{eHH5IMli 3aCTaBOAep)l{aTeIT5I (BKITIOT.J:aIOT.J:lI, arre He 06Me)l{YIOT.J:lICb U.lIM, p03rrOp5IA)l{eHH5I,HaBeAeHi y I1oBiAOMITeHHi 3acTaBOAep)KaTeIT5I) Ta, 30KpeMa, y BiArroBiAHoCTi 3 p03rrOp5IA)l{eHH5IM rrpo rrepeKa3 KOIllTiB Ha paxyHoK(-KlI) 3aCTaBOAep)l{aTeIT5I Ta He A03BOIT5ITli 6YAb-5IKi BlilmaTlI, crrlICaHH5Ia60 iHllli rrepeKa3lI (oKpiM rrepeKa3iB naHKy y 3B'5I3KY i3 06rpyHToBaHliMli 360paMli Ta KOMiciHHlIMll naHKy CTOCOBHO 3aCTaBITeHlIX PaxyHKiB a60 rrepeKa3iB 3acTaBOAep)l{aTeIT5I B rrOralIleHH5I 3a6e3rreT.J:eHIIX3060B' 5I3aHb, 5IK rrepeA6aT.J:eHO I1yHKTOM13 HlI)l{T.J:e) AO OTpllMaHH5InaHKOM rrOBiAOMITeHH5I BiA 3acTaBOAep)l{aTeIT5I, 5IKe rriATBepA)l{ye, ll.\0 )l{OAHliH BlirraAoK HeBIIKOHaHH5I 3060B' 5I3aHH5I 6iITbille He iCHye, i TaKe rrOBiAOMITeHH5I HaAaeTbC5I 3acTaBOAep)l{aTeITIO HeraHHO rricIT5I rrpllrrllHeHH5I iCHyBaHH5I BllrraAKY HeBIIKOHaHH5I3060B' 5I3aHH5I,W:O cTocyeTbC5I Horo, (iii) 3aCTaBoAaBeu.b He 3arrepeT.J:yBaTliMe rrpOTll TaKIIX KpOKiB, Ta (iv) naHK He Hece )l{OAHOI BiArrOBiAaITbHocTi rrepeA 3aCTaBoAaBu.eM 3a CBOIAil Y BiArroBiAHoCTi3 U.llM)J;oroBopOM.

including without limitation a Funds Transfer Order, may not be revoked or altered, unless the Pledgee gives its prior written consent, (ii) upon receipt of an Enforcement Notice and for as long as an Event of Default exists and is continuing, the Bank has the duty to act solely in accordance with the Pledgee's instructions (including, but not limited to, the instructions set forth in the Pledgee's Notice) and in particular, the instruction to transfer funds to the Pledgee's account(s) and not to permit any disbursements, withdrawals or other transfers (other than transfers to the Bank in connection with the reasonable fees and commissions of the Bank relating to the Pledged Accounts or transfers to the Pledgee in repayment of the Secured Obligations as contemplated by Section 13 below) until the Bank shall have received a notice from the Pledgee confirming that no Event of Default with respect to the Pledgee continues to exist, which notice shall be given by the Pledgee promptly upon the relevant Event of Default relating to it ceasing to exist, (iii) the Pledgor will not object to such steps, and (iv) the Bank shall incur no liability to the Pledgor for acting in accordance with this Agreement.

5l:KW:OiHlIllIM T.J:lIHOM rrp5IMO He A03BOITeHO 3aCTaBOAep)l{aTeJIeM y rrlICbMOBiH epopMi, 3aCTaBoAaBeu.b 3060B' 5I3YeTbC5I BrrpOAOB)l{ CTpOKy T.J:IIHHOCTiU.bOro )J;orOBopy He 3aKpIIBaTlI 3aCTaBJIeHi PaXYHKlI. 3acTaBoAaBeu.b (i) He OCKap)l{yBaTliMe Ta He BiAKJIIIKaTIIMe6YAb-5IKeP03rrOp5IA)l{eHH5I rrpo I1epeKa3 KOIllTiB 6e3 rrorrepeAHbol rrllcbMoBOI 3rOAli 3acTaBOAep)l{aTeJI5I, a60 (ii) rricJI5I oTplIMaHH5I I1oBiAOMJIeHH5I rrpo 3BepHeHH5I CT5IrHeHH5Ii BrrpOAOB)I( iCHyBaHH5Ii TpIIBaHH5I BlirraAKY HeBliKOHaHH5I 3060B' 5I3aHH5I, He 3HiMaTIIMe Ta He rrepeKa3yBaTIIMe KOIllTli 3 3aCTaBITeHIIX PaxyHKiB, OKpiM 5IK AIT5I rrOralIleHH5I 3a6e3rreT.J:eHIIX3060B' 5I3aHb, 6e3 rrorrepeAHbOI rrlICbMOBOI 3rOAli

Unless expressly permitted otherwise by the Pledgee in writing, the Pledgor undertakes during the term of this Agreement not to close the Pledged Accounts. The Pledgor shall not (i) challenge or revoke any Funds Transfer Order, without the prior written consent of the Pledgee, or (ii) upon receipt of an Enforcement Notice and for as long as an Event of Default with respect to any Pledgee exists and is continuing, withdraw or transfer funds from the Pledged Accounts other than in repayment of the Secured Obligations without the prior written consent of the Pledgee.

(a) Ha ):(aTy L\I,OrO ,I..(oroBopy, BiH He OTpIIMyBaB rroBi):(oMJIeHH5I rrpo rrpaBo 3a6e3rrelfeHH5I 6Y):(I,-5IKIIX TpeTix CTopiH B I1pe):(MeTi 3aCTaBII, BKJUOlfalOlfII3acTaBrreHi PaxyHKII Ta 6y):(I,-5IKiKOillTII, ):(erroHoBaHi Ha HIIX, i lll,0 3acTaBrreHi PaxyHKII He e rrpe):(MeToM6Y):(I,-5IKIIX 06T5IJKeHI,. (b) BiH He 3a5IBrr5IB Ta He 3):(iHcHIOBaB i He 3a5IBrr5ITIIMe Ta He 3):(iHcHIOBaTIIMe 6Y):(I,-5IKe 3aCTaBHerrpaBo, 3arriK, 3yCTpilfHy BIIMory a60 iHlui rrpaBa CTOCOBHO 3acTaBrreHIIX PaxyHKiB, KOillTiB,):(errOHOBaHIIx Ha HIIX 'lac Bi):('lacy, a60 3a60prOBaHocTeH, rrpe):(CTaBrreHIIxHIIMII, 6e3 IIOIIepe):(HI,OI rrIIcI,MOBOI 3rO):(II 3acTaBo):(epJKaTerr5I. (c) AHi 3acTaBo):(epJKaTeJ1b, Hi 6y):(I,-5IKi3 HOrD Bi):(rrOBi):(HIIXareHTiB, IIpaL\iBHIIKiB, HacTyrrHIIKiBa60 ):(03BorreHIIXL\ecioHapiIB, He MalOTI, JKO):(Horo 3060B'5I3aHH5I a60 Bi):(rroBi):(arrI,HocTi 3a 6Y):(I,-5IKIIMII ):(orOBopaMII a60 KOHTpaKTaMII MiJK 3acTaBo):(aBL\eM Ta EaHKOM, lll,0 Bi):(HOC5ITI,C5I ):(0 I1pe):(MeTy 3aCTaBII B cIIrry L\I,OrO ,I..(oroBOpy, i 3aCTaBo):(epJKaTerrI, He 3060B' 5I3aHIIH BIIKoHyBaTII 6Y):(I,-5IKe i3 3060B'5I3aHI, a60 060B' 5I3KiB 3aCTaBo):(aBL\5I 3a HIIMII. (d) 3acTaBrreHi PaxyHKII 6yrrII Bi):(KpIITi 06crryroBylOTI,C5I Ta orrepYIOTI,C5I Y Bi):(IIoBi):(HocTi i3 CTaH):(apTHIIMII rrpoL\e):(ypaMII EaHKy Ta 3 l.lIIHHIIM 3aKOHo):(aBCTBOM. (e) Bci ):(orOBopII MiJK 3acTaBo):(aBL\eM Ta EaHKOM CTOCOBHO BCTaHOBrreHH5I Ta rri):(TpIIMaHH5I3aCTaBrreHIIX PaxyHKiB 6yrrII HarreJKHIIMlfIIHOMyKrra):(eHi i He CTarrOC5I IX rropyIlleHH5I, 5IKeMorrro 6 HeraTIIBHIIMlfIIHOM BrrrrIIHyTIIHa BCTaHOBrreHH5I, rri):(TpIIMaHH5I 'III orrepyBaHH5I3aCTaBrreHIIXPaxyHKiB.

(a) As of the date of this Agreement, it has not received notice of interest of any third party in the Collateral, including the Pledged Accounts and any of the funds deposited therein and that the Pledged Accounts are not subject to any Liens. (b) It has neither claimed or exercised, nor will it claim or exercise, any security interest, set-off, counterclaim or other rights in respect of the Pledged Accounts, the funds deposited therein from time to time or the debts represented thereby, without the prior written consent of the Pledgee. (c) Neither Pledgee nor any of its respective agents, employees, successors or permitted assigns shall have any obligation or liability under any agreements and contracts between the Pledgor and the Bank relating to the Collateral by reason of this Agreement, nor shall the Pledgee be obligated to perform any of the obligations or duties of the Pledgor thereunder.

(d) The Pledged Accounts have been established, and are maintained and operated, in accordance with the standard procedures of the Bank and in compliance with Applicable Law. (e) All agreements between the Pledgor and the Bank relating to the establishment and maintenance of the Pledged Accounts have been properly entered into and there has occurred no breach which could adversely affect the establishment, maintenance or operation of the Pledged Accounts.

