Document:

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                                                                   Exhibit 10.19

                                                                  Execution Copy

                        PTC INTERNATIONAL FINANCE II S.A.

     EURO 200,000,000 10 7/8% SENIOR SUBORDINATED GUARANTEED NOTES DUE 2008

                          REGISTRATION RIGHTS AGREEMENT

                                                                     May 8, 2001

To:  Deutsche Bank AG London
     Winchester House
     1 Great Winchester Street
     London EC2N 2DB

     Dresdner Bank AG London Branch
     Riverbank House
     2 Swan Lane
     London
     EC4R 3UX

Ladies and Gentlemen:

          PTC International Finance II S.A., a Luxembourg corporation with
limited liability (the "Issuer"), proposes to issue and sell to you (the
"Initial Purchasers"), upon the terms set forth in a purchase agreement dated
May 2, 2001 (the "Purchase Agreement") among the Initial Purchasers, the Issuer
and Polska Telefonia Cyfrowa Sp. z o.o. (the "Company"), its Euro 200,000,000 10
7/8% Senior Subordinated Guaranteed Notes due 2008 (along with the Parent
Guarantee (as defined in the Indenture) the "Securities"), unconditionally
guaranteed by the Company (the "Initial Placement"). As an inducement to the
Initial Purchasers to enter into the Purchase Agreement and in satisfaction of a
condition to your obligations thereunder, the Issuer and the Company agree with
you, (i) for your benefit and the benefit of any other Initial Purchasers and
(ii) for the benefit of the holders from time to time of the Transfer Restricted
Securities (as defined herein) (including, if and for so long as an Initial
Purchaser holds Transfer Restricted Securities, such Initial Purchaser) (each of
the foregoing holders, a "Holder" and together, the "Holders"), as follows:

          1. Definitions. Capitalized terms used herein without definition shall
have their respective meanings set forth in the Purchase Agreement. As used in
this Agreement, the following capitalized defined terms shall have the following
meanings:

          "Act" means the U.S. Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder.
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          "Affiliate" of any specified person means any other person which,
directly or indirectly, is in control of, is controlled by, or is under common
control with, such specified person. For purposes of this definition, control of
a person means the power, direct or indirect, to direct or cause the direction
of the management and policies of such person whether by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

          "Authorized Agent" has the meaning set forth in Section 7(h) hereof.

          "Commission" means the U.S. Securities and Exchange Commission.

          "Designated Counsel" has the meaning set forth in Section 5 hereof.

          "Exchange Act" means the U.S. Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder.

          "Exchange Offer Registration Period" means the 180-day period
following the consummation of the Registered Exchange Offer, exclusive of any
period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement.

          "Exchange Offer Registration Statement" means a registration statement
of the Issuer on an appropriate form under the Act with respect to the
Registered Exchange Offer, all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein.

          "Exchanging Dealer" means any Holder (which may include the Initial
Purchasers) which is a broker-dealer, electing to exchange in the Registered
Exchange Offer Securities acquired for its own account as a result of
market-making activities or other trading activities, for New Securities.

          "Final Offering Memorandum" has the meaning set forth in the Purchase
Agreement.

          "Holder" has the meaning set forth in the preamble hereto.

          "Indenture" means the Indenture relating to the Securities, dated as
of May 8, 2001 and among the Issuer, the Company and State Street Bank and Trust
Company, as trustee, as the same may be amended from time to time in accordance
with the terms thereof.

          "Initial Placement" has the meaning set forth in the preamble hereto.

          "Initial Purchasers" has the meaning set forth in the preamble hereto.

          "Losses" has the meaning set forth in Section 6(d) hereof.

          "Majority Holders" means the Holders of a majority of the aggregate
principal amount of securities eligible to be registered under a Shelf
Registration Statement pursuant to this Agreement.
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          "Managing Underwriters" means the investment banker or investment
bankers and manager or managers, appointed by the Majority Holders, that shall
administer an underwritten offering, if any.

          "New Securities" means debt securities of the Company identical in all
material respects to the Securities (except that the cash interest and interest
rate step-up provisions and the transfer restrictions will be modified or
eliminated, as appropriate), to be issued under the Indenture.

          "Prospectus" means the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Securities or the New Securities covered by such
Registration Statement, and all amendments and supplements to the Prospectus,
including post-effective amendments.

          "Registered Exchange Offer" means the proposed offer to the Holders to
issue and deliver to such Holders, in exchange for the Securities, a like
principal amount of the New Securities.

          "Registration Statement" means any Exchange Offer Registration
Statement or Shelf Registration Statement filed with the Commission that covers
any of the Securities or the New Securities pursuant to the provisions of this
Agreement, amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference
therein.

          "Securities" has the meaning set forth in the preamble hereto.

          "Shelf Registration" means a registration effected pursuant to Section
3 hereof.

          "Shelf Registration Period" has the meaning set forth in Section 3(b)
hereof.

          "Shelf Registration Statement" means a "shelf" registration statement
of the Company pursuant to the provisions of Section 3 hereof which covers some
or all of the Securities or New Securities, as applicable, on an appropriate
form under Rule 415 under the Act, or any similar rule that may be adopted by
the Commission, amendments and supplements to such registration statement,
including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by
reference therein.

          "Transfer Restricted Security" means (i) each Security until the date
on which such Security has been exchanged by a person other than a broker-dealer
for a New Security in the Registered Exchange Offer, (ii) each New Security that
is received by a broker-dealer in the Registered Exchange Offer, until the date
on which such New Security is sold to a purchaser, (iii) in the case of a
Security registered on a Shelf Registration Statement, such security until the
date on which such security has been disposed of in accordance with the Shelf
Registration Statement; provided, however, that in the case of each of (i), (ii)
and (iii) above, such Security or New Security shall cease to be a Transfer
Restricted Security on the

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          date (if such date occurs prior to the event referred to in (i), (ii)
and (iii) above) on which such security is sold in reliance on Rule 144 under
the Act or is saleable pursuant to Rule 144(k) under the Act.

          "Trustee" means the trustee with respect to the Securities under the
Indenture.

          "underwriter" means any underwriter of Securities in connection with
an offering thereof under a Shelf Registration Statement.

          2. Registered Exchange Offer; Resales of New Securities by Exchanging
Dealers; Private Exchange. (a) The Issuer and the Company shall prepare and, not
later than 90 days following the original issuance date of the Securities, shall
file with the Commission the Exchange Offer Registration Statement with respect
to the Registered Exchange Offer. The Issuer and the Company shall take all
reasonable steps to cause the Exchange Offer Registration Statement to become
effective under the Act within 150 days after the date of original issuance of
the Securities. The Issuer and the Company shall take all reasonable steps to
consummate the Registered Exchange Offer within 180 days after the date of
original issuance of the Securities.

          (b) Upon the effectiveness of the Exchange Offer Registration
Statement, the Issuer and the Company shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to
enable each Holder electing to exchange Securities for New Securities (assuming
that such Holder is not an affiliate of the Company within the meaning of the
Act, acquires the New Securities in the ordinary course of such Holder's
business and has no arrangements with any person to participate in the
distribution of the New Securities) to trade such New Securities from and after
their receipt without any limitations or restrictions under the Act and without
material restrictions under the securities laws of a substantial proportion of
the several states of the United States.

          (c) In connection with the Registered Exchange Offer, the Issuer and
the Company shall:

          (i) mail to each Holder a copy of the Prospectus forming part of the
     Exchange Offer Registration Statement, together with an appropriate letter
     of transmittal and related documents;

          (ii) keep the Registered Exchange Offer open for not less than 30 days
     after the date notice thereof is mailed to the Holders (or longer if
     required by applicable law);

          (iii) utilize the services of a depositary for the Registered Exchange
     Offer with an address in the Borough of Manhattan, The City of New York;
     and

          (iv) comply in all respects with all laws of the United States,
     Luxembourg and Poland applicable to the Registered Exchange Offer.

          (d) As soon as practicable after the close of the Registered Exchange
Offer, the Issuer shall:

          (i) accept for exchange all Securities properly tendered and not
     validly withdrawn pursuant to the Registered Exchange Offer;

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          (ii) deliver to the Trustee for cancellation all Securities so
     accepted for exchange; and

          (iii) cause the Trustee promptly to authenticate and deliver to each
     Holder of Securities, New Securities equal in principal amount to the
     Securities of such Holder so accepted for exchange.

          (e) The Initial Purchasers, the Issuer and the Company acknowledge
that, pursuant to interpretations by the Commission's staff of Section 5 of the
Act, and in the absence of an applicable exemption therefrom, each Exchanging
Dealer is required to deliver a Prospectus in connection with a sale of any New
Securities received by such Exchanging Dealer pursuant to the Registered
Exchange Offer in exchange for Securities acquired for its own account as a
result of market-making activities or other trading activities. Accordingly, the
Issuer and the Company shall:

          (i) include the information set forth in Annex A hereto on the cover
     of the Exchange Offer Registration Statement, in Annex B hereto in the
     forepart of the Exchange Offer Registration Statement in a section setting
     forth details of the Registered Exchange Offer, and in Annex C hereto in
     the underwriting or plan of distribution section of the Prospectus forming
     a part of the Exchange Offer Registration Statement, and include the
     information set forth in Annex D hereto in the Letter of Transmittal
     delivered pursuant to the Registered Exchange Offer; and

          (ii) take all reasonable steps to keep the Exchange Offer Registration
     Statement continuously effective under the Act during the Exchange Offer
     Registration Period for delivery of the Prospectus contained therein by
     Exchanging Dealers in connection with sales of New Securities received
     pursuant to the Registered Exchange Offer, as contemplated by Section 4(h)
     below.

          The Issuer and the Company shall be deemed not to have taken all
reasonable steps to keep the Exchange Offer Registration Statement effective
during the Exchange Offer Registration Period if they voluntarily take any
action that would result in Exchanging Dealers holding New Securities received
in the Registered Exchange Offer being unable to offer and sell such securities
during that period, unless (x) such action is required by applicable law or (y)
such action is taken by the Issuer or the Company in good faith and for valid
business reasons (not including avoidance of the Issuer's or the Company's
obligations hereunder), including the acquisition or divestiture of assets, so
long as the Issuer and the Company promptly thereafter comply with the
requirements of Section 4(k), if applicable.

          (f) In the event that any Initial Purchaser determines that it is not
eligible to participate in the Registered Exchange Offer with respect to the
exchange of Securities constituting any portion of an unsold allotment, at the
request of such Initial Purchaser, the Issuer and the Company shall as soon as
possible issue and deliver to such Initial Purchaser, for distribution pursuant
to a Shelf Registration Statement as contemplated by Section 3 hereof, or to the
party purchasing New Securities registered under such Shelf Registration
Statement, in exchange for such Securities, a like principal amount of New
Securities. The Issuer and the Company shall seek to cause the CUSIP Service
Bureau to issue the same CUSIP number for such New Securities as for New
Securities issued pursuant to the Registered Exchange Offer.

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          3. Shelf Registration. If, (i) because of any change in law or
applicable interpretations thereof by the Commission's staff, the Issuer
determines upon advice of outside counsel that it is not permitted to effect the
Registered Exchange Offer as contemplated by Section 2 hereof or (ii) if for any
other reason the Registered Exchange Offer is not consummated within 180 days
after the date of original issuance of the Securities, or (iii) if any Holder
(other than an Initial Purchaser) is not eligible under U.S. state or federal
securities laws to participate in the Registered Exchange Offer (other than
because such Holder is unable or unwilling to make the representation set forth
in Rider B to Annex D hereto) or (iv) any Initial Purchaser that holds any
Securities constituting any portion of an unsold allotment or otherwise acquired
by such Initial Purchaser in connection with the Initial Placement (or any New
Securities issued in exchange therefor in the Registered Exchange Offer to such
Initial Purchaser) so requests (it being understood that, for purposes of this
Section 3, (x) the requirement that an Initial Purchaser deliver a Prospectus
containing the information required by Items 507 and/or 508 of Regulation S-K
under the Act in connection with sales of New Securities acquired in exchange
for such Securities shall result in such New Securities being not "freely
tradeable" but (y) the requirement that an Exchanging Dealer deliver a
Prospectus in connection with sales of New Securities acquired in the Registered
Exchange Offer in exchange for Securities acquired as a result of market-making
activities or other trading activities shall not result in such New Securities
being not "freely tradeable"), the following provisions shall apply:

          (a) The Issuer and the Company shall as promptly as practicable (but
in no event more than 30 days after so required or requested pursuant to this
Section 3), file with the Commission and thereafter shall take all reasonable
steps to cause to be declared effective under the Act by the 180th day after the
original issuance of the Securities a Shelf Registration Statement relating to
the offer and sale of the Securities or the New Securities, as applicable, by
the Holders from time to time in accordance with the methods of distribution
elected by such Holders and set forth in such Shelf Registration Statement;
provided, that with respect to New Securities received by an Initial Purchaser
in exchange for Securities constituting any portion of an unsold allotment, the
Issuer and the Company may, if permitted by current interpretations by the
Commission's staff, file a post-effective amendment to the Exchange Offer
Registration Statement containing the information required by Regulation S-K
Items 507 and/or 508, as applicable, in satisfaction of their obligations under
this paragraph (a) with respect thereto, and any such Exchange Offer
Registration Statement, as so amended, shall be referred to herein as, and
governed by the provisions herein applicable to, a Shelf Registration Statement;
provided, further, that the Company and the Issuer shall not be required to file
more than one Shelf Registration Statement pursuant to this Agreement.

          (b) The Issuer and the Company shall take all reasonable steps to keep
the Shelf Registration Statement continuously effective in order to permit the
Prospectus forming part thereof to be usable by Holders for a period from the
date of its effectiveness until (i) two years from the Issue Date, (ii) if such
Shelf Registration Statement is filed at the request of an Initial Purchaser,
one year from the Issue Date or (iii) if applicable, such shorter period that
will terminate when all the Securities or New Securities, as applicable, covered
by the Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement (in any such case, such period being called the "Shelf
Registration Period"). The Issuer and the Company shall be deemed not to have
taken all reasonable steps to keep the Shelf Registration Statement effective
during the requisite period if either of them voluntarily takes any action that
would result in Holders of securities covered thereby not being able to offer
and sell such securities during that period, unless (i) such action is required
by applicable law

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or (ii) such action is taken by the Company in good faith and for valid
business reasons (not including avoidance of the Issuer's or the Company's
obligations hereunder), including the acquisition or divestiture of assets, so
long as the Issuer and the Company promptly thereafter comply with the
requirements of Section 4(k) hereof, if applicable.

          (c) During any 365-day period, the Issuer and the Company may suspend
the availability of a Shelf Registration Statement and the use of the related
Prospectus, as provided in Section 4(c)(2)(iii) and Section 4(k) hereof, for up
to two periods of up to 45 consecutive days (except for the consecutive 45-day
period immediately prior to maturity of the Notes), but no more than an
aggregate 60 days during any 365-day period, if any event shall occur as a
result of which it shall be necessary, in the good faith determination of the
Management Board of the Company, to amend the Shelf Registration Statement or
amend or supplement any prospectus or prospectus supplement thereunder in order
that each such document not include any untrue statement of fact or omit to
state a material fact necessary to make the statements therein not misleading in
light of the circumstances under which they were made.

          4. Registration Procedures. In connection with any Shelf Registration
Statement and, to the extent applicable, any Exchange Offer Registration
Statement, the following provisions shall apply:

          (a) The Issuer and the Company shall furnish to you, prior to the
filing thereof with the Commission, a copy of any Shelf Registration Statement
and any Exchange Offer Registration Statement, and each amendment thereof and
each amendment or supplement, if any, to the Prospectus included therein and
shall use its reasonable best efforts to reflect in each such document, when so
filed with the Commission, such comments as you reasonably and timely may
propose.

          (b) The Issuer and the Company shall ensure that (i) any Registration
Statement and any amendment thereto and any Prospectus forming part thereof and
any amendment or supplement thereto complies in all material respects with the
Act and the rules and regulations thereunder, (ii) any Registration Statement
and any amendment thereto does not, when it becomes effective, contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and
(iii) any Prospectus forming part of any Registration Statement, and any
amendment or supplement to such Prospectus, does not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make
the statements, in the light of the circumstances under which they were made,
not misleading.

