Document:

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                                                                    EXHIBIT 10.8

                      PIONEER POLAND GP LIMITED PARTNERSHIP
                        AGREEMENT OF LIMITED PARTNERSHIP

This Agreement of Limited Partnership of Pioneer Poland GP Limited Partnership,
a limited partnership organized under the laws of the State of Delaware, U.S.A.
(the "Partnership"), is entered into as of the 3rd day of August, 1999, by and
among Pioneer Poland U.S. (Jersey) Limited, a corporation organized under the
laws of Jersey, Channel Islands (the "General Partner"), and each of the persons
identified as a Limited Partner on SCHEDULE A hereto (individually, a "Limited
Partner" and collectively, the "Limited Partners"). The General Partner and the
Limited Partners are sometimes hereinafter referred to collectively as the
"Partners" and individually as a "Partner."

For good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and in consideration of the agreements hereinafter set
forth, the undersigned, desiring to organize the Partnership as a Delaware
limited partnership, hereby agree as follows:

                                    ARTICLE I

                               GENERAL PROVISIONS

         1.01 FORMATION OF LIMITED PARTNERSHIP. The term of the Partnership
shall commence upon the filing of a Certificate of Limited Partnership for the
Partnership in the Office of the Secretary of State of the State of Delaware
pursuant to the Delaware Revised Uniform Limited Partnership Act (the
"Partnership Act"). The General Partner shall cause such certificate to be filed
as soon as practicable following the date hereof.

         1.02 NAME OF THE PARTNERSHIP. The name of the Partnership shall be
"Pioneer Poland GP Limited Partnership," or such other name as the General
Partner may from time to time determine. The General Partner shall cause to be
filed on behalf of the Partnership such business certificates or partnership or
assumed or fictitious name certificate or certificates as may from time to time
be required by law.

         1.03 PURPOSE OF THE PARTNERSHIP. The Partnership's business and purpose
shall be to serve as the general partner of (i) Pioneer Poland U.S., L.P., a
Delaware limited partnership (the "US Fund") and (ii) Pioneer Poland UK, L.P.
(the "UK Fund", and collectively, with the US Fund, the "Funds").

In furtherance of the purpose of the Partnership, the Partnership shall have the
power to enter into, make and perform all such contracts, agreements and other
undertakings, and to take any and all actions and engage in any and all
activities as the General Partner may in its sole discretion determine to be
necessary, advisable, appropriate, convenient or incidental to the Partnership's
purpose, including without limitation, acquiring, holding, and disposing of any
securities or other property which may be distributed to the Partnership by the
Funds.

The Partners hereby acknowledge that the Partnership will enter into (i) an
Amendment to the Amended and Restated Agreement of Limited Partnership of the US
Fund, pursuant to which it

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will be admitted to the US Fund as a general partner and become a party to the
Amended and Restated Agreement of Limited Partnership of the US Fund (such
agreement, as amended from time to time, the "US Fund Agreement"), and (ii) an
Amendment to the Agreement of Limited Partnership of the UK Fund, pursuant to
which it will be admitted to the UK Fund as a general partner and become a party
to the Agreement of Limited Partnership of the UK Fund (such agreement, as
amended from time to time, the "UK Fund Agreement", and collectively, with the
US Fund Agreement, the "Fund Agreements").

         1.04     PLACE OF BUSINESS OF THE PARTNERSHIP; REGISTERED AGENT. The
principal place of business of the Partnership shall be located at c/o Pioneer
Poland U.S. (Jersey) Limited, c/o Abacus Asset Management Limited, LaMotte
Chambers, St. Helier JE1 1BJ, Jersey, Channel Islands. The Partnership's
resident agent for service of process in Delaware shall be The Corporation Trust
Company, 1209 Orange Street, Wilmington, County of New Castle, Delaware, and its
registered office in Delaware shall be located in care of such resident agent.
The General Partner may (a) change the location of the Partnership's principal
place of business and establish such additional place or places of business of
the Partnership as it may determine, (b) change the Partnership's registered
office in Delaware and/or (c) change the Partnership's resident agent for
service of process in Delaware, and in each case shall provide to the other
Partners written notice of any such change.

         1.05     DURATION OF THE PARTNERSHIP. The term of the Partnership shall
commence upon the filing of a Certificate of Limited Partnership for the
Partnership, and shall continue until the date which is 12 months after the date
of the termination of the last to terminate of the Funds, unless terminated at
an earlier date in accordance with Article VII hereof.

         1.06     PARTNERS' NAMES AND ADDRESSES.

                  (a) The name and business address of each of the Partners,
separately designating the General Partner and the Limited Partners, are as set
forth on SCHEDULE A hereto.

                  (b) Each of the Limited Partners, and any person who may be
admitted to the Partnership as a Limited Partner following the date hereof, by
execution of this Agreement, any counterpart hereof or any amendment hereto,
hereby agrees and acknowledges that, except (i) for a Limited Partner which is
also a General Partner and acting in its capacity as a General Partner, and (ii)
as specifically provided in this Agreement, he, she or it has no right to
participate in the management, operation or conduct of the business of the
Partnership.

         1.07     TITLE TO PARTNERSHIP PROPERTY. All property owned by the
Partnership, whether real or personal, tangible or intangible, shall be deemed
to be owned by the Partnership as an entity, and no Partner, individually, shall
have any ownership of such property. The Partnership may hold any of its assets
in its own name or in the name of its nominee, which nominee may be one or more
trusts. Any property held by a nominee trust for the benefit of the Partnership
shall, for purposes of this Agreement, be treated as if such property were
directly owned by the Partnership.

         1.08     SPECIAL PROVISIONS RELATING TO LIMITED PARTNER INTERESTS. Each
of the Limited Partners, and any person who may be admitted to the Partnership
as a Limited Partner following

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the date hereof, by execution of this Agreement, any counterpart hereof or any
amendment hereto, hereby agrees and acknowledges that its interest as a Limited
Partner is subject to vesting and forfeiture pursuant to Section 6.04, provided,
however, if for any reason the General Partner or any of its affiliates shall
acquire or own a limited partnership interest in the Partnership, such limited
partnership interest shall not be subject to the provisions of Section 6.04.

                                   ARTICLE II

                    CAPITAL CONTRIBUTIONS, PROFITS AND LOSSES

         2.01     CAPITAL CONTRIBUTIONS.

                  (a) On or prior to the date hereof, each of the Partners has
contributed, in cash, to the capital of the Partnership, the amount set forth
opposite his or its respective name of SCHEDULE A hereto.

                  (b) If the Partnership is required to make any capital
contribution to any Fund pursuant to either of the Fund Agreements, each of the
Partners shall be required to contribute to the capital of the Partnership a
portion of the amount required to be so contributed to the Fund. Each Partner's
proportionate share shall equal a fraction, the numerator of which shall equal
the value of all distributions made to such Partner by the Partnership and the
denominator of which shall equal the value of all distributions made to all
Partners by the Partnership. For this purpose, the value of all Distributable
Securities distributed to the Partners shall equal their respective values on
the dates of distribution of such Distributable Securities, determined in the
manner specified in Section 3.04. The obligations of the Partners set forth in
this Section 2.01(b) shall be binding upon all persons who received
distributions from the Partnership during its term, regardless of whether such
persons have forfeited their interests or otherwise withdrawn from the
Partnership prior to the date of any call for capital pursuant to this Section
2.01(b). Notwithstanding anything to the contrary contained herein, no Partner
shall be obligated to contribute to the capital of the Partnership pursuant to
this Section 2.01(b) an aggregate amount in excess of the aggregate amount of
the value (determined as of the date of distribution) of all cash and securities
distributed by the Partnership to such Partner.

                  (c) Except as otherwise provided in this Section 2.01, no
Partner shall be obligated or permitted to contribute any additional capital to
the Partnership. No interest shall accrue on any contributions to the capital of
the Partnership, and no Partner shall have the right to withdraw or to be repaid
any capital contributed by it or to receive any other payment in respect of its
interest in the Partnership, including without limitation as a result of the
withdrawal of such Partner from the Partnership, except as specifically provided
in this Agreement.

                  (d) There may be admitted to the Partnership, at any time and
from time to time as determined by the General Partner, additional General
Partners and/or Limited Partners, for payment of such consideration, if any, and
with such Percentage Interest as shall be determined by the General Partner in
its sole and absolute discretion. In connection with any admission of an
additional Limited or General Partner, the Percentage Interests of the Partners
shall be subject to modification as follows:

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                      (i) If the General Partner admits to the Partnership an
         additional General Partner or an additional Limited Partner which is
         not a Designated Person (as defined below), the Percentage Interest of
         the General Partners (but not the Limited Partners) immediately prior
         to the time of such admission shall be reduced by the Percentage
         Interest of such newly admitted Partner and such reduction shall be
         allocated among the existing General Partners proportionately based on
         their respective Percentage Interests immediately prior to any such
         admission.

                      (ii) If the General Partner admits to the Partnership an
         additional Limited Partner which is a Designated Person (as defined
         below), the Percentage Interest of the Limited Partners (but not the
         General Partners) immediately prior to the time of such admission shall
         be reduced by the Percentage Interest of such newly admitted Limited
         Partner and such reduction shall be allocated among the existing
         Limited Partners proportionately based on their respective Percentage
         Interests immediately prior to any such admission. A "Designated
         Person" shall mean a person admitted to the Partnership by the General
         Partner at the request of Limited Partners (by action of Limited
         Partners owning at least two-thirds of the Percentage Interests owned
         by all Limited Partners) (provided that, nothing shall obligate the
         General Partner to admit to the Partnership any Designated Person).

Subject to the foregoing, each Partner, and each person who is hereinafter
admitted to the Partnership as a Partner, hereby (i) consents to the admission
of any such person on such terms as the General Partner may determine, and to
any amendment to this Agreement and/or the Partnership's Certificate of Limited
Partnership which may be necessary or appropriate to reflect the admission of
any such third party, and (ii) acknowledges that, in connection with any
admission of any such person, such Partner's interest in allocations of Net
Profits and Losses and distributions of cash, securities and/or other assets of
the Partnership, and net proceeds upon liquidation of the Partnership, may be
diluted or otherwise altered.

         2.02     DEFINITIONS.

For purposes of this Agreement, the following terms shall have the meanings
ascribed to them in this Section 2.02:

                  (a) "Capital Account" means a separate account maintained for
each Partner and adjusted in accordance with Regulations under Section 704 of
the Internal Revenue Code of 1986, as amended (the "Code"). Consistent with such
Regulations, the adjustments to such accounts shall include the following:

                      (i) There shall be credited to each Partner's Capital
         Account the amount of any cash actually contributed by such Partner to
         the capital of the Partnership, the fair market value of any property
         contributed by such Partner to the capital of the Partnership (net of
         any liabilities secured by such property that the Partnership is
         considered to assume or take subject to) and such Partner's share of
         the Net Profits of the Partnership and of any items in the nature of
         income or gain separately allocated to the Partners; and there shall be
         charged against each Partner's Capital Account the amount of all cash
         distributions to such Partner, the fair market value of any property
         distributed to such Partner by the Partnership (net of any liability
         secured by such property that the Partner is

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         considered to assume or take subject to) and such Partner's share of
         the Net Losses of the Partnership and of any items in the nature of
         losses or deductions separately allocated to the Partners.

                           (ii) If the Partnership at any time distributes any
         of its assets in-kind to any Partner, the Capital Account of each
         Partner shall be adjusted to account for that Partner's allocable share
         (as determined under Sections 2.03 and 2.04 below) of the Net Profits
         or Net Losses that would have been realized by the Partnership had it
         sold the assets that were distributed at their respective fair market
         values immediately prior to their distribution.

                  (b)      "Net Profits" and "Net Losses" mean the taxable
income or loss, as the case may be, for a period (or from a transaction) as
determined in accordance with Code Section 703(a) (for this purpose, all items
of income, gain, loss, or deduction required to be separately stated pursuant to
Code Section 703(a)(1) shall be included in taxable income or loss) computed
with the following adjustments:

                           (i) To the extent required by Treasury Regulations
         under Section 704(b) of the Code, if the "book value" of an asset
         differs from its adjusted basis for federal income tax purposes, items
         of gain, loss, and deduction shall be computed based upon the book
         value of the asset rather than upon the asset's adjusted bases for
         federal income tax purposes;

                           (ii) Any tax-exempt income received by the
         Partnership shall be included as an item of gross income;

                           (iii) The amount of any adjustments to the adjusted
         basis of any assets of the Partnership pursuant to Code Section 743
         shall not be taken into account; and

                           (iv) Any expenditure of the Partnership described in
         Code Section 705(a)(2)(B) (including any expenditures treated as being
         described in Section 705(a)(2)(B) pursuant to Treasury Regulations
         under Code Section 704(b)) shall be treated as a deductible expense.

                  (c)      "Partnership Capital" means the total equity account
on the Partnership's balance sheet computed by determining the sum of all of the
Partners' Capital Account balances determined immediately prior to the
allocation to the Partners of any Net Profits pursuant to Section 2.03(a)(ii) or
Net Losses pursuant to Section 2.03(b)(i) (including the amount of Net Profits
or Net Losses deemed realized pursuant to Section 2.02(a) hereof upon a
distribution of assets to the Partners) and increasing such amount by the
aggregate amount of Net Profits then to be allocated to the Partners pursuant to
Section 2.03(a)(ii) or decreasing such amount by the aggregate amount of Net
Losses then to be allocated to the Partners pursuant to Section 2.03(b)(i).

                  (d)      "Percentage Interest" shall mean, for each Partner,
the percentage interest set forth opposite his respective name on SCHEDULE A
hereto, as the same may be modified from time to time pursuant to Section 6.04
hereof.

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         2.03     GENERAL ALLOCATIONS OF NET PROFITS AND NET LOSSES.

                  (a)      Except as provided in Section 2.04 below (which shall
be applied first), Net Profits of the Partnership shall be allocated as follows:

                           (i) First, to any Partners having negative Capital
         Account balances, in proportion to and to the extent of such negative
         balances; and

                           (ii) The balance, if any, to the Partners in such
         proportions and in such amounts as would result in the respective
         Capital Account balance of each Partner equaling, as nearly as
         possible, such Partner's share of the then Partnership Capital
         determined by calculating the amount the Partner would receive if an
         amount equal to the Partnership Capital were distributed to the
         Partners in accordance with the provisions of Section 3.02 hereof.

                  (b)      Except as provided in Section 2.04 below (which shall
be applied first), Net Losses of the Partnership shall be allocated among the
Partners as follows:

                           (i) First, to each Partner with a positive Capital
         Account balance, in the amount of such positive balance; provided,
         however, that if the amount of Net Losses to be allocated is less than
         the sum of the Capital Account balances of all Partners having positive
         Capital Account balances, then the Net Losses shall be allocated to the
         Partners in such proportions and in such amounts as would result in the
         respective Capital Account balance of each Partner equaling, as nearly
         as possible, such Partner's share of the then Partnership Capital
         determined as set forth in Section 2.03(a)(ii) above; and

                           (ii) The balance, if any, to the Partners in
         proportion to their respective Percentage Interests.

                  (c)      If the amount of Net Profits allocable to the
Partners pursuant to Section 2.03(a)(ii) or the amount of Net Losses allocable
to them pursuant to Section 2.03(b)(i) is insufficient to allow the Capital
Account balance of each Partner to equal such Partner's share of the Partnership
Capital, such Net Profits or Net Losses shall be allocated among the Partners in
such a manner as to decrease the differences between the Partners' respective
Capital Account balances and their respective shares of the Partnership Capital
in proportion to such differences.