(a) EaHK HeraHHO rroBi):(oMIITI, 3acTaBo):(epJKaTerr5I rrpo HaCTaHH5I 6Y):(I,-5IKOI 3 TaKIIXrro):(iH(Ta, 3a):(rr5I yHIIKHeHH5IcyMHiBiB, 3aCTaBo):(aBeL\I, L\IIM rroro):(JKyeTI,C5I 3

(a) The Bank shall notify the Pledgee promptly if any of the following events occurs (and, for the avoidance of doubt, the Pledgor expressly agrees that

Ha,l:\aHH5IM 3aCTaBO,l:\ep)l(aTemO iH<pOpMalJ,ii') : (i) 5IKIl(O 3aCTaBO,l:\aBelJ,bHaMaraTlIMeTbC5I 3aKplITH6Y,l:\b-5IKlIH i3 3aCTaBJIeHlIXPaxyHKiB; (ii) 5IKIl(O 3aCTaBO,l:\aBelJ,bHaMaraTlIMeTbC5I OCKap)l(lITlIa60 Bi,l:\KJIlIKaTlI P03IIOp5I,I:\)l(eHH5I IIpO I1epeKa3 KOIIITiB;Ta/a60 (iii) 5IKIl(O 6Y,l:\b-5IKa Oc06a 3a5IBlITb IIpO 6Y,l:\b-5IKe06T5I)l(eHH5I 1.lIKOJIi3iHHy BlIMory (BKmOlJaIOlJlI, CY,l:\OBlIH Ha,l:\IIlIC,HaKJIa,l:\eHH5I apeIIITy, cY,l:\OBepiIIIeHH5I, 0p,l:\ep Ha apeIIIT, BlIKOHaBlJlIHHa,l:\IIlICa60 iHIIIy IIp0lJ,e,l:\YPY) CTOCOBHO 3aCTaBJIeHlIX PaxyHKiB a60 6Y,l:\b5IKlIX KOIIITiB, 3apaxoBaHlIx Ha HlIX. (b) ITiCJI5I oTplIMaHH5I oaHKOM I1oBi,l:\OMJIeHH5I IIpO 3BepHeHH5I CT5IrHeHH5I Bi,l:\3aCTaBO,l:\ep)l(aTeJI5I, oaHK 3060B' 5I3YTbC5I He ,l:\03BOJI5ITlI 3aCTaBO,l:\aBlJ,IO 3HiMaTII a60 iHIIIlIM1.lIHOM IIepeKa3yBaTlI 6Y,l:\b-5IKi KOlliTlI, ,l:\eIIoHoBaHi 1.ac Bi,l:\ lJacy Ha 3aCTaBJIeHlIX PaxyHKax, ,1:\0 oTplIMaHH5I oaHKoM IIOBi,l:\OMJIeHH5I Bi,l:\ 3aCTaBO,l:\ep)l(aTeJI5I,Il(0 IIi,l:\TBep,l:\)l(Y IIplIIIlIHeHH5I iCHyBaHH5I BlIIIa,l:\KY HeBliKOHaHH5I 3060B' 5I3aHH5I. 16. PerymolOqe CnopiB (a) ~eH ):(oroBip I1epe,l:\alJi KOlmiB Ha I10T01.HlIX PaxyHKax perYJIIOTbC5I Ta TJIYMalJlITbC5I y Bi,l:\IIOBi,l:\HOCTi 3 MaTepiaJIbHlIMIIpaBOMYKpai'Hli. (b) 0Y,l:\b-5IKlIH cIIip, p036i)l(HicTb a60 BliMora (KO)l(He - "Cnip"), Il(0 BlIHlIKa 3 lJ,bOrO ):(orOBopy a60 CTOCYTbC5IHoro, IIepe,l:\aTbC5I Ha P03rJI5I,I:\ Ta OCTaTOlJHe BperymoBaHH5I ,1:\0 Mi)l(Hap0,l:\HOrO KOMeplJ,llIHOrO ap6iTpa)l(HOrO cY,l:\y IIpli ToprOBO-IIpOMlICJIOBiH IIaJIaTi YKpai'Hli ("MKAC") y Bi,l:\IIOBi,l:\HOCTi 3 PerJIaMeHTOM MKAC, i Y 3B'5I3KY 3 6Y,l:\b-5IKlIM ap6iTpa)l(HliM P03rJI5I,I:\OM 3a lJ,lIM):(orOBopOM 3aCTOCOBYIOTbC5I B1I3HalJeHi HlI)l(lJe IIOJIO)KeHH5I: (i) CTopoHa a60 CTOpOHlI, Il(0 6a)l(aIOTb p03IIOlJaTli ap6iTpa)l(He IIpOBa,l:\)l(eHH5I 3a lJ,lIM ):(oroBopoM (KO)l(Ha - "ITo3HBaQ"), IIO,l:\ay MKAC II030BHY 3a5IBY("ITo30BHa 3aHBa") y Bi,l:\IIOBi,l:\HOCTi 3 PerJIaMeHTOM MKAC i HeBi,l:\KJIa,l:\HO IIiCJI5I lJ,bOrO Ha,l:\ae iHIIIlIM

the Bank notifies events):

the Pledgee

of such

(i) the Pledgor attempts any of the Pledged Accounts;

to close

(ii) the Pledgor attempts to challenge or revoke a Funds Transfer Order; and/or (iii) any Person asserts any Lien or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Pledged Accounts or in any of the funds credited thereto.

(b) Upon receipt by the Bank of an Enforcement Notice from the Pledgee, the Bank covenants not to permit the Pledgor to withdraw or otherwise transfer any funds on deposit from time to time in the Pledged Accounts until the Bank shall have received a notice from the Pledgee confirming that the Event of Default has ceased to exist.

16. Governing Resolution

Law

Dispute

(a) This Operating Accounts Funds Transfer Agreement shall be governed by and construed in accordance with the substantive laws of Ukraine. (b) Any dispute, controversy or claim (each, a "Dispute") arising out of or relating to this Agreement shall be submitted for consideration and final settlement to the International Commercial Arbitration Court of the Ukrainian Chamber of Commerce and Industry ("ICAC") in accordance with the ICAC Rules, and the provisions set forth below shall apply in connection with any arbitration hereunder:

(i) The Party or Parties wishing to commence arbitration hereunder (each a "Claimant") shall file a statement of claim (the "Statement of Claim") with the ICAC in accordance with ICAC Rules and promptly thereafter notify the other

CTopOHaM I.l,bOro ,[(orOBOpy, y TOMy 'UICJIi CTOpOHia60 CTopOHaM, lll,Oe Bi,lJ,rrOBi,lJ,a'IaMH y TaKoMy Crropi (KO)KHa 3 HHX "Biil:ooBiil:aq"), rrHCbMOBe rroBi,lJ,OMJIeHWI 3 3a3Ha'IeHH5IMTOro epaKTy, II(O rrO,lJ,aHO TaKy rr030BHY 3a5IBY, Ta BH3HaqeHH5IMToro, KHM BHcTyrraTHMeI.l,5I CTopOHa (I.l,e rroBi,lJ,OMJIeHH5I - "IIOBiil:oMJIeHHH opo Ap6iTpa:iK"). (ii) Ap6iTpa){{ CKJIa,lJ,aeTbC5I3 TpbOX (3) ap6iTpiB, 5IKi rrpH3Ha'IaIOTbC5I y rrOp5I,lJ,KY, BH3Ha'IeHoMY HH)Kqe, Ta B iHlIIHH crroci6 3ri,lJ,HO 3 PerrraMeHTOMMKAC.

Parties hereto, including the respondent Party or Parties (each, a "Respondent") to the Dispute in writing of such filing, indicating the fact that a filing has been made and the capacity in which each such Party appears (such notice, a "Notice of Arbitration").

(ii) There shall be three (3) arbitrators, to be appointed in accordance with the procedures set forth below and otherwise in accordance with the ICAC Rules. (iii) If the Dispute involves a single Claimant and a single Respondent, the Claimant and the Respondent shall each select one person to act as arbitrator, such selection to be made (and notice of such selection to be given) within thirty (30) days of the date of the Notice of Arbitration. The two arbitrators so selected by the Claimant and the Respondent shall, within thirty (30) days of their appointment, select a third arbitrator who shall serve as the chairperson of the arbitral tribunal. If the arbitrators selected by the parties are unable or fail to agree upon a third arbitrator within thirty (30) days of their appointment, then the third arbitrator shall be selected and appointed by the President of the Ukrainian Chamber of Commerce and Industry in accordance with the ICAC Rules. (iv) If non-Claimant and/or nonRespondent Parties are interested in participating in the Dispute, and such decision shall not have been made prior to and reflected in the Notice of Arbitration, such Parties shall decide whether to participate as a Claimant or a Respondent within fifteen (15) days after the date of the Notice of Arbitration. In the event that a Dispute involves more than one Claimant and/or more than one Respondent, the Claimants, jointly, shall, within thirty (30) days after the date of the Notice of Arbitration, select one person to act as arbitrator, and the Respondents, jointly, shall, within thirty (30) days after the date of the Notice of Arbitration, select one person to act as arbitrator. The two arbitrators so selected by the Claimants

(iii) 5IKII(O ,lJ,O Crropy 3aJIyqeHO O,lJ,HOrO ITo3I1BaQa Ta O,lJ,HOrO Bi,lJ,rrOBi,lJ,aQa, KO)KeH3 HHX yrrpO,lJ,OB)K TPH,lJ,I.l,5ITH (30) ,lJ,HiB3 ,lJ,aTH IToBi,lJ,OMJIeHH5I rrpo Ap6iTpa){{ ITo3HBa'I i Bi,lJ,rrOBi,lJ,a'I 06Mpae rro O,lJ,HOMy ap6iTpy, rrpo IIJ,OBOHMrroBi,lJ,OMJI5IIOTb OiJ,MH OiJ,HOro.,[(Boe ap6iTpiB, 06paHHx IT03MBa'IeM Ta Bi,lJ,rrOBiiJ,a'IeM, yrrpO,lJ,OB)K TPH,lJ,I.l,5ITH (30) iJ,HiB rricJI5I IX rrpI13Ha'IeHH5I 06I1paIOTb TpeTboro ap6iTpa, 5IKHH iJ,ie 5IK rOJIOBa ap6iTpa)Ky. 5IKIIJ,O ap6iTpH, 06paHi CTopOHaMH, He ,lJ,iH,lJ,yTb 3rO,lJ,H II(O,lJ,O TpeTbOrO ap6iTpa a60 He 3MO)KYTb rrpH3Ha'IMTM Horo yrrpO,lJ,OB)K TPHiJ,I.l,5ITH (30) iJ,HiB rricJI5I CBoro rrpH3Ha'IeHH5I,TOiJ,iTpeTbOrO ap6iTpa o6Hpae Ta rrpH3Ha'Iae rOJIOBa ToproBo-rrpoMHcJIOBOI rraJIaTH YKpaIHH y BiiJ,rrOBi,lJ,HOCTi3 PerrraMeHToM MKAC.

(iv) 5IKII(O B y'IacTi y Crropi 3aI.l,iKaBJIeHi CTOpOHH, II(O He e IT03HBa'IeM Ta/a60 BiiJ,rrOBiiJ,a'IeM, i piWeHH5I rrpo I.l,e He Mae rrpHHMaTMC5I iJ,0 rrO,lJ,aHH5I IToBi,lJ,OMJIeHH5I rrpo Ap6iTpa){{ Ta BiiJ,06pa){{aTHC5I y HbOMY, I.l,i CTOpOHI13060B' 5I3aHiyrrpOiJ,OB)K rr' 5ITHa,lJ,I.l,5ITI1 (15) ,lJ,HiB 3 ,lJ,aTH IToBi,lJ,OMJIeHH5Irrpo Ap6iTpa)K BHpiWMTH, 'IH 6paTHMyTb BOHH y'IaCTb y Crropi 5IKIT03HBa'I a60 BiiJ,rrOBiiJ,a'I. 5IKII(O iJ,0 Crropy 3any'IeHO 6iJIbWe O,lJ,HOrO IT03HBa'Ia Ta/a60 6iJIbWe O,lJ,HOrO BiiJ,rrOBiiJ,a'Ia, TOiJ,i IT03HBa'Ii yrrpOiJ,OB)K TPHiJ,I.l,5ITH (30) iJ,HiB 3 ,lJ,aTHIToBiiJ,oMJIeHH5I rrpo Ap6iTpmK crriJIbHo 06MpaIOTb O,lJ,Hy oc06y B 5IKOCTi ap6iTpa, i BiiJ,rroBiiJ,a'Ii yrrpOiJ,OB)K TPHiJ,I.l,5ITH (30) iJ,HiB 3 ,lJ,aTH IToBi,lJ,oMJIeHH5I rrpo Ap6iTpa){{ crriJIbHo 06HpaIOTb O,lJ,Hy oc06y B 5IKOCTi ap6iTpa. ,[(Ba ap6iTpH, 06paHi y TaKHH crroci6 IT03HBa'IaMH