          (c) (1) The Issuer and the Company shall advise you and, in the case
of a Shelf Registration Statement, the Holders of securities covered thereby,
and, if requested by you or any such Holder, confirm such advice in writing:

          (i) when a Registration Statement and any amendment thereto has been
     filed with the Commission and when the Registration Statement or any
     post-effective amendment thereto has become effective; and

          (ii) of any request by the Commission for amendments or supplements to
     the Registration Statement or the Prospectus included therein or for
     additional information.
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          (2) The Issuer and the Company shall advise you and, in the case of a
Shelf Registration Statement, the Holders of securities covered thereby, and, in
the case of an Exchange Offer Registration Statement, any Exchanging Dealer
which has provided in writing to the Issuer or the Company a telephone or
facsimile number and address for notices, and, if requested by you or any such
Holder or Exchanging Dealer, confirm such advice in writing:

          (i) of the issuance by the Commission of any stop order suspending the
     effectiveness of the Registration Statement or the initiation of any
     proceedings for that purpose;

          (ii) of the receipt by the Issuer or the Company of any notification
     with respect to the suspension of the qualification of the securities
     included therein for sale in any jurisdiction or the initiation or
     threatening of any proceeding for such purpose; and

          (iii) of the happening of any event that requires the making of any
     changes in the Registration Statement or the Prospectus so that, as of such
     date, the statements therein are not misleading and do not omit to state a
     material fact required to be stated therein or necessary to make the
     statements therein (in the case of the Prospectus, in light of the
     circumstances under which they were made) not misleading (which advice
     shall be accompanied by an instruction to suspend the use of the Prospectus
     until the requisite changes have been made).

          (d) The Issuer and the Company shall take all reasonable steps to
obtain the withdrawal of any order suspending the effectiveness of any
Registration Statement at the earliest possible time.

          (e) The Issuer and the Company shall furnish to each Holder of
securities included within the coverage of any Shelf Registration Statement,
without charge, at least one copy of such Shelf Registration Statement and any
post-effective amendment thereto, including financial statements and schedules,
and, if the Holder so requests in writing, all exhibits (including those
incorporated by reference).

          (f) The Issuer and the Company shall, during the applicable Shelf
Registration Period, deliver to each Holder of Securities registered pursuant to
any Shelf Registration Statement, without charge, as many copies of the
Prospectus (including preliminary Prospectus) included in such Shelf
Registration Statement and any amendment or supplement thereto as such Holder
may reasonably request; and each of the Issuer and the Company consents to the
use of such Prospectus or any amendment or supplement thereto by each of the
Holders of Transfer Restricted Securities in connection with the offering and
sale of the Securities covered by such Prospectus or any amendment or supplement
thereto.

          (g) The Issuer and the Company shall furnish to each Exchanging Dealer
which so requests, without charge, at least one copy of the Exchange Offer
Registration Statement and any post-effective amendment thereto, including
financial statements and schedules, any documents incorporated by reference
therein, and, if the Exchanging Dealer so requests in writing, all exhibits
(including those incorporated by reference).

          (h) The Issuer and the Company shall, during the Exchange Offer
Registration Period, promptly deliver to each Exchanging Dealer, without charge,
as many

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copies of the Prospectus included in such Exchange Offer Registration Statement
and any amendment or supplement thereto as such Exchanging Dealer may reasonably
request for delivery by such Exchanging Dealer in connection with a sale of New
Securities received by it pursuant to the Registered Exchange Offer; and each of
the Issuer and the Company consents to the use of such Prospectus or any
amendment or supplement thereto by any such Exchanging Dealer in connection with
the offering and sale of the New Securities covered by such Prospectus or any
amendment or supplement thereto, as aforesaid.

          (i) The Issuer and the Company shall register or qualify or cooperate
with the Exchanging Dealers that are holders of New Securities covered by the
Prospectus contemplated by Section 2(e) hereof and with the Holders of
Securities registered on any Shelf Registration Statement and their Designated
Counsel in connection with the registration or qualification of such securities
for offer and sale under the securities or blue sky laws of such jurisdictions
in the United States as any such Holders reasonably request in writing and do
any and all other acts or things necessary or advisable to enable the offer and
sale in such jurisdictions of the securities covered by such Registration
Statement or Prospectus, as the case may be; provided, however, that neither the
Issuer nor the Company will be required to qualify generally to do business in
any jurisdiction where it is not then so qualified or to take any action which
would subject it to general service of process or to taxation in any such
jurisdiction where it is not then so subject.

          (j) The Issuer and the Company shall cooperate with the Holders of
Securities to facilitate the timely preparation and delivery of certificates
representing Securities or New Securities, as the case may be, to be sold
pursuant to any Registration Statement free of any restrictive legends and in
such denominations (subject only to the provisions of the Indenture regarding
minimum denominations) and registered in such names as Holders may request prior
to sales of securities pursuant to such Registration Statement.

          (k) Upon the occurrence of any event contemplated by paragraph
(c)(2)(iii) above, the Issuer and the Company shall promptly prepare a
post-effective amendment to any Registration Statement or an amendment or
supplement to the related Prospectus or file any other required document so
that, as thereafter delivered to purchasers of the Securities or New Securities,
as the case may be, included therein, the Prospectus will not include an untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading. If the Issuer and the Company shall give any notice
to suspend the disposition of New Securities pursuant to a Shelf Registration
Statement as a result of the happening of any event or the discovery of any
facts, each of the kind described in Section (c)(2)(iii) hereof, the Issuer and
the Company shall be deemed to have used their best efforts to keep the Shelf
Registration Statement effective during such period of suspension; provided that
the Issuer and the Company shall use their best efforts to file and have
declared effective (if an amendment) as soon as practicable an amendment or
supplement to the Shelf Registration Statement and shall extend the period
during which the Registration Statement shall be maintained effective pursuant
to this Agreement by the number of days during the period from and including the
date of the giving of such notice to and including the date when the Holders
shall have received copies of the supplemented or amended Prospectus necessary
to resume such dispositions.

          (1) Not later than the effective date of any such Registration
Statement hereunder, the Issuer and the Company shall provide a CUSIP, CINS,
Common Code, and/or ISIN number, as the case may be, for the Securities or New
Securities, as the case may be,

<PAGE>   10

registered under such Registration Statement, and provide the applicable trustee
with printed certificates for such Securities or New Securities, in a form
eligible for deposit with The Depository Trust Company, Euroclear and/or
Clearstream Banking, societe anonyme, Luxembourg.

          (m) The Issuer and the Company shall take all reasonable steps to
comply with all applicable rules and regulations of the Commission and shall
make generally available to Holders as soon as practicable after the effective
date of the applicable Registration Statement an earnings statement (which need
not be audited) satisfying the provisions of Section 11(a) under the Act.

          (n) The Issuer and the Company shall cause the Indenture to be
qualified under the Trust Indenture Act of 1939, as amended, in a timely manner.

          (o) The Issuer and the Company may require each Holder of Securities
to be sold pursuant to any Shelf Registration Statement to furnish to the
Company such information regarding the Holder and the distribution of such
securities as the Company may from time to time reasonably require for inclusion
in such Registration Statement.

          (p) The Issuer and the Company shall promptly incorporate in a
Prospectus supplement or post-effective amendment to a Shelf Registration
Statement, such information as the Managing Underwriters and Majority Holders
agree and reasonably request should be included therein and shall make all
required filings of such Prospectus supplement or post-effective amendment as
soon as notified of the matters to be incorporated in such Prospectus supplement
or post-effective amendment.

          (q) In the case of any Shelf Registration Statement, the Issuer and
the Company shall, if requested by the Majority Holders, enter into such
agreements (including underwriting agreements) and take all other appropriate
actions in order to expedite or facilitate the registration or the disposition
of the Securities, and in connection therewith, if an underwriting agreement is
entered into, cause the same to contain indemnification provisions and
procedures no less favorable than those set forth in Section 6 hereof (or such
other provisions and procedures reasonably acceptable to the Majority Holders
and the Managing Underwriters, if any, with respect to all parties to be
indemnified pursuant to Section 6 hereof.

          (r) In the case of any Shelf Registration Statement, the Issuer and
the Company shall (i) make reasonably available for inspection by the Holders of
Securities to be registered thereunder who shall certify to the Company that
they have a current intent to sell such securities pursuant to such Registration
Statement, any underwriter participating in any disposition pursuant to such
Registration Statement, and any attorney, accountant or other agent retained by
the Majority Holders or any such underwriter, all relevant financial and other
records, pertinent corporate documents and properties of the Company and its
subsidiaries; (ii) cause the Issuer's, the Company's and the Company's
subsidiaries' officers, directors and employees to supply all relevant
information reasonably requested by the Majority Holders or any such
underwriter, attorney, accountant or agent in connection with any such
Registration Statement as is customary for similar due diligence examinations;
provided, however, that any information provided pursuant to clause (i) or
clause (ii) hereof that is designated in writing by the Issuer or the Company,
in good faith, as confidential at the time of delivery of such information shall
be kept confidential by the Holders and any such underwriter, attorney,
accountant or agent (from whom the Company and the Issuer shall be

<PAGE>   11

entitled to receive written confidentiality undertakings substantially to the
same effect as those set forth in this Section 4(r)), unless such disclosure is
required to be made in connection with a court proceeding pursuant to the
subpoena or order of any court or other governmental agency or body having
jurisdiction over the matter or is required by law (in which case such party
shall promptly and prior to such disclosure notify the Company of such
disclosure requirement and cooperate with the Company and the Issuer in seeking
to stay or limit such disclosure requirement), or such information becomes
available to the public generally or through a third party without an obligation
of confidentiality; (iii) make such representations and warranties to the
Holders of securities registered thereunder and the underwriters, if any, in
form, substance and scope as are customarily made by issuers to underwriters in
primary underwritten offerings and covering matters including, but not limited
to, those set forth in the Purchase Agreement; (iv) obtain opinions of counsel
to the Issuer and the Company and updates thereof (which counsel and opinions
(in form, scope and substance) shall be reasonably satisfactory to the Managing
Underwriters, if any) addressed to each selling Holder and the underwriters, if
any, covering such matters as are customarily covered in opinions requested in
underwritten offerings and such other matters as may be reasonably requested by
such Holders and underwriters; (v) obtain "cold comfort" letters and updates
thereof from the independent certified public accountants of the Issuer and the
Company (and, if necessary, any other independent certified public accountants
of any subsidiary of the Issuer or the Company or of any business acquired by
the Issuer or the Company for which financial statements and financial data are,
or are required to be, included in such Registration Statement), addressed to
each selling Holder of securities registered thereunder and the underwriters, if
any, in form and covering matters of the type customarily covered in "cold
comfort" letters in connection with primary underwritten offerings; and (vi)
deliver such documents and certificates as may be reasonably requested by the
Majority Holders and the Managing Underwriters, if any, including those to
evidence compliance with Section 4(k) hereof and with any customary conditions
contained in the underwriting agreement or other agreement entered into by the
Issuer or the Company. The foregoing actions set forth in clauses (iii), (iv),
(v) and (vi) of this Section 4(r) shall be performed at (A) the effectiveness of
such Registration Statement and each post-effective amendment thereto and (B)
each closing under any underwriting or similar agreement as and to the extent
required thereunder.

          (s) In the case of any Exchange Offer Registration Statement, the
Issuer and the Company shall (i) make reasonably available for inspection by
each Exchanging Dealer, and any counsel, accountant or other agent retained by
Exchanging Dealers holding a majority of the aggregate principal amount of New
Securities for which delivery of a Prospectus as contemplated by Section 2(e)
hereof is required, all relevant financial and other records, pertinent
corporate documents and properties of the Company and its subsidiaries; (ii)
cause the Issuer's, the Company's and the Company's subsidiaries' officers,
directors and employees to supply all relevant information reasonably requested
by such Exchanging Dealers or any such counsel, accountant or agent, in
connection with any such Registration Statement as is customary for similar due
diligence examinations; provided, however, that any information provided
pursuant to clause (i) or clause (ii) hereof that is designated in writing by
the Issuer or the Company, in good faith, as confidential at the time of
delivery of such information shall be kept confidential by each Exchanging
Dealer or any such counsel, accountant or agent (from whom the Company and the
Issuer shall be entitled to receive written confidentiality undertakings
substantially-to the same effect as those set forth in this Section 4(s)),
unless such disclosure is made in connection with a court proceeding or required
by law, or such information becomes available to the public generally or through
a

<PAGE>   12

third party without an obligation of confidentiality; (iii) make such
representations and warranties to such Exchanging Dealers, in form, substance
and scope as are customarily made by issuers to underwriters in primary
underwritten offerings and covering matters including, but not limited to, those
set forth in the Purchase Agreement; (iv) obtain opinions of counsel to the
Issuer and the Company and updates thereof (which counsel and opinions (in form,
scope and substance) shall be reasonably satisfactory to such Exchanging Dealers
and such counsel), addressed to such Exchanging Dealers, covering such matters
as are customarily covered in opinions requested in underwritten offerings and
such other matters as may be reasonably requested by such Exchanging Dealers or
such counsel; (v) obtain "cold comfort" letters and updates thereof from the
independent certified public accountants of the Issuer and the Company (and, if
necessary, any other independent certified public accountants of any subsidiary
of the Issuer or the Company or of any business acquired by the Issuer or the
Company for which financial statements and financial data are, or are required
to be, included in the Registration Statement), addressed to such Exchanging
Dealers, in customary form and covering matters of the type customarily covered
in "cold comfort" letters in action with primary underwritten offerings, or if
requested by such Exchanging Dealers or such counsel in lieu of a "cold comfort"
letter, an agreed-upon procedures letter under Statement on Auditing Standards
No. 35, covering matters requested by such Exchanging Dealers or such counsel;
and (vi) deliver such documents and certificates as may be reasonably requested
by such Exchanging Dealers or such counsel, including those to evidence
compliance with Section 4(k) hereof and with conditions customarily contained in
underwriting agreements. The foregoing actions set forth in clauses (iii), (iv),
(v), and (vi) of this Section 4(s) shall be performed at the close of the
Registered Exchange Offer and the effective date of any post-effective amendment
to the Exchange Offer Registration Statement.

          5. Registration Expenses. The Issuer and the Company shall bear all
expenses incurred in connection with the performance of its obligations under
Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration Statement
or any requirement for an Exchanging Dealer to deliver a Prospectus included in
the Exchange Offer Registration Statement, will reimburse the Holders for the
reasonable fees and disbursements of one firm or counsel designated by the
Majority Holders or by Exchanging Dealers holding a majority of the aggregate
principal amount of New Securities covered by such Prospectus, as the case may
be, to act as counsel for the Holders in connection therewith ("Designated
Counsel").

          6. Indemnification and Contribution. (a) In connection with any
Registration Statement, the Issuer and the Company agree to indemnify and hold
harmless each Holder selling securities covered thereby (including with respect
to any Prospectus delivery as contemplated in Section 4(h) hereof, each
Exchanging Dealer), the directors, officers, employees and agents of each such
Holder and each person who controls any such Holder within the meaning of either
the Act or the Exchange Act against any and all losses, claims, damages or
liabilities, joint or several, to which they or any of them may become subject
under the Act, the Exchange Act or other federal or state statutory law or
regulation, at common law or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement as originally filed or in any amendment thereof, or
in any preliminary Prospectus or Prospectus, or in any amendment thereof or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and agrees to reimburse
each such indemnified party for any legal or other expenses reasonably incurred
by them in connection with

<PAGE>   13

investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Issuer and the Company will not be liable in any
case to the extent that any such loss, claim, damage or liability arises out of
or is based upon any such untrue statement or alleged untrue statement or
omission or alleged omission made therein in reliance upon and in conformity
with written information furnished to the Issuer or the Company by or on behalf
of any such Holder specifically for inclusion therein; provided, further, that
neither the Issuer nor the Company will be liable in any such case to the extent
that any such loss, claim, damage or liability arises out of or is based on an
untrue statement or omission in any Prospectus which was corrected in a
subsequent Prospectus where the relevant Exchanging Dealer sold the securities
to a person to whom it is established that such Exchanging Dealer failed to send
or otherwise deliver, at or prior to the written confirmation of such sale, a
copy of the subsequent Prospectus, as then amended or supplemented. This
indemnity shall not extend to any losses, damages, claims or other liabilities
that may result from the settlement or compromise by any indemnified party of
any action or claim, or any admission by such indemnified party of any
liability, in each case without the prior consent of the Company, which consent
shall not be unreasonably withheld or delayed. This indemnity agreement will be
in addition to any liability which the Issuer and the Company may otherwise
have.