                  (d)      Allocations of Net Profits and Net Losses provided
for in this Section 2.03 shall generally be made as of the end of the fiscal
year of the Partnership; provided, however, that allocations of Net Profits and
Net Losses upon liquidation of the Partnership shall be made no later than
immediately prior to the time that the distributions upon liquidation pursuant
to Section 7.02 are made to the Partners.

         2.04     OVERRIDING ALLOCATIONS OF NET PROFITS AND NET LOSSES.

Notwithstanding the provisions of Section 2.03 above, the following allocations
of Net Profits and Net Losses and items thereof shall be made in the order
stated:

                  (a)      If, during any year, a Partner receives any
adjustment, allocation, or distribution that causes such Partner to have a
negative balance in his or her Capital Account

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(computed with the adjustments described in Treasury Regulation Section
1.704-1(b)(2)(ii)(d)(4), (5) and (6)) that exceeds (in absolute dollar amount)
the amount that such Partner is obligated (or deemed obligated pursuant to
Treasury Regulation Sections 1.704-1 or 1.704-2) to contribute to the
Partnership no later than upon liquidation of such Partner's interest in the
Partnership, then items of gross income (computed with the adjustments set forth
in clauses (i), (ii) and (iii) of Section 2.02(b)) for such year and, if
necessary, subsequent years shall first be allocated to such Partner in an
amount equal to such excess.

                  (b)      In no event shall Net Losses of the Partnership be
allocated to a Partner if such allocation would cause or increase a negative
balance in such Partner's Capital Account (computed with the adjustments
described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6))
that exceeds (in absolute dollar amount) the amount that such Partner is
obligated (or is deemed obligated pursuant to Treasury Regulation Sections
1.704-1 or 1.704-2) to contribute to the Partnership no later than upon
liquidation of such Partner's interest in the Partnership.

                  (c)      The respective interests of the Partners in the Net
Profits and Net Losses or items thereof shall remain as set forth above unless
changed by amendment to this Agreement or by an assignment of an interest in the
Partnership authorized by the terms of this Agreement. Except as otherwise
provided herein or as required by Code Section 704, for tax purposes, all items
of income, gain, loss, deduction or credit shall be allocated to the Partners in
the same manner as are Net Profits and Net Losses.

         2.05     ALLOCATIONS UPON TRANSFER OR ADMISSION. In the event that a
Partner acquires an interest in the Partnership either by transfer from another
Partner or by acquisition from the Partnership, or the interests of the Partners
are adjusted as contemplated by Section 6.04, there shall be a closing of the
Partnership's books on the date of such transfer, acquisition or adjustment, and
all Net Profits and Net Losses of the Partnership arising prior to such closing
shall be allocated among the Partners without giving effect to such transfer,
acquisition or adjustment, and the Net Profits and Net Losses of the Partnership
arising from and after such closing shall be allocated among the Partners after
giving effect to such transfer, acquisition or adjustment.

                                   ARTICLE III

                               CASH DISTRIBUTIONS

         3.01     DEFINITIONS. For purposes of this Agreement:

                  (a)      "Distributable Cash" means, with respect to any
fiscal period, the excess of all cash receipts of the Partnership from any
source whatsoever, including the Partnership's share of cash distributions from
the Funds and the proceeds to the Partnership from dispositions of Distributable
Securities, over the sum of the following amounts:

                           (i) cash disbursements for accounting and bookkeeping
         services, costs of sales of assets, management fees and expenses,
         salaries and compensation payments, legal expenses, and any and all
         other items which are actually incurred by the Partnership and
         customarily considered to be "operating expenses";

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                           (ii) payments of interest, principal and premium and
         points and other costs of borrowing under any indebtedness of the
         Partnership;

                           (iii) capital expenditures of any type or kind, and
         costs and expenses incurred in connection with the operation (but not
         of the organization) of the Partnership; and

                           (iv) amounts set aside as reserves for working
         capital, contingent liabilities, or for any of the expenditures
         described in clauses (i), (ii) and (iii), or any other anticipated
         Partnership obligations which are deemed by the General Partner in its
         reasonable discretion to be necessary to meet the current and
         anticipated future needs of the Partnership.

The Partners agree and acknowledge that many of the expenditures of the types
described in clauses (i), (ii) and (iii) above are subject to reimbursement to
the Partnership by the Funds, and to the extent so reimbursed, will not be taken
into account in determining the amount of the Partnership's Distributable Cash.

                  (b)      "Distributable Securities" means the debt, equity or
other securities, if any, which have been distributed to the Partnership by the
Funds.

                  (c)      "Priority Amount" means the excess of (i) 43.5% of
the aggregate amount of the Direct Costs over (ii) the aggregate amount
distributed or deemed distributed to the General Partner pursuant to Section
3.02(a) below; provided that, if at any time, as the result of the operation of
Section 6.04, the aggregate Percentage Interests of the Limited Partners equal
40.5%, the Priority Amount shall automatically be reduced to zero.

                  (d)      "Direct Costs" means the aggregate amount of the
direct costs and expenses incurred by The Pioneer Group, Inc. and/or any of its
affiliates including without limitation, the General Partner (collectively,
"PGI"), from and after January 1, 2000, in connection with the operation of the
Funds and/or the Partnership; provided that, all such costs and expenses which
are paid out of the Management Fees or are reimbursed by the Funds to PGI out of
the Management Fees shall not constitute direct costs. For this purpose, the
following costs and expenses shall constitute direct costs: (i) Pioneer
Investment Poland's share of PioGlobal Corporation's salary, bonus, pension
cost, health insurance, fringe benefits, telecommunications, travel and
entertainment, and equipment/supplies expenses, net of Pioneer Investment
Poland's share of PioGlobal Corporation's intercompany income exclusive of the
Management Fee; and (ii) Pioneer Investment Poland's share of Pioneer
International Corporation's computer depreciation, consulting fees, legal fees
and organizational cost amortization; but the following costs shall NOT
constitute direct costs: (x) Pioneer Investment Poland's allocable share of The
Pioneer Group's group overhead allocation (including without limitation,
salaries, benefits and space charges); or (y) amounts, if any, incurred in
connection with the formation of any new venture capital entity by PGI. The
General Partner shall determine the Direct Costs incurred by PGI in its
reasonable judgment and consistent with its customary policies.

                  (e)      "Management Fees" means the management fees and
expense reimbursements payable by the Funds to Pioneering Management (Jersey)
Limited (the

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"Manager"), pursuant to that certain Joint Management Agreement dated as of
January 20, 1995 (as from time to time amended and in effect).

         3.02 DISTRIBUTION OF DISTRIBUTABLE CASH AND DISTRIBUTABLE SECURITIES.
Except as provided in Section 7.02(b) below, Distributable Cash and
Distributable Securities shall be distributed to the Partners, at the times and
in the amounts specified in Section 3.03 below, as follows:

                  (a) First, to the General Partner, until the Priority Amount
         has been reduced to zero; and

                  (b) The balance, if any, to the Partners in proportion to
         their respective Percentage Interests as of the date of any such
         distribution.

         3.03 TIMING AND AMOUNT OF DISTRIBUTIONS. Distributions of Distributable
Cash and Distributable Securities shall generally be made within 30 days
following receipt of the distributions from the Funds which generated such
distributions; however, the General Partner, in its reasonable discretion, may
determine to delay the timing of such distributions in order to enable the
Partnership to manage its current and anticipated expenses.

         3.04 VALUATION OF SECURITIES. Distributable Securities and all other
assets of the Partnership other than Distributable Cash which are distributed to
the Partners shall be distributed based upon their respective fair market
values, which shall be determined by the General Partner in its reasonable
discretion. The General Partner may, but shall not be required to, rely on the
valuation of Distributable Securities as determined by the Funds.

         3.05 DISTRIBUTIONS UPON TRANSFER OR ADMISSION. Distributable Cash,
Distributable Securities, net proceeds upon liquidation and any other
distributions shall be distributed among the Partners based upon the actual
ownership of interests in the Partnership on the date of distribution.

                                   ARTICLE IV

                                   MANAGEMENT

         4.01 MANAGEMENT OF THE PARTNERSHIP. (a) Except to the extent otherwise
specifically provided herein, the overall management and control of the business
and affairs of the Partnership shall be vested exclusively in the General
Partner, and the General Partner shall use ordinary and reasonable diligence in
the management of Partnership business.

Except as provided to the contrary in this Agreement or in the Partnership Act,
the General Partner shall have complete authority to make any and all decisions,
execute and deliver any and all agreements and take any and all actions on
behalf of the Partnership. Specifically, but not by way of limitation, and
subject to the provisions of this Agreement and the Fund Agreements, the General
Partner shall be authorized in the name of and on behalf of the Partnership, or
in its own name and on its own behalf, or on behalf of the Partnership in its
capacity as the general partner of either or both Funds, as appropriate:

                           (i) to invest the assets of the Funds in interests
         in, or debt or equity securities of, any corporation, partnership,
         joint venture or other business enterprise,

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<PAGE>   10
         consistent with the purpose of the Funds, in the manner and as provided
         in the Fund Agreements;

                           (ii) to vote, give assent and otherwise exercise all
         rights, powers, privileges and other incidents of ownership or
         possession with respect to (A) the Partnership's interest in the Fund,
         including approving or disapproving any matter, granting or withholding
         any consent, and making any decision on behalf of the Partnership in
         its capacity as the general partner of any Fund (including, without
         limitation, proposing or consenting to amendments to any Fund
         Agreement), and (B) the securities and other assets of the Partnership
         or any Fund; and to execute and deliver proxies or powers of attorney
         to such persons as the General Partner shall deem appropriate, granting
         to such persons such power and discretion with respect to such
         securities or other assets as the General Partner shall deem proper;

                           (iii) to exercise powers and rights which in any
         manner arise out of ownership of securities, including without
         limitation, subscription rights;

                           (iv) to hold any security or other assets in a form
         which does not indicate any particular owner, whether in bearer,
         unregistered or other negotiable form, or in the name of the
         Partnership or any Fund, as the case may be, a custodian, subcustodian
         or other depositary or a nominee or nominees;

                           (v) to provide advice with respect to restructurings,
         acquisitions, mergers, divestitures and changes in corporate management
         of any portfolio company in which any Fund has invested;

                           (vi) to consent to, participate in or initiate any
         plan for the reorganization, consolidation or merger of any portfolio
         company in which any Fund has invested, and consent to any contract,
         lease, mortgage, purchase or sale of property by such portfolio
         company;

                           (vii) to join with other security holders in acting
         through a committee, depositary, voting trustee or otherwise, and, in
         connection therewith, deposit any security with, or transfer any
         security to, any such committee, depositary or trustee, and delegate to
         any such person such power and authority with respect to any security
         owned by any Fund (whether or not so deposited or transferred) as the
         General Partner shall deem proper, and pay such portion of the expenses
         and compensation of such committee, depositary or trustee as the
         General Partner shall deem proper;

                           (viii) to hire or employ such agents, employees,
         managers, accountants, attorneys, consultants and other persons
         necessary or appropriate to carry out the business and operations of
         the Partnership and/or the Funds, and to pay fees, expenses, salaries,
         wages and other compensation to such persons;

                           (ix) to pay, extend, renew, modify, adjust, submit to
         arbitration, prosecute, defend or compromise, upon such terms as the
         General Partner may determine and upon such evidence as they may deem
         sufficient, any obligation, suit, liability, cause of action or claim,
         including taxes, either in favor of or against the Partnership and/or
         any Fund;

                           (x) to pay all organizational expenses and general
         and administrative expenses of the Partnership and/or any Fund;

                           (xi) to engage in any kind of activity and to perform
         and carry out contracts of any kind necessary to, or in connection
         with, or incidental to the accomplishment of the purposes of the
         Partnership and/or the Funds;

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<PAGE>   11
                           (xii) to pay any and all fees and to make any and all
         expenditures which they, in their sole discretion, deem necessary or
         appropriate in connection with the organization of the Partnership
         and/or the Funds, the management of the affairs of the Partnership
         and/or the Funds, and the carrying out of their obligations and
         responsibilities under this Agreement and the Fund Agreements;

                           (xiii) to cause to be obtained and continued in force
         all policies of insurance required by any agreement relating to the
         Partnership's and/or the Funds' business or any part thereof, or
         determined by the General Partner to be in the best interests of the
         Partnership and/or the Funds;

                           (xiv) to cause to be paid any and all taxes, charges
         and assessments that may be levied, assessed or imposed upon any of the
         assets of the Partnership and/or the Funds, unless the same are
         contested by the General Partner; and

                           (xv) to exercise all powers and authority granted by
         the Partnership Act to general partners.

                  (b)      With respect to all of its obligations, powers, and
responsibilities under this Agreement, the General Partner is authorized, in the
name and on behalf of the Partnership, to execute, deliver, and perform the
terms, covenants and obligations of, such notes and other evidences of
indebtedness, contracts, agreements, assignments, deeds, leases, loan
agreements, mortgages, and other security instruments and agreements as it deems
proper, all on such terms and conditions as it deems proper. The General Partner
may authorize any other person, by resolution or other writing, to act in the
name and on behalf of the Partnership.

                  (c)      The General Partner shall be the tax matters partner
for the Partnership pursuant to Code Sections 6221 through 6231.

         4.02 SERVICES OF PARTNERS. Subject to the provisions of this Agreement,
each of the Partners may engage in, invest in, and possess an interest in other
business ventures of any and every type and description, including, without
limitation, the ownership, operation, financing, and management of ventures of
any type or kind, including ventures which may compete with the Partnership or
the Funds, independently or with others, and neither the Partnership nor any
Partner shall by virtue of this Agreement have any right, title or interest in
or to such independent ventures.

         4.03 EXCULPATION. Neither the General Partner nor any of its employees
or agents, nor any person (including any Limited Partner) who, at the request of
the General Partner or the Partnership, serves as a director, officer, employee
or agent of any company in which the Funds have invested (a "Portfolio
Company"), shall be liable to the Partnership or any Limited Partner for any act
or omission performed or omitted in good faith and in a manner such person
reasonably believed to be in or not opposed to the best interests of the
Partnership or the Funds, provided that such act or omission was not in
violation of the provisions of this Agreement and did not constitute gross
negligence, willful malfeasance or fraud or, if such act or omission is alleged
to be criminal in nature, such person did not have reasonable cause to believe
his conduct was unlawful. Such person may consult with legal counsel selected by
such person and shall be fully protected, and shall incur no liability to the
Partnership or any Limited Partner, in acting or refraining to act in good faith
in reliance upon the opinion or advice of such counsel.

         4.04 INDEMNIFICATION.

                                      -11-
<PAGE>   12
                  (a) The Partnership shall indemnify (but only to the extent of
and out of Partnership assets) the General Partner, and each person (including
any Limited Partner) who, at the request of the General Partner or the
Partnership, serves as a director, officer, employee or agent of any Portfolio
Company, or who otherwise provides services to the Partnership and/or the Funds
at the request of the General Partner, and each of their respective employees
and agents (each Partner and each such other person being hereinafter referred
to as an "Indemnified Person") against all expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred
by the Indemnified Person in connection with any claim, action, suit or
proceeding, whether civil, criminal, administrative or investigative, before or
by any court or any administrative or legislative body or authority, in which
the Indemnified Person is involved, as a party or otherwise, or with which the
Indemnified Person may be threatened, either during the Indemnified Person's
incumbency or thereafter, by reason of the Indemnified Person's direct or
indirect involvement with the Partnership and/or the Funds; provided, that the
Indemnified Person (i) acted in good faith and in a manner which the Indemnified
Person reasonably believed to be in or not opposed to the best interests of the
Partnership or the Funds, (ii) was not guilty of gross negligence, willful
malfeasance or fraud with respect to the act or omission which resulted in the
matter for which indemnification is sought, and (iii) with respect to any
criminal action or proceeding, the Indemnified Person had no reasonable cause to
believe that his conduct was unlawful. Notwithstanding the foregoing, with
respect to any claim, action, or suit by or in the right of the Partnership to
procure a judgment in its favor against an Indemnified Person by reason of the
Indemnified Person's direct or indirect involvement with the Partnership and/or
the Funds, (1) indemnification shall be limited to expenses (including
attorney's fees) actually and reasonably incurred by such Indemnified person in
connection with the defense or settlement of such claim, action, or suit, and
(2) no indemnification shall be made in respect of any claim as to which the
Indemnified Person has been finally adjudged to be liable to the Partnership
unless the court in which such action or suit was brought determines, under the
circumstances, that indemnification is warranted.