Ta Bi,lJ;IIOBi,lJ,a'laMH, yrrpO,lJ,OB)K TPH,lJ,l.l5ITH (30) ,lJ,HiB rricJI5I IX rrpH3Ha'leHH5I 06HPaIOTb TpeTboro ap6iTpa, 5IKHH ,lJ,ie 5IK rOJIOBa ap6iTpa)Ky. 5IKI:U:O ap6iTpH, 06paHi CTopOHaMH, He ,lJ,iH,lJ,yTb 3rO,lJ,H lIl,0,lJ,0 TpeTbOrO ap6iTpa a60 He 3MO)KYTb rrpH3Ha'lHTH Hora yrrpO,lJ,OB)K TPH,lJ,l.l5ITH (30) ,lJ,HiB rricJI5ICBoro rrpH3Ha'leHH5I,TO,lJ,i TpeTboro ap6iTpa 06Hpae Ta rrpH3Ha'lae rOJIOBa ToproBo-rrpoMHcJIOBOI rrarraTH YKpalHH y Bi,lJ,rroBi,lJ,HoCTi 3 PerrraMeHTOM MKAC. 5IKlIl,O I103HBa'li Ta Bi,lJ,rroBi,lJ,a'liHe ,lJ,iH,lJ,YTb 3rO,lJ,H lIl,0,lJ,06Y,lJ,b-5IKOrO ap6iTpa a60 He 3MO)KYTb rrpH3Ha'lHTH Horo, TO,lJ,i rOJIOBa ToproBorrpOMHCJIOBOI rrarraTH YKpalHH y Bi,lJ,rroBi,lJ,HoCTi 3 PerJIaMeHTOM MKAC rrpH3Ha'lHTb Bcix TpbOX (3) ap6iTpiB, 3 5IKHX CKJIa,lJ,aTHMeTbC5I ap6iTpa)K.

and the Respondents shall, within thirty (30) days of their appointment, select a third arbitrator who shall serve as the chairperson of the arbitral tribunal. If the arbitrators selected by the Parties are unable or fail to agree upon a third arbitrator within thirty (30) days of their appointment, then the third arbitrator shall be selected and appointed by the President of the Ukrainian Chamber of Commerce and Industry in accordance with the ICAC Rules. If the Claimants or the Respondents are unable to select, or fail to agree upon the selection of, an arbitrator, then the President of the Ukrainian Chamber of Commerce and Industry in accordance with the ICAC Rules shall appoint all three (3) arbitrators who are to comprise the arbitration tribunal. (v) The place of arbitration shall be Kyiv, Ukraine, and the Russian language shall be used throughout the arbitral proceedings. (vi) The ICAC arbitral tribunal's decision shall be final and binding upon the Parties hereto, and the Parties hereby waive any rights under any applicable law (i) to appeal any arbitration award, except as provided by the Law of Ukraine on International Commercial Arbitration and (ii) to seek determination of a preliminary point of law with respect to such proceedings; provided, however, that nothing in this Section 16 shall preclude any Party from applying to any court of competent jurisdiction at any time prior to or after the formation of the arbitration tribunal for injunctive, provisional or other emergency relief to compel compliance with this Section 16, or in aid of the arbitration contemplated by this Section 16. The grant or denial of any courtordered relief pursuant to this Section 16 shall not constitute or be deemed to be a ruling on the merits of the matter to be arbitrated, nor shall any application for such relief be deemed to be a waiver of any right to arbitration hereunder. The Parties hereby waive any claim to exemplary, punitive, or similar damages in excess of compensatory damages, attorneys' fees, costs, and expenses of arbitration, and the arbitral tribunal is not empowered to and shall not award

Micl.leM ap6iTpa)Ky e M. KHIB, YKpaIHa, yrrpO,lJ,OB)K ap6iTpa)KHoro p03rJI5I,lJ,y BHKOpHcToByeTbC5I pociHcbKa MOBa.

(v)

(vi) PimeHH5I ap6iTpa)Ky MKAC e OCTaTO'lHHMTa 060B' 5I3KOBHM,lJ,JI5ICTopiH l.lbOrO ):(oroBopy, i l.lHM CTOpOHH Bi,lJ,MOBJI5IlOTbC5I Bi,lJ, 6Y,lJ,b-5IKHX Ha5IBHHX3a 'iHHHHM 3aKOHO,lJ,aBCTBOM rrpaB (i) OCKap)KyBaTH6Y,lJ,b-5IKepimeHH5I ap6iTpa)Ky, oKpiM 5IK3ri,lJ,Ho3 'lHHHHM3aKOHOMYKpalHH "I1po Mi)KHapo,lJ,HHH KOMepl.liHHHH ap6iTpa)K", Ta (ii) BHMaraTH BHHeCeHH5IpimeHH5I lIl,0,lJ,0 fIHTaHH5Irrpo rrpaBoBy HOpMy y 3B'5I3KY 3 TaKHM rrpOBa,lJ,)KeHH5IM; arre 3a yMOBH, lIl,O )KO,lJ,He3 rrOJIO)KeHb l.lbOrO I1yHKTy 16 He rrepemKO,lJ,)Kae)KO,lJ,HiH CTopoHi 3BepHyTHC5I ,lJ,0 6Y,lJ,b-5IKOrO cY,lJ,y KOMrreTeHTHol lOPHC,lJ,HKl.lil y 6Y,lJ,b-5IKHH 'lac ,lJ,0 a60 rricJI5I cPopMyBaHH5ICKJIa,lJ,yap6iTpa)Ky 3 BHMorolO rrpo Ha,lJ,aHH5I 3a6e3rre'lyBarrbHoro, THM'laCOBOro a60 Ha,lJ,3BH'laHHOrO 3aXO,lJ,y rrpaBOBoro 3axHcTy Ha BHKOHaHH5Il.lbOrO I1yHKTy 16 a60 Ha ,lJ,OrrOMory,lJ,0ap6iTpa)Ky, rrepe,lJ,6a'leHOrO l.lHM I1yHKTOM 16. Ha,lJ,aHH5I a60 Bi,lJ,MoBay Ha,lJ,aHHi6Y,lJ,b-5IKOrO 3ac06y rrpaBoBoro 3aXHCTy 3a HaKa30M cY,lJ,y Y Bi,lJ,rroBi,lJ,HocTi3 l.lHM TIyHKTOM 16 He CTaHOBHTHMei He BBa)KaTHMeTbC5I yXBarrolO cY,lJ,y rro cyTi rrHTaHH5I, rrO,lJ,aHoro Ha ap6iTpa)KHHH p03rrr5I,lJ"a 6Y,lJ,b-5IKa 3a5IBa rrpo Ha,lJ,aHH5I TaKoro 3ac06y rrpaBoBoro 3axHcTy He BBa)KaTHMeTbC5I Bi,lJ,MOBOlO Bi,lJ,rrpaBa Ha ap6iTpa)K 3a l.lHM):(orOBopOM. U:HMCTOpOHH Bi,lJ,MOBJI5IlOTbC5I Bi,lJ,6Y,lJ,b-5IKOI BHMorH lIl,O,lJ,O

Bip;IlIKop;YBaHH5I npHcyp;)l{eHHX5IKnOKapaHH5I, IlITpaqmHx tIH nop;i6HHX 36HTKiB, III,O nepeBHIII,YIOTb cPaKTHtIHi 36HTKH, rOHopapH, BHp;aTKH Ta BHTpaTHHa IOpHP;HtIHinocrrym, a TaKO)l{ ap6iTpa)l{Hi BHTpaTH, i ap6iTpa)l{ He Mae npaBa npHcyp;)l{yBaTH Ta He npHcyp;)l{yBaTHMe npHcyp;)l{eHHX 5IK nOKapaHH5I,IlITpacPHHXtIH nop;i6HHX 36HTKiB, III,O nepeBHIII,YIOTb cPaKTHtIHi 36HTKH, rOHopapH, BHp;aTKHTa BHTpaTH Ha IOpHP;WIHi nocrrym.

exemplary, punitive, or similar damages in excess of compensatory damages and attorneys' fees, costs, and expenses of arbitration.

(a) MOBa. UeH ):(oroBip 0cPopMrr5IeTbC5I aHrrriHcbKoIO Ta YKpalHcbKoIO MOBaMH.ITPH iHTepnpeTal.(il Ta TrryMatIeHHi l.(bOrO ):(orOBopy aHrITiHCbKa Bepci5I Mae nepeBaiy Hap; yKpalHCbKOIO.AHrITiHcbKa Bepci5I l.(bOiO ):(OiOBOpy Mae nepeBaiy npH p03rIT5IP;i6YP;b5IKOiOcnopy Mi)l{ CTopoHaMH, y TOMy tIHcrri npH p03rIT5Ip;i y cyp;i a60 npH iHIlIOMY npOBap;)l{eHHi. Y BHnap;KY, 5IKIII,OcyP; a60 iHIlIHH OplaH, 3arre)l{HO Bip; KOHKpeTHHx o6cTaBHH, nOCHrraeTbC5I Ha yKpalHcbKy BepciIO l.(bOlO ):(OlOBOPY,a Mi)l{YKpalHcbKoIO Ta aHirriHcbKoIO Bepci5IMH iCHye 6YP;b-5IKa p036i)l{HicTb, CTOpOHH306oB' 5I3aHiBHMalaTYI, III,06 TaKHHcyP; a60 iHIlIHH opiaH 3BepHyrrHC5I p;o eKcrrepTa (npHHH5ITHOlO p;rr5I CTopiH, BHTpaTH Ha 3arrytIeHH5I 5IKOiO cnrratIye 3aCTaBOp;aBel.(b)III,OP;O nepeKrrap;y aHlrriHcbKol Bepcil l.(bOiO):(OiOBOpy.

