Document:

EXHIBIT 10.5

                                                         Public Deed No. 83/2000

                              P U B L I C  D E E D
                              (Offentliche Urkunde)

Before me, the undersigned Public Notary of the Canton of Zug, Switzerland,
Peter B. Arnold, at his offices at Untermuli 6, CH-6300 Zug, Switzerland,
appeared on Friday, this 13th day of October 2000:

1.    Stefan Koller, born 23 September 1958, Swiss citizen, residing at
      Rebenstrasse 6, 6312 Steinhausen, Switzerland, Attorney-at-law, having his
      offices at Untermuli 6, 6300 Zug, Switzerland, here acting not in his own
      name but in the name and on behalf of

      -     Seat Pagine Gialle S.p.A., Via Aurelio Saffi, 18, I-10138 Torino,
            Italy,

            based on the duly legalized power of attorney dated 12 October 2000,
            which was presented upon notarisation and of which a copy is
            attached hereto as ENCLOSURE A;

      -     J.P. Morgan Securities Ltd., 60 Victoria Embankment, GB-London EC4Y
            0JP, England,

            based on the duly legalized power of attorney dated 12 October 2000,
            which was presented upon notarisation and of which a copy is
            attached hereto as ENCLOSURE B.

<PAGE>

2.    Hugo Trutsch, born 10 June 1958, Swiss citizen, residing at Rutiweid 2,
      6340 Baar, Switzerland, Attorney-at-law, having his offices at
      Neuhofstrasse 4, 6340 Baar, Switzerland, here acting not in his own name
      but in the name of and on behalf of

      RSL COM Deutschland GmbH, D-60528 Frankfurt am Main, Lyonerstr. 9,
      Germany,

      based on the duly legalized power of attorney dated 11 October 2000, which
      was presented upon notarisation and of which a copy is attached hereto as
      ENCLOSURE C.

The question of a prior involvement within the meaning of ss. 3 (1)(7) of the
German Notarial Recordings Act was answered in the negative by the individuals
appeared herein.

This having been done, the persons appearing declared, requesting that it be
notarised, the following:

               AMENDMENT AGREEMENT TO THE JOINT VENTURE AGREEMENT
                   DATED 6 MAY 2000 AS AMENDED ON 10 MAY 2000

                                       1
<PAGE>

                            SEAT PAGINE GIALLE S.P.A.

                            RSL COM DEUTSCHLAND GMBH

                                       AND

                           J.P. MORGAN SECURITIES LTD.

              ----------------------------------------------------
                    AMENDMENT AGREEMENT TO THE JOINT VENTURE
                    AGREEMENT DATED 6 MAY 2000 AS AMENDED ON
                                  10 MAY 2000
              ----------------------------------------------------

<PAGE>

                                    CONTENTS

CLAUSE                                                             PAGE

1.    Interpretation..................................................4

2.    Amendments to the Joint Venture Agreement.......................4

3.    Amendments to the Borrowing Request.............................5

4.    Amendments to the Forward Purchase Transaction..................6

5.    Release of the Cash Collateral..................................6

6.    Regular Information.............................................6

7.    Miscellaneous...................................................6

8.    Costs and Taxes.................................................6

9.    Governing Law - Arbitration.....................................7

                                       2
<PAGE>

THIS AMENDMENT AGREEMENT dated 13 October 2000 is made among:

(1)   Seat Pagine Gialle S.p.A., Via Aurelio Saffi 18, I-10138 Torino, Italy
      ("Seat");

(2)   RSL COM Deutschland GmbH, Lyonerstrasse 9, D-60528 Frankfurt am Main,
      Germany ("RSL"); and

(3)   J.P. Morgan Securities Ltd., 60 Victoria Embankment, London, EC4Y 0JP,
      England ("J.P. Morgan").

WHEREAS

(A)   Seat and RSL have entered into a Joint Venture Agreement dated 6 May 2000,
      Public Deed Urk.Nr. 44/2000 of the Public Notary, Peter B. Arnold,
      Untermuli 6, CH-6300 Zug/Switzerland, which was amended by the Agreement
      regarding certain clarifications concerning the Public Deeds established
      by the acting Public Notary Urk.Nr. 43/2000, Urk.Nr. 44/2000 and Urk. Nr.
      45/2000 between, inter alia, the parties to this Agreement on 10 May 2000,
      Public Deed Urk.Nr. 47/2000 of the Public Notary, Peter B. Arnold,
      Untermuli 6, CH-6300 Zug/Switzerland. Certified copies of these deeds were
      available for inspection by those present at the notarisation of this
      Agreement. Those present waived the right to have these deeds read out
      aloud and to have these deeds annexed to this Agreement.