The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that (y) the Indemnified Person did
not act in good faith and in a manner which the Indemnified Person reasonably
believed to be in or not opposed to the best interests of the Partnership, or
(z) with respect to any criminal action or proceeding, the Indemnified Person
had reasonable cause to believe that his conduct was unlawful.

                  (b) Expenses, including attorneys' fees, incurred by an
Indemnified Person in defending any civil, criminal, administrative or
investigative claim, action, suit or proceeding may be paid by the Partnership
in advance of the final disposition of such claim, action, suit or proceeding
upon receipt of a written undertaking by or on behalf of the Indemnified Person
that the amounts so paid shall be repaid to the Partnership if it is ultimately
determined that indemnification on account of such expenses is not authorized
under this Section 4.04.

                  (c) The rights provided by this Section 4.04 shall not be
exclusive of, and shall not affect, any other indemnification or other rights to
which an Indemnified Person may be entitled; provided, that the Partnership
shall not grant to any Indemnified Person indemnification rights which are more
favorable to the Indemnified Person than those set forth in this Section 4.04.

                                      -12-
<PAGE>   13

                  (d)      The Partnership may grant to any person who, at the
request of the Partnership, serves as a director, officer, employee or agent of
any Portfolio Company indemnification rights on such terms as the General
Partner may determine; provided, that such rights shall not be more favorable to
such Person than those set forth in this Section 4.04 with respect to
Indemnified Persons.

                  (e)      The rights provided by this Section 4.04 shall not be
construed to increase the liability of Limited Partners as set forth in Section
4.06.

                  (f)      The rights provided by this Section 4.04 shall inure
to the benefit of the heirs, executors, administrators, successors and assigns
of each Indemnified Person.

         4.05 LIMITATIONS ON LIMITED PARTNERS. Except for the matters
specifically enumerated in this Agreement, the Limited Partners, in their
capacities as Limited Partners, shall not: (a) be permitted to take part in the
control of the business or affairs of the Partnership; (b) have any voice in the
management or operation of the Partnership's business or property; or (c) have
the authority or power to act as an agent for or on behalf of the Funds, the
Partnership or any other Partner, to do any act which would be binding on the
Fund, the Partnership or any other Partner, or to incur any expenditures on
behalf of or with respect to the Funds or the Partnership.

         4.06 LIABILITY OF LIMITED PARTNERS. So long as they comply with the
provisions of Section 4.05, the liability of the Limited Partners for the
losses, debts and obligations of the Partnership shall be limited to their
respective capital contribution obligations; provided, however, that under
applicable law, the Limited Partners may under certain circumstances be liable
to the Partnership to the extent of previous distributions made to them in the
event that the Partnership does not have sufficient assets to discharge its
liabilities.

         4.07     REIMBURSEMENT.

                  (a)      All out-of-pocket expenses incurred by the General
Partner in connection with the Partnership's business (other than overhead and
similar expenses of the General Partner) shall be paid by the Partnership or
reimbursed to the General Partner by the Partnership.

                  (b)      None of the Partners shall, by virtue of their
ownership of an interest in the Partnership, be entitled to compensation for
services rendered to the Partnership, except for their rights to receive
distributions as provided in this Agreement.

                                    ARTICLE V

                        BOOKS, RECORDS AND BANK ACCOUNTS

5.01 BOOKS AND RECORDS. The Partnership shall keep just and true books of
account with respect to the operations of the Partnership. Such books shall be
maintained at the office of the Partnership, or at such other place as the
General Partner shall determine, and all Partners, and their duly authorized
representatives, shall upon reasonable notice and during regular business hours
have access to such books as well as any information required to be made
available to the Partners under the Partnership Act.

                                      -13-
<PAGE>   14
     5.02 ACCOUNTING BASIS AND FISCAL YEAR. The Partnership's books shall be
kept on the accrual method of accounting, or on such other method of accounting
as the General Partner may from time to time determine, and shall be closed and
balanced at the end of each Partnership year. The same method of accounting
shall be used for both Partnership accounting and tax purposes. The fiscal year
of the Partnership shall be the calendar year, or such other fiscal year as the
General Partner may from time to time determine or as may be required under
applicable tax laws.

     5.03 REPORTS. Each fiscal year, the General Partner shall cause to be
prepared and sent to the Partners a financial report of the Partnership,
including (x) a balance sheet and a profit and loss statement, and, if such
profit and loss statement is not prepared on a cash basis, a statement of
changes in financial position, and (y) such additional information as the
General Partner may determine. Such report shall be delivered to the Partners
within 90 days following the end of each fiscal year of the Partnership. The
financial information described in clause (x) of the preceding sentence may, but
shall not be required to be, audited by an independent certified public account,
but if any of such information is audited, any such audit shall be conducted at
Partnership expense.

After the end of each fiscal year, the Partnership shall furnish all Partners
with such information as may be needed to enable the Partners to file their
federal income tax returns and any required state income tax returns. Such tax
information shall be delivered to the Partners within 90 days following the end
of each fiscal year of the Partnership.

The cost of all such reporting, if any, shall be paid by the Partnership as a
Partnership expense. Any Partner may, at any time, at its own expense, cause an
audit of the Partnership books to be made by a certified public accountant of
its own selection. All expenses incurred by such accountant shall be borne by
such Partner.

     5.04 BANK ACCOUNTS. The General Partner shall be responsible for causing
one or more accounts to be maintained in a bank (or banks) selected by the
General Partner, which accounts shall be used for the payment of the
expenditures incurred by the General Partner in connection with the business of
the Partnership (and for payment of expenditures by the Partnership on behalf
of, or in its capacity as the general partner of the Funds), and in which shall
be deposited any and all cash receipts. All deposits and funds not needed for
the operations of the Partnership may be invested in short-term investments,
including securities issued or fully guaranteed by United States government
agencies, certificates of deposit of banks, money market funds, interest-bearing
time deposits in banks and thrift institutions and such other similar
investments as the General Partner may determine. All such amounts shall be and
remain the property of the Partnership, and shall be received, held and
disbursed by the General Partner for the purposes specified in this Agreement.
There shall not be deposited in any of said accounts any funds other than funds
belonging to the Partnership, and no other funds shall in any way be commingled
with such funds.

                                   ARTICLE VI

                       TRANSFERS OF INTERESTS OF PARTNERS

                                      -14-
<PAGE>   15

         6.01     SUBSTITUTION AND ASSIGNMENT OF LIMITED PARTNERS' INTEREST.

                  (a) No Limited Partner may sell, transfer, assign, pledge, or
otherwise dispose of all or any part of its interest in the Partnership (whether
voluntarily, involuntarily or by operation of law) unless the General Partner
shall have previously consented to such assignment in writing, the granting or
denying of which consent shall be in the General Partner's absolute discretion.

No assignment of the interest of a Limited Partner shall be made if, in the
opinion of counsel to the Partnership, such assignment (i) may not be effected
without registration under the Securities Act of 1933, as amended (the
"Securities Act"), (ii) would result in the violation of any applicable state
securities laws, (iii) unless consented to by the General Partner, would result
in a termination of the Partnership under Section 708 of the Code or (iv) unless
consented to by the General Partner, would result in the treatment of the
Partnership as an association taxable as a corporation or as a "publicly-traded
limited partnership" for U. S. federal tax purposes. The Partnership shall not
be required to recognize any such assignment until the instrument conveying such
interest has been delivered to the General Partner for recordation on the books
of the Partnership. Unless an assignee becomes a substituted Limited Partner in
accordance with the provisions of Section 6.01(b), it shall not be entitled to
any of the rights granted to a Limited Partner hereunder, other than the right
to receive all or part of the share of the net profits, net losses, cash
distributions or returns of capital to which his assignor would otherwise be
entitled.

                  (b)      An assignee of the interest of a Limited Partner, or
any portion thereof, shall become a substituted Limited Partner entitled to all
the rights of a Limited Partner if, and only if:

                           (i) the assignor gives the assignee such right;

                           (ii) the General Partner consents to such
         substitution, the granting or denying of which consent shall be in the
         General Partner's absolute discretion;

                           (iii) the assignee pays to the Partnership all costs
         and expenses incurred in connection with such substitution, including
         specifically, without limitation, costs incurred in the review and
         processing of the assignment and in amending the Partnership's then
         current Certificate and/or Agreement of Limited Partnership, if
         required; and

                           (iv) the assignee executes and delivers such
         instruments, in form and substance satisfactory to the General Partner,
         as the General Partner may deem necessary or desirable to effect such
         substitution and to confirm the agreement of the assignee to be bound
         by all of the terms and provisions of this Agreement.

                  (c)      The Partnership and the General Partner shall be
entitled to treat the record owner of any Partnership interest as the absolute
owner thereof in all respects, and shall incur no liability for distributions of
cash or other property made in good faith to such owner until such time as a
written assignment of such interest has been received and accepted by the
General Partner and recorded on the books of the Partnership. The General
Partner may refuse to accept an assignment until the end of the next successive
quarterly accounting period. In no event shall

                                      -15-
<PAGE>   16

any partnership interest, or any portion thereof, be sold, transferred or
assigned to a minor or incompetent, and any such attempted sale, transfer or
assignment shall be void and ineffectual and shall not bind the Partnership or
any General Partner.

         6.02     WITHDRAWAL OF GENERAL PARTNER. The General Partner may (i)
voluntarily withdraw or retire from the Partnership or (ii) voluntarily assign,
transfer or pledge all or any portion of its interest in the Partnership, in
each case without the prior written consent or approval of any other Partner.

         6.03     ADDITIONAL OR SUBSTITUTED GENERAL PARTNERS. Additional or
substituted General Partners may be admitted to the Partnership as substituted
or additional general partners at any time with the written approval of all
persons then serving as General Partners, and without the consent or approval of
any other Partner. Each person who is or hereafter may be admitted to the
Partnership as a Limited Partner, by its execution of this Agreement or an
amendment hereto hereby consents to any such admission and substitution.

         6.04     MODIFICATION OF PERCENTAGE INTERESTS OF LIMITED PARTNERS.

                  (a)      If an Event of Forfeiture (as hereinafter defined)
occurs with respect to any Limited Partner prior to the date on which 100% of
such Limited Partner's interest in the Partnership is vested (as determined in
accordance with this Section 6.04 and SCHEDULE B hereto), such Limited Partner's
Percentage Interest in the Partnership shall be reduced to a percentage
determined in the manner specified on SCHEDULE B hereto and a proportionate
portion of its Capital Account balance shall be eliminated. A Limited Partner's
"Vested Percentage Interest" as of any particular date shall mean the percentage
to which such Limited Partner's Percentage Interest in the Partnership would be
reduced pursuant to the preceding sentence if an Event of Forfeiture were to
occur as of such date.

If and to the extent that the Percentage Interest and Capital Account balance of
any Limited Partner is forfeited as a result of the operation of this Section
6.04(a), the Percentage Interests and Capital Account balances of the other
Partners, exclusive of the Percentage Interests and Capital Account balances of
Limited Partners for whom an Event of Forfeiture has occurred, shall be adjusted
as follows:

                           (i) 100% of the amount of the forfeited Percentage
         Interest (and the associated Capital Account balance) shall be
         allocated to the General Partner until such time as its aggregate
         Percentage Interest in the Partnership is increased to 59.5%; and

                           (ii) The balance, if any, of the forfeited Percentage
         Interest (and the associated Capital Account balance) shall be
         allocated among all other Limited Partners (other than Limited Partners
         for whom an Event of Forfeiture has occurred). The aggregate increases
         in Percentage Interests and Capital Account balances of such other
         Limited Partners shall be allocated among such Limited Partners pro
         rata based on their respective Percentage Interests as in effect
         immediately prior to the occurrence of the Event of Forfeiture which
         resulted in the adjustment contemplated by this paragraph.

                  (b)      For purposes of this Agreement, an "Event of
Forfeiture" with respect to a Limited Partner shall mean and shall be deemed to
have occurred in the event that:

                                      -16-
<PAGE>   17

                           (1) Such Limited Partner dies;

                           (2) Such Limited Partner becomes disabled (as
         hereinafter defined), or a conservator or guardian is appointed for the
         benefit of such Limited Partner or his property;

                           (3) Such Limited Partner voluntarily ceases to render
         services to the Partnership or the Funds (whether as a consultant, an
         employee or a management board member of Pioneering Management (Jersey)
         Limited (the "Management Company") or to Pioneer Investments Poland Sp.
         z o. o. or to any other affiliate of The Pioneer Group, Inc. which
         provides services (directly or indirectly) to the Funds);

                           (4) Such Limited Partner is required by the General
         Partner to cease to provide services to the Partnership (with or
         without cause).

For purposes of clause (2) above, a Limited Partner shall be deemed to be
disabled if he is unable, as a result of mental or physical incapacity, to
render services to the Partnership on a regular ongoing basis for a period of 90
days.

Determinations as to whether an Event of Forfeiture has occurred with respect to
any Limited Partner (including any determination under clause (4) above
regarding cessation of services) shall be made by the General Partner, in its
sole and absolute discretion.

                                   ARTICLE VII

                           DISSOLUTION AND TERMINATION

         7.01     EVENTS OF DISSOLUTION.

                  (a)      The Partnership shall be dissolved:

                           (i) upon the occurrence of any event of withdrawal
         (as defined in the Partnership Act) of any person then serving as a
         General Partner of the Partnership, subject to the right to continue
         the Partnership described below;

                           (ii) upon the sale or other disposition of all of the
         Partnership's assets;

                           (iii) upon the dissolution and termination of both of
         the Funds unless either or both Funds are continued following any
         dissolution in accordance with the Fund Agreements;

                           (iv) upon the occurrence of any other event which
         causes the dissolution of the Partnership under the Partnership Act,
         subject to any right to continue the Partnership provided in the
         Partnership Act; or

                           (v) in any event, at 12:00 midnight on December 31,
         2020.

                  (b)      (i) Notwithstanding the occurrence of an event
specified in Section 7.01(a)(i), the Partnership shall not be dissolved and its
business and affairs shall not be discontinued, and the Partnership shall remain
in existence as a limited partnership under the laws of State of Delaware,
U.S.A., if the remaining General Partners, if any, or if none, the

                                      -17-
<PAGE>   18

Limited Partners, unanimously elect within 90 days after such occurrence to
continue the Partnership hereunder. If such election to continue the Partnership
and its business is made by such persons, (i) such persons shall also choose a
new General Partner or Partners and (ii) the interest of the General Partner
shall be converted into a nonforfeitable special limited partnership interest in
the Partnership with the same economic rights as are attributable to the former
General Partner's interest.