(a) Language. This Agreement shall be executed in English and Ukrainian. In the interpretation and construction of this Agreement, the English version of this Agreement shall prevail over the Ukrainian version. The English version of this Agreement shall govern in any dispute between the Parties, including in the course of any court or other proceedings. In the event a court or other authority, as may be applicable, refers to the Ukrainian version of this Agreement and any inconsistency exists between the Ukrainian and English versions of this Agreement, the Parties shall ask such court or other authority to consult an expert (who shall be acceptable to the Parties and whose costs shall be borne by the Pledgor) in translating the English version of this Agreement. (b) Immunity. To the extent that the Bank or any of its assets has or hereafter may acquire any right to immunity from set-off, legal proceedings, attachment prior to judgment, other attachment or execution of judgment on the grounds of sovereignty or otherwise, the Bank hereby irrevocably waives such rights to immunity in respect of its obligations arising under or relating to this Agreement. (c) Amendments and Waivers; Remedies Cumulative. This Agreement may be amended at any time by the Parties, but no such amendment shall be effective unless set forth in a written instrument duly executed by or on behalf of the Parties. Each Party may waive its rights under this Agreement, provided that such waiver is made in writing, but no

(b) IMyHiTeT. Y TiH Mipi, III,O EaHK a60 6YP;b-5IKi HOiO aKTHBH MaIOTb 3apm a60 Ha6yBaTHMyTb Hap;arri npaBO Ha iMyHiTeT Bip; 3apaxyBaHH5I BHMOi, CyP;OBOiOnpOBap;)l{eHH5I, apelliTy p;o BHHeCeHH5I CYP;OBOiOpiIlIeHH5I, iHIlIOiO apelliTy tIH BHKOHaHH5I Ha nip;cTaBax cyBepeHiTeTy tIH y iHIlII1H cnoci6, EaHK l.(I1M 6e3Bip;KrrI1tIHO Bip;MOBrr5IeTbC5I Bip; TaKI1XnpaB Ha iMyHiTeT III,OP;OCBOIX 306oB' 5I3aHb, 5IKi BHHI1KaIOTb 3 l.(bOrO):(orOBopy a60 y 3B'5I3KY3 HHM. (c) 3MiHH Ta llonOBHeHH5I, KyMyrr5ITI1BHi 3aco6H npaBOBoro 3axHcTy. CTOpOHHMO)l{YTb Y 6Yllb-5IKHH tIac BHOCHTH 3MiHH Ta p;onOBHeHH5I P;O l.(bOiO ):(OiOBOPY, arre l.(i 3MiHl1 Ta llonoBHeHWI Ha6yBaIOTb tIl1HHOCTi TirrbKI1 y pa3i i'x Harre)J{HOiO BHKOHaHH5I CTOpOHaMI1 a60 Bi,Ll,IX iMeHi y nHcbMoBiH cPopMi. KO)l{Ha CTopoHa MO)l{e BillMOBI1TI1C5I Bill cBoIx npaB 3a l.(HM):(OiOBOpOM,3a yMOBH

nHcI,MOBoro o<jJopMJIeHH5I TaKo'i BiJJ:MOBH, Me )KOJJ:Ha BiJJ:MoBa6YJJ:I,-5IKO'i 3i CTOpiH BiJJ:CBO'i npaB 3a QHM )J;oroBopoM y OJJ:HOMya60 KiJII,KOXBHnaJJ:Kax He BBa)KaTHMeTI,C5I i He TJIYMa'lHTHMeTbC5I5IK BiJJ:MoBa BiJJ, TaKOrO npaBa 'lH yMOBH a60 6YJJ:I,-5IKO'i iHIIIO'iyMOBH QI,oro )J;oroBopy Ha Mali6yTHE:. Bci 3ac06H npaBoBoro 3axHcTy, HaJJ:aHi 3a QHM )J;oroBopoM, 3a 3aKOHOM'lH B iHIllHli cnoci6, e KyMyJI5ITHBHHMH,a He MI,TepHaTHBHHMH. HeBHKopHCTaHH5I Ta 3aTpHMKa y BHKOpHCTaHH5I 6YJJ:I,-5IKOJO CTOPOHOJO6YJJ:I,5IKOrO npaBa 3a QHM )J;orOBopOM Ta BCTaHOBJIeHOrO ~OJJ:O TaKoro npaBa nOp5IJJ:KY He CJIyryBanlMyTI, BiJJ:MOBOlOBiJJ: HHX, a 0JJ:HOpa30Be 'lH 'laCTKOBe BHKopHCTaHH5I 6YJJ:I,-51KoronpaBa 3a QHM )J;orOBopOM He BHKJIlO'laTHMelioro BHKopHCTaHH5IB iHIlIHH cnoci6 a60 y Mali6yTHI,oMy Ta BHKopHCTaHH5I 6YJJ:I,-5IKOrO iHIlIoro npaBa. (d) IIoBiJloMJIeHH5I. EYJlI,-5IKe nOBiJloMJIeHH5I, BHMora a60 iHIlIa KopecnoHJJ,eHQi5I, y TOMy 'lHCJIi BHMora npo 3JJ,ilicHeHH5I ap6iTpa)KY, ~o MalOTI, HaJJ:aBaTHC5Ia60 3JJ,ilicHlOBaTHC5I3a QHM )J;oroBopoM, nOBHHHi O<jJopMJIlOBaTHC5I nHCI,MOBO. EYJJ:I,-5IKaTaKa KopecnoHJJ:eHQi51 MO)KeJJ,OCTaBJI5ITHCI, Kyp'epoM, no <jJaKcy (3 niJJ,TBepJJ:)KeHH5IM OTpHMaHH5Ino TeJIe<jJOHy) a60 eJIeKTpOHHOlO nOlliTOlO 'lH BH3HaHOlO Kyp'epcI,KOlO CJIy)K60lO Ha a)J,pecy BiJJ,noBiJJ,Ho'i CTOpOHH,3a3Ha'ieHY HIl)K'le, a60 Ha TaKy iHIlIy aJJ:pecy, npo 5IKyTaKa CTOpOHa MO)Ke'lac BiJJ,'lacy cnoBi~aTH iHIlIy CTOpOHy, Ta BBa)KaTHMeTI,C5I 'lHHHOlO nicJI5I i"i oTpHMaHH5I.

waiver by any Party of any of its rights hereunder, in anyone or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by law or otherwise afforded, shall be cumulative and not alternative. No failure on the part of any Party to exercise and no delay in exercising, and no course of dealing with respect to, any right under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.

(d) Notices. Any notice, request or other communication, including any request for arbitration to be given or made under this Agreement shall be in writing. Any such communication may be delivered by hand, facsimile (with telephonic confirmation with the recipient of such facsimile) or electronic mail or established courier service to the Party's address specified below or at such other address as such Party notifies to the other Party from time to time, and will be effective upon receipt.

Kimonos, Cyprus

43A,

P.e. 3095,

Limassol,

Bi)J,KpHTe aKQioHepHe TOBapHcTBo "Ba)J,aH HpJJ,cOKeaH"

Wadan Yards Okean Open Joint Stock Company

3aBo,n:chKa IInOll(a 1, M. MIIKonai'B, 54050, YKpai'Ha

1 Zavodska Ukraine

Square,

Mykolaiv

54050,

IIAT Paii4>4>aiheH EaHK ABaJIh,

MHKoJIalBchKa 06JIaCHa ~HpeKQiH Byn. ApmnepiHchKa, 19A, M. MllKonai'B, 54030, YKpai'Ha

P JSC "Raiffeisen Bank Aval", Mykolayiv oblast directorate Artyleriys'ka str., 19A, Mykolaiv 54030, Ukraine

(e) I1oKna.llaHH5I. EaHK Mac rrpaBo IIoKna,n:aTllC5IHa ,n:oKyMeHTll,Ha,n:aHH5I 5IKllX rrepe,n:6aqeHO llllM ,J:(orOBopOM, Ta rrOKJIa,n:aTllC5I Ha <poToKorrii'(oKpiM Bllrra,n:KiB, KOJIll llllM ,n:oroBopoM BllMaraCTbC5IHa,n:aHH5I opllriHarriB) Ta ,n:iHll Ha rri,n:cTaBi6y,n:b-5IKOrO rroBi,n:oMJIeHH5I, CBi,n:OllTBa, ,n:oKyMeHTy, BllMorll, rrpOXaHH5I,HaKa3Y, p03rrOp5I,n:)i{eHH5I, Bi,n:MOBll, p03rrllcKll, 3ro,n:ll a60 imnoro ,n:oKyMeHTy'Ill iH<popMallii', Ha,n:aHoi'3a llllM ,J:(orOBopOM a60 3a 6y,n:h-5IKllM iHllillM ,n:oroBopoM, CTOpOHOIO 5IKllX C 3acTaBo,n:ep)i{aTenh a60 3acTaBo,n:aBellh, i 5IKi, 5IKBiH ,n:06pocOBicHo BBa)i{aC,i Ha 30BHilliHiH BllrJI5I,n:C opllriHarraMll, Ta BiH Mac rrpaBO rrOKJIa,n:aTllC5IHa HaJIe)i{He O<popMJIeHH5I, qllHHicTh Ta ,n:iHCHiCTb, a TaKO)i{ rrpaB,n:llBicThi rrpllHH5ITHicTb 6y,n:h-5IKllX rrOJIO)i{eHb, ll(O MicT5IThc5I B TaKllX,n:oKyMeHTax.EaHK He Hece Bi,n:rroBi,n:aJIhHiCTh 3a rrpOBe,n:eHH5I 6y,n:h-5IKOrO p03cJIi,n:yBaHH5I <paKTiB a60 rrllTaHh, 3a3HaqeHllX y 6y,n:h-5IKOMYrroBi,n:oMJIeHHi, CBi,n:ollTBi, ,n:oKyMeHTi, BllMo3i, rrpoxaHHi, HaKa3i, p03rrOp5I,n:)i{eHHi, Bi,n:MOBi,p03rrllclli, 3ro,n:i a60 iHllioMy ,n:oKyMeHTi'Ill iH<p0pMallii', ll(O Ha,n:aHi HOMy 3a llllM ,J:(orOBopOM, BKJIIOqaIOqll Bci p03paXYHKll B HllX. (f) BillCyTHiCTh iHllillx lloroBopiB. AHi EaHK, aHi 3aCTaBo,n:aBellbHe yKJIaJIll )i{o,n:Horo ,n:orOBopy 3 6y,n:h-5IKOIO OC060IO 3 HaMipoM 06Me)i{llTll a60 06YMOBllTll 306oB' 5I3aHH5I EaHKy BllKoHYBaTll p03rrOp5I,n:)i{eHH5I

(e) Reliance. The Bank shall be entitled to rely upon the documents to be furnished hereunder, and to rely upon photocopies (save for the instances when this Agreement requires to submit originals), and to act upon any notice, certificate, instrument, demand, request, direction, instruction, waiver, receipt, consent or other document or communication furnished hereunder or under any other agreement a party to which is the Pledgee or the Pledgor, and which as it in good faith believes are and look as originals, and it shall be entitled to rely upon the due execution, validity and effectiveness, and the trustworthiness and acceptability, of any provisions contained therein. The Bank shall no be liable for making any investigation regarding any facts or matters stated in any notice, certificate, instrument, demand, request, direction, instruction, waiver, receipt, consent or other document or communication furnished to it hereunder, including all computations therein.

(f) No other Agreements. Neither the Bank nor the Pledgor has entered into any agreement with any Person purporting to limit or condition the obligation of the Bank to comply with instructions of the

3aCTaBO.r\ep)KaTemI y Bi.r\rrOBi.r\HOCTi 3 U;IIM ,D;oroBopOM. Y pa3i 6Y.r\b-5IKOlcyrrepel.J:HOCTi Mi)K U;IIM,D;oroBopOM Ta 6Y.r\b-5IKIIMiHllIlIM .r\orOBopoM, I.IJ,O iCHye Ha u;eiI 'lac a60 6Y.r\e YKna.r\eHlIiI y MaiI6yTHboMy, CTOCOBHO 3aCTaBnemlx PaxyHKiB, rrepeBary MalOTb yMOBIIU;boro ,D;oroBopy.

Pledgee in accordance herewith. In the event of any conflict between this Agreement and any other agreement now existing or hereafter entered into with respect to the Pledged Accounts, the terms of this Agreement shall prevail.