          The Issuer and the Company also agree, if requested by the Majority
Holders, to enter into an underwriting agreement that includes an undertaking to
indemnify or contribute to Losses of, as provided in Section 6(d) hereof, any
underwriters of Securities registered under a Shelf Registration Statement,
their officers and directors and each person who controls such underwriters on
substantially the same basis as that of the indemnification of the selling
Holders provided in this Section 6(a), as provided in Section 4(q) hereof.

          (b) Each Holder of securities covered by a Registration Statement
(including with respect to any Prospectus delivery as contemplated in Section
4(h) hereof, each Exchanging Dealer) severally agrees to indemnify and hold
harmless (i) the Issuer, (ii) the Company, (iii) each of their respective
directors, (iv) each of their respective officers who signs such Registration
Statement and (v) each person who controls the Issuer or the Company within the
meaning of either the Act or the Exchange Act to the same extent as the
foregoing indemnity from the Issuer and the Company to each such Holder, but
only with reference to written information relating to such Holder furnished to
the Issuer or the Company by or on behalf of such Holder specifically for
inclusion in the documents referred to in the foregoing indemnity. This
indemnity agreement will be in addition to any liability which any such Holder
may otherwise have.

          (c) Promptly after receipt by an indemnified party under this Section
6 of notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under this
Section 6, notify the indemnifying party in writing of the commencement thereof;
but the failure so to notify the indemnifying party (i) will not relieve it from
liability under paragraph (a) or (b) above unless and to the extent such failure
results in the forfeiture by the indemnifying party of substantial rights and
defenses and (ii) will not, in any event, relieve the indemnifying party from
any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party shall
be entitled to appoint counsel of the indemnifying party's choice at the
indemnifying party's expense to represent the indemnified party in any action
for which indemnification is sought (in which case the indemnifying party shall
not thereafter be responsible for the fees and expenses of any separate counsel
retained by the indemnified party or parties except as set forth below);
provided, however, that such

<PAGE>   14

counsel shall be reasonably satisfactory to the indemnified party.
Notwithstanding the indemnifying party's election to appoint counsel to
represent the indemnified party in an action, the indemnified party shall have
the right to employ counsel (including local counsel) separate from counsel
appointed by the indemnifying party, and the indemnifying party shall bear the
reasonable fees, costs and expenses of such separate counsel (and local counsel)
if (i) the use of counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with a conflict of interest, (ii)
the actual or potential defendants in, or targets of, any such action include
both the indemnified party and the indemnifying party and the indemnified party
shall have reasonably concluded that there may be legal defenses available to it
and/or other indemnified parties which are different from or additional to those
available to the indemnifying party, (iii) the indemnifying party shall not have
employed counsel reasonably satisfactory to the indemnified party to represent
the indemnified party within a reasonable time after notice of the institution
of such action or (iv) the indemnifying party shall authorize the indemnified
party to employ separate counsel at the expense of the indemnifying party. An
indemnifying party will not, without the prior written consent of the
indemnified parties (which consent shall not be unreasonably withheld), settle
or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim or action)
unless such settlement, compromise or consent (i) includes an unconditional
release of each indemnified party from all liability arising out of such claim,
action, suit or proceeding and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of any
indemnified party.

          (d) In the event that the indemnity provided in paragraph (a) or (b)
of this Section 6 is unavailable to or insufficient to hold harmless an
indemnified party for any reason, then each applicable indemnifying party, in
lieu of indemnifying such indemnified party, shall have a joint and several
obligation to contribute to the aggregate losses, claims, damages and
liabilities (including legal or other expenses reasonably incurred in connection
with investigating or defending same) (collectively "Losses") to which such
indemnified party may be subject in such proportion as is appropriate to reflect
the relative benefits received by such indemnifying party, on the one hand, and
such indemnified party, on the other hand, from the Initial Placement and the
Registration Statement which resulted in such Losses; provided, however, that in
no case shall any Holder of any Security or New Security be responsible, in the
aggregate, for any amount in excess of the purchase discount or commission
applicable to such Security, or in the case of a New Security, applicable to the
Security which was exchangeable into such New Security, as set forth on the
cover page of the Final Offering Memorandum, nor shall any underwriter be
responsible for any amount in excess of the underwriting discount or commission
applicable to the securities purchased by such underwriter under the
Registration Statement which resulted in such Losses. If the allocation provided
by the immediately preceding sentence is unavailable for any reason, the
indemnifying party and the indemnified party shall contribute in such proportion
as is appropriate to reflect not only such relative benefits but also the
relative fault of such indemnifying party, on the one hand, and such indemnified
party, on the other hand, in connection with the statements or omissions which
resulted in such Losses as well as any other relevant equitable considerations.
Benefits received by the Company shall be deemed to be equal to the total net
proceeds from the Initial Placement (before deducting expenses) as set forth on
the cover page of the Final Offering Memorandum. Benefits received by the
selling Holders shall be deemed to be equal to the value of receiving Securities
or New Securities, as applicable, registered under the Act. Benefits received by
any underwriter shall

<PAGE>   15

be deemed to be equal to the total underwriting discounts and commissions, as
set forth on the cover page of the Prospectus forming a part of the Registration
Statement which resulted in such Losses. Relative fault shall be determined by
reference to whether any alleged untrue statement or omission relates to
information provided by the indemnifying party, on the one hand, or by the
indemnified party, on the other hand. The parties agree that it would not be
just and equitable if contribution were determined by pro rata allocation or any
other method of allocation which does not take account of the equitable
considerations referred to above. Notwithstanding the provisions of this
paragraph (d), no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. For purposes of
this Section 6, each person who controls a Holder within the meaning of either
the Act or the Exchange Act and each director, officer, employee and agent of
such Holder shall have the same rights to contribution as such Holder, and each
person who controls the Issuer or the Company within the meaning of either the
Act or the Exchange Act, each officer of the Issuer or the Company who shall
have signed the Registration Statement and each director of the Issuer or the
Company shall have the same rights to contribution as the Issuer and the
Company, subject in each case to the applicable terms and conditions of this
paragraph (d).

          (e) The provisions of this Section 6 will remain in full force and
effect, regardless of any investigation made by or on behalf of any Holder or
the Issuer or the Company or any of the officers, directors or controlling
persons referred to in this Section 6, and will survive the sale by a Holder of
securities covered by a Registration Statement.

          7. Miscellaneous.

          (a) No Inconsistent Agreements. Each of the Issuer, the Company and
the Company's subsidiaries has not, as of the date hereof, entered into, nor
shall it, on or after the date hereof, enter into, any agreement with respect to
its securities that is inconsistent with the rights granted to the Holders
herein or otherwise conflicts with the provisions hereof.

          (b) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Issuer or the Company has
obtained the written consent of the Holders of at least a majority of the then
outstanding aggregate principal amount of Securities (or, after the consummation
of any Registered Exchange Offer in accordance with Section 2 hereof, of New
Securities); provided that, with respect to any matter that directly or
indirectly affects the rights of any Initial Purchaser hereunder, the Issuer and
the Company shall obtain the written consent of each such Initial Purchaser
against which such amendment, qualification, supplement, waiver or consent is to
be effective. Notwithstanding the foregoing (except the foregoing proviso), a
waiver or consent to departure from the provisions hereof with respect to a
matter that relates exclusively to the rights of Holders whose securities are
being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by the Majority
Holders determined on the basis of securities being sold rather than registered
under such Registration Statement.

          (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier, or air courier guaranteeing overnight delivery.
<PAGE>   16

          (1) if to a Holder, at the address of such Holder maintained by the
          Registrar under the Indenture;

          (2) if to you or another Initial Purchaser, initially at the
          respective addresses set forth in the Purchase Agreement;

          (3) if to the Issuer, initially at its address set forth in the
          Purchase Agreement; and

          (4) if to the Company, initially at its address set forth in the
          Purchase Agreement.

          All such notices and communications shall be deemed to have been duly
given when received.

          The Initial Purchasers, the Issuer or the Company by notice to the
other may designate additional or different addresses for subsequent notices or
communications.

          (d) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and permitted assigns of each of the
parties, including, without the need for an express assignment or any consent by
the Issuer or the Company thereto, subsequent Holders of Securities and/or New
Securities. The Issuer and the Company hereby agree to extend the benefits of
this Agreement to any Holder of Securities and/or New Securities and any such
Holder may specifically enforce the provisions of this Agreement as if an
original party hereto.

          (e) Counterparts; English Language. This agreement may be executed in
any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

          This Agreement has been negotiated and executed in the English
language. This Agreement has also been translated into the Polish language.
However, in the event of any inconsistency between the English language version
and the Polish language version, the English language version shall control and
be conclusive as to the meaning of any terms and provisions hereof.

          (f) Headings. The headings in this agreement are for convenience or
reference only and shall not limit or otherwise affect the meaning hereof.

          (g) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

          (h) Jurisdiction. Each of the Issuer and the Company agrees that any
suit, action or proceeding against the Issuer or the Company brought by any
Initial Purchaser, the directors, officers, employees and agents of any Initial
Purchaser, or by any person who controls any Initial Purchaser, arising out of
or based upon this Agreement or the transactions contemplated hereby may be
instituted in any state or federal court in the Borough of Manhattan, City of
New York, New York, and waives any objection which it may now or hereafter have
to the laying of venue of any such proceeding, and irrevocably submits to the
nonexclusive jurisdiction of such courts in any suit, action or proceeding. Each
of the Issuer and

<PAGE>   17

the Company has appointed CT Corporation System, with offices on the date hereof
at 111 Eighth Avenue, New York, New York 10011, as its authorized agent (the
"Authorized Agent"), upon whom process may be served in any suit, action or
proceeding arising out of or based upon this Agreement or the transactions
contemplated herein which may be instituted in any state or federal court in the
Borough of Manhattan, City of New York, New York, by any Initial Purchaser, the
directors, officers, employees and agents of any Initial Purchaser, or by any
person, if any, who controls any Initial Purchaser, and expressly accepts the
nonexclusive jurisdiction of any such court in respect of any such suit, action
or proceeding. Each of the Issuer and the Company hereby represents and warrants
that the Authorized Agent has accepted such appointment and has agreed to act as
said agent for service of process, and each of the Issuer and the Company agrees
to take any and all action, including the filing of any and all documents that
may be necessary to continue such appointment in full force and effect as
aforesaid. Service of process upon the Authorized Agent shall be deemed, in
every respect, effective service of process upon the Issuer and the Company.
Notwithstanding the foregoing, any action involving the Company arising out of
or based upon this Agreement may be instituted by any Initial Purchaser, the
directors, officers, employees and agents of any Initial Purchaser, or by any
person who controls any Initial Purchaser in any court of competent jurisdiction
in Luxembourg or the Republic of Poland.

          (i) Severability. In the event that any one of more of the provisions
contained herein, or the application thereof in any circumstances, is held
valid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions hereof shall not be in any way impaired or affected
thereby, it being intended that all of the rights and privileges of the parties
shall be enforceable to the fullest extent permitted by law.

          (j) Securities Held by the Company, etc. Whenever the consent or
approval of Holders of a specified percentage of principal amount of Securities
or New Securities is required hereunder, Securities or New Securities, as
applicable, held by the Company or its Affiliates (other than subsequent Holders
of Securities or New Securities if such subsequent Holders are deemed to be
Affiliates solely by reason of their holdings of such Securities or New
Securities) shall not be counted in determining whether such consent or approval
was given by the Holders of such required percentage.

<PAGE>   18

          Please confirm that the foregoing correctly sets forth the agreement
between the Issuer, the Company and you.

                                        Very truly yours,

                                        PTC INTERNATIONAL FINANCE II S.A.

                                        By: /s/
                                        --------------------------------

                                        Name:     Authorized Signatory
                                        Title:

                                        By:
                                        --------------------------------
                                        Name:
                                        Title:

                                        POLSKA TELEFONIA CYFROWA SP. Z 0.0.

                                        By: /s/ Wilhelm Stuckemann
                                        --------------------------------
                                        Name:   Wilhelm Stuckemann
                                        Title:  Director of Strategy,
                                                Marketing and Sales

                                        By: /s/ Ryszard Pospieszynski
                                        --------------------------------
                                        Name:   Ryszard Pospieszynski
                                        Title:  Director of Administration

<PAGE>   19

The foregoing Agreement is hereby
accepted as of the date first
above written.

DEUTSCHE BANK AG LONDON

By: /s/ Gareth Noonan
    -----------------------------------
Name: Gareth Noonan
Title:

By: /s/ Guy du ParcGraham
    -----------------------------------
Name: Guy du ParcGraham
Title:

DRESDNER BANK AG LONDON BRANCH

By: /s/ S. Park
    -----------------------------------
Name: S. Park
Title: M.D.

By: /s/ Wolfgang Fink
    -----------------------------------
Name: Wolfgang Fink
Title: Director

<PAGE>   20

                                                                         ANNEX A

          Each broker-dealer that receives New Securities for its own account
pursuant to the Registered Exchange Offer must acknowledge that it will deliver
a prospectus in connection with any resale of such New Securities. The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Act. This Prospectus, as it may be amended or supplemented from
time to time, may be used by a broker-dealer in connection with resales of New
Securities received in exchange for Securities where such Securities were
acquired by such broker-dealer as a result of marketmaking activities or other
trading activities. The Company has agreed that, starting on the Expiration Date
(as defined herein) and ending on the close of 90 business days after the
Expiration Date, it will make this Prospectus available to any broker-dealer for
use in connection with any such resale. See "Plan of Distribution."

<PAGE>   21

                                                                         ANNEX B

          Each broker-dealer that receives New Securities for its own account in
exchange for Securities, where such Securities were acquired by such
broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such New Securities. See "Plan of Distribution."

<PAGE>   22

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

          Each broker-dealer that receives New Securities for its own account
pursuant to the Registered Exchange Offer must acknowledge that it will deliver
a prospectus in connection with any resale of such New Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of New Securities received in
exchange for Securities where such Securities were acquired as a result of
market-making activities or other trading activities. The Company has agreed
that, starting on the Expiration Date and ending on the close of 90 business
days after the Expiration Date, it will make this Prospectus, as amended or
supplemented, available to any broker-dealer for use in connection with any such
resale. In addition, until _____________, ____, all dealers effecting
transaction in the New Securities may be required to deliver a prospectus.

          The Company will not receive any proceeds from any sale of New
Securities by broker-dealers. New Securities received by broker-dealers for
their own account pursuant to the Registered Exchange Offer may be sold from
time to time in one or more transactions in the over-the-counter market, in
negotiated transactions, through the writing of options on the New Securities or
a combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer and/or the purchasers of any such New
Securities. Any broker-dealer that resells New Securities that were received by
it for its own account pursuant to the Registered Exchange Offer and any broker
or dealer that participates in a distribution of such New Securities may be
deemed to be an "underwriter" within the meaning of the Act and any profit of
any such resale of New Securities and any commissions or concessions received by
any such persons may be deemed to be underwriting compensation under the Act.
The Letter of Transmittal states that by acknowledging that it will deliver and
by delivering a prospectus, a broker-dealer will not be deemed to admit that it
is an "underwriter" within the meaning of the Act.

          For a period of 90 days after the Expiration Date, the Company will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal. The Company has agreed to pay all expenses
incident to the Registered Exchange Offer (including the reasonable expenses of
one counsel for Holders of New Securities that are broker-dealers and are
required to deliver a prospectus in connection with any resale of such New
Securities) other than commissions or concessions of any brokers or dealers and
will indemnify the Holders of the Securities (including any broker-dealers)
against certain liabilities, including liabilities under the Act.

<PAGE>   23

                                                                         ANNEX D

Rider A.

    [  ]   CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
           ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS
           OR SUPPLEMENTS THERETO.