                  (c)      Dissolution of the Partnership shall be effective on
the day on which the event occurs giving rise to the dissolution, but the
Partnership shall not terminate until the Partnership's Certificate of Limited
Partnership shall have been cancelled and the assets of the Partnership shall
have been distributed as provided herein. Notwithstanding the dissolution of the
Partnership, prior to the termination of the Partnership, as aforesaid, the
business of the Partnership and the affairs of the Partners, as such, shall
continue to be governed by this Agreement. The General Partner (or, if there is
no remaining General Partner, a liquidator appointed by Limited Partners owning
a majority of the total Percentage Interests owned by all Limited Partners (a
"majority in interest of the Limited Partners"), the General Partner or such
liquidator being hereinafter referred to as the "Liquidator"), shall liquidate
the assets of the Partnership, apply and distribute the proceeds thereof as
contemplated by this Agreement and cause the cancellation of the Partnership's
Certificate of Limited Partnership.

         7.02     DISTRIBUTIONS UPON LIQUIDATION.

                  (a)      After payment of liabilities owing to creditors, the
Liquidator shall set up such reserves as it deems reasonably necessary for any
contingent or unforeseen liabilities or obligations of the Partnership. Said
reserves may be paid over by the Liquidator to a bank, to be held in escrow for
the purpose of paying any such contingent or unforeseen liabilities or
obligations and, at the expiration of such period as the Liquidator may deem
advisable, such reserves shall be distributed to the Partners or their assigns
in the manner set forth in subsection (b) below.

                  (b)      After paying such liabilities and providing for such
reserves, the Liquidator shall cause the remaining net assets of the Partnership
to be distributed to all Partners with positive Capital Account balances (after
such balances have been adjusted to reflect the allocation of Net Profits or Net
Losses pursuant to Section 2.03 and Section 2.04 for the period ending on the
date of the liquidation), in proportion to and to the extent of such positive
balances. In the event that any part of such net assets consists of notes or
accounts receivable or other non-cash assets, the Liquidator shall take whatever
steps it deems appropriate to convert such assets into cash or into any other
form which would facilitate the distribution thereof. If any assets of the
Partnership are to be distributed in kind, the value of such assets shall be
determined in the manner provided in Section 3.04.

                                  ARTICLE VIII

                                  MISCELLANEOUS

         8.01     NOTICES. Any and all notices, requests, elections, consents or
demands permitted or required to be made under this Agreement shall be in
writing, signed by the person giving such

                                      -18-
<PAGE>   19

notice, request, election, consent or demand and shall be delivered personally,
or sent by telecopy, registered or certified mail, or by overnight mail, Federal
Express or other similar commercial overnight courier, to the Partnership, at
its principal place of business as specified in Section 1.04 hereof, and to any
Partner at its address set forth on SCHEDULE A hereto, or at such other address
as may be supplied by written notice given in conformity with the terms of this
Section 8.01. The business day following the date of the telecopy receipt
confirmation, the date of personal delivery, or the business day following the
date of mailing or delivery to an overnight courier, as the case may be, shall
be the date of such notice.

         8.02     SUCCESSORS AND ASSIGNS. Subject to the restrictions on
transfer set forth herein, this Agreement, and each and every provision hereof,
shall be binding upon and shall inure to the benefit of the Partners, their
respective successors, successors-in-title, heirs and assigns, and each and
every successor-in-interest to any Partner, whether such successor acquires such
interest by way of gift, purchase, foreclosure, or by any other method, shall
hold such interest subject to all of the terms and provisions of this Agreement.

         8.03     AMENDMENTS. Amendments may be made to this Agreement:

                  (a)      By a writing duly executed by the General Partner and
by Limited Partners owning a majority of the Percentage Interests owned by all
Limited Partners; provided that, any such amendment: (1) shall not in any manner
allow the Limited Partners to take part in the control of the Partnership's
business or otherwise modify their limited liability, (2) shall not increase the
liability or obligations of any Partner without the specific consent of such
Partner, (3) shall not reduce the Percentage Interest of any Partner without the
specific consent of such Partner, except for reductions effectuated in
accordance with the provisions of Section 2.01(d) and/or 6.04, and (4) shall not
alter the limitations set forth in clauses (1), (2) or (3) or this clause (4).

                  (b)      By the General Partner, without the consent or
approval of any other Partner, to amend this Agreement to reflect transfers of
interests made pursuant to and in accordance with Article IV, to reflect
admission of additional Limited and/or General Partners pursuant to Sections
2.01(d) and/or 6.03, to reflect withdrawal of or transfers of the interests of
the General Partner pursuant to Section 6.02, and to reflect modifications of
the Percentage Interests of the Partners pursuant to and in accordance with
Section 2.01(d) and/or 6.04.

                  (c)      By the General Partner, without the consent or
approval of the Limited Partners, (1) to add to its duties or obligations or
surrender any right or power granted to it herein; (2) to cure any ambiguity, to
correct or supplement any provision herein which may be inconsistent with any
other provision herein or to make any other provisions with respect to matters
or questions arising under this Agreement which will not be inconsistent with
the provisions of this Agreement; and (3) to delete or add any provision of this
Agreement required to be so deleted or added by any Federal agency or by a state
"Blue Sky" commissioner or similar such official, which addition or deletion is
deemed by such agency or official to be for the benefit or protection of the
Limited Partners.

                  (d)      By the General Partner, without the consent or
approval of any other Partner, to amend appropriate provisions of this Agreement
if the Partnership is advised at any

                                      -19-
<PAGE>   20

time by its legal counsel that the allocations of profits and losses provided
for in Sections 2.03 and 2.04 hereof are unlikely to be respected for federal
income tax purposes, either because of the promulgation and adoption of Treasury
Regulations under Code Section 704 or other developments in applicable law. In
making any such amendment, the General Partner shall use its best efforts to
effect as little change in the economic and tax arrangements among the Partners
as it shall determine in its sole discretion to be necessary to provide for
allocations of profits and losses to the Partners which he believes will be
respected for federal income tax purposes. Any amendments made by the General
Partner pursuant to this subsection 8.03(d) shall be deemed to be made pursuant
to the fiduciary obligation of the General Partner to the Partnership, the
General Partner and the Limited Partners, and no such amendment shall give rise
to any claim or cause of action by any General Partner or any Limited Partner.

         (e) By a writing duly executed by such other number or percentage of
General and/or Limited Partners as may be specifically provided for in this
Agreement.

         8.04 PARTITION. The Partners hereby agree that no Partner nor any
successor-in-interest to any Partner, shall have the right while this Agreement
remains in effect to have the property of the Partnership partitioned, or to
file a complaint or institute any proceeding at law or in equity to have the
property of the Partnership partitioned, and each Partner, on behalf of himself,
his successors, representatives, heirs and assigns, hereby waives any such
right. It is the intention of the Partners that during the term of this
Agreement, the rights of the Partners and their successors-in-interest, as among
themselves, shall be governed by the terms of this Agreement, and that the right
of any Partner or successor-in-interest to assign, transfer, sell or otherwise
dispose of his interest in the Partnership shall be subject to the limitations
and restrictions of this Agreement.

         8.05 NO WAIVER. The failure of any Partner to insist upon strict
performance of a covenant hereunder or of any obligation hereunder, irrespective
of the length of time for which such failure continues, shall not be a waiver of
such Partner's right to demand strict compliance in the future. No consent or
waiver, express or implied, to or of any breach or default in the performance of
any obligation hereunder, shall constitute a consent or waiver to or of any
other breach or default in the performance of the same or any other obligation
hereunder.

         8.06 ENTIRE AGREEMENT. This Agreement constitutes the full and complete
agreement of the parties hereto with respect to the subject matter hereof.

         8.07 CAPTIONS. Titles or captions of Articles or sections contained in
this Agreement are inserted only as a matter of convenience and for reference,
and in no way define, limit, extend or describe the scope of this Agreement or
the intent of any provision hereof.

         8.08 COUNTERPARTS. This Agreement may be executed in a number of
counterparts, all of which together shall for all purposes constitute one
Agreement, binding on all the Partners notwithstanding that all Partners have
not signed the same counterpart.

         8.09 APPLICABLE LAW. This Agreement and the rights and obligations of
the parties hereunder shall be governed by and interpreted, construed and
enforced in accordance with the internal laws of the State of Delaware, U.S.A.
(without regard to choice of law principles).

                                      -20-
<PAGE>   21

8.10 GENDER, ETC. In the case of all terms used in this Agreement, the singular
shall include the plural and the masculine gender shall include the feminine and
neuter, and vice versa, as the context requires.

         8.11 THIRD PARTY BENEFICIARIES; CREDITORS. None of the provisions of
this Agreement shall be for the benefit of or enforceable by any creditor of any
Partner or of the Partnership other than a Partner who is such a creditor of the
Partnership.

      8.12 POWER OF ATTORNEY. Each Limited Partner, including any additional or
substituted Limited Partner, by the execution of this Agreement or any
counterpart thereof, does hereby irrevocably constitute and appoint the General
Partner, and any person or entity which becomes an additional or substituted
General Partner of the Partnership, and any of the foregoing acting alone, in
each case with full power of substitution, his true and lawful agent and
attorney-in-fact, with full power and authority in his name, place and stead, to
make, execute, acknowledge, swear to, deliver, file and record such documents
and instruments as may be necessary or appropriate to carry out the provisions
of this Agreement, including, but not limited to, (i) such amendments to this
Agreement and/or the Partnership's Certificate of Limited Partnership, as
amended from time to time, as are necessary to effectuate the provisions of
Sections 2.01(d) and 6.04 of this Agreement or to admit to the Partnership a
substituted or additional Partner pursuant to Article VI hereof, (ii) all
fictitious or assumed name certificates required or permitted to be filed on
behalf of the Partnership and (iii) all other instruments which may be required
or permitted by law to be filed on behalf of the Partnership. The foregoing
power of attorney is coupled with an interest and shall be irrevocable and
survive the death or incapacity of any Limited Partner.

      8.13 FIRM NAME AND GOODWILL. The Partnership name and goodwill shall, as
among the Partners, shall belong to the General Partner or any successor
thereof, and no other Partner shall have any right or claim individually to the
use thereof.

      8.14 PROPRIETARY INFORMATION. This Agreement and all financial statements,
tax reports, portfolio valuations and reviews or analyses of potential or actual
investments and all other documents and information concerning the affairs of
the Partnership and the Funds and their investments, including information about
the entities in which such investments are made by the Funds (collectively, the
"Information"), that any Partner may receive pursuant to or in accordance with
this Agreement, or otherwise as a result of its ownership of an interest in the
Partnership, are confidential and the property of the Partnership and/or the
Funds. No Partner shall reproduce any of the Information or portion thereof or
make the contents thereof available to any third party other than such Partner's
legal, accounting or investment advisers and representatives (collectively,
"Advisers") without the prior written consent of the General Partner, except (i)
to the extent compelled to do so in accordance with applicable law, (ii) such
Information may be used in order to perform such Partner's duties as an employee
of or other provider of services to the Funds or the Partnership, or (iii) with
respect to Information which otherwise becomes publicly available other than
through breach of this provision by a Partner. Each Partner agrees that he or
she will cause his or her Advisers to abide by the aforesaid provisions of this
Section 8.14.

         8.15 DEFINITIONS. The definitions of the terms used in this Agreement
are set forth in the Sections of this Agreement listed below:

                                      -21-
<PAGE>   22

         Capital Account                             2.02(a)
         Code                                        2.02(a)
         disabled                                    6.04(b)
         Distributable Cash                          3.01(a)
         Distributable Securities                    3.01(b)
         Event of Forfeiture                         6.04
         Fund(s)                                     1.03
         Fund Agreement(s)                           1.03
         General Partner                             Recital
         Information                                 8.14
         Limited Partner(s)                          Recital
         Liquidator                                  7.01
         majority in interest of the
              Limited Partners                       7.01(c)
         Management Company                          6.04(b)
         Net Losses                                  2.02(b)
         Net Profits                                 2.02(b)
         Partner(s)                                  Recital
         Partnership                                 Recital
         Partnership Act                             1.01
         Partnership Capital                         2.02(c)
         Percentage Interest                         2.02(d)
         Portfolio Company                           4.03
         Securities Act                              6.01
         UK Fund                                     1.03
         UK Fund Agreement                           1.03
         US Fund                                     1.03
         US Fund Agreement                           1.03
         Vested Percentage Interest                  6.04
         Vesting Termination Date                    SCHEDULE B

                                      -22-
<PAGE>   23

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                    GENERAL PARTNER:

                                    PIONEER POLAND U.S. (JERSEY) LIMITED
                                    By /s/  Peter A.N. Bailey
                                       ---------------------------
                                    Name   Peter A.N. Bailey
                                    Title  Director

                                    LIMITED PARTNERS:

                                      /s/  Krzysztof Chudek
                                    -----------------------------
                                    Krzysztof Chudek

                                     /s/ Blazej Dymaczewski
                                    -----------------------------
                                    Blazej Dymaczewski

                                     /s/  Richard Engel
                                    -----------------------------
                                    Richard Engel

                                     /s/ Andrzej Gluchowski
                                    -----------------------------
                                    Andrzej Gluchowski

                                     /s/  David Grassetti
                                    -----------------------------
                                    David Grassetti

                                     /s/  Helen Grela
                                    -----------------------------
                                    Helen Grela

                                     /s/ David N. Hartford
                                    -----------------------------
                                    David N. Hartford

                                     /s/ Anna Owczarczyk
                                    -----------------------------
                                    Anna Owczarczyk

                                     /s/ Przemek Szczypanski
                                    -----------------------------
                                    Przemek Szczypanski

                                     /s/  Wojciech Rychlicki
                                    -----------------------------
                                    Wojciech Rychlicki

                                      -23-
<PAGE>   24

                                     /s/ Anna Solarska
                                    -----------------------------
                                    Anna Solarska

                                      -24-
<PAGE>   25

                                   SCHEDULE A

                       PARTNERS NAMES, BUSINESS ADDRESSES,
                 CAPITAL CONTRIBUTIONS AND PERCENTAGE INTERESTS

GENERAL PARTNER

                                         PERCENTAGE              CAPITAL
NAME AND BUSINESS ADDRESS                 INTEREST            CONTRIBUTION

Pioneer Poland U.S. (Jersey)              59.50%                $595.00
  Limited
La Motte Chambers
St. Helier
Jersey, Channel Islands  JE1 1BJ

with a copy to:
The Pioneer Group, Inc.
60 State Street
Boston, MA  02109

LIMITED PARTNERS

                                         PERCENTAGE             CAPITAL
NAME AND BUSINESS ADDRESS                 INTEREST            CONTRIBUTION

Krzysztof Chudek                           1.50%                $15.00
ul. Suwalska 26A/21
03-252 Warszawa, Poland

Blazej Dymaczewski                         2.00%                $20.00
Osiedle Natolin Bis
Natolin 1A, dom nr 3
05-825 Grodzisk Mazowiecki, Poland

Richard Engel                              8.00%                $80.00
ul. Janczarow 26
02-960 Warszawa, Poland
and
40094 136th Street
Groton, South Dakota  57445-6022

Andrzej Gluchowski                         3.00%                $30.00
ul. Rynkowa 10
05-816 Michalowice, Poland

                                      -25-
<PAGE>   26

and
1275 N. Chrisden Street
#F-210
Anaheim Hills, CA  92807

David Grassetti                            3.00%                $30.00
ul. Niegolewskiego 10
01-570 Warszawa, Poland
and
2205 Boston Road, #L-116
Wilbraham, MA  01095

Helen Grela                                2.00%                $20.00
ul. Fabryczna 16/22 m. 91
03-352 Warszawa, Poland
and
49 College Cross
London N1 1PT, England

David N. Hartford                         15.00%               $150.00
3113 Grimes Ranch Road
Austin, TX  78732

Anna Owczarczyk                            1.00%                $10.00
ul. Gandhiego 27/39
02-645 Warszawa, Poland

Przemek Szczepanski                        1.00%                $10.00
ul. Okrzei 16/35
76-300 Zyrardow, Poland

Wojciech Rychlicki                         2.00%                $20.00
ul. Opaczewska 67 m.7
02-201 Warszawa, Poland

Anna Solarska                              2.00%                $20.00
Al. Solidarnosci 71 m.57
00-090 Warszawa, Poland

                                      -26-
<PAGE>   27

                                   SCHEDULE B

                      VESTING FORMULA FOR LIMITED PARTNERS

1. REDUCTION OF PERCENTAGE INTEREST. If an Event of Forfeiture with respect to a
Limited Partner occurs, such Limited Partner's Percentage Interest shall be
reduced to such Limited Partner's Vested Percentage Interest, determined as
hereinafter provided and a proportionate portion of such Limited Partner's
Capital Account balance shall similarly be eliminated.