(i) 3acTaBo.r\aBeU;b 3arreBH5Ie, ru:o BiH e Bi.r\KpIITIIM aKu;ioHepHIIM TOBaplIcTBoM, Hane)KHIIM l.J:lIHOM cTBopeHIIM Ta iCHYlOqlIM Bi.r\rroBi.r\Ho.r\0 3aKOHO.r\aBCTBa YKpalHII, Ta I.IJ,O BiH Mae KoprropaTIIBHi rrpaBa Ta nOBHOBa)KeHH5IyKnacTII u;eiI ,D;oroBip Ta .r\OTpIIMYBaTlIcb 306oB' 5I3aHb3a HIIM. (ii) EaHK 3aneBH5Ie Ta rapaHTye, I.IJ,O BiH e 6aHKoM, Hane)KHIIM l.J:lIHOMcTBopeHIIM Ta iCHYlOqlIM Bi.r\noBi.r\Ho .r\0 3aKOHO.r\aBCTBa YKpalHII, Ta ru:o BiH Mae KopnopaTIIBHi rrpaBa Ta nOBHOBa)KeHH5I yKnacTII u;eiI ,D;oroBip Ta .r\OTpIIMYBaTlIcb 3060B' 5I3aHb3a HIIM. (iii) EaHK 3aneBH5Ie Ta rapaHTye, ru:o u;eM ,D;oroBip Ta nepe.r\6al.J:eHi HIIM onepau;il e 6inbille KOMepu;iMHIIMII, Hi)K ny6nil.J:HlIMlIa60 .r\ep)KaBHIIMIIaKTaMII, i EaHK He Mae npaBa BIIMaraTII iMyHiTeTy Bi.r\ npou;ecyanbHlIx .r\iM .r\n5I ce6e a60 CBOIX aKTIIBiB Ha ni.r\cTaBax cyBepeHiTeTy 'III B iHllIlIiI cnoci6 y Bi.r\rroBi.r\HoCTi3 6Y.r\b-5IKIIM3aKoHoM a60 y 6Y.r\b-5IKiMlOPIIC.r\IIKU;il,Y 5IKiiI MO)Ke 6YTII nopyllleHo crrpaBy I.IJ,0.r\0 3BepHeHH5I .r\0 BlIKOHaHH5I6Y.r\b-5IKOrO3 3060B' 5I3aHb, ru:o BIIHIIKalOTb3a U;IIM,D;oroBopOMa60 y 3B'5I3Ky 3 HIIM. (iv) 51K 3aCTaBO.r\aBeU;b, TaK 3aneBH5I1OTb Ta rapaHTylOTb, I.IJ,O:

(i) The Pledgor represents and warrants that it is an open joint stock company duly incorporated and validly existing under the laws of Ukraine and has the corporate power and authority to enter into, and comply with its obligations under, this Agreement . (ii) The Bank represents and warrants that it is a bank duly incorporated and validly existing under the laws of Ukraine and has the corporate power and authority to enter into, and comply with its obligations under, this Agreement. (iii) The Bank represents and warrants that this Agreement and the transactions contemplated herein are commercial rather than public or governmental acts and that the Bank is not entitled to claim immunity from legal proceedings with respect to itself or any of its assets on the grounds of sovereignty or otherwise under any law or in any jurisdiction where an action may be brought for the enforcement of any of the obligations arising under or relating to this Agreement. (iv) Each of the Pledgor and the Bank represents and warrants for itself that: (l) this Agreement has been duly authorized and executed by it and constitutes a valid and legally binding obligation of the Pledgor and the Bank, as the case may be, enforceable 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);

(1) u;eM ,D;oroBip Hane)KHIIM l.J:lIHOM 3aTBep.r\)KeHIIM, YKna.r\eHIIM i CTaHOBIITb 3aKOHHe Ta TaKe, I.IJ,OMae 3060B'5I3anbHY clIny, 3060B'5I3aHH5I3acTaBo.r\aBU;5I Ta EaHKY, 3ane)KHOBi.r\KOHKpeTHoro BIma.r\KY,I.IJ,O MO)Ke 6yTlI 3BepHeHe .r\0 BlIKOHaHH5I y Bi.r\rroBi.r\HoCTi 3 Moro yMoBaMII (3a BlIH5ITKOM Toro, I.IJ,OTaKa MO)KnlIBicTb rrpHMycoBoro BlIKOHaHH5IMO)Ke 6YTII 06Me)KeHa l.J:lIHHIIM 3aKOHO.r\aBCTBOM rrpo 6aHKpyTcTBO, HennaTocrrpoMo)KHiCTb, peopraHi3au;ilO, MopaTopiM a60 CXO)Ke 3aKOHO.r\aBCTBO, I.IJ,O

(2) aHi YKJIageHH5IIJ,hOrO ,[(oroBopy, am BllKOHaHH5I 110ro yMOB He cyrrepe'lHTHMyTb i He rrp1l3BegYTb go rropyweHH5I 6ygb-5IKllX yMOB a60 rrOJIO:>KeHb i He CTaHoBHTllMYTb HeBHKOHaHH5I Ta He BHMaraTHMyTb :>KOgHOi' 3rogll 3a 6ygb-5IKOIO yrogoIO, goroBopoM . . lIloTeKH, goroBopoM '1H lHWHM IOPllgH'IHHM aKToM, CTOpOHOIO 5IKOrO a60 5IKHM rrOB'5I3aHHI1 3acTaBogaBeIJ,b a60 EaHK, B 3aJIe:>KHOCTi Big 06cTaBHH, i He rropywyBaTHMyTb 6ygb-5IKHX yMOB yCTaHoB'IHX gOKyMeHTiB 3acTaBogaBIJ,IO a60 EaHKY, 3aJIe:>KHO Big KOHKpeTHoro BHrragKY, 6ygb-5IKOrO g03BOJIY, yrroBHOBa:>KeHH5I, cygoBoro piWeHH5I,rrOCTaHOBH a60 HaKa3Y'1H 6ygb-5IKOrO3aKoHy, rrpaBHJIa a60 rrOJIO:>KeHH5I, mo 3acTocoBYIOTbC5Igo 3acTaBogaBIJ,5I a60 EaHKY, 3aJIe:>KHO Big KOHKpeTHoro BHrragKY; Ta

(2) neither the making of this Agreement nor the compliance with its terms will conflict with or result in a breach of any of the terms, conditions or provisions of, or constitute a default or require any consent under, any indenture, mortgage, agreement or other instrument or arrangement to which the Pledgor or the Bank, as the case may be, is a party or by which it is bound, or violate any of the terms or provisions of the PI edgor' s or the Bank's constituent documents, as the case may be, any permit, authorization, judgment, decree or order or any statute, rule or regulation applicable to the Pledgor or the Bank, as the case may be; and

(3) ogep:>KaHiTa '1HHHHMHTa gil1CHHMll Bci g03BOJIH, JIiIJ,eH3ii' a60 iHWi yrroBHOBa:>KeHH5I, He06xigHi gJI5I BHKOHaHH5I HHMCBOi'X 3060B'5I3aHb 3a IJ,HM ,[(oroBopOM.

all permits, licenses or other authorizations necessary for it to comply with its obligations under this Agreement have been obtained and are in full force and effect.
(3)

(h) ITpaBoHacTyrrHllKll IJ,eCiOHapii' (i) ~el1 ,[(oroBip Ma 3060B'5I3aJIbHYCllJIYi Ha6yBa '1HHHOCTiHa KOpHCTbBigrroBigHHx rrpaBoHacTyrrHHKiB Ta g03BOJIeHHX IJ,eCiOHapii'BCTopiH, aJIe aHi 3acTaBogaBeIJ,b, Hi EaHK He MaIOTb rrpaBa BigcTyrrHTH a60 B iHWHI1crroci6 rrepegaTH Bci CBOi'rrpaBa a60 060B'5I3KH3a IJ,HM ,[(oroBopoM a60 i'x'IacTllHY 6e3 rrorrepegHboi' rrHcbMoBOi' 3rogll 3acTaBogep:>KaTeJI5I. (ii) 3acTaBogep:>KaTeJIb MO:>Ke, y MaKCHMaJIbHil1 Mipi, g03BOJIeHil1 lIHHHHM 3aKoHogaBcTBoM, 6e3 rrOrrepegHboi' rrHcbMoBoi' 3rogH 3acTaBogaBIJ,5I a60 EaHKy BigcTyrrHTHa60 B iHWHI1crroci6 rrepegaTH Bci CBOi' rrpaBa TaJa60 060B'5I3Kll 3a IJ,HM ,[(oroBopoM a60 i'x '1aCTIIHy6ygb-5IKil1 Oc06i, 5IKil1BiH BigcTyrra CBOi'BigrroBigHi rrpaBa Ta 3060B'5I3aHH5I3a KpegHTHHMH,[(oroBopaMH, i 3acTaBogaBeIJ,b Ta EaHK 3060B'5I3aHi BciJI5IKO CrrpH5ITll3acTaBogep:>KaTeJIIOTa YKJIagaTH i rrepegaBaTll Bci gOKyMeHTH, mo He06xigHHMH, TaJa60 KOTpi apryMeHToBaHo BllMara 3acTaBogep:amTeJIb, a TaKO:>K rrogaBaTll Bci gOKyMeHTll, 3a5IBH TaJa60

(h) Assigns

Successors

(i) This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of the Parties hereto, except that neither the Pledgor nor the Bank may assign or otherwise transfer all or any part of its rights or obligations under this Agreement without the prior written consent of the Pledgee. (ii) To the fullest extent permitted by Applicable Law, the Pledgee may assign or otherwise transfer all or part of its rights and/or obligations under this Agreement without the consent of the Pledgor or the Bank to any Person to which it assigns its respective rights and obligations under the Facility Agreements and the Pledgor and the Bank shall cooperate fully with the Pledgee, and execute and deliver any documents necessary and/or reasonably requested by the Pledgee and effect all filings, applications and/or registrations necessary, in order to make the

3)],iHCHIOBaTlIpeecTpaIJ,iIO Bcix )],oKyMeHTiB, He06xi)],HIIX )],JI5I 'IIIHHOCTi Bi)],cTyrrJIeHH5I rrpaBa Tala60 3060B' 5I3aHb 3aCTaBO)],ep)KaTeJI5I 3a IJ,IIM )J;OrOBOpOM. TIo)],iJIbHiCTb. BII3HaHH5I 6Y)],b-5IKOrO nOJIO)KeHH5I IJ,bOrO)J;OrOBopy He)],ilicHIIM a60 TaKIIM, ll(0 He MO)Ke 6YTlI BIIKOHaHIIM nOBHicTIO a60 qaCTKOBO,cTocyeTbC5I TiJIbKII IJ,bOrO rrOJIO)KeHH5Ia60 Bi)],noBi)],Ho'i Horo 'IaCTIIHII, a peuna IJ,bOrO rrOJIO)KeHH5I Ta Bci iHIui rrOJIO)KeHH5I IJ,bOrO )J;oroBopy 3aJIIIllIaTIIMYTbC5I 'IIIHHIIMIITa )],iHCHIIMII.

assignment of the Pledgee's rights and/or obligations hereunder valid and effective.

G)

Severability. If any provIsIOn of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability shall attach only to such provision or the applicable part of such provision, and the remaining part of such provision and all other provisions of this Agreement shall continue to remain in full force and effect. (k) Discontinued Proceedings. In case the Pledgee shall have instituted any proceeding to enforce any right, power or remedy under this Agreement or the Pledge Agreement by foreclosure or otherwise, and such proceeding shall have been discontinued or abandoned for any reason, then and in every such case each of the Pledgor, the Bank and the Pledgee shall be restored to their former positions and rights hereunder with respect to the Collateral subject to the Pledge created under the Pledge Agreement and the enforcement mechanism created under this Agreement, and all rights, remedies and powers of the Pledgee shall continue as if no such proceeding had been instituted.