           Name:  _____________________________________________________

         Address: _____________________________________________________

         ______________________________________________________________

Rider B

          If the undersigned is not a broker-dealer, the undersigned represents
that it is not engaged in, and does not intend to engage in, a distribution of
New Securities. If the undersigned is a broker-dealer that will receive New
Securities for its own account in exchange for Securities, it represents that
the Securities to be exchanged for New Securities were acquired by it as a
result of market-making activities or other trading activities and acknowledges
that it will deliver a prospectus in connection with any resale of such New
Securities; however, by so acknowledging and by delivering a prospectus, the
undersigned will not be deemed to admit that it is an "underwriter" within the
meaning of the U.S. Securities Act.<PAGE>   1
                                                                   Exhibit 10.23

                                                                  EXECUTION COPY

                        PTC INTERNATIONAL FINANCE II S.A.
                    (a private company with limited liability
                   incorporated under the laws of Luxembourg)

                       POLSKA TELEFONIA CYFROWA SP. Z O.O.
             (a company incorporated as a limited liability company
                    under the laws of the Republic of Poland)

    (EURO) 200,000,000 10 7/8 SENIOR SUBORDINATED GUARANTEED NOTES DUE 2008

                               PURCHASE AGREEMENT

                               DATED: MAY 2, 2001

<PAGE>   2

                        PTC INTERNATIONAL FINANCE II S.A.
                    (a private company with limited liability
                   incorporated under the laws of Luxembourg)

                       POLSKA TELEFONIA CYFROWA SP. Z O.O.
             (a company incorporated as a limited liability company
                    under the laws of the Republic of Poland)

    (euro) 200,000,000 10 7/8 Senior Subordinated Guaranteed Notes due 2008

                               PURCHASE AGREEMENT

                                   May 2, 2001

To:      Deutsche Bank AG London
         Winchester House
         1 Great Winchester Street
         London  EC2N 2DB

         Dresdner Bank AG London Branch
         Riverbank House
         2 Swan Lane
         London

         EC4R 3UX

Ladies and Gentlemen:

          PTC International Finance II S.A., a company with limited liability
incorporated under the laws of Luxembourg (the "Issuer"), and Polska Telefonia
Cyfrowa Sp. z o.o., a limited liability company under the laws of the Republic
of Poland (the "Guarantor"), pursuant to this agreement (the "Agreement"), each
hereby confirm their agreement with Deutsche Bank AG London and Dresdner Bank AG
London Branch (collectively, the "Initial Purchasers", which term shall also
include any initial purchaser substituted as hereinafter provided in Section 11
hereof), with respect to the issue and sale by the Issuer and the purchase by
the Initial Purchasers (the "Offering"), acting severally and not jointly, of
the respective principal amounts set forth in Schedule A hereto of (euro)
200,000,000 aggregate principal amount of the Issuer's 10 7/8% Senior
Subordinated Guaranteed Notes due 2008 (the "Notes"). The Notes are to be issued
pursuant to an indenture dated as of May 8, 2001 (the "Indenture") among the
Issuer, the Guarantor and State Street Bank and Trust Company, as trustee (the
"Trustee"). The obligations of the Issuer under the Indenture and the Notes will
be fully and unconditionally guaranteed pursuant to a guarantee (the
"Guarantee") made by the Guarantor. Notes issued in book-entry form pursuant to
Rule 144A (as defined below) and Regulation S (as defined below) will be
deposited with the Trustee as custodian for, and registered in the name of Cede
& Company as nominee of, The Depository Trust Company ("DTC") pursuant to a
letter agreement to be dated as of the Closing

<PAGE>   3

Time (as defined in Section 2(b) hereof) (the "DTC Agreement"), among the
Issuer, the Guarantor, the Trustee and DTC. Notes issued in book-entry form
pursuant to Regulation S will be deposited with the Trustee as common depositary
for, and registered in the name of a nominee of, Morgan Guaranty Trust Company
of New York, Brussels office, as operator of the Euroclear System ("Euroclear")
and Clearstream Banking, societe anonyme, Luxembourg ("Clearstream Luxembourg").

         The holders of Notes will be entitled to the benefits of a Registration
Rights Agreement, in substantially the form attached hereto as Exhibit A with
such changes as shall be agreed to by the parties hereto (the "Registration
Rights Agreement"), pursuant to which the Issuer and the Guarantor will agree to
file a registration statement (the "Registration Statement") with the United
States Securities and Exchange Commission (the "Commission") registering the
Notes or the Exchange Notes referred to in the Registration Rights Agreement
under the U.S. Securities Act of 1933, as amended (the "Securities Act").

         The Issuer and the Guarantor understand that the Initial Purchasers
propose to make an offering of the Notes on the terms and in the manner set
forth herein and in reliance upon an exemption from the registration
requirements of the Securities Act, and agree that the Initial Purchasers may
resell, subject to the conditions set forth herein, all or a portion of the
Notes to purchasers ("Subsequent Purchasers") at any time on or after the date
of this Agreement. The Notes are to be offered and sold to the Initial
Purchasers without being registered under the Securities Act, in reliance upon
exemptions therefrom. Pursuant to the terms of the Notes and the Indenture,
investors that acquire Notes may only resell or otherwise transfer such Notes if
such Notes are hereafter registered under the Securities Act or if an exemption
from the registration requirements of the Securities Act is available (including
the exemption afforded by Rule 144A ("Rule 144A") or Regulation S ("Regulation
S") of the rules and regulations promulgated under the Securities Act by the
Commission).

         The Issuer and the Guarantor have prepared and delivered to each
Initial Purchaser copies of a preliminary offering memorandum dated April 12,
2001(the "Preliminary Offering Memorandum") and have prepared and will deliver
to each Initial Purchaser promptly upon its being completed copies of a final
offering memorandum dated May 2, 2001 (the "Final Offering Memorandum"), each
for use by such Initial Purchaser in connection with its solicitation of
purchases of, or Offering of, the Notes. "Offering Memorandum" means, with
respect to any date or time referred to in this Agreement, the most recent
offering memorandum (whether the Preliminary Offering Memorandum or the Final
Offering Memorandum, or any amendment or supplement to either such document),
which has been prepared and delivered by the Issuer and the Guarantor to the
Initial Purchasers in connection with their solicitation of purchases of, or the
Offering of, the Notes.

         SECTION  1. REPRESENTATIONS AND WARRANTIES.

         (a)      Representations and Warranties of the Issuer and the
                  Guarantor.

                  Each of the Issuer and the Guarantor jointly and severally
         represents and warrants to each Initial Purchaser as of the date hereof
         and as of the Closing Time referred to in Section 2(b) hereof, and
         agrees with each Initial Purchaser, as follows:

<PAGE>   4

         (i)      Similar Offerings.

         The Guarantor and its affiliates, as such term is defined in Rule
501(b) of Regulation D under the Securities Act ("Affiliates"), have not,
directly or indirectly, solicited any offer to buy, sell or offered to sell or
otherwise negotiated in respect of, and will not, directly or indirectly,
solicit any offer to buy or offer to sell or otherwise negotiate in respect of,
in the United States or to any United States citizen or resident, any security
which is or would be integrated with the sale of the Notes in a manner that
would require the Notes to be registered under the Securities Act.

         (ii)     Offering Memorandum.

         The Offering Memorandum does not, and at the Closing Time will not,
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading; provided that this representation, warranty and agreement shall not
apply to statements in or omissions from the Offering Memorandum made in
reliance upon and in conformity with information furnished to the Issuer or the
Guarantor in writing by any Initial Purchaser expressly for use in the Offering
Memorandum.

         (iii)    Independent Accountants.

         The accountants who certified the financial statements and supporting
schedules thereto included in the Offering Memorandum are independent certified
public accountants with respect to the Guarantor and the Issuer (PTC
International Finance (Holding) B.V., PTC International Finance B.V. and the
Issuer each being a "Subsidiary" and collectively the "Subsidiaries") within the
meaning of the Securities Act and the applicable published regulations
thereunder.

         (iv)     Financial Statements.

         The financial statements, together with the related schedules and
notes, included in the Offering Memorandum present fairly the financial position
of the Guarantor and its Subsidiaries at the dates indicated and the statement
of operations, stockholders' equity and cash flows of the Guarantor and its
consolidated subsidiaries for the periods specified and have been prepared in
conformity with International Accounting Standards ("IAS") applied on a
consistent basis throughout the periods involved. The financial information
included in the Offering Memorandum under the heading "Summary - Summary
Financial Data" and in Annex A included in the Offering Memorandum under the
headings "Item 3. Key Information - Statement of Operations Data" and "Item 5.
Operating and Financial Review and Prospects" present fairly the information
shown therein and have (other than "Subscribers at End of Period" and "Monthly
Churn Rate") been compiled on a basis consistent with that of the audited
financial statements included in the Offering Memorandum.

<PAGE>   5

         (v)      No Material Adverse Change in Business.

         Since the respective dates as of which information is given in the
Offering Memorandum, except as otherwise stated therein, (A) there has been no
material adverse change in the condition, financial or otherwise, in the
earnings, business affairs or business prospects of the Guarantor and its
Subsidiaries considered as one enterprise, whether or not arising in the
ordinary course of business (a "Material Adverse Effect"), (B) there have been
no transactions entered into by the Guarantor or any of its Subsidiaries, other
than those arising in the ordinary course of business, which are material with
respect to the Guarantor and its Subsidiaries considered as one enterprise and
(C) there has been no dividend or distribution of any kind declared, paid or
made by either the Issuer or the Guarantor on any class of its capital stock.

         (vi)     Incorporation.

         The Issuer has been duly incorporated and is validly existing as a
legal entity in the form of a private company with limited liability ("societe
anonyme") under the laws of Luxembourg, with full corporate power and authority
to own its material properties, to conduct its business as described in the
Offering Memorandum and to enter into and perform its obligations under this
Agreement, the Registration Rights Agreement, the Indenture and the Notes. The
Guarantor has been duly organized and is validly existing as a limited liability
company ("spolka z ograniczona odpowiedzialnoscia") under the laws of the
Republic of Poland, with full power and authority to own its material properties
and conduct its business as described in the Offering Memorandum and to enter
into and perform its obligations under this Agreement, the Registration Rights
Agreement, the Indenture and the Guarantee. Neither the Issuer nor the Guarantor
is in liquidation, bankruptcy, administration or receivership nor has any
petition been presented for the winding up of the Issuer or the Guarantor.

         (vii)    Good Standing.

         The Issuer is duly qualified as a corporation to transact business,
whether by reason of the ownership or leasing of property or the conduct of
business, except where the failure to so qualify or to be in good standing would
not result in a Material Adverse Effect. The Guarantor is duly qualified as a
corporation to transact business and is in good standing in every jurisdiction
in which such qualification is required, whether by reason of the ownership or
leasing of property or the conduct of business, except where the failure to so
qualify or to be in good standing would not result in a Material Adverse Effect.
The Issuer has no subsidiaries, and is the only subsidiary of PTC International
Finance (Holding) B.V. PTC International Finance (Holding) B.V. and PTC
International Finance B.V. are the only direct subsidiaries of the Guarantor.
The Guarantor has no subsidiaries other than PTC International Finance (Holding)
B.V., PTC International Finance B.V. and the Issuer.

         (viii)   Capitalization.

<PAGE>   6

         The authorized, issued and outstanding capital stock of the Issuer as
of December 31, 2000 is as set forth in the Offering Memorandum under the
heading "The Issuer", the authorized, issued and outstanding capital stock of
the Guarantor as of December 31, 2000 is as set forth in the Offering Memorandum
under the "Actual" column of the heading "Capitalization". The shares of issued
and outstanding capital stock of each of the Issuer and the Guarantor have been
duly authorized and validly issued and are fully paid and non-assessable. None
of the outstanding shares of capital stock of the Issuer or the Guarantor was
issued by them in violation of the preemptive or other similar rights of any
securityholder of the Issuer or the Guarantor. There are no outstanding
securities convertible into or exchangeable for, or warrants, rights or options
to purchase from the Issuer or the Guarantor, shares of common stock or any
other class of capital stock. Except as otherwise disclosed in the Offering
Memorandum, all of the issued shares of each Subsidiary are owned directly or
indirectly by the Guarantor, free and clear of all liens, encumbrances, equities
or claims, other than any liens, encumbrances, equities or claims granted to
certain lenders under the Bank Credit Facilities (as defined in the Offering
Memorandum).

         (ix)     Authorization of Agreement.

         This Agreement has been duly authorized, executed and delivered by each
of the Issuer and the Guarantor.

         (x)      Authorization of the Indenture.

         The Indenture has been duly authorized by each of the Issuer and the
Guarantor and at the Closing Time, will have been duly executed and delivered by
each of the Issuer and the Guarantor and (assuming the due authorization,
execution and delivery in accordance with its terms by the Trustee) will
constitute a valid and binding agreement of each of the Issuer and the
Guarantor, enforceable against each of them in accordance with its terms, except
as may be limited by bankruptcy, insolvency (including, without limitation, all
laws relating to fraudulent transfers), reorganization, moratorium or similar
laws affecting creditors' rights generally and is subject to general principles
of equity (regardless of whether enforcement is considered in a proceeding in
equity or at law).

         (xi)     Authorization of Notes.

         The Notes have been duly authorized by the Issuer and, at the Closing
Time, will have been duly executed by the Issuer and, when authenticated, issued
and delivered in the manner provided for in the Indenture, and delivered against
payment of the purchase price therefor as provided in this Agreement, will be
duly and validly issued and will constitute legal, valid and binding obligations
of the Issuer, enforceable against the Issuer in accordance with their terms,
except as may be limited by bankruptcy, insolvency (including, without
limitation, all laws relating to fraudulent transfers), reorganization,
moratorium or similar laws affecting creditors' rights generally and is subject
to general principles of equity (regardless of whether enforcement is considered
in a proceeding in equity or at law), and will be in the form contemplated by,
and entitled to the benefits of, the Indenture and the Registration Rights
Agreement.

<PAGE>   7

         (xii)    Authorization of the Registration Rights Agreement.

         The Registration Rights Agreement has been duly authorized and, at the
Closing Time, will have been duly executed and delivered by each of the Issuer
and the Guarantor and will constitute a legal, valid and binding agreement of
each of the Issuer and the Guarantor, enforceable against each of the Issuer and
the Guarantor in accordance with its terms, except as may be limited by
bankruptcy, insolvency (including, without limitation, all laws relating to
fraudulent transfers), reorganization, moratorium or similar laws affecting
creditors' rights generally and is subject to general principles of equity
(regardless of whether enforcement is considered in a proceeding in equity or at
law) and except that any rights to indemnification and contribution may be
limited by U.S. Federal securities laws and U.S. public policy considerations.

         (xiii)   Authorization of the Guarantee.

         The Guarantee has been duly authorized and, at the Closing Time, will
have been duly executed and delivered by the Guarantor and will constitute a
legal, valid and binding agreement of the Guarantor, enforceable against the
Guarantor in accordance with its terms, except as may be limited by bankruptcy,
insolvency (including, without limitation, all laws relating to fraudulent
transfers), reorganization, moratorium or similar laws affecting creditors'
rights generally and is subject to general principles of equity (regardless of
whether enforcement is considered in a proceeding in equity or at law).

         (xiv)    Description of the Indenture, the Notes, the Registration
                  Rights Agreement and the Guarantee.

         The Indenture, the Notes, the Registration Rights Agreement and the
Guarantee will conform in all material respects to the respective statements
relating thereto contained in the Offering Memorandum and will be in
substantially the respective forms previously delivered to the Initial
Purchasers.

         (xv)     Absence of Defaults and Conflicts.