2. VESTED PERCENTAGE INTEREST.

                  (a) DAVID N. HARTFORD. The Vested Percentage Interest of David
         N. Hartford ("Hartford") shall be determined as follows. Hartford's
         Vested Percentage Interest shall equal 90% of his Percentage Interest
         immediately prior to the occurrence of the Event of Forfeiture if the
         Event of Forfeiture occurs on or before February 28, 2000, and 100% of
         his Percentage Interest immediately prior to the occurrence of the
         Event of Forfeiture if the Event of Forfeiture occurs after February
         28, 2000.

                  (b) KRZYSZTOF CHUDEK, ANNA OWCZARCZYK, WOJCIECH RYCHLICKI AND
         PRZEMEK SZCZEPANSKI. The Vested Percentage Interest of each of
         Krzysztof Chudek, Anna Owczarczyk, Wojciech Rychlicki and Przemek
         Szczepanski (the "Employees") shall be determined as follows. Each
         Employee's Vested Percentage Interest shall equal (x) 100% of such
         Employee's Percentage Interest (immediately prior to the occurrence of
         the Event of Forfeiture) multiplied by (y) a fraction (which shall
         never be greater than one) (A) the numerator of which shall equal the
         number of whole calendar years which shall have elapsed from January 1,
         1999 through the Vesting Termination Date (as defined below), and (B)
         the denominator of which shall be five.

                  (c) BLAZEJ DYMACZEWSKI AND ANNA SOLARSKA. The Vested
         Percentage Interest of each of Blazej Dymaczewski and Anna Solarska
         (the "Employees") shall be determined as follows. Each Employee's
         Vested Percentage Interest shall equal (x) 100% of such Employee's
         Percentage Interest (immediately prior to the occurrence of the Event
         of Forfeiture) multiplied by (y) a fraction (which shall never be
         greater than one) (A) the numerator of which shall equal the number of
         whole calendar years which shall have elapsed from January 1, 1997
         through the Vesting Termination Date (as defined below), and (B) the
         denominator of which shall be five.

                  (d) DAVID GRASSETTI. The Vested Percentage Interest of David
         Grassetti (the "Employee") shall be determined as follows. The
         Employee's Vested Percentage Interest shall equal (x) 100% of the
         Employee's Percentage Interest (immediately prior to the occurrence of
         the Event of Forfeiture) multiplied by (y) a fraction (which shall
         never be greater than one) (A) the numerator of which shall equal the
         number of whole 12-calendar month periods which shall have elapsed from
         February 1, 1996 through the Vesting Termination Date (as defined
         below), and (B) the denominator of which shall be six.

                                      -27-
<PAGE>   28

                  (e) ANDRZEJ GLUCHOWSKI. The Vested Percentage Interest of
         Andrzej Gluchowski (the "Employee") shall be determined as follows. The
         Employee's Vested Percentage Interest shall equal (x) 100% of the
         Employee's Percentage Interest (immediately prior to the occurrence of
         the Event of Forfeiture) multiplied by (y) a fraction (which shall
         never be greater than one) (A) the numerator of which shall equal the
         number of whole 12-calendar month periods which shall have elapsed from
         September 9, 1997 through the Vesting Termination Date (as defined
         below), and (B) the denominator of which shall be six.

                  (f) HELEN GRELA. The Vested Percentage Interest of Helen Grela
         (the "Employee") shall be 2% at all times.

                  (g) RICHARD ENGEL. The Vested Percentage Interest of Richard
         Engel (the "Employee") shall be as follows: if the Vesting Termination
         Date occurs on or prior to December 31, 1999, the Vested Percentage
         Interest shall be 2.0%; if the Vesting Termination Date occurs on or
         after January 1, 2000 and prior to January 1, 2001, the Vested
         Percentage Interest shall be 3.6%; if the Vesting Termination Date
         occurs on or after January 1, 2001 and prior to January 1, 2002, the
         Vested Percentage Interest shall be 5.2%; if the Vesting Termination
         Date occurs on or after January 1, 2002 and prior to January 1, 2003,
         the Vested Percentage Interest shall be 6.8%; if the Vesting
         Termination Date occurs on or after January 1, 2003 and prior to
         January 1, 2004, the Vested Percentage Interest shall be 7.4%; and if
         the Vesting Termination Date occurs on or after January 1, 2004, the
         Vested Percentage Interest shall be 8%.

                  (h) OTHER LIMITED PARTNERS. The Vested Percentage Interest of
         any other Limited Partner other than those named in paragraphs (a)
         through (g) above shall be determined by multiplying (x) the Percentage
         Interest (immediately prior to the occurrence of the Event of
         Forfeiture) of the Limited Partner for whom the Event of Forfeiture
         occurred, by (y) a fraction (which shall never be greater than one) (A)
         the numerator of which shall equal the number of whole calendar years
         which shall have elapsed from the date such Employee is admitted to the
         Partnership through the Vesting Termination Date (as defined below),
         and (B) the denominator of which shall be five.

3. VESTING TERMINATION DATE. The Vesting Termination Date, for purposes of
determining the Vested Percentage Interest of any Limited Partner, shall mean
the following, as applicable:

         (a) With respect to the Event of Forfeiture described in clause (1) of
Section 6.04(b) [death], the Vesting Termination Date shall be the date of
death.

                                      -28-
<PAGE>   29

         (b) With respect to the Event of Forfeiture described in clause (2) of
Section 6.04(b) [disability, or appointment of guardian or conservator], the
Vesting Termination Date shall be the date on which the Event of Forfeiture
occurred (which shall, in the event of disability, be the last day of the 90-day
period based upon which the Limited Partner is determined to be disabled).

         (c) With respect to the Event of Forfeiture described in clause (3) of
Section 6.04(b) [voluntary cessation of service], the Vesting Termination Date
shall be the date on which the Limited Partner ceases to provide services.

         (d) With respect to the Event of Forfeiture described in clause (4) of
Section 6.04(b) [involuntary cessation of service by vote of the General
Partners], the Vesting Termination Date shall be the later of (x) the effective
date of such cessation of service and (y) the date on which notice of such
involuntary cessation is provided to the affected Limited Partner.

4. DETERMINATION OF VESTED PERCENTAGE INTEREST. All determinations hereunder
with respect to calculation of a Partner's Vested Percentage Interest and
adjustments to such Member's Capital Account balance upon the occurrence of such
Event of Forfeiture shall be made by the General Partner in its sole and
absolute discretion.

                                      -29-<PAGE>   1

                                                                    Exhibit 10.9

                           JOINT MANAGEMENT AGREEMENT

      THIS AGREEMENT dated this 20th day of January, 1995 among Pioneer
Poland U.S., L.P., a limited partnership organized under the laws of Delaware,
the United States, and Pioneer Poland UK Limited in its capacity as general
partner of Pioneer Poland UK, L.P., a limited partnership organized under the
laws of England (individually, a "Partnership," and collectively, the
"Partnerships") and Pioneering Management (Jersey) Limited, a corporation
organized under the laws of Jersey, Channel Islands (the "Manager").

                                   WITNESSETH

      WHEREAS, the Partnerships have been organized for the purpose of
co-investing, on a pro rata basis, in equity and equity related securities
issued by companies operating primarily in the Republic of Poland, and otherwise
in accordance with the Confidential Private Placement Memorandum of Pioneer
Poland Fund dated March 21, 1994, as it may be amended or supplemented from time
to time (as so amended or supplemented, the "Memorandum");

      WHEREAS, the parties hereto deem it mutually advantageous that the Manager
should be engaged to manage the joint activities of the Partnerships, and that
the Partnerships, as so jointly managed, shall constitute the "Pioneer Poland
Fund" (the "Fund") for purposes hereof;

      WHEREAS, the parties hereto further deem it mutually advantageous that an
oversight board (the "Oversight Board") be established having the rights set
forth herein;

      NOW, THEREFORE, in consideration of the mutual covenants and benefits set
forth herein, the Partnerships and the Manager do hereby agree as follows:

      1. Activities of the Manager. The Manager will manage the investment and
reinvestment of the assets of the Partnerships on a fully discretionary basis in
accordance with the investment objectives, policies and restrictions set forth
in the partnership agreements of the respective Partnerships. Without limiting
the foregoing, the Manager shall have the following rights and responsibilities:

            (a) Advisory Responsibilities. The Manager will regularly provide
the Partnerships with investment research, advice and supervision and will
continuously develop and recommend

<PAGE>   2

an investment program for the Partnerships consistent with the investment
objectives, policies and restrictions set forth in the partnership agreements of
the respective Partnerships, subject to any changes thereto as may be approved
pursuant to the terms hereof. The Manager will determine from time to time what
activities shall be undertaken by the Partnerships, what securities shall be
held or sold by the Partnerships and what portion of the Partnerships' assets
shall be held uninvested as cash, subject always to the investment objectives,
policies and restrictions of the Partnerships, as each of the same shall be from
time to time in effect, and as otherwise set forth herein. To carry out such
determinations, but subject to the provisions of this Agreement, the Manager
will exercise full discretion and act on behalf of the Partnerships in the same
manner and with the same force and effect as the Partnerships themselves might
or could do with respect to purchases, sales or other transactions, as well as
with respect to all other things necessary or incidental to the furtherance or
conduct of such purchases, sales or other transactions. Without limiting the
foregoing, the Manager shall be responsible for identifying potential
investments for the Partnerships, negotiating the terms of the investments,
monitoring such investments and recommending actions to be taken by the
Partnerships in their capacity as investors in portfolio companies and, if
appropriate, providing designees to serve as the representative of the
Partnerships on the boards of directors or comparable governing boards of the
portfolio companies.

            (b) Administrative Responsibilities. The Manager, acting at or from
one or more locations outside the United States ("U.S."), the United Kingdom
("U.K.") and Poland, shall:

                  (1)   prepare and mail, telecopy or otherwise communicate to
                        beneficial owners ("Owners") of interests in the
                        Partnerships (with each partnership interest of either
                        Partnership having an initial purchase price of $500,000
                        (except for interests purchased by Owners with
                        agreements to pay either a reduced or no placement fee,
                        in which cases the initial purchase price shall be
                        $485,000 plus the placement fee, if any, to be paid)
                        being hereinafter referred to as an "Interest") all
                        written or other communications relating to the
                        Partnerships, including the furnishing of financial
                        reports;

                   (2)  respond to inquiries, if any, from the general public
                        concerning the Partnerships and prepare and mail,
                        telecopy or otherwise communicate to the general public
                        (or any subgroup thereof)

                                      -2-
<PAGE>   3
       such communications as the Partnerships may request;

(3)    solicit the sale of Interests;

(4)    receive, process and accept or, in its absolute discretion, reject
       subscriptions for Interests;

(5)    maintain the principal records and books of account for the Partnerships;

(6)    cause the books of account for the Partnerships to be audited, when and
       to the extent audits are required, by auditors acting outside the U.S.;

(7)    make distributions from the Partnerships and pay expenses of the
       Partnerships, including legal fees, accounting fees, and compensation of
       Partnership personnel;

(8)    determine, on behalf of the Partnerships and in accordance with the terms
       of this Agreement, and publish in media outside the U.S. and the U.K. the
       net asset value of Interests;

(9)    provide a location and all necessary facilities for and call when
       required, meetings of the Owners and/or the Oversight Board whenever
       such meetings are held;

(10)   handle, the transfer of Interests, including reviewing whether all
       necessary approvals for any such transfer have been obtained, executing
       documents necessary to effect such transfers, and maintaining the books
       reflecting the current Interests of Owners; and

(11)   execute on behalf of the Partnerships all agreements necessary in
       furtherance of its right, powers and duties hereunder, including one or
       more custodian agreements, administration agreements, escrow agreements
       and subscription agreements.

                                      -3-
<PAGE>   4

      The Manager's actions with respect to the foregoing shall be subject to
such instructions, if any, as may be received from time to time from the
Oversight Board pursuant to the rights of the Oversight Board set forth herein.

            (c) Liquidation of the Partnerships; Listing.

                  (1)   The Manager shall manage the assets of the Partnerships
                        so as to be able to make a final liquidating
                        distribution to the Owners on or about the tenth
                        anniversary of the date hereof (the "Scheduled
                        Termination Date"). The Manager will seek to liquidate
                        the Partnerships' assets in advance of the Scheduled
                        Termination Date in an orderly fashion and to obtain the
                        best price possible for securities sold. In the event
                        that the Manager believes it would be advantageous to
                        the Owners to continue the Partnerships beyond the
                        Scheduled Termination Date, the Manager may submit such
                        matter (including a proposal as to the approximate date
                        through which the Partnerships should be continued) for
                        approval by the Oversight Board; provided, that the
                        Scheduled Termination Date may be extended only for up
                        to two periods of up to two years each. Upon receiving
                        the approval of any such extension by a majority of the
                        members of the Oversight Board (including (A) any member
                        nominated by the European Bank for Reconstruction and
                        Development (the "EBRD"), (B) any member nominated by
                        DEG - Deutsche Investitions- und
                        Entwicklungsgesellschaft mbH ("DEG") so long as DEG
                        continues to own at least the lesser of (x) 10% of the
                        aggregate number of Interests in the partnership or (y)
                        11.3 Interests ("DEG's Required Investment"), and (C)
                        any member jointly nominated by Lyndhurst Associates,
                        Carnegie Mellon University and Henry Gailliot
                        (collectively, the "Pittsburgh Group") so long as the
                        Pittsburgh Group continues to own at least 10.5
                        Interests (the "Pittsburgh Group's Required
                        Investment"), the Manager may submit, or may cause the
                        respective General Partners to submit, such matter for
                        approval by the Owners. If the Owners holding at least
                        75% of the aggregate number of the Interests in both
                        Partnerships (including (A) the EBRD so long as the EBRD
                        owns any Interest, (B) DEG so long

                                      -4-
<PAGE>   5

                        as DEG continues to own at least DEG's Required
                        Investment and (C) the Pittsburgh Representative (as
                        defined in Section 7(a) hereof and acting on behalf of
                        the Owners comprising the Pittsburgh Group) so long as
                        the Pittsburgh Group continues to own at least the
                        Pittsburgh Group's Required Investment) (voting together
                        as a single class) approve, the Manager will continue to
                        manage the Partnerships to such approximate date as the
                        Manager has proposed; otherwise, subject to the
                        following paragraph, the Manager will seek to liquidate
                        the assets of the Partnerships in accordance with the
                        investment objective described in the Memorandum.

                  (2)   In the event that the Manager is unable to liquidate all
                        of the assets of the Partnerships prior to the Scheduled
                        Termination Date (or such later date through which the
                        Partnerships are extended) for a price which the Manager
                        considers to be reasonable, or if legal complications
                        inhibit the ability of the Partnerships to withdraw
                        assets from Poland, the Manager shall continue to manage
                        the Partnerships and such of their assets as the Manager
                        is unable to so liquidate and/or distribute to the
                        Owners until all such assets are distributed and the
                        Partnerships are liquidated. Such management will be
                        provided on the same terms as in effect immediately
                        prior to the Scheduled Termination Date.