(B)   RSL and J.P. Morgan have entered into a Borrowing and Forward Purchase
      Agreement as Exhibit 4 to the Joint Venture Agreement which consists of
      (i) an Overseas Securities Lender's Agreement together with a Schedule;
      (ii) a Borrowing Request; (iii) an Agreement for the Transfer of Shares as
      Annex 1 to the Borrowing Request together with four appendices; (iv) an
      Escrow Agreement as Annex 2 to the Borrowing Request (also entered into
      with Morgan Stanley Bank AG, Junghofstrasse 13-15, D-60311 Frankfurt am
      Main, Germany, as Escrow Agent) with two appendices; (v) a 1992 ISDA
      Multicurrency - Cross Border Master Agreement together with a Schedule and
      the 1991 ISDA Definitions, the 1998 Supplement to the 1991 ISDA
      Definitions and the 1996 ISDA Equity Derivatives Definitions; (vi) a
      Forward Purchase Transaction and (vii) a Master Netting Agreement.

(C)   All conditions of the transactions which should pursuant to the Joint
      Venture Agreement have taken place by 15 October 2000 will have taken
      place by that date except that the new Seat shares are not issued and
      freely tradable. In light of this development and in order to allow for
      such transactions to be performed still after 15 October 2000, the
      amendment agreements mentioned in paragraph (D) of these recitals are
      being entered into.

                                       3
<PAGE>

(D)   Seat, RSL and J.P. Morgan have agreed to amend the Joint Venture Agreement
      together with the Borrowing and Forward Purchase Agreement. Seat and J.P.
      Morgan intend also to enter into an amendment agreement governed by
      Italian law of even date herewith to amend the Share Purchase Agreement
      entered into between Seat and J.P. Morgan and attached as Exhibit 5 to the
      Joint Venture Agreement.

1.    INTERPRETATION

      In this Agreement, including the recitals hereto, except so far as the
      context otherwise requires and subject to any contrary indication, words
      and expressions defined and expressed to be construed in the Joint Venture
      Agreement and the relevant Exhibits to the Joint Venture Agreement shall
      have the same meaning and construction mutatis mutandis herein.

2.    AMENDMENTS TO THE JOINT VENTURE AGREEMENT

2.1   The reference in Section 3 (Consideration) subparagraph 3 of the Joint
      Venture Agreement to 15 October 2000 shall be amended and replaced by a
      reference to 30 November 2000 (the "Amended Final Subscription Date").

2.2   In Section 3 subparagraph 5 the words following the date of October 16,
      2000 ("provided Seat decides to uphold this agreement pursuant to Section
      4 No. 3 (b)") shall be deleted.

2.3   Section 4 subparagraph 3 shall be completely replaced and amended and
      shall read as follows:

      "Final Subscription Date

      (a)   In such a case where the new Seat shares contemplated by Section 3
            subparagraph 3 are not available as freely tradable shares on
            November 30, 2000 (the "Amended Final Subscription Date") due to
            causes beyond control of Seat, the Parties shall discuss and use
            their best efforts to postpone the Amended Final Subscription Date.
            In the case that such discussions do not lead to a postponement of
            the Amended Final Subscription Date (which would then be the "Agreed
            Final Subscription Date" but which cannot be later than December 20,
            2000 [the "Final Cut off Date"]) by December 20, 2000, then (and
            only then, following the date of December 20, 2000) the
            consideration shall become due in the form described in subparagraph
            (b) below on the next Business Day. However, the consideration shall
            become due in the form described in subparagraph (b) below already
            immediately after November 30, 2000 if the new Seat shares
            contemplated by Section 3 subparagraph 3 are not available as freely

                                       4
<PAGE>

            tradable shares on November 30, 2000 due to causes under the control
            of Seat.