Except as otherwise set forth in the Offering Memorandum, the (A) issuance and
sale of the Notes to the Initial Purchasers by the Issuer pursuant to this
Agreement, (B) execution, delivery and performance of the Registration Rights
Agreement by each of the Issuer and the Guarantor, (C) execution, delivery and
performance of this Agreement and the Indenture by each of the Issuer and the
Guarantor, (D) the execution, delivery and performance of the Guarantee by the
Guarantor, (E) compliance by each of the Issuer and the Guarantor with all the
provisions hereof and thereof and (F) consummation of the transactions
contemplated hereby and thereby by each of the Issuer and the Guarantor do not
require any consent, authorization, approval or order of, or filing or
registration with or notice to, any court, regulatory body, central bank,
administrative agency or other governmental body (except as may be required
under blue sky laws of the various states of the United States and those
consents, authorizations, approvals, orders, filing, registrations or notices
which have been obtained or made, as the case may be, or may be obtained or
made, as the case may be, pursuant to the Registration Rights Agreement) and do
not conflict with, or constitute a breach or a violation of any of the terms or
provisions of, or a

<PAGE>   8

default under, the memorandum or articles of association or other constitutive
documents of the Issuer or the Guarantor (other than, solely with respect to
internal consents or authorizations, a breach or violation of the articles of
association of the Guarantor that would not have a Material Adverse Effect), or
any material debenture, note or other evidence of indebtedness or any material
indenture, agreement, or other instrument to which they may be party or by which
they may be bound or to which any of their respective properties is subject or
any law, statute, rule, regulation, judgment or decree applicable to any of
them.

                  (xvi)    Absence of Labor Dispute.

                  No labor dispute with the employees of the Guarantor or the
         Subsidiaries exists or, to the knowledge of the Guarantor or the
         Subsidiaries, is imminent and neither the Guarantor nor any of the
         Subsidiaries is aware of any existing or imminent labor disturbance by
         the employees of any of their principal suppliers, manufacturers,
         customers or contractors, which, in either case, may reasonably be
         expected to result in a Material Adverse Effect. Other than agreements
         with individual employees, there are no general or individual labor
         agreements or arrangements of the Guarantor or the Subsidiaries and
         there has been no proposal to establish any such agreement or
         arrangement, which could reasonably be expected to result in a Material
         Adverse Effect.

                  (xvii)   Absence of Proceedings.

                  There is no action, suit, proceeding, inquiry or investigation
         before or by any court or governmental agency or body, domestic or
         foreign, now pending, or, to the knowledge of the Issuer or the
         Guarantor, threatened, against or affecting the Guarantor or any of the
         Subsidiaries, or to which the Guarantor or any of the Subsidiaries is a
         party, which might reasonably be expected to result in a Material
         Adverse Effect, or which might reasonably be expected to adversely
         affect the properties or assets of the Guarantor or any of the
         Subsidiaries in a manner that is material and adverse to the Guarantor
         and the Subsidiaries considered as one enterprise or the consummation
         of this Agreement, the Indenture, the Notes, the Registration Rights
         Agreement and the Guarantee or the performance by the Issuer or the
         Guarantor of their obligations hereunder or thereunder. The aggregate
         of all pending legal or governmental proceedings to which the Guarantor
         or any Subsidiary is a party or of which any of their respective
         properties or assets is the subject which are not described in the
         Offering Memorandum, including ordinary routine litigation incidental
         to the business, could not reasonably be expected to result in a
         Material Adverse Effect.

                  (xviii)  Possession of Intellectual Property.

                  The Guarantor and the Subsidiaries own or possess, or can
         acquire on reasonable terms, adequate patents, patent rights, licenses,
         inventions, copyrights, know-how (including trade secrets and other
         unpatented and/or unpatentable proprietary or confidential information,
         systems or procedures), trademarks, service marks, trade names or other
         intellectual property (collectively, "Intellectual Property") necessary
         to carry on the business now operated by them, and neither the
         Guarantor nor any of the Subsidiaries has received any notice or is
         otherwise aware of any infringement of or conflict with

<PAGE>   9

         asserted rights of others with respect to any Intellectual Property or
         of any facts or circumstances which would render any Intellectual
         Property invalid or inadequate to protect the interest of the Guarantor
         or any of the Subsidiaries therein, and which infringement or conflict
         (if the subject of any unfavorable decision, ruling or finding) or
         invalidity or inadequacy, singly or in the aggregate, would result in a
         Material Adverse Effect.

                  (xix)    Absence of Further Requirements.

                  Except for permits that have been obtained, no filing with, or
         authorization, approval, consent, license, order, registration,
         qualification or decree of, any court or governmental authority or
         agency is necessary or required (A) for the performance by the Issuer
         or the Guarantor of their respective obligations hereunder, in
         connection with the offering, issuance or sale of the Notes hereunder
         or the consummation of the Offering or any of the other transactions
         contemplated by this Agreement, the Indenture, the Registration Rights
         Agreement and the Guarantee or the Offering Memorandum or (B) to permit
         the Issuer or the Guarantor to (1) effect payments of principal of and
         premium and interest on the Notes and, if issued, the New Securities
         referred to in the Registration Rights Agreement or (2) perform their
         other obligations under the Indenture.

                  (xx)     Possession of Licenses and Permits.

                  The Guarantor and the Subsidiaries possess such permits,
         licenses, approvals, concessions, consents and other authorizations
         (including, without limitation, all permits required for the operation
         of the business of the Guarantor and the Subsidiaries by the Republic
         of Poland) (collectively, "Governmental Licenses") issued by the
         appropriate federal, state, local or foreign regulatory agencies or
         bodies, other governmental authorities or self regulatory organizations
         necessary (A) to conduct the business now operated by them and (B) to
         comply with the terms of the UMTS license granted to the Guarantor on
         December 20, 2000 by the Polish Ministry of Communications, in each
         case, except for such Governmental Licenses the failure of which to
         obtain, maintain or possess by the Guarantor and its Subsidiaries would
         not have a Material Adverse Effect. The Guarantor and the Subsidiaries
         are in compliance with the terms and conditions of all Governmental
         Licenses, except where the failure to so comply would not, singly or in
         the aggregate, have a Material Adverse Effect. All of the Governmental
         Licenses are valid and in full force and effect, except when the
         invalidity of such Governmental Licenses or the failure of such
         Governmental Licenses to be in full force and effect would not have a
         Material Adverse Effect. Neither the Guarantor nor any of the
         Subsidiaries has received any notice of proceedings relating to the
         revocation or modification of any such Governmental Licenses which,
         singly or in the aggregate, if the subject of an unfavorable decision,
         ruling or finding, would result in a Material Adverse Effect.

                  (xxi)    Title to Property.

                  The Guarantor and the Subsidiaries each have good and
         marketable title to all real property owned by the Guarantor or the
         Subsidiaries, as the case may be, and good title to all other
         properties owned by them, in each case, free and clear of all
         mortgages, pledges,

<PAGE>   10

         liens, security interests, claims, restrictions or encumbrances of any
         kind except such as (A) are described in the Offering Memorandum or (B)
         do not, singly or in the aggregate, materially affect the value of such
         property and do not interfere with the use made and proposed to be made
         of such property by the Guarantor or any of the Subsidiaries. All of
         the leases and subleases material to the business of the Guarantor and
         the Subsidiaries, considered as one enterprise, and under which the
         Guarantor or any of the Subsidiaries holds properties described in the
         Offering Memorandum, are in full force and effect, and neither the
         Guarantor nor any of the Subsidiaries has any notice of any material
         claim of any sort that has been asserted by anyone adverse to the
         rights of the Guarantor or any of the Subsidiaries under any of the
         leases or subleases mentioned above, or affecting or questioning the
         rights of such Guarantor or any Subsidiary to the continued possession
         of the leased or subleased premises under any such lease or sublease.

                  (xxii)   No Withholding Tax.

                  Except as disclosed in the Offering Memorandum, under current
         laws and regulations (and interpretations thereof) of the Republic of
         Poland and Luxembourg and any political subdivision thereof, all
         payments due or made on the Guarantee to holders of Notes or Exchange
         Notes (as defined in the Indenture) who are non-residents of the
         Republic of Poland or Luxembourg and do not have a branch, agency or
         permanent establishment nor carry on any trade in the Republic of
         Poland or Luxembourg to which the holding of Notes or Exchange Notes is
         attributable, will not be subject to income, withholding or other taxes
         under laws and regulations of the Republic of Poland or Luxembourg or
         any political subdivision or taxing authority thereof or therein and
         will otherwise be free and clear of any other tax, duty, withholding or
         deduction in the Republic of Poland and Luxembourg or any political
         subdivision or taxing authority thereof or therein or without the
         necessity of obtaining any governmental authorization in the Republic
         of Poland and Luxembourg or any political subdivision or taxing
         authority thereof or therein.

                  (xxiii)  Tax Returns.

                  All income and franchise tax returns of the Guarantor and any
         of the Subsidiaries, required to be filed by the applicable laws of
         Luxembourg, The Netherlands, Poland and any other jurisdiction in which
         the Guarantor and its Subsidiaries conduct their business have been
         filed and all material taxes shown by such returns or otherwise
         assessed, which are due and payable, have been paid, except assessments
         against which appeals have been or will be promptly taken and as to
         which adequate reserves have been provided. Each of the Guarantor and
         the Subsidiaries has filed all other tax returns that are required to
         have been filed by it pursuant to applicable law except insofar as the
         failure to file such returns could not have a Material Adverse Effect,
         and has paid all taxes due pursuant to such returns or pursuant to any
         assessment received by the Guarantor and the Subsidiaries, except for
         such taxes, if any, as are being contested in good faith and by
         appropriate proceedings and as to which adequate reserves have been
         provided. The charges, accruals and reserves on the books of the
         Guarantor or any of the Subsidiaries, as the case may be, in respect of
         any income and corporation tax liability for any years not finally
         determined are adequate to meet any assessments or re-assessments for
         additional income

<PAGE>   11

         tax for any years not finally determined, except to the extent of any
         inadequacy that would not have a Material Adverse Effect.

                  (xxiv)   Investment Company Act.

                  Neither the Issuer nor the Guarantor is, and upon the issuance
         and sale of the Notes and the issuance of the Guarantee as herein
         contemplated and the application of the net proceeds from the issuance
         and sale of the Notes as described in the Offering Memorandum will not
         be, an "investment company" as such terms are defined in the Investment
         Company Act of 1940, as amended (the "Investment Company Act").

                  (xxv)    PFIC Status.

                  Neither the Issuer nor the Guarantor believes that it is, nor
         do either of them expect to become, (A) passive foreign investment
         companies within the meaning of Section 1296 of the Internal Revenue
         Code of 1986, as amended (the "Code") or (B) foreign personal holding
         companies within the meaning of Section 552 of the Code.

                  (xxvi)   Internal Controls.

                  The Issuer and the Guarantor maintain a system of internal
         accounting controls sufficient to provide reasonable assurances that
         (A) transactions are executed in accordance with management's general
         or specific authorization; (B) transactions are recorded as necessary
         to permit preparation of financial statements in conformity with IAS
         and to maintain accountability of assets; (C) access to assets is
         permitted only in accordance with management's general or specific
         authorization; and (D) the recorded accountability for assets is
         compared with the existing assets at reasonable intervals and
         appropriate action is taken with respect to any differences.

                  (xxvii)  No Additional Documents.

                  There are no contracts or documents of a character that would
         be required to be described in the Offering Memorandum, if it were a
         prospectus filed as part of a registration statement on Form F-1 under
         the Securities Act, that are not described as would be so required. All
         such contracts so described in the Offering Memorandum to which the
         Guarantor or any of the Subsidiaries is party have been duly
         authorized, executed and delivered by the Guarantor or the relevant
         Subsidiary and constitute valid and binding agreements of the Guarantor
         or such Subsidiary.

                  (xxviii) Insurance.

                  The Guarantor and the Subsidiaries have insurance covering
         their respective properties, operations, personnel and businesses,
         which insurance the Guarantor believes to be appropriate and is in
         amounts and insures against such losses or risks as are customary in
         the industry in which the Guarantor and the Subsidiaries operate. None
         of the Guarantor or any of the Subsidiaries has received notice from
         any insurer or agent of such insurer that capital improvements or other
         expenditures are required or necessary to

<PAGE>   12

         be made in order to continue such insurance except such notices as are
         not reasonably likely to have a Material Adverse Effect.

                  (xxix)   Taxes on Subsidiary Indebtedness.

                  Except as described in the Offering Memorandum, as of the date
         hereof, no material income, stamp, issue, transfer or other taxes or
         levies, imposts, deductions, charges, compulsory loans or withholdings
         whatsoever are or will be, under applicable law in the Republic of
         Poland or under applicable law in Luxembourg, imposed, assessed, levied
         or collected by the Republic of Poland or Luxembourg, or any political
         subdivision or taxing authority thereof or therein or on or in respect
         of principal, interest, premiums, penalties or other amounts payable
         under any indebtedness of the Guarantor held by the Issuer pursuant to
         the Guarantee and any intercompany loan or in connection with the (1)
         the execution and delivery of this Agreement, the Registration Rights
         Agreement, the Indenture, the Notes or the Guarantee, (2) the
         consummation of the transactions contemplated hereby and thereby or (3)
         the sale and delivery by the Issuer of the Notes to the Initial
         Purchasers.

                  (xxx)    Rule 144A Eligibility.

                  The Notes are eligible for resale pursuant to Rule 144A under
         the Securities Act and will not be, at the Closing Time, of the same
         class as securities held on a national securities exchange registered
         under Section 6 of the Securities Exchange Act of 1934, as amended (the
         "Exchange Act") or quoted in a U.S. automated inter-dealer quotation
         system.

                  (xxxi)   General Solicitation.

                  None of the Issuer, its Affiliates or any person acting on its
         or their behalf (other than the Initial Purchasers and their respective
         Affiliates and any person acting on their behalf, as to whom the Issuer
         makes no representation) has engaged, in connection with the offering
         of the Notes, in any form of general solicitation or general
         advertising within the meaning of Rule 502(c) of the Securities Act or
         in any manner involving a public offering within the meaning of Section
         4(2) of the Securities Act.

                  (xxxii)  No Substantial U.S. Market Interest or Directed
                           Selling Efforts.

                  With respect to those Notes sold in reliance on Regulation S,
         (A) neither the Issuer nor the Guarantor reasonably believes there is
         "substantial U.S. market interest" (as such term is defined in
         Regulation S) in the Notes at the commencement of the Offering, (B)
         none of the Issuer, the Guarantor, their Affiliates or any person
         acting on its or their behalf (other than the Initial Purchasers and
         their respective Affiliates and anyone acting on their behalf, as to
         whom the Issuer and the Guarantor make no representation) has engaged
         in any directed selling efforts (as that term is defined in Regulation
         S) in the United States and (C) each of the Issuer and its Affiliates
         and any person acting on its or their behalf (other than the Initial
         Purchasers and their respective Affiliates and anyone acting on their
         behalf, as to whom the Issuer makes no representation) has complied
         with the offering restrictions requirement of Regulation S.

<PAGE>   13

                  (xxxiii) No Registration Required.

                  Subject to compliance by the Initial Purchasers with the
         representations and warranties set forth in Section 2 hereof and the
         procedures set forth in Section 6 hereof, it is not necessary in
         connection with the offer, sale and delivery of the Notes to the
         Initial Purchasers, and to each Subsequent Purchaser in the manner
         contemplated by this Agreement and the Offering Memorandum to register
         the Notes under the Securities Act or to qualify the Indenture under
         the Trust Indenture Act of 1939, as amended.

                  (xxxiv)  No Stabilization.

                  Except as described in the Offering Memorandum, none of the
         Issuer, the Guarantor or any of their officers, directors or
         controlling persons has taken or will take, directly or indirectly, any
         action designed to, or that might be reasonably expected to, cause or
         result in stabilization or manipulation of the price of the Notes to
         facilitate the sale or resale of the Notes.

                  (xxxv)   Forward-Looking Statement.

                  No forward-looking statement (within the meaning of Section
         27A of the Securities Act and Section 21E of the Exchange Act)
         contained in the Preliminary Offering Memorandum or the Final Offering
         Memorandum has been made or reaffirmed without a reasonable basis or
         has been disclosed other than in good faith.

                  (xxxvi)  Luxembourg Listing.

                  Application has been made to list the Notes on the Luxembourg
         Stock Exchange and, in connection therewith, the Issuer has caused to
         be prepared and submitted to the Luxembourg Stock Exchange a listing
         application with respect to the Notes (the "Listing Application"). The
         Listing Application (A) complies in all material respects with the
         requirements of the Luxembourg Stock Exchange and (B) has been
         submitted to the Luxembourg Stock Exchange. There is no requirement of
         the Luxembourg Stock Exchange to deliver any document other than the
         Offering Memorandum to prospective purchasers or purchasers of Notes
         from the Initial Purchasers in connection with the offer and sale by
         the Initial Purchasers of the Notes.