                  (3)   In the event that the Manager believes it would be
                        advantageous to Owners to distribute the Partnerships'
                        assets in kind to the Owners in connection with the
                        liquidation of the Partnerships, the Manager may submit
                        such matter for approval by the Oversight Board, and
                        upon receiving the approval thereof by a majority of the
                        members of the Oversight Board (including (A) any member
                        nominated by the EBRD, (B) any member nominated by DEG
                        so long as DEG continues to own at least DEG's Required
                        Investment and (C) the Pittsburgh Representative so long
                        as the Pittsburgh Group continues to own at least the
                        Pittsburgh Group's Required Investment), may submit, or
                        may cause the respective General Partners to

                                      -5-
<PAGE>   6

                        submit, such matter for approval by the Owners. If the
                        Owners holding at least 75% of the aggregate number of
                        Interests in both Partnerships (including (A) the EBRD
                        so long as the EBRD owns any Interest, (B) DEG so long
                        as DEG continues to own at least DEG's Required
                        Investment and (C) the Pittsburgh Representative so long
                        as the Pittsburgh Group continues to own at least the
                        Pittsburgh Group's Required Investment) (voting together
                        as a single class) approve, the Partnerships will be
                        liquidated and the Manager will cause the assets of the
                        Partnerships to be distributed in kind to the Owners.

                  (4)   If the Manager believes it would be in the best
                        interests of the Owners to liquidate the Partnerships
                        prior to the Scheduled Termination Date, then the
                        Manager, upon receiving the approval of a majority of
                        the members of the Oversight Board, including a majority
                        of the members of the Oversight Board (including (A) any
                        member nominated by the EBRD, (B) any member nominated
                        by DEG so long as DEG continues to own at least DEG's
                        Required Investment and (C) the Pittsburgh
                        Representative so long as the Pittsburgh Group continues
                        to own at least the Pittsburgh Group's Required
                        Investment) who are affiliated with neither the Manager
                        nor Bear, Stearns & Co. Inc. (the "Placement Agent")
                        (the "Independent Board Members"), may liquidate and
                        distribute the assets of the Partnerships prior to such
                        date.

                  (5)   Following the second anniversary of the date hereof, the
                        Oversight Board shall consider whether Interests should
                        be registered under applicable securities laws (unless
                        an exemption from registration which would have the
                        effect of enabling the Interests to be freely tradeable
                        is then available) and listed for unrestricted trading
                        on a securities exchange. Among the factors to be
                        considered by the Oversight Board at such time will be
                        the availability of an appropriate structure which
                        preserves the tax benefits afforded by the Partnerships'
                        present structure. If such a structure is approved by a
                        majority of the members of the Oversight Board, the
                        Oversight

                                      -6-
<PAGE>   7

                        Board may submit such matter for approval by the Owners.
                        If the Owners holding at least 66 2/3% of the aggregate
                        number of Interests in both Partnerships (including (A)
                        the EBRD so long as the EBRD owns any Interest, (B) DEG
                        so long as DEG continues to own at least DEG's Required
                        Investment and (C) the Pittsburgh Representative so long
                        as the Pittsburgh Group continues to own at least the
                        Pittsburgh Group's Required Investment) (voting together
                        as a single class) approve, the Manager shall use its
                        best efforts to restructure the Partnerships as
                        necessary to accomplish such registration (if
                        appropriate) and listing; provided, however, that it
                        shall be a condition of such restructuring that the
                        Partnerships or successor entity or entities organized
                        to carry on the business of the Partnerships shall enter
                        into an agreement with the Manager providing as nearly
                        as possible for rights and responsibilities of the
                        Partnerships or such successor entity or entities, on
                        the one hand, and the Manager, on the other hand, as are
                        applicable to the Partnerships and the Manager,
                        respectively, hereunder.

                  (6)   In the event the Manager believes it is necessary to
                        partially or wholly liquidate the assets of a
                        Partnership to meet liabilities of that Partnership (and
                        if the other Partnership does not have similar
                        liabilities), the Manager, with the consent of the
                        Owners holding at least 66 2/3% of the aggregate number
                        of Interests in the Partnership not subject to such
                        liabilities (including the consent of (i) the EBRD, if
                        it is an Owner in such other Partnership, (ii) DEG, if
                        it is an Owner in such other Partnership and continues
                        to own at least DEG's Required Investment and (iii) the
                        Pittsburgh Representative (acting on behalf of each of
                        the Owners comprising the Pittsburgh Group) if each
                        Owner comprising the Pittsburgh Group is an Owner in
                        such other Partnership and the Pittsburgh Group
                        continues to own at least the Pittsburgh Group's
                        Required Investment) need not take similar actions on
                        behalf of such other Partnership, notwithstanding the
                        provisions of Section 8(ii) below.

                                      -7-
<PAGE>   8

      2. Expenses of the Partnerships.

            (a) Except as is provided in paragraphs (b) and (c) below, the
Manager shall be responsible for all expenses of the partnerships, including
salaries of all investment and administrative personnel, all travel,
communication and office expenses and all fees and expenses incurred in
investigating investment opportunities, evaluating potential investments for the
Partnerships and monitoring the Partnerships' investments, including the fees
and expenses of the Advisor (as defined in Section 3) and any other investment
advisers and investment managers appointed by the Manager.

            (b) The Partnerships shall pay the following expenses (whether
incurred directly by the Partnerships or incurred by the Manager):

                  (i)   charges and expenses of any administrator appointed by
                        the Manager;

                  (ii)  charges and expenses of the auditors, including all
                        professional and accounting fees relating to the
                        ascertainment, payment and claims of tax charges or
                        relief on behalf of the Partnerships;

                  (iii) charges and expenses of any and all custodians of the
                        cash, securities and other property of the Partnerships;

                  (iv)  broker's commissions due and transfer taxes and other
                        expenses chargeable to the Partnerships in connection
                        with securities transactions to which either of the
                        Partnerships is a party (provided that Extraordinary
                        Transaction Related Expenses shall be paid as described
                        in paragraph (c) below);

                  (v)   all taxes and corporate fees payable by the
                        Partnerships, including to the State of Delaware or
                        Jersey, Channel Islands and to municipal, provincial or
                        other governmental agencies in Jersey, or elsewhere;

                  (vi)  fees and expenses involved in registering the
                        Partnerships or the Interests with governmental agencies
                        or stock exchanges to permit or facilitate the sale of
                        any of such Interests in particular jurisdictions
                        including the preparation, printing and filing of

                                      -8-
<PAGE>   9

                        prospectuses or similar material for use in such
                        jurisdictions and also the fees and expenses of
                        maintaining all such registrations;

                  (vii) all costs and expenses in connection with printing and
                        distributing certificates evidencing the Interests, if
                        any;

                  (viii)all expenses of meetings of Owners and the Oversight
                        Board and all expenses of and incidental to producing,
                        printing and posting or otherwise despatching the annual
                        accounts of the Partnerships and any report of the
                        Oversight Board, Manager and/or auditors therewith and
                        notices to Owners;

                  (ix)  all out-of-pocket expenses incurred by the Manager in
                        connection with the performance of services hereunder
                        including without limiting the generality of the
                        foregoing, postage, telex, fax, telephone calls and the
                        cost of all documentation required by applicable laws or
                        regulations for the time being in force and the By-laws;

                  (x)   charges and expenses of legal counsel in connection with
                        the Partnerships' existence, partnership and financial
                        structure and relation with the Owners in connection
                        with the expenses listed above which either of the
                        Partnerships has herein assumed and in connection with
                        other legal services rendered to the Partnerships at the
                        request of the Partnerships; and

                  (xi)  all charges and expenses incurred before and after the
                        formation of the partnerships in connection with the
                        formation, operation, existence and organization of the
                        Partnerships (including placement fees) and the listing
                        at any time of any Interests on a securities exchange,
                        up to a maximum of $600,000 for activities occurring at
                        or prior to the date hereof (other than the fees of
                        listing Interests on a securities exchange and placement
                        fees); provided, however, that the foregoing $600,000
                        shall be reduced pro rata to the extent that such
                        aggregate number of Interests sold prior to the first
                        anniversary of the date hereof is less than 100.

                                      -9-
<PAGE>   10

            (c) In addition to the foregoing, Extraordinary Transaction Related
Expenses up to a maximum of 0.5% per annum of the Subscribed Capital (as defined
in Section 4(a) hereof) (or, after the third anniversary of the date hereof (the
"Commitment Termination Date"), of Total Drawndown Capital) shall be paid by the
Partnerships. "Extraordinary Transaction Related Expenses" shall include legal,
accounting or other advisory expenses which would usually be borne by a
portfolio company or potential portfolio company, but which are instead borne by
the Partnerships in exchange for more favorable investment terms granted to the
Partnerships by the portfolio company or potential portfolio company, as well as
necessary due diligence expenses on a portfolio company or potential portfolio
company which are incurred outside the normal course of the Partnerships'
operations.

            (d) The Manager shall prepare an annual budget for all expenses to
be borne by the Partnerships pursuant to paragraphs (b) and (c) above (including
Extraordinary Transaction Related Expenses) and such budget will be subject to
the prior approval by a majority of the Independent Board Members of the
Oversight Board. In the absence of any such approval, the Partnerships shall be
subject to the level of expenses set forth in the budget most recently approved.

      3. Subadvisor and Administrators. It is understood that the Manager shall
employ one or more subadvisors approved by the Oversight Board with respect to
its responsibilities under Section 1(a) above or administrators approved by the
Oversight Board with respect to its responsibilities under Section 1(b) above
(each a "Subadvisor" or "Administrator", as the case may be); provided, that any
such Subadvisor and Administrator shall be subject to the restrictions and
limitations, and entitled to the rights and benefits, set forth herein as are
applicable to the Manager. The Manager shall remain responsible for all acts and
omissions of any such Subadvisor or Administrator as if such acts and omissions
were its own. Pursuant to the foregoing, Pioneer Investment Poland Sp. z o. o.
(the "Advisor") (which is an affiliate of The Pioneer Group, Inc.) is authorized
to serve as the Subadvisor of the Partnerships and Abacus Asset Management is
authorized to serve as the Administrator of the U.S. Partnership and Coopers &
Lybrand, London as Administrator of the U.K. Partnership.

      4. Fees. The Partnerships shall pay the following fees to the Manager:

            (a) Basic Management Fee. In consideration for the management
services rendered by the Manager hereunder, the Partnerships shall pay to the
Manager an annual fee at the rate of

                                      -10-
<PAGE>   11

2% of the sum of (A) aggregate Subscribed Capital (as defined below) net of
placement fees and other offering and organizational expenses borne by the
Partnerships, until the Commitment Termination Date, and thereafter Total
Drawndown Capital (as defined below), net of placement fees and other offering
and organizational expenses borne by the Partnerships, plus (B) gains realized
upon the disposition of any of the Partnerships' investments in Polish Issuers
which have not been distributed to Owners, less (c) realized losses from the
disposition of the Partnerships' investments in Polish Issuers, less (D)
Subscribed Capital (or after the Commitment Termination Date, Total Drawndown
Capital) cancelled or returned; provided, that the fee for any commencing
period or terminating period shall be calculated and paid pro rata. For purposes
hereof, "Subscribed Capital" means the capital which has been contributed, or
which may in the future, pursuant to the terms of the respective partnership
agreements of the Partnerships, be required to be contributed, to the capital of
a Partnership, by Owners for their Interests, and "Total Drawndown Capital" at
any time means the aggregate amount of cash actually contributed by all Owners
to the capital of the Partnerships. Such fees shall be calculated and accrued
monthly and shall be payable in arrears on the last business day in each
calendar month. The amount of each such fee shall be reported to the
Partnerships as soon as it has been calculated and shall be accompanied by a
statement prepared by or on behalf of the Manager showing the calculation
thereof.

             (b) Incentive Management Fee. In further consideration for the
advisory services rendered by the Manager hereunder, the Partnerships shall pay
to the Manager, as an Incentive Fee, following such time as the aggregate amount
distributed to Owners by the Partnerships equals the sum of (i) Total Drawndown
Capital actually contributed by all Owners (including the general partners of
the Partnerships (the "General Partners")) to the capital of the Partnerships,
plus (ii) the Preferred Return (as defined below), an amount equal to 25% of all
additional amounts otherwise available for distribution by the Partnerships to
the Owners (including the General Partners) (i.e., for each $.75 distributed to
the Owners, $.25 shall be paid to the Manager as an Incentive Fee). The
Incentive Fee shall be paid concurrently with distributions by the Partnerships
to the Owners thereof. For purposes hereof, "Preferred Return" means an 8%
return (compounded annually) on the Total Drawndown Capital actually contributed
by all Owners to the capital of the Partnerships.

                                      -11-
<PAGE>   12

      5. Termination of Manager.

            (a) This Agreement shall continue in effect until each of the
Partnerships shall have been terminated and the business of the Partnerships
wound up, except as set forth in paragraph (b) and (c) below.

            (b) Except as hereinafter provided, the Manager shall be entitled to
resign its appointment hereunder by giving not less than six months' notice in
writing to the Oversight Board; provided, however, that the resignation of the
Manager shall not take effect unless and until a new Manager shall have been
appointed by a majority (including (A) any member nominated by the EBRD, (B) any
member nominated by DEG so long as DEG continues to own at least DEG's Required
Investment and (C) the Pittsburgh Representative so long as the Pittsburgh Group
continues to own at least the Pittsburgh Group's Required Investment) of the
members of the Oversight Board.

            (c)   (i) Subject to paragraph (ii) below, the Oversight Board
                  shall, if the Owners holding a majority of the aggregate
                  number of Interests in both Partnerships (voting together as a
                  single class) so vote pursuant to the terms of their
                  respective Partnership Agreements, terminate the appointment
                  of the Manager following 30 days' written notice to the
                  Manager in any of the following events:

                        (1)   if the Manager or the Advisor goes into
                              liquidation (except a voluntary liquidation
                              contemplated by this Agreement or for the purpose
                              of reconstruction or amalgamation upon terms
                              previously approved in writing by the Oversight
                              Board) or becomes bankrupt as defined in Article
                              13 of the Interpretation (Jersey) Law 1954 or any
                              other governing insolvency law or if a receiver is
                              appointed for any of the assets of the Manager or
                              the Advisor; or

                        (2)   if the Manager or any Affiliate of the Manager has
                              been convicted of a felony or an indictable
                              offence (but only if such conviction has had a
                              material adverse effect on the reputation of the
                              Partnerships); or

                                      -12-
<PAGE>   13

                        (3)   if the Manager shall commit any material breach of
                              its obligations under this Agreement and (if such
                              breach shall be capable of remedy) shall fail to
                              cure such breach within thirty days of receipt of
                              notice in writing served by the Oversight Board
                              requiring it to do so.

                  (ii) Notwithstanding the provisions of paragraph (i) above,
                  the Oversight Board shall not terminate the appointment of the
                  Manager without the prior written consent of (x) the EBRD at
                  any time during which the EBRD has the right to have its
                  nominee on the Oversight Board as provided in Section 7(a)
                  hereof, (y) DEG at any time during which DEG continues to own
                  at least DEG's Required Investment and (z) the Pittsburgh
                  Representative at any time which the Pittsburgh Group
                  continues to own at least the Pittsburgh Group's Required
                  Investment.