      (b)   In the cases refered to in subparagraph (a) the consideration to the
            Intermediary pursuant to Section 3 subparagraph 2 shall no longer be
            due in the form of Seat shares, but in the form of a cash amount
            corresponding to the Cash Equivalent (as defined in Section 3
            subparagraph 4).(c) The Parties agree that Seat has in any event the
            right to deliver (by itself or through a third party as may be
            instructed by Seat) by the Amended Final Subscription Date (or by
            the Agreed Final Subscription Date, if such date will be agreed, or
            by the Final Cut off Date) existing Seat shares in lieu of the new
            Seat shares contemplated by Section 3 subparagraph 3 provided the
            existing Seat shares are likewise freely tradable and carry at least
            the same rights as the new Seat shares.

      (d)   The Parties agree that Seat shall (other than in the version of the
            Joint Venture Agreement which was notarised on May 6, 2000) no
            longer have a right to terminate this Agreement against a break-up
            fee."

2.4   Subject to Section 4 subparagraph 3 of the Joint Venture Agreement as
      amended, the parties to this Agreement agree that their rights and
      obligations set forth in the Joint Venture Agreement as amended are
      irrevocable.

2.5   For the avoidance of doubt, the Option Agreement entered into between Seat
      and RSL dated 6 May 2000, Public Deed Urk.Nr. 45/2000 of the Notary
      Public, Peter B. Arnold, Untermuli 6, CH-6300 Zug/Switzerland shall not be
      affected by this Agreement. Consequently, the parties agree that the Joint
      Venture Agreement (as amended hereby) is effective and no longer
      terminable or rescindable by SEAT for any reason and accordingly, the
      options provided to RSL and SEAT under the Option Agreement entered into
      between Seat and RSL dated 6 May, 2000, Public Deed Urk.Nr. 45/2000 of the
      Notary Public, Peter B. Arnold, Untermuli 6, CH-6300 Zug/Switzerland, are
      fully exerciseable under their terms, as of the respective periods
      referred to therein.

3.    AMENDMENTS TO THE BORROWING REQUEST

      The right of the Lender to call for the retransfer of the Securities
      pursuant to Clause 7 (B) of the OSLA and the termination right of the
      Borrower pursuant to Clause 7 (E) of the OSLA as amended by the Special
      Terms of the Borrowing Request shall hereby be definitely waived and
      excluded.

                                       5
<PAGE>

4.    AMENDMENTS TO THE FORWARD PURCHASE TRANSACTION

4.1   The definition of Purchase Price and Maturity Date under the Terms of the
      Forward Purchase Transaction shall be amended and construed in light of
      this Agreement.

4.2   In the definition of Maturity Date under the Terms of Forward Purchase
      Transaction any reference to 15 October 2000 shall be amended and replaced
      by a reference to the Amended Final Subscription Date or, where
      applicable, the Agreed Final Subscription Date (as defined and referred to
      in Clause 2.3 of this Agreement) or, as the case may be, the Final Cut off
      Date (as defined and referred to in Clause 2.3 of this Agreement) and any
      reference to 16 October 2000 shall be amended and replaced by a reference
      to the next following Business Day (as defined in the Borrowing Request)
      after the Amended Final Subscription Date or, where applicable, the Agreed
      Final Subscription Date or, as the case may be, the Final Cut off Date.

4.3   The first sentence of the provisions of Sale and Purchase of Shares of the
      Forward Purchase Transaction shall be amended and construed in the light
      of this Agreement and the second sentence of the provisions of Sale and
      Purchase of Shares of the Forward Purchase Transaction shall be deleted.

5.    RELEASE OF THE CASH COLLATERAL

      Section 3 subparagraph 5 second sentence of the Joint Venture Agreement
      shall be amended as above and J.P. Morgan shall instruct the Escrow Agent
      to release the Cash Collateral deposited with the Escrow Agent on 18
      October 2000.

6.    REGULAR INFORMATION

      Seat shall instruct law firm Bonelli Erede Pappalardo to regularly inform
      representatives of RSL about the status of the process by which the new
      Seat shares come into existence as freely tradable shares.

7.    MISCELLANEOUS

      Section 14 (Confidentiality) and Section 17 (Miscellaneous) of the Joint
      Venture Agreement shall apply to this Agreement, mutatis mutandis, as if
      references therein to the agreement were references to this Agreement.

8.    COSTS AND TAXES

      Section 13 - Costs and Taxes subparagraphs 1 through 3 of the Joint
      Venture Agreement shall apply to this Agreement, mutatis mutandis.