                  (xxxvii) Submission to Jurisdiction.

                  Each of the Issuer and the Guarantor has the power to submit,
         and pursuant to this Agreement, the Indenture, the Registration Rights
         Agreement, the Guarantee and the Notes, as applicable, has legally,
         validly, effectively and irrevocably submitted to the non-exclusive
         jurisdiction of the New York courts and has validly and irrevocably
         appointed CT Corporation System as its authorized agent for the purpose
         described in Section 14.09 of the Indenture.

<PAGE>   14

                  (xxxviii) No Liquidation.

                  No proceedings have been commenced for the purposes of, and no
         judgment has been rendered for, the liquidation, bankruptcy or
         winding-up of the Guarantor or any of the Subsidiaries.

                  (xxxix)  Offering Material.

                  The Issuer has not distributed and, prior to the later of (A)
         the Closing Time and (B) completion of the distribution of the Notes,
         will not distribute any offering material in connection with the
         offering and sale of the Notes other than the Final Offering
         Memorandum, the Preliminary Offering Memorandum or other materials, if
         any, permitted by the Securities Act and approved by the Initial
         Purchasers.

                  (xl)     No Public Offering in Luxembourg.

                  The Notes are not subject to a public offering in Luxembourg.

                  (b)      Officer's Certificates.

         Any certificate signed by any Management or Supervisory Board member,
officer or authorized representative of the Guarantor or any of the Subsidiaries
delivered to the Initial Purchasers or to counsel for the Initial Purchasers
shall be deemed a representation and warranty by the Issuer or the Guarantor, as
the case may be, to each Initial Purchaser as to the matters covered thereby.

         SECTION 2. SALE AND DELIVERY TO INITIAL PURCHASERS; CLOSING.

         (a) On the basis of the representations and warranties herein contained
and subject to the terms and conditions herein set forth, the Issuer agrees to
sell to each Initial Purchaser, severally and not jointly, and each Initial
Purchaser, severally and not jointly, agrees to purchase from the Issuer, at the
price set forth in Schedule B, the aggregate principal amount of Notes set forth
in Schedule A opposite the name of such Initial Purchasers plus any additional
principal amount of Notes which such Initial Purchasers may become obligated to
purchase pursuant to the provisions of Section 11 hereof.

         (b) Payment of the purchase price for the Notes shall be made at the
offices of Shearman & Sterling, 9 Appold Street, London EC2A 2AP, United
Kingdom, or at such other place as shall be agreed upon by the Initial
Purchasers, the Issuer and the Guarantor, at 9:00 A.M. (London time) on the
fifth business day after the date hereof (unless postponed in accordance with
the provisions of Section 11), or such other time not later than ten business
days after such date as shall be agreed upon by the Initial Purchasers, the
Issuer and the Guarantor (such time and date of payment and delivery being
herein called the "Closing Time").

         Payment shall be made to the Issuer by wire transfer of immediately
available funds to a bank account designated by the Issuer or the Guarantor,
against delivery to the Initial Purchaser for the respective accounts of the
Initial Purchasers of certificates for the Notes to be purchased by them. Each
of Deutsche Bank AG London and Dresdner Bank AG London

<PAGE>   15

Branch, individually and not as representative of the Initial Purchasers, may
(but shall not be obligated to) make payment of the purchase price for the Notes
to be purchased by any Initial Purchaser whose funds have not been received by
the Closing Time, but such payment shall not relieve such Initial Purchaser from
its obligations hereunder.

         Qualified Institutional Buyer. Each Initial Purchaser hereby represents
and warrants to, and agrees with, the Issuer that it is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act (a
"Qualified Institutional Buyer").

         Denominations; Registration. Certificates for the Notes shall be in
such denominations ((euro) 1,000 principal amount at maturity or integral
multiples thereof), and registered in such names as the Initial Purchasers may
request in writing at least two full business days before the Closing Time. The
Notes, which may be in temporary form, will be made available for examination
and packaging by the Initial Purchasers in The City of London not later than
5:00 P.M. on the last business day prior to the Closing Time.

         SECTION 3. COVENANTS OF THE ISSUER AND THE GUARANTOR.

         Each of the Issuer and the Guarantor covenants with each Initial
Purchaser as follows:

         (a)      Offering Memorandum.

         The Issuer or the Guarantor, as promptly as possible, will furnish to
each Initial Purchaser, without charge, such number of copies of the Preliminary
Offering Memorandum, the Final Offering Memorandum and any amendments and
supplements thereto as such Initial Purchaser may reasonably request.

         (b)      Notice and Effect of Material Events.

         The Issuer or the Guarantor will immediately notify each Initial
Purchaser, and confirm such notice in writing, of (i) any filing made by the
Issuer or the Guarantor of information relating to the Offering with any
securities exchange or any other regulatory body in the United States,
Luxembourg or any other jurisdiction and (ii) prior to the completion of the
placement of the Notes by the Initial Purchasers, of any material changes in or
affecting the earnings or business affairs or business prospects of the
Guarantor or any of the Subsidiaries which (x) make any statement in the
Offering Memorandum false or misleading in any material respect or (y) are not
disclosed in the Offering Memorandum. In such event or if during such time any
event shall occur as a result of which it is necessary, in the opinion of any of
the Issuer, Guarantor, the Initial Purchasers or legal counsel for the Issuer or
the Guarantor or for the Initial Purchasers, to amend or supplement the Offering
Memorandum in order that the Offering Memorandum not include any untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements therein not misleading in the light of the circumstances
then existing or, if, in the opinion of the Initial Purchasers' legal counsel or
legal counsel for the Issuer or the Guarantor, it is necessary to amend or
supplement the Offering Memorandum to comply with applicable law, the Issuer
will forthwith amend or supplement, at its own expense, the Offering Memorandum
by preparing and furnishing to each Initial Purchaser an amendment or amendments
of, or a supplement or supplements to, the Offering Memorandum (in form and

<PAGE>   16

substance satisfactory in the reasonable opinion of counsel for the Initial
Purchasers) so that, as so amended or supplemented, the Offering Memorandum will
not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the
circumstances then existing, not misleading or so that such Offering Memorandum
as so amended or supplemented will comply with applicable law, as the case may
be, and furnish each Initial Purchaser such number of copies as such Initial
Purchaser may reasonably request and each Initial Purchaser shall forthwith
furnish such amendment or supplement to each party to which it has sold or
intends to sell the Notes.

         (c)      Amendment to Offering Memorandum and Supplements.

         The Issuer or the Guarantor will advise each Initial Purchaser as soon
as possible of any proposal to amend or supplement the Offering Memorandum and
will not effect such amendment without the Initial Purchasers' prior written
consent. Neither the consent of the Initial Purchasers, nor the Initial
Purchasers' delivery of any such amendment or supplement, shall constitute a
waiver of any of the conditions set forth in Section 5 hereof.

         (d)      Qualification of Notes for Offer and Sale.

         The Issuer and the Guarantor will use their reasonable efforts, in
cooperation with the Initial Purchasers, to qualify the Notes for offering and
sale under the applicable securities laws of such countries, states of the
United States and other jurisdictions as the Initial Purchasers may designate
and will maintain such qualifications in effect as long as required for the sale
of the Notes. The Issuer and the Guarantor will file such statements and reports
as may be required by the laws of each jurisdiction in which the Notes have been
qualified as above. The Issuer and the Guarantor will also supply such
information as is necessary for the determination of the legality of the Notes
for investment under the laws of such jurisdictions as the Initial Purchasers
may reasonably request.

         (e)      No General Solicitation.

         Except in connection with the Exchange Notes as contemplated in the
Registration Rights Agreement, neither the Issuer nor the Guarantor (i) will
solicit or to cause any of their Affiliates or any person acting on its or their
behalf (other than the Initial Purchasers and their respective Affiliates and
any person acting on their behalf, as to whom the Issuer and the Guarantor make
no representation) to solicit any offer to buy or offer to sell the Notes by
means of any form of general solicitation or general advertising (within the
meaning of Rule 502(c) of the Securities Act) or in any manner involving a
public offering within the meaning of Section 4(2) of the Securities Act and
(ii) will not, and will not request their Affiliates to, offer, sell or solicit
offers to buy or otherwise negotiate in respect of any Security (as defined in
the Securities Act) the offering of which security could be integrated with the
sale of the Notes in a manner that would require the registration of any of the
Notes under the Securities Act.

         (f)      Rating of Notes.

         The Issuer and the Guarantor shall take all reasonable action necessary
to enable Standard & Poors Ratings Services, a division of The McGraw-Hill
Companies, Inc. ("S&P"),

<PAGE>   17

and Moody's Investors Service, Inc. ("Moody's") to provide their respective
credit ratings of the Notes.

         (g)      Luxembourg Stock Exchange Approval.

         The Issuer and the Guarantor will use their best efforts to effect the
listing of the Notes and the Exchange Securities on the Luxembourg Stock
Exchange.

         (h)      DTC and Euroclear.

         The Issuer and the Guarantor will cooperate with the Initial Purchasers
and use their best efforts to permit the Notes to be eligible for clearance and
settlement through the facilities of DTC and/or Euroclear and/or Clearstream,
Luxembourg, as the case may be.

         (i)      Investment Company.

         Neither the Issuer nor the Guarantor will become an open-end investment
company, a unit investment trust or a face-amount certificate company required
to be registered under the Investment Company Act, and neither will any of them
become a closed-end investment company required to be registered, but not
registered, thereunder.

         (j)      Use of Proceeds.

         The Issuer and the Guarantor will each use the net proceeds received by
it from the sale of the Notes in the manner specified in the Offering Memorandum
under "Use of Proceeds."

         (k)      Directed Selling Efforts.

         Neither the Issuer nor the Guarantor will engage nor cause any of their
Affiliates or any person acting on its or their behalf (other than the Initial
Purchaser, and any of their Affiliates, or any person acting on their behalf) to
engage in any directed selling efforts (as such term is defined under Regulation
S) in the United States with respect to the Notes, and the Issuer and the
Guarantor will comply and request such Affiliate and such other person acting on
its or their behalf (except as aforesaid) to comply with the offering
restrictions requirement of Regulation S.

         (l)      Press Releases.

         Neither the Issuer nor the Guarantor will issue any press release or
other communication directly or indirectly or hold any press conference with
respect to the Guarantor or any of the Subsidiaries, the condition, financial or
otherwise (except for routine oral marketing communications in the ordinary
course of business and consistent with past practice), or the earnings, business
affairs or business prospects of the Guarantor or any of the Subsidiaries,
without the prior consent of the Initial Purchasers, unless (i) in the period
beginning prior to the Closing Time and for 45 days subsequent to the Closing
Time, in the judgment of the Guarantor or the Issuer and its respective legal
counsel, and after notification to the Initial Purchasers, such press release or
communication is required by law or except as issued in accordance with Rule

<PAGE>   18

135c of the Securities Act and (ii) during the period beginning 46 days
subsequent to the Closing Time and ending 90 days subsequent to the Closing
Time, in the judgment of the Guarantor or the Issuer and its respective legal
counsel, and after notification to the Initial Purchasers, except as issued in
accordance with the Securities Act.

         (m)      Regulation M.

         In connection with the offering of the Notes, until the Initial
Purchasers shall have notified the Issuer of the completion of the resale of the
Notes, neither the Issuer nor the Guarantor will cause their affiliated
purchasers (as defined in Regulation M under the Exchange Act) to, either alone
or with one or more other persons, bid for or purchase, for any account in which
it or any of its affiliated purchasers has a beneficial interest, any Notes, or
attempt to induce any person to purchase any Notes. Neither the Issuer nor the
Guarantor will cause their affiliated purchasers to, make bids or purchase for
the purpose of creating actual, or apparent, active trading in or of raising the
price of the Notes.

         (n)      Restriction on Sale of Notes.

         During a period of 180 days from the date of the Offering Memorandum,
neither the Issuer nor the Guarantor will, without the prior written consent of
the Initial Purchasers, directly or indirectly, issue, sell, offer or agree to
sell, grant any option for the sale of, or otherwise dispose of, any other debt
securities of the Issuer or the Guarantor or securities of the Issuer or the
Guarantor that are convertible into, or exchangeable for, the Notes or such
other debt securities.

         (o)      PORTAL.

         The Issuer and the Guarantor will use their best efforts to permit the
Notes to be designated PORTAL securities in accordance with the rules and
regulations adopted by the National Association of Securities Dealers, Inc.
("NASD") relating to trading in the PORTAL Market.

         (p)      Restriction on Resale of Notes.

         Neither the Issuer nor the Guarantor will, nor will they permit any of
their Affiliates under their control, resell any Notes that have been acquired
by any of them.

         SECTION  4. PAYMENT OF EXPENSES.

         (a)      Issuer's and Guarantor's Expenses.

         The Guarantor, whether or not any sale of the Notes is consummated,
shall pay all expenses incident to the performance of its and the Issuer's
obligations under this Agreement including (i) the preparation, printing and
filing of the Offering Memorandum (including financial statements) and each
amendment or supplement thereto, (ii) the preparation, printing and delivery to
the Initial Purchasers of this Agreement, any Agreement among Initial
Purchasers, the Indenture, the Registration Rights Agreement, the Guarantee and
such other documents as may be required in connection with the offering,
purchase, sale, issuance or

<PAGE>   19

delivery of the Notes, (iii) the preparation, issuance and delivery of the
certificates for the Notes to the Initial Purchasers, including any charges of
DTC, Euroclear or Clearstream, Luxembourg in connection therewith, (iv) the fees
and disbursements of the counsel, accountants and other advisors of the Issuer
and the Guarantor, (v) the qualification of the Notes under the securities laws
in accordance with the provisions of Section 3(d) hereof, including filing fees
and the reasonable fees and disbursements of counsel for the Initial Purchasers
in connection therewith and in connection with the preparation, printing and
delivery of the Blue Sky Survey, any supplement thereto, (vi) the fees and
expenses of the Trustees, registrars and paying agents, including the fees and
disbursements of counsel for such persons in connection with the Indenture and
the Notes; (vii) any fees payable to rating agencies in connection with the
rating of the Notes; (viii) the filing fees incident to, and the reasonable
disbursements of United States counsel to the Initial Purchasers in connection
with, the review by the NASD with respect to the initial and continued
designation of the Notes as PORTAL securities under the PORTAL Market Rules
pursuant to NASD Rule 5322 ; and (ix) any fees charged by the Luxembourg Stock
Exchange in connection with the listing of the Notes on the Luxembourg Stock
Exchange and expenses incurred with respect to documentation prepared relating
thereto.

         (b)      Initial Purchasers' Expenses.

         The Guarantor shall, whether or not any sale of the Notes is
consummated, reimburse the Initial Purchasers for all fees and expenses incurred
by the Initial Purchasers (excluding fees and expenses of counsel to the Initial
Purchasers but including the reasonable costs and expenses of the Initial
Purchasers incurred in connection with the roadshow) on behalf of the Guarantor
or the Issuer incident to the performance of the Guarantor's and the Issuer's
obligations under this Agreement, including the items mentioned in Section
4(a)(i) of this Agreement.

         SECTION  5. CONDITIONS OF INITIAL PURCHASERS' OBLIGATIONS.

         The obligations of the Initial Purchasers hereunder are subject to the
accuracy of the representations and warranties of the Issuer and the Guarantor
contained in Section 1 hereof or in certificates of any Management or
Supervisory Board member, officer of the Issuer or the Guarantor delivered
pursuant to the provisions hereof, to the performance in all material respects
by the Issuer and the Guarantor of their covenants and other obligations
hereunder, and to the following further conditions:

         (a)      Offering Memorandum.

         The Offering Memorandum (and any amendments or supplements thereto)
shall have been printed and copies distributed to the Initial Purchasers as
promptly as practicable on or following the date of this Agreement or at such
other date and time as to which the Initial Purchasers may agree.

<PAGE>   20

         (b)      Opinions of Counsel for the Issuer and the Guarantor.