      6. Conflicts of Interest.

            (a) Subject to the restrictions set forth below, nothing in this
Agreement shall in any way limit or restrict the Manager or any of its officers,
directors or employees, or any Subadvisor or Administrator appointed pursuant
hereto, or any of their respective officers, directors or employees, from
buying, selling or trading in any securities for its or their own accounts or
other accounts. The Manager, and any Subadvisor or Administrator appointed
pursuant hereto, may act as an investment advisor or manager to any other
person, firm or corporation, and may perform management and any other services
for any other person, association, corporation, firm or other entity pursuant to
any contract or otherwise, and take any action or do any thing in connection
therewith or related thereto; and no such performance of management or other
services or taking of any such action or doing of any such thing shall be in any
manner restricted or otherwise affected by any aspect of any relationship of the
Manager to or with the Partnerships or deemed to violate or give rise to any
duty or obligation of the Manager to the Partnerships except as otherwise
imposed by law, so long as such duties do not adversely affect the performance
of the Manager's obligations hereunder. The Partnerships recognize that the
Manager, in effecting transactions for its various accounts, may not always be
able to take or liquidate investment positions in the same security at the same
time and at the same price. The Manager shall not be deemed to be affected with
notice of, or to be under any duty to disclose to the Partnerships, any fact or
thing which may come to the notice of the Manager, or any servant or agent of
the Manager (including any Subadvisor or Administrator appointed

                                      -13-
<PAGE>   14

hereto), in the course of the Manager rendering similar services to others or in
the course of its business in any other capacity or in any manner whatsoever
otherwise than in the course of carrying out its duties hereunder.

            (b) Notwithstanding the foregoing, except as set forth in Section
6(c) below or with the consent of the Oversight Board pursuant to Section 7(b)
below:

                  (i) in the event that the Manager or any of its Affiliates (as
defined in Section 9 below) identifies investments which meet the Investment
Objective and Investment Policies of the Partnerships (as defined in the
respective partnership agreements) as well as other investment accounts over
which the Manager or its Affiliates have discretion, the Manager and such
Affiliates will make such investments available to the Partnerships before
offering such investments to any such other accounts;

                  (ii) the Manager will not permit the Partnerships to acquire
any securities from, or to invest in any company whose securities are held, to
the actual knowledge of the Manager or the Advisor, by, or which has borrowed
funds from, the General Partners, the Manager, the Advisor or any Affiliate of
the General Partners, the Manager or the Advisor, including any other investment
fund managed by the General Partners, the Manager or the Advisor;

                  (iii) the Manager will not, and will cause its Affiliates to
not, participate for their own account, directly or indirectly, in any offering
by an issuer of privately placed securities in which the Partnerships also
participate unless the Partnerships have purchased the maximum number of
securities in such offering that they are permitted to purchase pursuant to the
Partnerships' investment restrictions; and

                  (iv) without the consent of Owners holding at least 75% of the
aggregate number of Interests in both Partnerships (voting together as a single
class), and in any event subject to the provisions of paragraph (i) above, the
Manager will not, and will cause its Affiliates to not, organize or commence
participation in the management of any investment fund having as its primary
investment objective the attainment of long-term capital appreciation primarily
by making direct investments in unlisted equity and equity-related securities of
Polish Issuers (as defined in the partnership agreements of the partnerships),
until (A) the aggregate purchase price (measured at the time of purchase) of
securities purchased in Polish Issuers (including loans to Polish Issuers and
amounts allocated by the Manager to support guarantees made on behalf of Polish
Issuers) equals at least 75% of (x) until the Commitment Termination Date, the

                                      -14-
<PAGE>   15

aggregate amount of Subscribed Capital; and (y) thereafter, the Total Drawndown
Capital actually contributed to the Partnerships; and (B) 100% of the aggregate
amount of the Subscribed Capital or Total Drawndown Capital, as the case may be,
which had been returned to the Partnerships following the disposition of an
investment in Polish Issuers has been reinvested or committed to investments in
Polish Issuers or distributed or otherwise paid to the Owners or their
Affiliates. For purposes hereof, "committed to investments" shall also include
funds which are designated as reasonable reserves for additional investments in
existing portfolio companies, even if they have not been contractually committed
to be invested.

            (c) Notwithstanding the foregoing, the Partnerships understand and
agree that: (i) Pioneer First Polish Trust Fund Joint Stock Company, an
Affiliate of the Manager, may purchase and sell securities of Polish Issuers in
its capacity as investment adviser to one or more open-end mutual funds
organized to invest in securities that are publicly traded (the "Open-End
Funds"); (ii) portfolio decisions and results of the Partnerships' investments
may differ from or be the same as those of the Open-End Funds; and (iii) Pioneer
First Polish Trust Fund Joint Stock Company is not obligated to make available
to the Manager or any other person any portfolio information or strategies used
or developed in managing the Open-End Funds, or to make investments on behalf of
the Partnerships.

      7.    Oversight Board.

            (a) Designation. An Oversight Board shall be constituted, comprising
the following persons: (i) three (3) representatives of the Manager (one of whom
shall be the Chairman of the Oversight Board); (ii) one (1) representative of
the Placement Agent; (iii) four representatives of the Owners, elected by the
Owners holding a majority of the aggregate number of the Interests in both
Partnerships (voting together as a single class) (including (A) one EBRD
representative for as long as the EBRD owns no less than 10% of the aggregate
number of Interests in the Partnerships, (B) one DEG representative for as long
as DEG owns at least the lesser of (x) 10% of the aggregate number of Interests
in the Partnerships or (y) 11.3 Interests, and (C) one representative (who shall
be unanimously agreed on by the Owners comprising the Pittsburgh Group) of the
Pittsburgh Group for as long as the Pittsburgh Group owns at least 10.5
Interests) and (iv) one person designated by the Manager, which person shall be
unaffiliated with both the Manager and the Owners. The member of the Oversight
Board named below as having been designated pursuant to clause (iv) above will
serve in such capacity until the first annual meeting of Owners, at which time
such person or a replacement nominated by the Manager shall be subject to
election

                                      -15-
<PAGE>   16

by the Owners holding a majority of the aggregate number of Interests in both
Partnerships (voting together as a single class). In the event the person
nominated by the Manager for election pursuant to clause (iv) above is not so
approved, the Manager shall nominate such other person(s) until a person has
been approved by the Owners holding a majority of the aggregate number of
Interests in both Partnerships (voting together as a single class). The members
of the Oversight Board nominated by the EBRD, DEG and the Pittsburgh Group shall
be members of such board only for so long as the EBRD, DEG and the Pittsburgh
Group, respectively, own at least the applicable number of Interests specified
above in this Section 7(a). The initial members of the Oversight Board are as
follows:

      Representatives of                         John F. Cogan, Jr.
          the Manager                            David D. Tripple
                                                 Alicja K. Malecka

      Representative of
          Bear, Stearns & Co. Inc.               Brian V. Murray

      Representative of EBRD                     Charles Wrangham

      Representative of DEG                      Klaus Overbeck

      Representative of
          the Pittsburgh Group                   Henry Posner

      Representative of other                    _________________________
          Owners

      Independent Representative                 _________________________

            (b) Certain Actions Requiring Consent. Without the consent of (x) a
majority of the members of the Oversight Board, and (y) in the case of clause
(i) below, a majority of the Independent Board members and (z) in the case of
clauses (ii) and (iii) below (A) the member, if any, required by the terms of
Section 7(a) hereof to be designated by the EBRD, (B) the member, if any,
required by the terms of Section 7(a) hereof to be designated by DEG and (C) the
member, if any, required by the terms of Section 7(a) hereof to be designated by
the Pittsburgh Group (in addition to any consent of Owners which may otherwise
be required), neither the Manager nor either Partnership shall:

                  (i) take any action involving, or enter into any transaction
between, or constituting a conflict of interest among, the Partnerships, on the
one hand, and the Manager or any of its affiliates, on the other hand (other
than agreements contemplated

                                      -16-
<PAGE>   17

by the Memorandum), or otherwise engage in any activity prohibited by Section
6(b) above;

                  (ii) modify the Investment Objective, Investment Policies or
the Investment Restrictions set forth in the respective partnership agreements
of the Partnerships; or

                  (iii) make any investments (other than short-term investments
in liquid securities) on behalf of the Partnerships after the fifth anniversary
of the date hereof.

            (c) Limitations on Oversight Board Members. The Oversight Board
shall not nor shall any member of the Oversight Board take part in the
management of the business or assets of the Partnerships or hold himself out to
be or be held out by the Partnerships or the Manager as taking part in the
management of the Partnerships nor shall any member of the Oversight Board have
the power or capacity to bind the Partnerships or hold himself out or be held
out by any other members of the Oversight Board or by the Partnerships or by the
Manager as having the power or capacity to bind the Partnerships, provided that
nothing in this section shall prevent those members of the Oversight Board who
are representatives of the Manager from performing in their capacities as
representatives of the Manager (but not in their capacities as members of the
Oversight Board) those functions which as representatives of the Manager they
are employed or engaged by the Manager to perform.

            (d) Indemnification. No member of the Oversight Board shall have any
liability to either Partnership or to any Owner for any loss suffered by a
Partnership which arises out of any action or inaction of such member in his or
her capacity as a member of the Oversight Board if such member determined
reasonably and in good faith that the action or inaction was in or not opposed
to the best interests of the Partnerships and the action or inaction did not
constitute Negligence or intentional misconduct of the member. Each member of
the Oversight Board shall be indemnified by the Partnerships against any losses,
judgments, liabilities, expenses and amounts paid in settlement of any claims
sustained by such member which arise out of any action or inaction of such
member in his or her capacity as a member of the Oversight Board if such member
determined reasonably and in good faith that such action or inaction was in or
not opposed to the best interests of the Partnerships and such action or
inaction did not constitute Negligence or intentional misconduct of the member.
With respect to any action, suit, proceeding or investigation for which
indemnity will or could be sought, the Partnerships, acting through the Manager,
will be entitled to participate therein at their own expense and/or to assume
the defense thereof at their own expense, with legal counsel reasonably
acceptable to the

                                      -17-
<PAGE>   18

person seeking indemnification. In the event that the partnerships do not assume
the defense of any action, suit, proceeding or investigation for which indemnity
has been sought, any expenses (including attorneys' fees) incurred by the person
seeking indemnification in defending a civil or criminal action, suit,
proceeding or investigation or any appeal therefrom shall be paid by the
Partnerships in advance of the final disposition of such matter upon receipt of
an unsecured undertaking by the person indemnified to repay such payment if it
is ultimately determined by a court of proper jurisdiction that indemnification
for such expenses is not permitted by law or authorized by this Agreement, and
if such repayment is not made within thirty days of demand, interest shall be
payable thereon from the date of demand until repayment at the three-month LIBOR
rate for such amount and currency. The Partnerships shall not indemnify any such
person seeking indemnification in connection with a proceeding (or part thereof)
initiated by such person unless the initiation thereof was approved by a
majority of the Independent Board Members. The indemnification rights provided
in this Section (i) shall not be deemed exclusive of any other rights to which
those indemnified may be entitled under any law, agreement or vote of the
Owners, and (ii) shall inure to the benefit of the heirs, executors and
administrators of such persons. Any indemnity under this subsection shall be
paid from, and only to the extent of, Partnership assets and no Owner shall have
any personal liability on account thereof. For purposes of this Agreement,
"Negligence" by any person means the failure of such person, other than in the
exercise of such person's good faith business judgment, to perform a manifest
duty in disregard of the consequence of the action or omission constituting such
failure, taking into account in determining whether such person has been
Negligent, the facts available to such person at the time of such failure and
the circumstances then existing.

            (e) Meetings of the Oversight Board. (i) Meetings of the Oversight
Board for any purpose may be called by the Manager at any time and shall be
called by the Manager within ten days after written request for such a meeting
signed by a majority of the Independent Board Members. Any such request shall
state the purpose of the proposed meeting and the matters proposed to be acted
upon thereat. Meetings shall be held at the principal office of the Manager or
at such other place outside the United States and the United Kingdom as may be
designated by the Manager, or, if the meeting is called upon the request of the
members of the Oversight Board, such place outside the United States and the
United Kingdom as is designated by such members of the Oversight Board. In the
event that any member of the oversight Board is unable to attend a meeting of
the Oversight Board, such member may appoint an alternate to attend such meeting
and the actions of the alternate at such meeting shall have the same force and
effect as

                                      -18-
<PAGE>   19

if they had been taken by the member unable to attend the meeting; provided,
that the Manager has been given at least four days' prior written notice of such
alternate's appointment.

            (ii) Notice of any meeting to be held pursuant to paragraph (i)
shall be given not less than seven days nor more than 30 days before the date of
the meeting, to each member of the Oversight Board at his address which he may
have furnished in writing to the General Partner of a Partnership. Such notice
shall be in writing, and shall state the place, date and hour of the meeting and
shall indicate that the notice is being issued at or by the direction of the
Manager or the members of the Oversight Board calling the meeting.

      8. Relationship Among the Partnerships. The Partnerships and the Manager
agree as follows:

            (i) All expenses to be borne by the Partnerships pursuant hereto
(including all fees payable hereunder) shall be borne severally by the
Partnerships in proportion to the Interests of their respective Owners;

            (ii) Subject to Section 1(c) (6) above, all investment decisions and
other activities of the Manager on behalf of the Partnerships pursuant to this
Agreement shall be for the accounts of both of the Partnerships, in proportion
to the Interests of their respective Owners, so that at all times the portfolios
of the Partnerships will be identical in all respects, in the proportion that
Interests of their respective Owners bear to each other; and

            (iii) The relationship created among the Partnerships pursuant to
this Agreement is one of contract only, and not of a partnership or joint
venture, and does not create an entity of any kind, and neither Partnership
shall have the right to bind or to act for the other in any way whatsoever. All
references to the "Partnerships" herein shall mean the Partnerships individually
and collectively, and no Partnership shall take any action inconsistent with the
limitations on the Partnerships herein.

      9. Liability; Indemnification of Manager. The Manager and any
Administrator and Subadvisor (and their respective Affiliates) shall not have
any liability to either Partnership or any Owner for any loss suffered by a
Partnership which arises out of any action or inaction of the Manager or any
Administrator or Subadvisor (or their respective Affiliates) if (i) such entity
or person, as the case may be, determined reasonably and in good faith that the
action or inaction was in or not opposed to the best interests of the
Partnerships; (ii) the action or inaction did not constitute Negligence or
intentional misconduct of the

                                      -19-
<PAGE>   20

entity or person, as the case may be; and (iii) the action or inaction did not
violate the investment policies, objectives or restrictions of the Partnerships.
Each of the Manager and any Administrator and Subadvisor (and their respective
Affiliates) (the "Indemnified Parties") shall be indemnified by the Partnerships
against any losses, judgments, liabilities, expenses and amounts paid in
settlement of any claims sustained by it which arise out of any action or
inaction by an Indemnified Party in connection with the Partnerships if such
Indemnified Party determined reasonably and in good faith that such action or
inaction was in or not opposed to the best interests of the Partnerships and
such action or inaction did not constitute Negligence or intentional misconduct
of the Indemnified Party. The Partnerships shall not indemnify any Indemnified
Party in connection with a proceeding (or part thereof) initiated by such party
unless the initiation thereof was approved by a majority of the Independent
Board Members. The indemnification rights provided in this Section shall (i) not
be deemed exclusive of any other rights to which an Indemnified Party may be
entitled under any law, agreement or vote of the Owners, and (ii) shall inure to
the benefit of the heirs, executors and administrators of such persons. Any
indemnity under this Section shall be paid from, and only to the extent of,
Partnership assets and no Owner shall have any personal liability on account
thereof.

      For purposes of this Agreement, the term "Affiliates" shall mean any
person who: (i) directly or indirectly controls, is controlled by, or is under
common control with the Manager; (ii) owns or controls 10% or more of the
outstanding voting securities of the Manager; or (iii) is an officer, director,
partner, trustee or employee of the Manager or any such other person; provided,
however, that for purposes of Section 6 above, no person shall be deemed to be
an Affiliate of the Manager unless The Pioneer Group, Inc. directly or
indirectly has operational (as contrasted with ownership) control of such
person.