                                       6
<PAGE>

9.    GOVERNING LAW - ARBITRATION

      This Agreement shall be governed by and construed in accordance with
      German law. All disputes arising out of or in connection with this
      Agreement shall be decided by three arbitrators according to the Rules for
      Arbitration provided by the International Chamber of Commerce and, where
      applicable, according to the procedures set out in the Arbitration
      Agreement entered into inter alia by the Parties hereto dated 6 May 2000.
      Any arbitration proceedings shall be held in Paris and in the English
      language.

IN WITNESS whereof the parties hereto have executed this Agreement on the date
first above written.

Signed for and on behalf of

Seat Pagine Gialle S.p.A.

/s/
-------------------------

Signed for and on behalf of

RSL COM Deutschland GmbH

/s/
-------------------------

Signed for and on behalf of

J.P. Morgan Securities Ltd.

/s/
-------------------------

                                       7
<PAGE>

                             NOTARIAL AUTHENTICATION
                           (Oeffentliche Beurkundung)
                            (Public Deed No. 83/2000)

The undersigned Notary Public of the Canton of Zug, Switzerland, lic. iur. Peter
B. Arnold, Attorney at Law, hereby certifies and authenticates:

The foregoing Agreement corresponds with the intentions and the free will of the
parties who personally appeared in the capacities as follows:

1.    Stefan Koller, born 23 September 1958, Swiss citizen, residing at
      Rebenstrasse 6, 6312 Steinhausen, Switzerland, Attorney-at-law, having his
      offices at Untermuli 6, 6300 Zug, Switzerland, here acting not in his own
      name but in the name and on behalf of

      -     Seat Pagine Gialle S.p.A., Via Aurelio Saffi, 18, I-10138 Torino,
            Italy,

            based on the duly legalized power of attorney dated 12 October 2000,
            which was presented upon notarisation and of which a copy is
            attached hereto as ENCLOSURE A;

      -     J.P. Morgan Securities Ltd., 60 Victoria Embankment, GB-London EC4Y
            0JP, England,

            based on the duly legalized power of attorney dated 12 October 2000,
            which was presented upon notarisation and of which a copy is
            attached hereto as ENCLOSURE B.

2.    Hugo Trutsch, born 10 June 1958, Swiss citizen, residing at Rutiweid 2,
      6340 Baar, Switzerland, Attorney-at-law, having his offices at
      Neuhofstrasse 4, 6340 Baar, Switzerland, here acting not in his own name
      but in the name and on behalf of

      RSL COM Deutschland GmbH, D-60528 Frankfurt am Main, Lyonerstr. 9,
      Germany,

      based on the duly legalized power of attorney dated 11 October 2000, which
      was presented upon notarisation and of which a copy is attached hereto as
      ENCLOSURE C.

The foregoing Deed was laid out for inspection to and was approved by the
persons appearing. Subsequently, the Deed was read out aloud to the persons
appearing before the notary, approved by the person appearing and executed by
them in their own hands.

This Public Deed is made out in 4 original copies.

Zug/Switzerland, this 13th day of October 2000

                                          The Notary Public

                                          Peter B. ArnoldEXHIBIT 10.6

                                                         Public Deed No. 45/2000

                              P U B L I C  D E E D
                              (Offentliche Urkunde)

Before me, the undersigned Public Notary of the Canton of Zug, Switzerland,
Peter B. Arnold, at his offices at Untermuli 6, CH-6300 Zug, Switzerland,
appeared on Saturday, this 6th day of May 2000:

Mr. Stefan Koller, Attorney at Law and Notary Public, born 23.09.1958, Swiss
citizen, residing at CH-6312 Steinhausen, Switzerland, Rebenstrasse 6, having
his offices at Untermuli 6, CH-6300 Zug, Switzerland, here not acting in his own
name, but as representative, exempt of personal liability, acting without
express authority in the name and on behalf of

Seat Pagine Gialle S.p.A., Via Aurelio Saffi, 18, I-1038 Turin, Italy

and

RSL COM Deutschland GmbH, D-60528 Frankfurt am Main, Lyonerstr. 9

under the reservation to supply to the acting notary a forthcoming certified
consent by each one of the foregoing parties, in legally appropriate form, as
soon as reasonably possible and without undue delay.

This having been done, the person appearing declared, requesting that it be
notarised, the following:

I.    RSL Com Deutschland GmbH and Seat Pagine Gialle S.p.A. hereby conclude the
      Option Agreement as Annex I.

II.   RSL Com Deutschland GmbH and Seat Pagine Gialle S.p.A. hereby conclude the
      Arbitration Agreement as Annex II.