         (i)      Opinion of the Issuer's and the Guarantor's United States
                  Counsel.

         At the Closing Time, the Initial Purchasers shall have received the
favorable opinion, dated as of the Closing Time, of Clifford Chance, United
States counsel for the Issuer and the Guarantor, in form and substance
satisfactory to counsel for the Initial Purchasers together with signed or
reproduced copies of such letter for each of the other Initial Purchasers, to
the effect set forth in Exhibit B hereto and to such further effect as counsel
to the Initial Purchasers may reasonably request.

         (ii)     Opinion of Guarantor's Polish Counsel.

         At the Closing Time, the Initial Purchasers shall have received the
favorable opinion, dated as of the Closing Time, of Clifford Chance, Polish
counsel for the Guarantor in form and substance satisfactory to counsel for the
Initial Purchasers, together with signed or reproduced copies of such letter for
each of the other Initial Purchasers, to the effect set forth in Exhibit C
hereto and to such further effect as counsel to the Initial Purchasers may
reasonably request.

         (iii)    Opinion of Issuer's and Guarantor's English Counsel.

         At the Closing Time, the Initial Purchasers shall have received the
favorable opinion, dated as of the Closing Time, of Clifford Chance, English
counsel to the Issuer and the Guarantor, in form and substance satisfactory to
counsel for the Initial Purchasers together with signed or reproduced copies of
such letter for each of the other Initial Purchasers, to the effect set forth in
Exhibit D hereto and to such further effect as counsel to the Initial Purchasers
may reasonably request.

         (iv)     Opinion of Issuer's Luxembourg Counsel.

         At the Closing Time, the Initial Purchasers shall have received the
favorable opinion, dated as of the Closing Time, of Clifford Chance, Luxembourg
counsel to the Issuer, in form and substance satisfactory to counsel for the
Initial Purchasers together with signed or reproduced copies of such letter for
each of the other Initial Purchasers.

         (c)      Opinion of United States Counsel for the Initial Purchasers.

         At the Closing Time, the Initial Purchasers shall have received the
favorable opinion, dated as of the Closing Time, of Shearman & Sterling, United
States counsel for the Initial Purchasers, together with signed or reproduced
copies of such letter for each of the other Initial Purchasers, with respect to
certain of the matters set forth in Exhibit B hereto.

         (d)      Officers' Certificate.

         At the Closing Time, there shall not have been, since the date hereof
or since the respective dates as of which information is given in the Offering
Memorandum, any

<PAGE>   21

material adverse change in the condition, financial or otherwise, or in the
earnings, business affairs or business prospects of the Guarantor and the
Subsidiaries considered as one enterprise, and the Initial Purchasers shall have
received a certificate from each of an authorized representative of each of the
Issuer and members of the relevant Supervisory or Management Board authorized to
sign on behalf of the Guarantor and of the chief operating officer or chief
financial officer of the Guarantor respectively, dated as of the Closing Time,
to the effect that (i) there has been no such material adverse change, (ii) the
representations and warranties in Section 1 hereof are true and correct with the
same force and effect as though expressly made at and as of the Closing Time and
(iii) each of the Issuer and the Guarantor has complied in all material respects
with all agreements and satisfied in all material respects all conditions on its
part to be performed or satisfied at or prior to the Closing Time.

         (e)      Accountants' Comfort Letter.

         At the time of the execution of this Agreement, the Initial Purchasers
shall have received from Arthur Andersen Sp. z o.o. a letter dated such date, in
form and substance satisfactory to the Initial Purchasers, together with signed
or reproduced copies of such letter for each of the other Initial Purchasers to
the effect set forth in Exhibit E hereto containing statements and information
of the type ordinarily included in accountants' "comfort letters" to initial
purchasers with respect to the financial statements and certain financial
information contained in the Offering Memorandum.

         (f)      Bring-Down Comfort Letter.

         At the Closing Time, the Initial Purchasers shall have received from
Arthur Andersen Sp. zo.o. a letter, dated as of the Closing Time, to the effect
that they reaffirm the statements made in the letter furnished pursuant to
subsection (e) of this Section, except that the specified date referred to shall
be a date not more than three business days prior to Closing Time.

         (g)      Luxembourg Listing.

         At the Closing Time, the Notes shall have been approved for listing on
the Luxembourg Stock Exchange.

         (h)      Clearance and Settlement.

         (i)      DTC shall have approved the forms of the Rule 144A Global
                  Securities (as defined in the Indenture) and

         (ii)     Euroclear and Clearstream, Luxembourg shall have accepted the
                  Regulation S Global Securities (as defined in the Indenture)
                  for clearance.

         (i)      Maintenance and Rating.

         At the Closing Time, the Notes shall be rated at least B2 by Moody's
and B+ by S&P and the Issuer or the Guarantor shall have delivered to the
Initial Purchasers a letter dated

<PAGE>   22

the Closing Time, from each such rating agency, or other evidence satisfactory
to the Initial Purchasers, confirming that the Notes have such ratings. Since
the date of this Agreement, there shall not have occurred a downgrading in the
rating assigned to the Notes or debt securities of the Guarantor or any
Subsidiary by any "nationally recognized substantial rating agency", as that
term is defined by the Commission for purposes of Rule 436(g)(2) under the
Securities Act, and no such securities rating agency shall have publicly
announced that it has under surveillance or review, with possible negative
implications, its rating of the Notes or any debt securities of the Guarantor or
any Subsidiary.

         (j)      PORTAL.

         At the Closing Time, the Notes shall have been designated as eligible
for trading on PORTAL.

         (k)      Additional Documents.

         At the Closing Time, counsel for the Initial Purchasers shall have been
furnished with such documents and opinions as they may require for the purpose
of enabling them to pass upon the issuance and sale of the Notes as herein
contemplated, or in order to evidence the accuracy of any of the representations
or warranties, or the fulfillment of any of the conditions herein contained, and
all proceedings taken by the Issuer and the Guarantor in connection with the
issuance and sale of the Notes as herein contemplated shall be satisfactory in
form and substance to the Initial Purchasers and their counsel.

         (l)      Termination of Agreement.

         If any condition specified in this Section shall not have been
fulfilled when and as required to be fulfilled, this Agreement may be terminated
by the Initial Purchasers by notice to the Issuer and the Guarantor at any time
at or prior to the Closing Time and such termination shall be without liability
of any party to any other party except as provided in Section 4 and except that
Sections 1, 7, 8 and 9 shall survive any such termination and remain in full
force and effect.

         SECTION  6. SUBSEQUENT OFFERS AND RESALES OF THE NOTES.

         (a)      Initial Purchasers' Obligations.

         Each of the Initial Purchasers, the Issuer and the Guarantor hereby
establish and agree to observe the following procedures in connection with the
offer and sale by the Initial Purchasers of the Notes:

         (i)      Offers and Sales only to Qualified Institutional Buyers or
                  non-U.S. Persons.

         Offers and sales of the Notes will be made only by the Initial
Purchasers or their respective Affiliates who are qualified to do so in the
jurisdictions in which such offers or sales are made. Each such offer or sale
shall only be made to persons whom the offeror

<PAGE>   23

or seller reasonably believes to be Qualified Institutional Buyers or to
non-U.S. persons acquiring the securities in an offshore transaction in
compliance with Regulation S.

         (ii)     No General Solicitation.

         No general solicitation or general advertising (within the meaning of
Rule 502(c) under the Securities Act) will be used in the United States in
connection with the offering or sale of the Notes.

         (iii)    Purchases by Non-Bank Fiduciaries.

         In the case of a non-bank Subsequent Purchaser of a Note acting as
fiduciary for one or more third parties, in connection with an offer and sale to
such purchaser pursuant to clause (i) above, each third party shall, in the
judgment of the applicable Initial Purchaser, be a Qualified Institutional Buyer
or a non-U.S. Person outside the United States.

         (iv)     Subsequent Purchaser Notification.

         Each Initial Purchaser will take reasonable steps to inform, and cause
each of its U.S. Affiliates to take reasonable steps to inform, persons
acquiring Notes from such Initial Purchaser or Affiliate, as the case may be, in
the United States that the Notes (A) have not been and will not be registered
under the Securities Act, (B) are being sold to them without registration under
the Securities Act in reliance on Rule 144A or in accordance with another
exemption from registration under the Securities Act, as the case may be, and
(C) may not be offered, sold or otherwise transferred prior to (1) the date
which is two years (or such shorter period of time as permitted by Rule 144(k)
under the Securities Act or any successor provision thereunder) after the later
of the date of original issue of the Notes and (2) such later date, if any, as
may be required under applicable laws except (x) to the Issuer, (y) outside the
United States in accordance with Rule 904 of Regulation S or (z) inside the
United States in accordance with (I) Rule 144A to a person whom the seller and
any person acting on behalf of the seller reasonably believes is a Qualified
Institutional Buyer that is purchasing such Notes for its own account or for the
account of a Qualified Institutional Buyer to whom notice is given that the
offer, sale or transfer is being made in reliance on Rule 144A under the
Securities Act or (II) pursuant to another available exemption from registration
under the Securities Act (it being understood that delivery of the Final
Offering Memorandum to such persons shall constitute such reasonable steps).

         (v)      Restrictions on Transfer.

         Each of the Notes will bear, to the extent applicable, the legend
contained under "Notices to Investors" in the Offering Memorandum for the time
period and upon the other terms stated therein, except after the Notes are
resold pursuant to a registration statement effective under the Securities Act.
Following the sale of the Notes by the Initial Purchasers to Subsequent
Purchasers pursuant to the terms hereof, the Initial Purchasers shall not be
liable or responsible to the Guarantor or the Issuer for any losses, damages or
liabilities suffered or incurred by the Guarantor or the Issuer, including any

<PAGE>   24

losses, damages or liabilities under the Securities Act, arising from or
relating to any resale or transfer of any Note.

         (vi)     Actions Regarding Other Offerings.

         Each Initial Purchaser understands that no action has been or will be
taken in any jurisdiction (including Luxembourg) that would permit a public
offering of Notes, or possession or distribution of the Offering Memorandum or
any other offering or publicity materials relating to the Notes, in any country
or jurisdiction where action for that purpose is required.

         (vii)    Restrictions Under United Kingdom Securities Regulations.

         Each Initial Purchaser represents, warrants and agrees that (x) it has
not offered or sold and prior to the expiration of the period six months after
the date of issue of the Notes will not offer to sell in the United Kingdom, by
means of any document, any Notes to persons in the United Kingdom except to
persons whose ordinary activities involve them in acquiring, holding, managing
or disposing of investments (as principal or agent) for the purposes of their
businesses or otherwise in circumstances which have not resulted and will not
result in an offer to the public in the United Kingdom within the meaning of the
Public Offers of Securities Regulations 1995; (y) it has complied and will
comply with all applicable provisions of the Public Offers of Securities
Regulations 1995 and the Financial Services Act 1986 with respect to anything
done by it in relation to the Notes in, from or otherwise involving the United
Kingdom; and (z) it has only issued or passed on, and will only issue or pass on
to any person, in the United Kingdom, any document received by it in connection
with the issue of the Notes to a person who is of a kind described in Article
11(3) of the Financial Services Act 1986 (Investment Advertisements)
(Exemptions) Order 1996, as amended, or is a person to whom such document may
otherwise lawfully be issued or passed on.

         (viii)   No Sales of the Notes in Poland.

         Each Initial Purchaser represents warrants and agrees that it has not
offered or sold and will not offer or sell any Notes in the Republic of Poland
except under circumstances that do not constitute a public offering or
distribution under the laws and regulations of the Republic of Poland.

         (ix)     Compliance with Applicable Laws.

         Each Initial Purchaser represents, warrants and agrees that it will
comply with all applicable laws and regulations in each jurisdiction in which it
acquires, offers, sells or delivers the Notes or has in its possession or
distributes the Preliminary Offering Memorandum, the Final Offering Memorandum
or any offering or publicity material relating to the Notes.

         (b)      Covenants of the Issuer and the Guarantor.

<PAGE>   25

         Each of the Issuer and the Guarantor covenants with each Initial
Purchaser as follows:

         (i)      Due Diligence.

                  In connection with the original distribution of the Notes, the
         Issuer and the Guarantor agree that, prior to any offer or resale of
         the Notes by the Initial Purchasers, the Initial Purchasers and counsel
         for the Initial Purchasers shall have the right to make reasonable
         inquiries into the business and legal matters of the Guarantor and the
         Subsidiaries. The Issuer and the Guarantor also agree to provide
         answers to each prospective Subsequent Purchaser of Notes who so
         requests concerning the Guarantor and the Subsidiaries (to the extent
         that such information is available or can be acquired and made
         available to prospective Subsequent Purchasers without unreasonable
         effort or expense and to the extent the provision thereof is not
         prohibited by applicable law) and the terms and conditions of the
         offering of the Notes, as provided in the Offering Memorandum.

         (ii)     Integration.

                  The Issuer and the Guarantor agree that they will not and will
         cause their Affiliates not to solicit any offer to buy or make any
         offer or sale of, or otherwise negotiate in respect of, securities of
         the Issuer of any class if, as a result of the doctrine of
         "integration" referred to in Rule 502 under the Securities Act, such
         offer or sale would render invalid (for the purpose of (i) the sale of
         the Notes by the Issuer to the Initial Purchasers, (ii) the resale of
         the Notes by the Initial Purchasers to Subsequent Purchasers, or (iii)
         the resale of the Notes by such Subsequent Purchasers to others) the
         exemption from the registration requirements of the Securities Act
         provided by Section 4(2) thereof or by Rule 144A or by Regulation S
         thereunder or otherwise.

         (iii)    Rule 144A Information.

                  Each of the Issuer and the Guarantor agree that, in order to
         render the Notes eligible for resale pursuant to Rule 144A under the
         Securities Act, while any of the Notes remain outstanding, it will make
         available, upon request, to any holder of Notes or prospective
         purchasers of Notes the information specified in Rule 144A(d)(4),
         unless it furnishes information to the Commission pursuant to Section
         13 or 15(d) of the Exchange Act (such information, whether made
         available to holders or prospective purchasers or furnished to the
         Commission, is herein referred to as "Additional Information"). For a
         period of two years after the Closing Time, each of the Issuer and the
         Guarantor will make available upon request copies of all Additional
         Information, together with such other documents, reports and
         information as shall be furnished by it to the holders of the Notes.

         (c)      Resale Pursuant to Rule 903 of Regulation S, Rule 144A or
Other Exemption.

                  Each Initial Purchaser understands that the Notes have not
         been and will not be registered under the Securities Act and may not be
         offered or sold within the United

<PAGE>   26

         States except pursuant to an exemption from, or in a transaction not
         subject to, the registration requirements of the Securities Act. Each
         Initial Purchaser severally represents and agrees that it has not
         offered or sold, and will not offer or sell, any Notes constituting
         part of its allotment within the United States except in accordance
         with Rule 903 of Regulation S under the Securities Act or Rule 144A
         under the Securities Act or another applicable exemption under the
         Securities Act. Accordingly, neither such Initial Purchaser, its
         Affiliates nor any persons acting on its behalf have engaged or will
         engage in any directed selling efforts with respect to Notes and the
         Initial Purchasers, their Affiliates and any person acting on their
         behalf have complied and will comply with the offering restriction
         requirements of Regulation S. Each Initial Purchaser agrees that, at or
         prior to confirmation of a sale of Notes (other than a sale of Notes
         pursuant to Rule 144A or pursuant to Section 6(a)(i)(B) hereof), it or
         its Affiliates will have sent to each distributor, dealer or person
         receiving a selling concession, fee or other remuneration that
         purchases Notes from it or through it during the restricted period a
         confirmation or notice to substantially the following effect:

                  "The Notes covered hereby have not been registered under the
                  United States Securities Act of 1933, as amended (the
                  "Securities Act") and may not be offered or sold within the
                  United States or to or for the account or benefit of U.S.
                  persons (i) as part of their distribution at any time and (ii)
                  otherwise until 40 days after the later of the date upon which
                  the offering of the Notes commenced and the date of closing,
                  except in either case in accordance with Regulation S or
                  another exemption from the registration requirements of the
                  Securities Act. Terms used above have the meaning given to
                  them by Regulation S."