      Each member of the Oversight Board and each Indemnified Party shall ensure
that all reasonable steps are taken to avoid or mitigate any loss or liability
which might give rise to an indemnification of such member or Indemnified Party
under Section 7(d) or this Section 9. Each such member and each Indemnified
Party shall exercise reasonable care in the selection, instruction, engagement,
retention and supervision of agents. If a member of the Oversight Board or an
Indemnified Party becomes aware of a matter that may give rise to its ability to
be indemnified under Section 7(d) or this Section 9, it shall use all reasonable
efforts to give notice of such matter as soon as practicable to the Owners. No
member of the oversight Board shall be deemed to be affected with notice of, or
to be under any duty to disclose to the Oversight Board or to either
partnership, any

                                      -20-
<PAGE>   21

fact or thing which may come to the notice of such member, or any servant or
agent or employer of such member, in the course of such member rendering similar
services to others or in the course of such member's business in any other
capacity or in any manner whatsoever otherwise than in the course of carrying
out his duties as a member of the Oversight Board.

      The provisions of this Section 9 and of Section 7(d) shall survive the
termination of this Agreement. Any person who is entitled to indemnification
hereunder is hereby designated as a third party beneficiary under this Agreement
and shall be entitled to enforce its rights hereunder as if it were a party
hereto.

      10. Calculation and Publication of Net Asset Value. The net asset value of
Interests ("Net Asset Value") will be determined monthly as of the close of
regular trading on the Luxembourg Stock Exchange on the last day on which such
exchange is open for trading during such month. Such Net Asset Value will be
transmitted from outside the United States to Owners generally by facsimile to
the facsimile number provided by them to the Manager. Net Asset Value will be
computed as set forth in Appendix A.

      11. Miscellaneous.

            (a) The Manager is an independent contractor and not an employee or
agent of the Partnerships for any purpose. If any occasion should arise in which
the Manager gives any advice to its clients concerning the securities owned by
the Partnerships, the Manager will act solely as investment counsel for such
clients and not in any way on behalf of the Partnerships.

            (b) This Agreement states the entire agreement of the parties hereto
with respect to the subject matter hereof, and is intended to be the complete
and exclusive statement of the terms hereof.

            (c) This Agreement and all performance hereunder shall be governed
by and construed in accordance with the substantive laws of the State of
Delaware.

            (d) Any term or provision of this Agreement which is invalid or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity or unenforceability without rendering invalid
or unenforceable the remaining terms or provisions of this Agreement or
affecting the validity or enforceability of any of the terms or provisions of
this Agreement in any other jurisdiction.

                                      -21-
<PAGE>   22

            (e) The parties to this Agreement acknowledge and agree that all
liabilities of the Partnerships arising hereunder, whether direct or indirect,
and of any and every nature whatsoever shall be satisfied solely out of the
assets of the Partnerships and that no General Partner or other controlling
person of a partnership, or director, officer or investor in any of such
entities shall be personally liable for any of the foregoing liabilities.

            (f) This Agreement may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

            (g) This Agreement shall inure to the benefit of, and be binding
upon, the Partnerships, the Manager, and their respective successors.

            (h) This Agreement may only be amended with the consent of each of
the parties hereto, acting, in the case of the Partnerships, in accordance with
their respective Partnership Agreements.

            (i) Any dispute, controversy or claim arising out of or relating to
this Agreement, or the breach, termination or invalidity hereof, shall be
referred to and finally resolved by arbitration administered by the London Court
of International Arbitration in accordance with the UNCITRAL Arbitration Rules
as in force and effect on the date of this Agreement. Any dispute shall be
submitted to an arbitral tribunal of one arbitrator appointed by the London
Court of International Arbitration which shall, regardless of the number of
parties to such dispute, be empowered to act as the appointing authority for
such purposes. The place of arbitration shall be London, England, and the
English language shall be used throughout the arbitral proceedings.

                                      -22-
<PAGE>   23

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers and their seal to be hereto affixed
as of the day and year first above written.

ATTEST:                                PIONEERING MANAGEMENT (JERSEY)
                                         LIMITED

/s/ Catherine Wilson                   By: /s/ Peter A. N. Bailey
----------------------------              ----------------------------
CATHERINE WILSON                          Peter A. N. Bailey, Director

ATTEST:                                PIONEER POLAND U.S., L.P.

                                       By: Pioneer Poland U.S. (Jersey)
                                            Limited, General Partner

/s/ [Signature]                           By: /s/ Michael D. De Figueiredo
----------------------------                  ----------------------------
    [Signature]                                   Michael D. De Figueiredo
                                                  Director

ATTEST:                                PIONEER POLAND UK, L.P.

                                       By: Pioneer Poland UK Limited,
                                            General, Partner

/s/ M. D. Caro                            By: /s/ David N. Hartford
----------------------------                  ----------------------------
    M. D. CARO                                    David N. Hartford
                                                  Director

                                      -23-
<PAGE>   24

                                   Appendix A

                        Determination of Net Asset Value

      1. The Net Asset Value of each of the Partnerships shall be determined for
each Valuation Day in respect of all the assets comprised in the portfolio of
the Partnership as at the close of regular trading on the Luxembourg Stock
Exchange on the Valuation Day less all the liabilities of the Partnership at
that time. The values of such assets and liabilities shall be determined as
hereinafter provided by reference to the latest prices and values available to
the Manager at the commencement of business on the business day immediately
following the Valuation Day and the Manager may rely upon any reputable systems
for the determination of prices, exchange rates or values for the purpose
hereof. For purposes hereof, "Valuation Day" means the last business day in each
month or such other days as may be determined by the Board of Directors from
time to time either temporarily or permanently; provided that if the Board of
Directors changes any permanent Valuation Day other than temporarily they shall
notify the Owners in writing of such change, either before or not later than 21
days after such change is made.

      2. Any expense or liability of a Partnership may be amortized over such
period as the Manager may determine (and the Manager may at any time and from
time to time determine to lengthen or shorten any such period), and the
unamortized amount thereof at any time shall also be deemed to be an asset of
the Partnership.

      3. Treasury bills, bonds, notes, debentures, debenture stocks,
certificates of deposit, bank acceptances, trade bills and similar assets shall
be valued at the last known price on the market on which these assets are traded
or admitted for trading or if there has not been any dealing in the relevant
investment on the relevant business day, the closing middle market dealing price
on the relevant market (being the market which is the sole or in the opinion of
the Manager the principal market on which the assets in question are quoted or
dealt in) as certified to the Manager by a responsible banker accustomed to deal
on such market.

      4. All valuations of currency futures contracts, interest rate futures
contracts, forward currency and bond contracts and other financial futures
contracts and traded options shall be assessed by reference to the latest prices
on the relevant market.

<PAGE>   25

      5. Deposits shall be valued at their principal amount plus accrued
interest from the date on which the same was acquired or made.

      6. Save as otherwise herein provided:

            (a)   investments listed, quoted or dealt in on a stock exchange
                  shall be valued at the last sale price on the Valuation Day on
                  the stock exchange on which these assets are traded or
                  admitted for trading or if there has not been any dealing in
                  the relevant investment on the relevant Valuation Day the most
                  recent sale price on the relevant stock exchange (being the
                  stock exchange which is the sole or in the opinion of the
                  Manager the principal stock exchange on which the investment
                  in question is listed, quoted or dealt in); and

            (b)   interest bearing assets shall be valued at cost plus accrued
                  interest from the date of acquisition and adjusted by an
                  amount equal to any discount or premium on the sum of the
                  nominal value and accrued interest at the date of acquisition
                  at which they were acquired divided by the number of days
                  unexpired at the date of acquisition and multiplied by the
                  number of days elapsed from the date of acquisition to the
                  date as of which the assets are being valued.

       7.   (a)   Where a Partnership has entered into a forward contract for
                  the sale of any asset there shall be included in the assets of
                  the Partnership the price payable to the Partnership under
                  such contract and in the liabilities of the Partnership the
                  cost of purchasing the asset.

            (b)   Where a Partnership has entered into a forward contract for
                  the purchase of any asset that asset shall be included in the
                  assets of the Partnership valued as above and there shall be
                  included in the liabilities of the Partnership the price
                  payable by the Partnership under that contract.

       8.   (a)   Where an option to purchase an asset of a Partnership subsists
                  but has not been exercised the value of the asset subject to
                  that option shall be calculated by reference to the agreed
                  price at which the option is exercisable (the "Striking
                  Price") at any time at which the Striking Price is

                                      -2-
<PAGE>   26

                  lower than the price by reference to which the value would
                  otherwise be calculated.

            (b)   Where an option subsists to purchase an asset of a Partnership
                  no account shall be taken of the asset subject to that option
                  until the said option shall have been exercised.

      9. In the case of any asset for which no price quotations are available as
above provided, the fair value thereof shall be determined in good faith by the
Manager; provided that, in the absence of a significant third party transaction
with respect to a security for which no price quotations are available as above
provided, such security will be valued at its U.S. dollar cost unless there is a
basis, such as bankruptcy or other adverse development affecting the security or
the issuer thereof, for a lesser carrying value.

      10. If any asset is realized or contracted to be realized at a known value
the net proceeds of such realization shall be taken into account in lieu of any
other method of determining the value of the investment concerned.

      11. Where express provision is not made in this appendix for the valuation
of any particular asset the same shall be valued on such basis as the Manager
shall reasonably determine, subject to Section 13 below.

      12. For the purpose of valuing a Partnership's assets as aforesaid the
Manager may rely upon the opinions of any persons who appear to be competent to
value assets by reason of any appropriate professional qualification or of
experience of any relevant market.

      13. Notwithstanding the foregoing, the Oversight Board (by majority vote,
including at least one director who is a representative of the Manager), may:

            (a)   permit some other method of valuation to be used if they
                  consider that such valuation better reflects the fair value of
                  any asset; and

            (b)   in relation to any Valuation Day carry out a special valuation
                  to determine the Net Asset Value of the Partnerships if in the
                  view of the Oversight Board members circumstances merit such a
                  calculation and in such event the specially calculated Net
                  Asset Value shall apply for all relevant purposes for the
                  relevant Valuation Day.

                                      -3-
<PAGE>   27

      14. All securities and other assets quoted or denominated in currencies
other than the U.S. dollar will be valued in U.S. dollars on the basis of the
exchange rate prevailing at the time the investment in such securities or other
assets was made or, if there is a significant third party transaction as
described in Section 9 above, then at the time of such transaction.

      15. Any valuations made pursuant to this appendix shall be binding on all
persons.

                                      -4-
<PAGE>   28

                     AMENDMENT TO JOINT MANAGEMENT AGREEMENT

      This amendment (the "Amendment") to the Joint Management Agreement, dated
as of January 20, 1995, among Pioneering Management (Jersey) Limited, Pioneer
Poland U.S., L.P. and Pioneer Poland UK, L.P. (the "Agreement") is made,
pursuant to Section 11(h) of the Agreement.

      The Agreement is hereby amended:

      1.    By (A) redesignating "(x)", "(y)" and "(z)" contained in 5(c)(ii) as
            "(v)", "(w)" and "(x)", (B) deleting the word "and" from the ninth
            line of such Section and replacing it with "," and (C) inserting the
            following words immediately after the words "least the Pittsburgh
            Group's Required Investment" contained in Section 5(c) (ii):

            , (y) Commerzbank AG at any time during which Commerzbank AG has the
            right to have its nominee on the Oversight Board as provided in
            Section 7(a) hereof, and (z) State of Wisconsin Investment Board
            ("SWIB") at any time during which SWIB has the right to have its
            nominee on the Oversight Board as provided in Section 7(a) hereof

      2.    By (A) deleting the words "three (3)" from the second line of
            Section 7(a) and replacing them with the words "four (4)" and (B)
            deleting the word "four" from the fifth line of Section 7(a) and
            replacing it with the word "five".

      3.    By deleting the word "and" from the twelfth line of Section 7(a) and
            inserting the following words immediately after the words "owns at
            least 10.5 Interests" contained in Section 7(a):

            , (D) one Commerzbank AG representative for as long as Commerzbank
            AG owns at least 20.618 Interests in the Partnerships, and (E) one
            SWIB representative for as long as SWIB owns at least 20.618
            Interests in the Partnerships

      4.    By (A) deleting the word "and" from each of the thirtieth and
            thirty-first lines of Section 7(a) and replacing it, in each case,
            with "," and (B) inserting the following words immediately after the
            words "Pittsburgh Group" contained in each such line:

<PAGE>   29

Amendment to Joint Management Agreement
September 15, 1995
Page 2

             , Commerzbank AG and SWIB

       5.    By inserting the name "Frank Polestra" beneath the name "Alicja K.
             Malecka" contained in Section 7(a) and deleting the words
             "Representative of other Owners _____________ Independent
             Representative ________ " and replacing them with the following
             words:

             Representative of Commerzbank AG         Paul G. Hammer

             Representative of SWIB                   James R. Severance

             Independent Representative               David A. Bailey

      This amendment shall become effective as of the 15th day of September,
1995 upon its execution by the undersigned.

PIONEERING MANAGEMENT (JERSEY) LIMITED

By: /s/ G. W. Fisher
   -----------------------------
                    ,  Director

PIONEER POLAND U.S., L.P.

By: Pioneer Poland U.S. (Jersey)
    Limited, General Partner

    By: /s/ G. W. Fisher
       ------------------------

PIONEER POLAND UK L.P.

By: Pioneer Poland UK Limited,
    General Partner

    By: /s/ Godfrey Whitehead
       ------------------------

<PAGE>   30

                     AMENDMENT TO JOINT MANAGEMENT AGREEMENT

      THE JOINT MANAGEMENT AGREEMENT, dated as of January 20, 1995 (as amended
to date, the "Agreement"), by and among Pioneer Poland U.S., L.P., a limited
partnership organized under the laws of Delaware, the United States, and Pioneer
Poland UK L.P. a limited partnership organized under the laws of England
(collectively, the "Partnerships" and individually, a "Partnership"), and
Pioneering Management (Jersey) Limited, a corporation organized under the laws
of Jersey, Channel Islands (the "Manager"), is hereby amended, effective as of
the 3rd day of August, 1999.

      WHEREAS, the Partnerships and the Manager desire to amend certain
provisions of the Agreement, and all of the partners in each of the Partnerships
has approved such amendment.

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:

      1. Amendment to Section 4. Section 4 of the Agreement is hereby amended by
deleting therefrom Subsection (b) thereof (Incentive Management Fee).

      2. In all other respects, the Agreement is hereby ratified and confirmed.

      IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
date first written above.

                                 PIONEERING MANAGEMENT (JERSEY) LIMITED

                                 By:    /s/ PETER A. N. BAILEY
                                    ---------------------------
                                 Name:  PETER A. N. BAILEY
                                      -------------------------
                                 Title: Director
                                       ------------------------

<PAGE>   31

                           PIONEER POLAND U.S., L.P.

                           By Pioneer Poland GP Limited Partnership,
                                 General Partner

                              By Pioneer Poland U.S. (Jersey) Limited,
                                 General Partner

                                 By:    /s/ PETER A. N. BAILEY
                                    ---------------------------
                                 Name:  PETER A. N. BAILEY
                                      -------------------------
                                 Title: Director
                                       ------------------------

                           PIONEER POLAND UK L.P.

                           By Pioneer Poland GP Limited Partnership, General
                              Partner

                              By Pioneer Poland U.S. (Jersey) Limited,
                                 General Partner

                                 By:    /s/ PETER A. N. BAILEY
                                    ---------------------------
                                 Name:  PETER A. N. BAILEY
                                      -------------------------
                                 Title: Director
                                       ------------------------

                                      -2-

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