<PAGE>

III.  Words and expressions in this deed and its appendices and annexes shall
      have the meanings defined in the respective part of this deed, and
      definitions used in one agreement contained in this deed are not
      necessarily applicable in another agreement contained in this deed.

IV.   The costs of this deed shall be borne by the Seat Pagine Gialle S.p.A. All
      other costs shall be borne by the party by which they are incurred.

The notary informed the person appearing that

-     shareholders in a GmbH can be held jointly and severally liable for
      capital contributions not fully paid in,

-     insofar as the transfer of the title is subject to conditions precedent,
      the title passes only if those conditions are fulfilled.

The above and all appendices and annexes were laid out for inspection to the
person appearing and were approved by the person appearing and read out aloud to
the person appearing before the notary, approved by the person appearing and
executed by him in his own hand as follows:

Zug/Switzerland, this 6th day of May 2000

/s/
_______________________________
Stefan Koller

<PAGE>

                                OPTION AGREEMENT

between

1. Seat Pagine Gialle S.p.A., with domicile in Turin

(hereinafter "Seat")

and

2. RSL COM Deutschland GmbH, with domicile in Frankfurt am Main

(hereinafter "RSL")

(each a "Party" and together the "Parties")

Whereas

a.    Seat and RSL have today entered into a Joint Venture Agreement (UR.
      44/2000 of the notary Peter B. Arnold, Zug, Switzerland (the "Joint
      Venture Agreement"). The person appeared declared that they are aware of
      the content of the previously notarised Joint Venture Agreement, which is
      available to them and hereby waive their right to have such Joint Venture
      Agreement be read again to them. Further, the Parties declared that they
      wish the said Joint Venture Agreement to be attached to this notarial deed
      but not, however, any of the attachments and schedules or other enclosures
      to the Joint Venture Agreement.

b.    In Section 8 of the Joint Venture Agreement it is contemplated that Seat
      and RSL conclude an agreement regarding a call and a put option.

The Parties agree as follows:

                                      ss. 1
                                   Definitions

Capitalized terms used in this agreement shall have the same meaning ascribed to
them in the Joint-Venture Agreement, including the definition of

Remaining Shareholding, meaning such share in Telegate Holding GmbH which RSL
continues to hold after the disposal of the Majority-Conferring Share pursuant
to Section 2 of the Joint Venture Agreement, which remaining share shall have a
nominal value of DM 24,800 and shall represent all of the outstanding share
capital of the Holding except for the Majority-Conferring

<PAGE>

Share and for such shareholding in Telegate Holding GmbH as Seat shall have
acquired under the L Umbrella Agreement.

                                      ss. 2
                                   Call Option

2.1   RSL hereby irrevocably grants an option to Seat, pursuant to which Seat is
      entitled to purchase the Remaining Shareholding from RSL, by means of
      acceptance of the irrevocable offer made hereby by RSL to Seat regarding
      the sale of the Remaining Shareholding by RSL to Seat at the Exercise
      Price with transfer of title to the Remaining Share becoming effective on
      the Cash Exercise Date or as of (the shortest possible interval before)
      the In Kind Exercise Date, as the case may be (the "Call Option"). The
      Call Option can only be exercised with respect to the total Remaining
      Holding.

2.2   Seat may exercise the Call Option at any time during the period from
      February 1, 2002 through December 31, 2002 (the "Call Option Period") by
      means of a notarised acceptance declaration of the Call Option in the form
      attached as Exhibit 1 to this Agreement (the "Call Option Acceptance
      Declaration").

2.3   Seat may also exercise the Call Option as soon as (but with no limitation
      in time) RSL Communications Ltd., of Bermuda, ceases to be the ultimate
      parent company of RSL, or as soon as there will be a shareholder who holds
      at least 50 % of the outstanding stock of RSL Communications Ltd.
      different from the current 50 % shareholder(s) (if any) and the majority
      of the members of the board of directors of RSL Communications Ltd.
      immediately prior to change of control will be such individuals as were
      not members of such board of directors on May 4, 2000.

2.4   The purchase of the Remaining Shareholding shall be deemed to be concluded
      between the Parties if and as soon as the Call Option Acceptance
      Declaration shall be declared within the Call Option Period in notarised
      form. Transfer of title as effected by the transfer agreement (Exhibit 4)
      shall occur within a period of no more than 105 days following the Call
      Option Acceptance Declaration has been declared or any other date as
      agreed between the parties.