G)

(k) TIpIIrrIIHeHH5I rrpoBa)],)KeHH5I. Y pa3i rropYllIeHH5I 3acTaBo)],ep)KaTeJIeM 6Y)],b-5IKOrO I1pOBa)],)KeHH5I ll(0)],0 BIIKopIICTaHH5I 6y)],b5IKOrOrrpaBa, I10BHOBa)KeHH5I a60 3BepHeHwI )],0 BIIKOHaHH5I 6Y)],b-5IKOrO 3ac06y I1paBOBOro 3axIIcTy 3a ll,IIM )J;oroBopoM a60 )J;oroBopoM 3acTaBII IlIJI5IXOMrrpIIMycoBoro BIIKOHaHH5I 3aCTaBII a60 B iHIlIIIH crroci6, i rrpIII1IIHeHH51 TaKoro rrpoBa)],)KeHH51 a60 Bi)],MOBII Bi)],Hboro 3 6Y)],b-51KIIXI1pIIQIIH, 6y)],yTb I1oHoBJIeHi KOJIIIIlIHi rr03IIIJ,i'i Ta rrpaBa 3acTaBo)],aBIJ,51, oaHKy Ta 3acTaBo)],ep)KaTeJI51 3a IJ,IIM )J;oroBopoM ll(0)],0 TIpe)],MeTy 3acTaBII, Ha 5IKIIHP03I10BCIO)],)KYTbC51 3acTaBa, cTBopeHa 3a )J;oroBopoM 3acTaBII, Ta MexaHi3M 3BepHeHH51 )],0 BIIKOHaHH51, cTBopeHIIH 3a IJ,IIM )J;oroBopoM, a Bci rrpaBa, 3ac06II rrpaBoBoro 3axIIcTy Ta rrOBHOBa)KeHH51 3acTaBo)],ep)KaTeJI51 npo)],oB)KyBaTIIMyTbiCHyBaTII TaK, Hi6II TaKe rrpOBa)],)KeHH51 He rropyllIyBaJIOC51.

QeH )J;oroBip I1i)],rrIIcaHIIH y BOCbMII (8) opIIriHaJIbHIIX rrpIIMipHIIKax aHrJIlIICbKOIO MOBOIO Ta yKpa'iHcbKoIO MOBaMII.Y BIIrra)J,KY 6Y)],b-51KIIX p036i)KHOCTeH Mi)K aHrJIiHCbKIIM Ta yKpa'iHcbKIIMTeKCTaMII,aHrJIiHcbKa Bepci51 Mae rrepeBary.

This Agreement has been signed in eight (8) original copies, each in the English language and in the Ukrainian language. If there is any inconsistency between the English and the Ukrainian language versions, the English language version shall prevail.

CTOPIHKA ,JJ:O,JJ:AThC51

SIGNATURE IMMEDIATELY

PAGE

HA ITIf];TBEP)])KEHIDI 1.IO['O, CTOpOml, IN WITNESS WHEREOF, the Parties, ,Il,iIO'lH 'lepe3 cBolx mure:>KHHM 'lllHOM acting through their duly authorized yiloBHOBa:>KeHHX IIpe,Il,CTaBHHKiB,representatives, have caused this Agreement to 3a6e3IIe'lHJIH IIi,Il,IIHCaHH5I ll,bOrO f];oroBopy be signed in their respective names in __ , Bi,Il, i'xHix Bi,Il,IIOBi,Il,HHX iMeH B Ukraine as of the date first above written. YKpalHa, B ,Il,aTy, 3a3Ha'leHy Ha IIO'laTKy ll,bOrOf];oroBopy.

Bi,LI;I,:pHTe aKQioHepHe Rp.LJ:cOKeaH"

TOBapHCTBO "Ba.LJ:aH Wadan Company

Yards

Okean

Open

Joint

Stock

)J,O ):(OrOBopy ITepe)J,aLi KOIlITiB 3aCTaBO)J,aB:u;eM, EaHKOM 3aCTaBO)J,ep)J(aTeneM

Mi)J( Ta

to the Funds Transfer Agreement among the Pledgor, the Bank and the Pledgee

DESCRIPTION OF PLEDGED ACCOUNTS 1. PaxyHoK NQ 26002102309 (rpMBH5I) 1. Account Bi)J,KpMTMH 3acTaBo)J,aB:u;eM y MMKona'iBcbKiH maintained 06nacHiH )J,MpeK:u;i'i ITAT PaHljJqJaH3eH EaHK "Raiffeisen directorate. ABaJIb. 2. PaxyHoK NQ 26002102310 (rpMBH5I) 2. Account Bi)J,KpMTMiI 3acTaBo)J,aB:u;eM y MMKona'iBcbKiiI maintained 06naCHiiI )J,MpeK:u;i'i ITAT PaiIljJljJaiI3eH EaHK "Raiffeisen directorate. ABaJIb. 3. PaxyHoK NQ 260005840285 ()J,onap CIliA) 3. Account Bi)J,KpMTMiI 3acTaBo)J,aB:u;eM y MMKona'iBcbKiH maintained 06nacHiiI )J,MpeK:u;i'i ITAT PaiIljJljJaiI3eH EaHK "Raiffeisen directorate. ABaJIb. 4. PaxyHoK NQ 26006597835 (BpO) Bi)J,KpMTMiI 4. Account 3acTaBo)J,aB:u;eM y MMKona'iBcbKiiI 06nacHiiI maintained )J,MpeK:u;i'i ITAT PaiIljJljJaH3eH EaHK ABaJIb. "Raiffeisen directorate. 5. PaxyHoK NQ 2600256436 (pociiIcbKMiI py6nb) 5. Account Bi)J,KpMTMiI 3acTaBo)J,aB:u;eM y MMKona'iBcbKiiI maintained 06nacHiiI )J,MpeK:u;i'i ITAT PaiIljJljJaiI3eH EaHK "Raiffeisen ABaJIb. directorate. 6. PaxyHoK NQ 260581652 (rpMBH5I)Bi)J,KpMTMiI6. Account 3acTaBo)J,aB:u;eM y MMKona'iBcbKiiI 06nacHiiI maintained )J,MpeKIJ,i'i ITAT PaiIljJljJaiI3eH EaHK ABaJIb. "Raiffeisen directorate. 7. PaxyHoK NQ 260551653 (rpMBH5I)Bi)J,KpMTMiI7. Account 3acTaBo)J,aB:u;eM y MI1KOna'iBcbKiiI 06nacHiiI maintained )J,MpeK:u;i'i ITAT PaiIljJljJaiI3eH EaHK ABaJIb. "Raiffeisen directorate. 8. PaxyHoK NQ 26001102311 (rpMBH5I) 8. Account Bi)J,KpMTMiI 3acTaBo)J,aB:u;eM y MMKona'iBcbKiiI maintained 06nacHiiI )J,MpeK:u;i'i ITAT PaHljJljJaiI3eH EaHK "Raiffeisen ABaJIb. directorate. 9. PaxyHoK NQ 260075840286 ()J,onap CIliA) 9. Account Bi)J,KpMTMiI 3aCTaBo)J,aB:u;eMy MMKona'iBcbKiiI maintained 06nacHiiI )J,MpeK:u;i'i ITAT PaiIljJljJaiI3eH EaHK "Raiffeisen directorate. ABaJIb. 1O. PaxyHoK NQ 26005102317 (rpMBH5I) 10. Account Bi)J,KpMTMiI 3acTaBo)J,aB:u;eM y MMKona'iBcbKiiI maintained 06nacHiiI )J,MpeK:u;i'i ITAT PaiIljJljJaiI3eH EaHK "Raiffeisen directorate. ABaJIb. 11. PaxyHoK NQ 26007582612 (ljJYHT 11. Account CTepnimiB) Bi)J,KpMTMiI 3aCTaBo)J,aB:u;eM y maintained MMKona'iBcbKiiI 06nacHiiI )J,MpeKIJ,i'i ITAT "Raiffeisen PaiIljJljJaiI3eH EaHK ABaJIb. directorate. Number 26002102309 (UAH) by the Pledgor with PISC Bank Aval", Mykolayiv oblast Number 26002102310 (UAH) by the Pledgor with PISC Bank Aval", Mykolayiv oblast Number 260005840285 by the Pledgor with Bank Aval", Mykolayiv Number 26006597835 by the Pledgor with Bank A val", Mykolayiv (USD) PISC oblast (EUR) PISC oblast

Number 2600256436 (RUB) by the Pledgor with PISC Bank Aval", Mykolayiv oblast Number 260581652 (UAH) by the Pledgor with PISC Bank Aval", Mykolayiv oblast Number 260551653 (UAH) by the Pledgor with PISC Bank Aval", Mykolayiv oblast Number 26001102311 (UAH) by the Pledgor with PISC Bank Aval", Mykolayiv oblast Number 260075840286 (USD) by the Pledgor with PISC Bank Aval", Mykolayiv oblast Number 26005102317 (UAH) by the Pledgor with PISC Bank Aval", Mykolayiv oblast Number 26007582612 by the Pledgor with Bank Aval", Mykolayiv (GBP) PISC oblast

12. PaxyHoK N2 26000145 (rpMBH.sr)Bi)J,KpMTMfi 12. Account Number 26000145 (UAH) by the Pledgor with PISC 3aCTaBo)J,aBl:J;eMy MMKoJIalBcbKifi o6JIacHifi maintained )J,MpeKIJ;il I1AT PaficjJcjJafi3eHEaHK ABaJIb. "Raiffeisen Bank Aval", Mykolayiv oblast directorate.

,n:0 .Il:oroBopy ITepe,n:a<Ji KorIITiB 3acTaBo,n:aBll;eM, BaHKoM 3acTaBo,n:ep)l(aTeJIeM <l>OPMA llEPEKA3 P03ll0P51:jQKEHHH KOIIITIB llPO

MDK Ta

to the Funds Transfer Agreement among the Pledgor, the Bank and the Pledgee

llPO

FORM OF THE ORDER

FUNDS

TRANSFER

P03ll0PH,ll;)KEHHH KO III TIB

llEPEKA3

TepMiHH 3 BeJIHKOl JIiTepH, I.I.J:O BHKOPHCTOBYIOTbC51 B U;bOMYP03rrOp51,n:)l(eHHi rrpo ITepeKa3 KOIlITiB, aJIe 5lKHMy HbOMY He Ha,n:aHOBH3Hay.eHH51, MaIOTb 3Ha<JeHH51, Ha,n:aHi U;HMTepMiHaM y .Il:oroBopi ITepe,n:ay.i KOlllTiB Ha ITOTO<JHHX PaxyHKax (",ll;oroBip llepe,n:aqi KOIlITiB") Bi,n: [ 1 2010 pOKY Mi)K [ITy6JIi<JHHM aKu;ioHepHHM TOBapHcTBOM PaHrjJrjJaH3eH BaHK ABaJIb] ("EaHI~"), Bi,n:KpHTHM aKu;ioHepHHM TOBapHcTBOM "Ba,n:aH 51p,n:c OKeaH" ("3aCTaBo,n:aBeUJ>") Ta "IToH3aHTep XOJI,n:iHr3 JIT,n:" (" 3aCTaBo,n:ep)l(aTeJIh "). 1. 3acTaBo,n:aBeU;b (i,n:eHTHrjJiKau;iHHHH HOMep
14307653) yrroBHOBa)l(yE:[ITA T PaHrjJrjJaH3eH

Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Operating Account Funds Transfer Agreement (the "Funds Transfer Agreement") dated as of [ ],2010 among [the Public Joint Stock Company "Raiffeisen Bank Aval"], (the "Bank"), Wadan Yards Okean Open Joint Stock Company (the "Pledgor") and Poizanter Holdings Ltd (the "Pledgee").