                                      ss. 3
                                   Put Option

3.1   Seat hereby irrevocably grants an option to RSL, pursuant to which RSL is
      entitled to request from Seat the purchase of the Remaining Shareholding,
      by means of acceptance of the irrevocable offer made hereby by Seat to RSL
      regarding the purchase of the Remaining Shareholding by Seat from RSL at
      the Exercise Price with transfer of

<PAGE>

      title to the Remaining Shareholding becoming effective on the Cash
      Exercise Date or as of (the shortest possible interval before) the In Kind
      Exercise Date, as the case may be (the "Put Option"). The Put Option can
      only be exercised with respect to the total Remaining Shareholding.

3.2   RSL may exercise the Put Option at any time during the period from January
      1, 2001 through January 31, 2002 (the "Put Option Period") by means of a
      notarised acceptance declaration of the Put Option in the form attached as
      Exhibit 2 to this Agreement (the "Put Option Acceptance Declaration").

3.3   The purchase agreement of the Remaining Shareholding shall be deemed to be
      concluded between the Parties if and as soon as the Put Option Acceptance
      Declaration shall be declared within the Put Option Period in notarised
      form. Transfer of title as effected by the transfer agreement (Exhibit 4)
      shall occur within a period of no more than 105 days following the Put
      Option Acceptance Declaration has been declared or any other date as
      agreed between the parties.

                                      ss. 4
                                 Exercise Price

4.1   The Exercise Price payable by Seat upon exercise of the Call or the Put
      Option shall be, at the option of Seat, payable either in cash or in newly
      issued Seat Shares fungible with all other outstanding shares of Seat at
      the Cash Exercise Date (in case of a cash payment) or the In Kind Exercise
      Date (in case of an in kind payment) in accordance with the following
      provisions:

      (i)   A payment in cash of the Exercise Price is only permissible if Seat
            notifies RSL within no more than 30 days following receipt by Seat
            or RSL (as the case may be) of the Put or Call Acceptance
            Declaration of its intention to pay in cash in which case the
            payment of the Exercise Price shall become due on the 35th day
            following the receipt by Seat or RSL (as the case may be) of the Put
            or Call Acceptance Declaration (the "Cash Exercise Date") in an
            amount hereinafter referred as the "Exercise Price". The Exercise
            Price shall be calculated as follows:

            Firstly, it shall be established what number of Telegate shares the
            Majority-Conferring Share indirectly represents (following the
            method set forth in Section 3 subparagraph (i) of the Joint Venture
            Agreement);

            Secondly, such number shall be multiplied with the average closing
            price (in Euro) of Telegate common stock on the Frankfurt Exchange
            during January 2001 (appropriately

<PAGE>

            adjusted for stock splits or similar transactions after the date
            hereof), provided, however, that if such average closing price is
            less than Euro 127.50, the Exercise Price shall be equal to Euro
            127.50, and provided further that if such average is greater than
            Euro 161.25, the Exercise Price shall be equal to Euro 161.25.

      (ii)  A payment in kind of the Exercise Price by means of newly issued
            shares fungible with all other outstanding shares of Seat is only
            permissible if Seat

            - does not exercise its option referred to in the preceding
            paragraph (either by means of letting the respective period expire
            or by means of express declaration);

            - invites for a shareholders' meeting to be held no later than 45
            days after the expiration of the 30-day period set forth in the
            preceding paragraph for the purpose of resolving on a capital
            increase against contribution of the Remaining Shareholding at an
            exchange ratio to be determined by applying the calculation set
            forth in Section 3 subparagraph 2 of the Joint Venture Agreement
            with the provisos that (a) "T.May3" shall have the meaning assigned
            to it in the Joint Venture Agreement, and that (b) "S.May3" shall be
            replaced by "S.not.day" meaning the average closing price as
            published by Bloomberg for Seat shares on the Milan Stock Exchange
            on the day when Seat notifies RSL of its intention to pay in cash,
            pursuant to ss. 4.1 (i) of this Agreement; and

            - provides RSL with an irrevocable opportunity to borrow Seat Shares
            from an existing shareholder of Seat in an amount equal to the
            Consideration Seat Shares at market rates for purposes of effecting
            a hedge, which hedge may alternatively be through an intermediary
            entity, provided that in both cases the hedge must be such that
            market disruption of the Seat shares are avoided, for a period from
            the time from the 35th day as described in ss. 4.1 (i) until such
            time when the Consideration Seat Shares are delivered by Seat to
            RSL. It is understood that the cost of such hedge should be borne by
            RSL.

4.2   In the event that the shareholders' meeting approves the capital increase
      against contribution in kind as described in ss. 4.1., in the period
      mentioned therein, and such additional steps as are required under Italian
      law for making the new shares resulting from the said shareholders'
      resolution on the capital increase available as freely tradeable shares,
      have been accomplished by the 105th day following the exercise of the Put
      or the Call Option, then the Consideration Seat Shares shall be delivered
      to RSL no later than the 105th day following the exercise of the Put or
      the Call Option (the "In Kind Exercise Date").

<PAGE>

4.3   In the event that either (i) the shareholders' meeting of Seat does not
      approve the capital increase against contribution in kind as described in
      ss. 4.1 in the period therein, or (ii) such additional steps as are
      required under Italian law for making the new shares resulting from the
      said shareholders' resolution on the capital increase available as freely
      tradeable shares and the subsequent issuance and delivery of the
      Consideration Seat Shares to RSL have not been accomplished by the 105th
      day following the exercise of the Put or the Call Option , for what reason
      so ever, then Seat undertakes to purchase the Remaining Shareholding at
      the purchase price equal to the Exercise Price from RSL within 5 days
      following the expiration of the respective period mentioned in ss. 4.1
      subparagraph (ii) and ss. 4.2, in accordance with the provisions in ss.
      6.2 first hyphen.

                                      ss. 5
                               Condition Precedent

The Call Option is only exercisable if the Put Option has not been previously
exercised.

                                      ss. 6
                             Undistributed Earnings

The Remaining Shareholding shall be purchased and transferred pursuant to this
Agreement together with the right to all undistributed earnings.

                                      ss. 7
                 Transfer of Title to the Remaining Shareholding

7.1   Upon exercise of the respective Put or Call Option transfer of title to
      the Remaining Shareholding shall take place at the offices of Arnold
      Wehinger Kaelin & Ferrari, Zug, Switzerland or another place to be agreed
      between the Parties.

7.2   In order to effect transfer of title to the Remaining Shareholding

-     in case of a cash payment, (x) RSL and Seat shall execute the transfer of
      the Remaining Shareholding by means of using the form attached as Exhibit
      3 pursuant to which title to the Remaining Shareholding shall be
      transferred by RSL to Seat subject only to the condition of payment of the
      Exercise Price referred to in ss. 4.1.; (y) Seat warrants that the cash
      amount referred to in ss. 4.1. as the Exercise Price shall be immediately
      be paid by electronic means to RSL to an account of RSL to be notified by
      RSL to Seat prior to the date when transfer of title to the Remaining
      Shareholding is effected; and (z) delivery by Seat of a copy of an
      irrevocable payment instruction with respect to the payment of the
      Exercise price referred to in ss. 4.1.; and

<PAGE>

-     in case of a payment in kind, RSL and Seat shall notarise the transfer of
      the Remaining Shareholding by means of using the form attached as Exhibit
      4 pursuant to which title to the Remaining Shareholding shall be
      transferred by RSL to Seat against issuance of the Consideration Seat
      Shares.

                                      ss. 8
                                   Guarantees

The Remaining Shareholding upon exercise of the Put or Call Option shall be sold
with the same guarantees as are given and limited in Sections 6 and 7 of the
Joint Venture Agreement but only to the extent such guarantees are not yet
time-barred.

                                      ss. 9
                 Unrestricted exerciseability of the Put Option

RSL is entitled to exercise the Put Option, and Seat is entitled to exercise the
Call Option, under any circumstances and irrespective of events and changes
occurred in the meantime and particularly independent of the status of the Joint
Venture. Seat acknowledges to be obliged to purchase the Remaining Shareholding
at the Exercise Price in a case where the Joint Venture turns out to fail to be
an economic success.

RSL shall, however, not be entitled to exercise the Put Option, and Seat shall
not be entitled to exercise the Call Option, in such cases where any of the
conditions precedent to the effectiveness of the Joint Venture Agreement has not
been met (Section 4 subparagraph 1 of the Joint Venture Agreement), or where the
event of termination set forth in Section 4 subparagraph 2 of the Joint Venture
Agreement has occurred and Seat has not (declared to wish to proceed for a cash
consideration), or where the Joint Venture Agreement has been rescinded pursuant
to Section 4 subparagraph 4 of the Joint Venture Agreement.