BaHK ABaJIb] crrHcaTH Ta rrepeKa3aTH KOIIITI1 3 paxyHKy [ ] y Bi,n:,n:iJIeHHi [ITAT PaHrjJrjJaH3eH BaHK ABaJIb] y CYMi, BH3Ha<JeHiH y IToBi,n:OMJIeHHi 3acTaBo,n:ep)l(aTeJI51, Ha,n:aHoMy y Bi,n:rrOBi,n:HoCTi 3 ITyHKTOM4 .Il:oroBopy ITepe,n:a<Ji KOlliTiB a60 6y,n:b-51KOMY .Il:o,n:aTKoBoMy IToBi,n:oMJIeHHi, 3ra,n:aHoMy B ITyHKTi 6 .Il:oroBopy ITepe,n:a<Ji KOlliTiB, Ha paxyHoK(-KH) 3acTaBo,n:ep)l(aTeJI51 a60 Horo HaJIe){<HHM <JHHOM yrroBHOBa)l(eHOrO rrpe,n:CTaBHHKa,3a3Ha<JeHoro y IToBi,n:oMJIeHHi 3acTaBo,n:ep)KaTemI a60 .Il:o,n:aTKoBoMy IToBi,n:oMJIeHHi, o,n:ep)l(aHoMy Bi,n: 3acTaBo,n:ep)l(aTeJI51, Ha rri,n:cTaBi U;boro P03rrOp51,n:)l(eHH51 rrpo ITepeKa3 KOlliTiB i rriCJI51 Ha,n:aHH5I Bi,n:rroBi,n:Hol BHMorH rrpo CrrJIaTy, y ,n:aTy 0,n:ep)KaHH5I,a y pa3i 0,n:ep)KaHH5IrricJI5I 16:00 - B HacryrrHHH P060HH .Il:eHb.
2. 3aCTaBo,n:ep)KaTeJIb MaE: rrpaBo BHMaraTH, I.I.J:06rrepeKa3 U;HX KOlliTiB 3,n:iHcHIOBaBC5I, a BaHK 6yB 306oB'513aHHH 3a,n:OBOJIbHHTH TaKy

number PJSC "Raiffeisen Bank A val"] to withdraw and transfer the funds from account No.[ ] at [PISC "Raiffeisen Bank A val"] in the amount specified in the Pledgee's Notice given under Section 4 of the Funds Transfer Agreement or any Additional Notice referred to in Section 6 of the Funds Transfer Agreement to the account(s) of the Pledgee or its duly authorized representative, specified in the Pledgee's Notice or an Additional Notice received from the Pledgee based on this Funds Transfer Order and upon submission of a related Payment Request on the date of its receipt, and in the event of receipt after 4.00 p.m., on the next Business Day.

1. The Pledgor (identification 14307653) authorizes [the

2. The Pledgee has a right to request such a transfer of funds and the Bank has an obligation to honour such request pursuant

BHMory

3ri}~Ho

.D-Of'OBOPOM

fli:pcK,ny

K o llrr

rH I'\lJL r
PO:mOpilLJ)l<erll-HI tlHHHOCTI

IH PO!<y,

to the 1~t1nds Transfer 2010

Agreement.

dated

l L(e

npo IlepCI<1{3

KOIlJTiH

Im6yBac

3aCTJBO;'lepiKilTeJleM 3acnmO.aepiKiJTCJI51

nicm! Il<1/l<\HHil nepnroro nOlli}I()~lJ1CHII>1

'l Jlor'OIlOpOM MOlKC' 6YTJI

3, This Funds Tr;nhkr Order becomes valid upon submission of first Noti,',", lIw in accordance) with the I'ralb!<:o' :J:\d Illay

I(oiurii.\
Tinbl\H 3 IT!H:h?\lOBOi

n:aco!!;u

onl) be revoked with

consenL

till'

written

:n'OJUl 3aCJ01Bl.lilQ))I<ilTemL

,ll,O ,ZJ.OrOBopy Ilepe,ll,a'li KOIIITiB 3aCTaBO,ll,aBIIeM, BaHKOM 3aCTaBO,ll,ep)l(aTeJIeM

Mi)l( Ta

to the Funds Transfer Agreement among the Pledgor, the Bank and the Pledgee

(()OPMA IIOBmOMJIEHHH 3ACTABO,Il;EP)KATEJIH [Mae 6yur o<popMJIeHe Ha <pipMoBoMy6JIaHKy 3aCTaBO,ll,ep)l(aTeml] [To Be Completed Letterhead] on the Pledgee's

CTOCOBHO: IIOBmOMJIEHHH 3ACTABO,Il;EP)KATEJIH (3A BlI3HA qEHHHM IJ;hOrO TEPMIHY Y ,Il;OrOBOPI IIEPE,Il;A qI KOillTIB HA IIOTOqHIIX PAXYHKAX MI)K BmKPIITIIM AKIJ;IOHEPHHM TOBAPIICTBOM "BA,Il;AH HP,Il;C OKEAH" (" 3ACTABO,Il;ABEIJ;h "), "IIOM3AHTEP XOJI,Il;IHr3 JIT,Il;" ("3ACTABO,Il;EP)KATEJIh") TA _____ "BAHK ",

RE: THE PLEDGEE'S NOTICE (AS SUCH TERM IS DEFINED IN THE OPERATING ACCOUNTS FUNDS TRANSFER AGREEMENT AMONG WADAN YARDS OKEAN OPEN JOINT STOCK COMP ANY (THE "PLEDGOR"), POIZANTER HOLDINGS LTD (THE "PLEDGEE") AND (THE "BANK"),

3aCTaBO,ll,ep)l(aTemO Ha,ll,aHO B 3acTaBy HaHBluIIoro rrpiOpIITeTy MaHHoBi rrpaBa Ta rrpaBO 3a6e3rreQeHH51. 3aCTaBO,ll,aBII51. Ha 3acTaBJIeHi PaxyHKII, BKJIIO'laIO'lII, rrpaBO Ha O,ll,ep)l(aHH51. Bcix KOIliTiB, 'lac Bi,ll, 'lacy ,ll,errOHOBaHIIX Ha 3aCTaBJIeHIIX PaxyHKax y Bi,ll,rroBi,ll,HoCTi 3 ,ZJ.orOBopOM 3aCTaBII ITOTOQHIIX PaxyHKiB Mi)l( 3aCTaBO,ll,aBIIeMTa 3aCTaBO,ll,ep)l(aTeJIeMBi,ll, 10 'lepBH51.2010 p. (",Il;oroBip 3aCTaBH"). 3aCTaBa 3a ,ZJ.oroBopoM 3acTaBli 3apeecTpoBaHa y ,ZJ.ep)l(aBHoMy PeecTpi 06T51.)l(eHh PyxoMoro MaHHa 3a .N~[.]. Bci TepMiHII 3 BeJIIIKOlJIiTepII, 5l.KIIM y IIhOMYIlOBi,ll,oMJIeHH51. 3aCTaBO,ll,ep)l(aTeJI51. He Ha,ll,aHO iHllIoro BII3Ha'leHH51., MaIOTh 3HalJeHH51., HaBe,ll,eHiy ,ZJ.oroBopi.

The Pledgee has been granted a first ranking pledge over the Pledgor's property rights and interest in the Pledged Accounts, including the right to receive all monies on deposit therein from time to time under the Rights to Operating Accounts Pledge Agreement between the Pledgor and the Pledgee, dated June 10, 2010 (the "Pledge Agreement"). The pledge under the Pledge Agreement has been registered in the State Register of Liens over Movable Property under No. [.]. All capitalized terms not otherwise defined in this Notice shall have the meaning set forth in the Agreement.

(a) rrpIIHaUMHi TpH)..(IJ,5ITh (30) )..(HiBMHHyJIO3 )J;aTH Ha)..(aHH5I I1oBi)..(oMJIeHH5I 3acTaBo)..(ep)f(aTeJI5I Bi)..( Ta (b) BHrra)..(oK HeBHKOHaHH5I 3060B' 5I3aHH5I, 3a3Ha'leHIIU y I1oBi)..(oMJIeHHi 3acTaBo)..(ep)f(aTeJI5I,Bce IIJ,e TpHBa Ha )..(aTy IJ,hOrO I1oBi)..(oMJIeHH5I 3acTaBo)..(ep)f(aTeJI5I. Bi)..(rroBi)..(HHM 'lHHOM, 3acTaBo)..(ep)f(aTeJIhIJ,HM BHMara, IIJ,06 KOIliTHB cyMi )..(0 _ BpO, 3a60proBaHi HH)f('lerri)..(rrHcaHoMy Ha )..(aTy IJ,hOro I1oBi)..(oMJIeHH5I 3acTaBo)..(ep)f(aTeJI5I,rrmoc )..(o)..(aTKoBi KOIlITH, 5IKi CKJIa)..(alOTh rrpOIJ,eHTH, 360pH Ta Bi)..(IlIKo)..(yBaHH5I, 5IK HH)f('lerri)..(rrHcaHIIu 3a3Ha'la 'lac Bi)..( 'lacy y rrHchMoBiu cjJopMi 5IK 3a60proBaHi 3aCTaBo)..(aBIJ,eM Ha KOpIICTh 3acTaBo)..(ep)f(aTeJI5I Bi)..(rroBi)..(Ho )..(0Kpe)..(HTHHx )J;oroBopiB, 6yJIH HeraUHO rrepeKa3aHi Ha TaKHU 6aHKiBchKHu paxyHoK, B Mipi, B 5IKiu KOIliTH MalOTh 6yTH 3apaxoBaHi 3acTaBo)..(aBIJ,lO Ha 3acTaBJIeHi PaxyHKH: [.]. )J;o)..(aThC5IHaJIe)f(HHM 'lHHOM ocjJopMJIeHa BHMora rrpo CrrJIaTy y Bi)..(rroBi)..(HoCTi 3 rryHKToM5 )J;oroBopy. Bi)..(naHKy IJ,HMBHMaraThC5IBHKoHyBaTHBci p03rrOp5I)..()f(eHH5I, 5IKi HH)f('lerri)..(rrHcaHHu 3acTaBo)..(ep)f(aTeJIhMO)f(eHa)..(aTH y 3B' 5I3Ky i3 3aCTaBJIeHHMH PaxyHKaMH, )..(0 oTpIIMaHH5I rrIIChMOBoro rri)..(TBep)..()f(eHH5I HII)f('lerri)..(rrHcaHororrpo 3BopoTHe.

(30) days have elapsed since the date of the the Pledgee's Notice dated _ and (b) the Event of Default referred to in the the Pledgee's Notice is continuing as of the date of this the Pledgee's Notice. Accordingly, the Pledgee herewith demands that funds in an amount of up to EUR owing to the undersigned as of the date of this Pledgee's Notice, plus such additional amounts of interest, fees and indemnity as the undersigned advises in writing from time to time is owing by the Pledgor to the Pledgee under the Facility Agreements be immediately transferred to the following bank account, to the extent of the funds standing to the credit of the Pledgor in the Pledged Accounts: [.].

Enclosed is a duly executed Payment Request in accordance with Section 5 of the Agreement. The Bank is hereby required to follow all instructions that undersigned Pledgee may give in connection with the Pledged Accounts, until receipt of written confirmation of the undersigned to the contrary.

L\O .n:OrOBopy ITepeL\a<J:i KorIJTiB 3aCTaBOL\aBIJ,eM, BaHKOM 3aCTaBOL\ep)l(aTeJIeM

MDK Ta

to the Funds Transfer Agreement among the Pledgor, the Bank and the Pledgee

FORM OF ATTORNEY

THE

POWER

OF

[OqlOPMJI5IEThC5I Ha 3aCTaBOL\aBIJ,5I]

tPipMOBOMy 6JIaHKy

[To Be Completed Letterhead]

on

the

Pledgor's

Bci TepMiHYl3 BeJII1Koi" JIiTepH, iHIlIHM <J:HHOM He BH3Ha<J:eHi B IJ,ii1 .n:oBipeHOCTi, MaIOTh 3Ha<J:eHH5I,HaBeL\eHi B .n:oroBopi 3aCTaBH ITOTO<J:HHX PaxyHKiB Mi)l( BiL\KpHTHM aKIJ,ioHepHHM TOBapHCTBOM "BaL\aH 5IpL\C OKeaH" ("3aCTaBOL\aBeQb") Ta "IToII3aHTep XOJIL\iHr3 JITL\" ("3aCTaBOL\ep~aTeJIb") BiL\ 10 <J:epBH5I 2010 pOKY (",lJ:oroBip 3aCTaBU") a60 .n:oroBopi ITepeL\a<J:i KOIliTiB (5IK IJ,ei1 TepMiH BH3Ha<J:eHO HH)l(<J:e). ~IIO .n:OBIPEHICTIO, BH,Il,aHOIO [.] ,Il,H5I [.] Mic5IIJ,5I ,Il,Bi THC5I<J:i pOKY, Bi,Il,KpHTe aKIJ,ioHepHe TOBapHCTBO "Ba,Il,aH 5Ip,Il,COKeaH", IOpH,Il,H<J:Ha oco6a, CTBopeHa Ta iCHyIO<J:a Bi,Il,IIOBi,Il,HO,Il,0 3aKOHO,Il,aBCTBa YKpai"HH,MicIJ,e3HaXO,Il,)l(eHH5I 5IKOi": 3aBO,Il,ChKa IIJIOII(a 1, M. MHKOJIai"B,54050, YKpai"Ha, B oc06i , 5IKHi1(5IKa) ,Il,ie Ha IIi,Il,CTaBi (",lJ:oBipUTeJIb"), yIIoBHOBa)l(ye KOMl1aHiIO "IToII3aHTep XOJI,Il,iHr3 JIT,Il,", MicIJ,e3HaxO,Il,)KeHH5I 5IKOi": ByJI. KiMOHOC43A, 3095, M. JIiMaccorr, Killp (",lJ:oBipeHa Oco6a") 3,Il,ii1cHIOBaTHTaKi ,Il,ii" Bi,Il, iMeHi .n:oBipHTeJI5I:

All capitalized terms not otherwise defined in this Power of Attorney shall have the meaning set forth in the Rights to Operating Accounts Pledge Agreement between Wadan Yards Okean Open Joint Stock Company (the "Pledgor") and Poizanter Holdings Ltd (the "Pledgee"), dated June 10, 2010 (the "Pledge Agreement") or the Funds Transfer Agreement (as defined below). BY THIS POWER OF ATTORNEY issued on the [.] day of [.], year two thousand and , Open Joint Stock Company "Wadan Yards Okean", a legal entity organised and existing under the laws of Ukraine, with its principal office at: 1 Zavodska Square, Mykolaiv 54050, Ukraine, represented by [ ], acting on the basis of [ ] (the "Principal"), empowers Poizanter Holdings Ltd, having its principal office at: at Kimonos, 43A, P.c. 3095, Limassol, Cyprus (the "Agent") to take the following actions in the name and on behalf of the Principal:
(1) to submit to, and receive from, the PJSC "Raiffeisen Bank Aval" (the "Bank") any information and documents, including, inter alia, account statements regarding the Principal's accounts referred to as the "Pledged Accounts" under the Pledge Agreement between the Principal and the Agent and the Operating Accounts Funds Transfer Agreement, dated [ ], among the Principal, the Agent and the Bank (the "Funds Transfer Agreement");

(1) 110,Il,aBam,Il,0 Ta oTpHMyBam Bi,Il,ITAT Pai1tPtPalI3eH BaHK ABaJIh ("liaHl~") 6y,Il,h5IKyiHtPopMaIJ,iIOTa ,Il,OKyMeHTH, BKJIIO<J:aIO<J:H, inter alia, BHIIHCKH 3 paxyHKiB CTOCOBHO paxyHKiB .n:oBipHTeJI5I, 5IKi Ha3HBaIOTh "3aCTaBJIeHHMH PaxyHKaMH" Bi,Il,IIOBi,Il,HO ,Il,0 .n:orOBopy 3aCTaBH Mi)l( .n:oBipHTeJIeM i .n:oBipeHOIO OC060l0 Ta .n:orOBopy ITepe,Il,a<J:i KOIliTiB Ha ITOTO<J:HHX PaxyHKax BiL\ _____ ] Mi)l( .n:oBipHTerreM, .n:oBipeHOIO OC060IO Ta BaHKOM (",lJ:oroBip IIepeL\aqi KOIIITiB");

(2) rricJUIHaCTaHWIBlirraJ(Ky HeBliKOHaHH5I 3060B'5I3aHH5I CTOCOBHO TaKoro 3acTaBoJ(ep)KaTeJI5I,3J(ilicHIOBaTli 6yJ(b-5IKiTa Bci J(il Ta pe'-li, rrOJ(aBaTli TaKi BliMorli i HaJ(aBaTli TaKi rroBiJ(oMJIeHH5I, i 3J(ilicHIOBaTli TaKi rrpaBa i rriJ(rrlIcyBaTli Bci J(oKyMeHTlI,5IKi )..(oBipliTem, MO)Ke 3J(ilicHIOBaTlI, B'-llIH5ITlI, HaJ(aBaTlI, pearri30ByBaTli Ta rriJ(rrlIcyBaTli y 3B'5I3KY i3 3aCTaBJIeHlIMli PaxyHKaMH Ta )..(OlOBOPOM TIepeJ(a'-li KOlllTiB;

(2) upon occurrence of the Event of Default, to do all acts and things, make such requests and issue such notices, and exercise such rights and sign all documents, which the Principal could do, make, issue, exercise and sign in connection with the Pledged Accounts necessary for the levy of execution on the Pledged Accounts, as provided for in the Pledge Agreement and the Funds Transfer Agreement; (3) upon occurrence of an Event of Default, to act in the name, place and stead of the Pledgor for purposes of carrying out the terms of the Funds Transfer Agreement and the enforcement of the rights and remedies provided for in the Funds Transfer Agreement and the Pledge Agreement or available under Applicable Law, including:

(3) rricJI5IHaCTaHH5I BlirraJ(Ky HeBHKOHaHH5I 3060B' 5I3aHH5I,J(i5ITH BiJ( iMeHi Ta 3aMicTb 3acTaBoJ(aBQ5I J(JI5I BliKOHaHH5I BHMor )..(oroBopy I1epeJ(a'-li KOIIITiBTa rrpHMycoBoro BHKOHaHH5I rrpaB i 3ac06iB rrpaBoBoro 3axHCTY,rrepeJ(6a'-leHlIX y )..(oroBopi TIepeJ(a'-li KOIIITiBTa )..(oroBopi 3acTaBH a60 J(ocTyrrHlIx 3a LJlIHHHM 3aKOHOJ(aBcTBOM, BKJIIO'-laIO'-lH:

(i) rrepeJ(aBaTH TIpeJ(MeT 3aCTaBH c06i a60 BHMaraTH rrepeJ(a'-lY KOlliTiB, '-lac BiJ( '-lacy J(errOHOBaHHX Ha 3aCTaBJIeHHXPaxyHKax, Ha cBoIpaxyHKH;Ta

(i) to transfer the Collateral onto itself or to request the transfer of the funds from time to time on deposit in the Pledged Accounts to its own accounts; and (ii) to give any necessary receipts or acceptances for amounts collected or received hereunder or under the Funds Transfer Agreement; and

(ii) BHJ(aBaTH 6yJ(b-5IKi p03rrHCKH a60 KOlliTIB, rriJ(TBepJ()KeHH5I OTplIMaHH5I OTpHMaHliX 3a QieIO CT5IrHyTHX a60 )..(oBipeHicTIO a60 3a )..(oroBopoM TIepeJ(a'-li KOIIITiB;Ta 3ararrOM 3J(ilicHIOBam Bci J(il Ta pe'-li, )..(oBipeHa Oc06a Mae rrpaBO p06Hm BiJ(rrOBiJ(HOJ(o yMOB )..(orOBopy 3acTaBH y 3B'5I3Ky i3 3aXliCTOM Ta 36epiraHH5IM TIpeJ(MeTy 3acTaBH, a rricJI5I HaCTaHH5I BHrraJ(Ky HeBHKOHaHH5I 3060B' 5I3aHH5I pearri3yBaTH TIpeJ(MeT 3aCTaBli Ta 3acTaBy )..(oBipeHol OC06H, 5IK rrepeJ(6aLJeHO B )..(OlOBOpi 3aCTaBH, rrplI'-lOMyBiH 3J(ilicHIOeBci TaKi J(il HaCTiJIbKH rroBHo, HaCKiJIbKlIIX MO)Ke 3J(ilicHIOBaTH 3acTaBoJ(aBeQb.
(4)
5IKi

(4) generally to do all acts and things which the Agent is entitled to do under the terms of the Pledge Agreement in connection with the protection and preservation of the Collateral, and upon occurrence of an Event of Default, to realize upon the Collateral and the Agent's Pledge therein as provided for in the Pledge Agreement, all as fully and effectively as the Pledgor might do.

IT IS ALSO THAT: (a) )..(oBipHTeJIb QHM CXBarrIOe Ta rriJ(TBepJ()Kye, a TaKO)K rrolOJ()KyeTbC5I CXBarrHTH Ta rriJ(TBepJ(HTH 6yJ(b-5IKi Ta Bci, lQO BiJ(rroBiJ(Ha )..(oBipeHa Oc06a 3J(ilicHIOe, B'-lHH5Ie '-lli Mae HaMip 3J(ilicHliTli a60 B'-llIHlITli B ClIJIYQie"i)..(oBipeHocTi;

HEREBY

DECLARED

(a) the Principal hereby ratifies and confirms and agrees to ratify and confirm any and all actions the respective Agent shall do, perform or purport to do or perform by virtue of this Power of Attorney;

the Age-nt shall have the

to

deilegate any or all powers by lhis of Attorney to any natural or le[,':fll person at any time and al the sole t1iscreliof1 of the Agent; and (c)
IlH

(c)

BijlKJII!T"UIa I1YiCbMOBOY

this POwer of Attorney cannol or amended vv1thollt the Agcnt's wrinen consent.
he revoked

IN WlTNESS WHEREOF, Ihis Power of Attomey was ex',;l:lilBd and 111

Ukraine.
issue speciHed above.

011

(he date

or