                                     ss. 10
                                 Confidentiality

The Parties shall keep confidential the contents of this Agreement and its
attachments, and in particular all aspects regarding the monetization of the
Majority-Conferring Share to the extent admissible under the applicable laws,
unless they mutually agree otherwise.

Any public notice or press release (whether required by law or not) shall be
agreed upon by the Parties beforehand.

<PAGE>

                                     ss. 11
                                      Costs

All notarial costs arising in the context of this agreement and the transfer of
title of the Remaining Shares as provided for in the respective Exhibits to this
agreement shall be borne by Seat. Each party shall bear its cost and expenses
(including those of its advisers).

                                     ss. 12
                                     Notices

12.1  Notices or declarations to Seat made in the context of this Agreement
      shall be deemed to be validly given if sent by registered mail or courier
      to the following address or such other address as notified in writing by
      Seat to RSL:

      Angelo Novati, CFO, Seat Pagine Gialle S.p.A., Via Aurelio Saffi, 18 -
      1038 Turin, Italy

12.2  Notices or declarations to RSL made in the context of this Agreement shall
      be deemed to be validly given if sent by registered mail or courier to the
      following address or such other address as notified in writing by RSL to
      Seat:

      RSL COM Deutschland GmbH, c/o RSL Communications, Ltd., attn: Avery S.
      Fischer, Esq., 810 Seventh Avenue, 39th Floor, New York, NY 1001.

                                     ss. 13
                                  Miscellaneous

13.1  Should any provision of this Agreement be or become invalid or
      unenforceable, the validity of the other parts of this Agreement shall not
      be affected thereby. The same applies if this Agreement contains any
      omissions. In lieu of the invalid or unenforceable provision or in order
      to complete any omission, a fair provision shall apply which, to the
      extent legally permissible, comes as close as possible to what the Parties
      had intended or would have intended, according to the spirit and purpose
      of this Agreement if they had considered the matter at the time this
      Agreement was executed.

13.2  Changes and amendments to this Agreement are only valid if they have been
      made in writing or, if notarisation is required by law, notarised.

<PAGE>

                                     ss. 14
                                No Assignability

The assignment of any rights under this agreement requires the prior written
consent of the other party.

                                     ss. 15
                                   Arbitration

All disputes arising out of or in connection with the Option Agreement shall be
finally settled under the Rules of Arbitration of the International Chamber of
Commerce by three arbitrators appointed in accordance with the said rules. The
arbitration proceedings shall be held in Paris and in English.

Date,___________

/s/                                     /s/
________________________________        ________________________________________
Seat Pagine Gialle S.p.A.               RSL COM Deutschland GmbH

<PAGE>

                             NOTARIAL AUTHENTICATION
                           (Oeffentliche Beurkundung)
                            (Public Deed No. 45/2000)

The undersigned Notary Public of the Canton of Zug, Switzerland, lic. iur. Peter
B. Arnold, Attorney at Law, hereby certifies and authenticates:

The foregoing Agreement corresponds with the intentions and the free will of the
party who personally appeared in the capacities as follows:

Mr. Stefan Koller, Attorney at Law and Notary Public, born 23.09.1958, Swiss
citizen, residing at CH-6312 Steinhausen, Switzerland, Rebenstrasse 6, having
his offices at Untermuli 6, CH-6300 Zug, Switzerland, here not acting in his own
name, but as representative, exempt of personal liability, acting without
express authority in the name and on behalf of

Seat Pagine Gialle S.p.A., Via Aurelio Saffi, 18, I-1038 Turin, Italy,

and

RSL COM Deutschland GmbH, D-60528 Frankfurt am Main, Lyonerstr. 9,

under the reservation to supply to the acting notary a forthcoming certified
consent by each one of the foregoing parties, in legally appropriate form, as
soon as reasonably possible and without undue delay.

The foregoing Deed and all appendices and annexes thereto were laid out for
inspection to and were approved by the person appearing. Subsequently, the Deed
was read out aloud to the person appearing before the notary, approved by the
person appearing and executed by him in his own hand.

This Public Deed is made out in one copy.

Zug/Switzerland, this 6th day of May 2000

                                        The Notary Public

                                        Peter B. Arnold

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