Terms used in the above paragraph have the meanings given to them by Regulation
S.

         SECTION  7. INDEMNIFICATION.

         (a)      Indemnification of Initial Purchasers.

         Each of the Issuer and the Guarantor, jointly and severally, agrees to
indemnify and hold harmless each Initial Purchaser and each person, if any, who
controls such Initial Purchaser within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act as follows:

                  (i) against any and all loss, liability, claim, damage and
         expense whatsoever, as incurred, arising out of any untrue statement or
         alleged untrue statement of a material fact contained in any
         Preliminary Offering Memorandum or the Final Offering Memorandum (or
         any amendment or supplement thereto), or the omission or alleged
         omission therefrom of a material fact necessary in order to make the
         statements therein, in the light of the circumstances under which they
         were made, not misleading;

                  (ii) against any and all loss, liability, claim, damage and
         expense whatsoever, as incurred, to the extent of the aggregate amount
         paid in settlement of any litigation, or

<PAGE>   27

         any investigation or proceeding by any governmental agency or body,
         commenced or threatened, or of any claim whatsoever based upon any such
         untrue statement or omission, or any such alleged untrue statement or
         omission; provided that (subject to Section 7(d) below) any such
         settlement is effected with the written consent of the Issuer or the
         Guarantor; and

                  (iii) against any and all expense whatsoever, as incurred
         (including the fees and disbursements of counsel chosen by the Initial
         Purchasers), reasonably incurred in investigating, preparing or
         defending against any litigation, or any investigation or proceeding by
         any governmental agency or body, commenced or threatened, or any claim
         whatsoever based upon any such untrue statement or omission, or any
         such alleged untrue statement or omission, to the extent that any such
         expense is not paid under (i) or (ii) above;

provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Issuer or the
Guarantor by any Initial Purchaser expressly for use in the Offering Memorandum
(or any amendment or supplement thereto); provided, further, that each of the
Issuer and the Guarantor will not be liable to the Initial Purchasers or any
person controlling such Initial Purchasers with respect to any such untrue
statement or alleged untrue statement or omission or alleged omission made in
any Preliminary Offering Memorandum to the extent that each of the Issuer and
the Guarantor shall sustain the burden of proving that any such loss, liability,
claim, damage or expense resulted from the fact that an Initial Purchaser sold
securities to a person to whom such Initial Purchaser failed to send or give, at
or prior to the written confirmation of the sale of such Notes, a copy of the
Final Offering Memorandum (as amended or supplemented) if the Issuer or the
Guarantor has previously furnished copies thereof to such Initial Purchaser (as
and to the extent required by law in order to allow for distribution of the
Final Offering Memorandum in a timely manner) and the loss, liability, claim,
damage or expense of the Initial Purchasers resulted from an untrue statement or
omission or alleged untrue statement or omission of a material fact contained in
or omitted from such Preliminary Offering Memorandum (as amended or
supplemented) which was corrected in the Final Offering Memorandum (as amended
or supplemented).

         (b) Indemnification of Issuer, Guarantor and their respective Directors
and Officers.

         Each Initial Purchaser agrees to indemnify and hold harmless the
Issuer, the Guarantor, each of their respective directors and each person, if
any, who controls the Issuer or the Guarantor within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act against any and all
loss, liability, claim, damage and expense described in the indemnity contained
in subsection (a) of this Section, as incurred, but only with respect to untrue
statements or omissions, or alleged untrue statements or omissions, made in the
Offering Memorandum (or any amendment or supplement thereto) in reliance upon
and in conformity with written information furnished to the Issuer or the
Guarantor by such Initial Purchaser expressly for use in the Offering Memorandum
(or any amendment or supplement thereto).

<PAGE>   28

         (c)      Actions Against Parties; Notification.

         Each indemnified party shall give notice as promptly as reasonably
practicable to each indemnifying party of any action commenced against it in
respect of which indemnity may be sought hereunder, but failure to so notify an
indemnifying party shall not relieve such indemnifying party from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and
in any event shall not relieve it from any liability which it may have otherwise
than on account of this Section 7. In the case of parties indemnified pursuant
to Section 7(a) above, counsel to the indemnified parties shall be selected by
the Initial Purchasers, and, in the case of parties indemnified pursuant to
Section 7(b) above, counsel to the indemnified parties shall be selected by the
Issuer or the Guarantor. An indemnifying party may participate at its own
expense in the defense of any such action; provided, however, that counsel to
the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party. Except as expressly provided in
this Section 7, in no event shall the indemnifying parties be liable for fees
and expenses of more than one counsel (in addition to any local counsel, limited
to one law firm per jurisdiction) separate from their own counsel for all
indemnified parties in connection with any one action or separate but similar or
related actions in the same jurisdiction arising out of the same general
allegations or circumstances. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever in respect of which indemnification or contribution could
be sought under this Section 7 or Section 8 hereof (whether or not the
indemnified parties are actual or potential parties thereto), unless such
settlement, compromise or consent (i) includes an unconditional release of each
indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.

         (d)      Settlement Without Consent if Failure to Reimburse.

         If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel in accordance with the requirements of this Section 7, such indemnifying
party agrees that it shall be liable for any settlement of the nature
contemplated by Section 7(a)(ii) effected without its written consent if (i)
such settlement is entered into more than 45 days after receipt by such
indemnifying party of the aforesaid request, (ii) such indemnifying party shall
have received notice of the terms of such settlement at least 30 days prior to
such settlement being entered into and (iii) such indemnifying party shall not
have reimbursed such indemnified party in accordance with such request prior to
the date of such settlement.

         SECTION  8. CONTRIBUTION.

         If the indemnification provided for in Section 7 hereof is for any
reason unavailable to or insufficient to hold harmless an indemnified party in
respect of any losses, liabilities, claims, damages or expenses referred to
therein, then each indemnifying party shall contribute to the aggregate amount
of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, (i) in such proportion as is appropriate to
reflect

<PAGE>   29

the relative benefits received by the Issuer and the Guarantor on the one hand
and the Initial Purchasers on the other hand from the offering of the Notes
pursuant to this Agreement or (ii) if the allocation provided by clause (i) is
not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the
relative fault of the Issuer and the Guarantor on the one hand and of the
Initial Purchasers on the other hand in connection with the statements or
omissions which resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations.

         The relative benefits received by the Issuer and the Guarantor on the
one hand and the Initial Purchasers on the other hand in connection with the
offering of the Notes pursuant to this Agreement shall be deemed to be in the
same respective proportions as the total net proceeds from the offering of the
Notes pursuant to this Agreement (before deducting expenses) received by the
Issuer and the Guarantor and the total underwriting discount received by the
Initial Purchasers bear to the aggregate initial offering price of the Notes.

         The relative fault of the Issuer and the Guarantor on the one hand and
the Initial Purchasers on the other hand shall be determined by reference to,
among other things, whether any such untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates
to information supplied by the Issuer or the Guarantor or by the Initial
Purchasers and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.

         The Issuer, the Guarantor and the Initial Purchasers agree that it
would not be just and equitable if contribution pursuant to this Section 8 were
determined by pro rata allocation (even if the Initial Purchasers were treated
as one entity for such purpose) or by any other method of allocation which does
not take account of the equitable considerations referred to above in this
Section 8. The aggregate amount of losses, liabilities, claims, damages and
expenses incurred by an indemnified party and referred to above in this Section
8 shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue or alleged untrue statement or omission or alleged omission.

         Notwithstanding the provisions of this Section 8, no Initial Purchaser
shall be required to contribute any amount in excess of the amount by which the
total discounts and commissions at which the Notes underwritten by it and
distributed to the public were offered to the public exceeds the amount of any
damages which such Initial Purchaser has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission.

         No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation.

         For purposes of this Section 8, each person, if any, who controls an
Initial Purchaser within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act shall have the same rights to contribution as
such Initial Purchaser, and each director of the

<PAGE>   30

Issuer and the Guarantor and each person, if any, who controls the Issuer or the
Guarantor within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act shall have the same rights to contribution as the Issuer or
the Guarantor. The Initial Purchasers' respective obligations to contribute
pursuant to this Section 8 are several in proportion to the principal amount of
Notes set forth opposite their respective names in separate letters in Schedule
A hereto and not joint.

         SECTION 9. REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE
DELIVERY.

         All representations, warranties and agreements contained in this
Agreement or in certificates of officers of the Guarantor or any Subsidiary, as
the case may be, submitted pursuant hereto shall remain operative and in full
force and effect, regardless of any investigation made by or on behalf of the
Initial Purchasers or controlling person, or by or on behalf of the Issuer or
the Guarantor and shall survive delivery of the Notes to the Initial Purchasers.

         SECTION 10. TERMINATION OF AGREEMENT.

         (a)      Termination; General.

         This Agreement shall be subject to termination in the absolute
discretion of the Initial Purchasers by notice given to the Guarantor prior to
delivery of and payment for the Notes, if prior to such time (i) trading in
securities generally on any of the New York Stock Exchange, the American Stock
Exchange or the NASDAQ National Market System shall have been suspended or
limited or minimum prices shall have been established on any such exchange, (ii)
a banking moratorium shall have been declared by the Republic of Poland,
Luxembourg, U.S. Federal or New York State authorities, (iii) there has occurred
a material adverse change in the currency exchange rate or exchange controls
between the Polish zloty and the Euro, which change makes it, in the judgment of
the Initial Purchasers, impracticable to proceed with the offering or delivery
of the Notes as contemplated in the Final Offering Memorandum (exclusive of any
supplement thereto) or would be likely to prejudice materially dealings in the
Notes in the secondary market or (iv) there shall have occurred any outbreak or
escalation of hostilities, declaration by the United States, any member state of
the European Union, or the Republic of Poland of a national emergency or war or
other calamity or crisis the effect of which on financial markets is such as to
make it, in the judgment of the Initial Purchasers, impracticable or inadvisable
to proceed with the offering or delivery of the Notes as contemplated by the
Final Offering Memorandum.

         (b)      Liabilities.

         If this Agreement is terminated pursuant to this Section, such
termination shall be without liability of any party to any other party except as
provided in Section 4 hereof, and provided further that Sections 1, 7, 8 and 9
hereof shall survive such termination and remain in full force and effect.

<PAGE>   31

         SECTION 11. DEFAULT BY ONE OR MORE OF THE INITIAL PURCHASERS.

         If one or more of the Initial Purchasers shall fail at the Closing Time
to purchase the Notes which it or they are obligated to purchase under this
Agreement (the "Defaulted Securities"), the remaining Initial Purchaser shall
have the right, within 24 hours thereafter, to make arrangements for the
non-defaulting Initial Purchaser, or any other Initial Purchasers, to purchase
all, but not less than all, of the Defaulted Securities in such amounts as may
be agreed upon and upon the terms herein set forth; if, however, the Initial
Purchasers shall not have completed such arrangements within such 24-hour
period, then:

         (a) if the number of Defaulted Securities does not exceed 10% of the
aggregate principal amount of the Notes to be purchased hereunder, the
non-defaulting Initial Purchaser shall be obligated to purchase the full amount
thereof, or

         (b) if the number of Defaulted Securities exceeds 10% of the aggregate
principal amount of the Notes to be purchased hereunder, this Agreement shall
terminate without liability on the part of the non-defaulting Initial Purchaser.

         No action taken pursuant to this Section shall relieve any defaulting
Initial Purchaser from liability in respect of its default.

         In the event of any such default which does not result in a termination
of this Agreement, either the Initial Purchasers or the Issuer shall have the
right to postpone the Closing Time for a period not exceeding seven days in
order to effect any required changes in the Offering Memorandum or in any other
documents or arrangements. As used herein, the term "Initial Purchaser" includes
any person substituted for an Initial Purchaser under this Section 11.

         SECTION 12. NOTICES.

         All notices and other communications hereunder shall be in writing and
shall be deemed to have been duly given if mailed or transmitted by any standard
form of telecommunication. Notices to the Initial Purchasers shall be directed
to Deutsche Bank AG London at Winchester House, 1 Great Winchester Street,
London EC2N 2DB, England, attn.: Shelley Ryan, High Yield - Capital Markets,
telephone no. +44 (0) 207 545 8000, facsimile no. +44 (0) 207 547 4757, with a
copy to Dresdner Bank AG London Branch at Dresdner Bank AG London Branch c/o
Dresdner Bank Aktiengesellschaft, Legal Services, Global Debt - Primary Markets,
25th Floor, Jurgen-Ponto-Platz 1, 60313 Frankfurt am Main, Germany, telephone
no. +49 69 263 6900, facsimile no. +49 69 263 10397; notices to the Issuer shall
be directed to PTC International Finance II S.A., 41, Avenue de la Gare, L-1611
Luxembourg, attn.: Mrs. Carine Bitter and Mr. Yves Schmitt, facsimile no. (352)
493080 331; or the Guarantor shall be directed to Polska Telefonia Cyfrowa Sp.
z o.o., Al. Jerozolimskie 181, 02-222 Warzawa, Poland, facsimile no (+48) 22 413
6239 and (+48) 22 413 6289.

         SECTION 13. PARTIES.

         This Agreement shall inure to the benefit of and be binding upon the
Initial Purchasers, the Issuer, the Guarantor and their respective successors.
Nothing expressed or mentioned in this Agreement is intended or shall be
construed to give any person, firm or

<PAGE>   32

corporation, other than the Initial Purchasers, the Issuer, the Guarantor and
their respective successors and the controlling persons and officers and
directors referred to in Sections 7 and 8 hereof and their heirs and legal
representatives, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision herein contained. This Agreement and
all conditions and provisions hereof are intended to be for the sole and
exclusive benefit of the Initial Purchasers, the Issuer, the Guarantor and their
respective successors, and said controlling persons and officers and directors
and their heirs and legal representatives, and for the benefit of no other
person, firm or corporation. No purchaser of Notes from any Initial Purchaser
shall be deemed to be a successor by reason merely of such purchase.

         SECTION 14. GOVERNING LAW AND TIME.

         THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. SPECIFIED TIMES OF DAY REFER TO LONDON TIME.

         SECTION 15. AGENT FOR SERVICE; SUBMISSION TO JURISDICTION; WAIVER OF
IMMUNITIES.

         Each of the Issuer and the Guarantor agrees that any suit, action or
proceeding against the Issuer or the Guarantor, brought by any Initial
Purchaser, the directors, officers, employees and agents of any Initial
Purchaser, or by any person who controls any Initial Purchaser, arising out of
or based upon this Agreement or the transactions contemplated hereby may be
instituted in any state or federal court in the Borough of Manhattan, City of
New York, New York, and waives any objection which it may nor or hereafter have
to the laying of venue of any such proceeding, and irrevocably submits to the
non-exclusive jurisdiction of such courts in any suit, action or proceeding.
Each of the Issuer and the Guarantor has appointed CT Corporation System, with
offices on the date hereof at 111 Eighth Avenue New York, NY 10011, as its
authorized agent (the "Agent"), upon whom process may be served in any suit,
action or proceeding arising out of or based upon this Agreement or the
transactions contemplated herein which may be instituted in any state or federal
court in the Borough of Manhattan, City of New York, New York, by any Initial
Purchaser, the directors, officers, employees and agents of any Initial
Purchaser, or by any person, if any, who controls any Initial Purchaser, and
expressly accepts the non-exclusive jurisdiction of any such court in respect of
any such suit, action or proceeding. Each of the Issuer and the Guarantor hereby
represents and warrants that the Agent has accepted such appointment and has
agreed to act as said agent for service of process, and each of the Issuer and
the Guarantor agree to take any and all action, including the filing of any and
all documents that may be necessary to continue such appointment in full force
and effect as aforesaid. Service of process upon the Agent shall be deemed, in
every respect, effective service of process upon the Issuer and the Guarantor.
Notwithstanding the foregoing, any action involving the Guarantor arising out of
or based upon this Agreement may be instituted by any Initial Purchaser, the
directors, officers, employees and agents of any Initial Purchaser, or by any
person who controls any Initial Purchaser, in any court of competent
jurisdiction in the Republic of Poland or in Luxembourg.

         To the extent that the either of the Issuer or the Guarantor has or
hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether through

<PAGE>   33

service of notice, attachment prior to judgment, attachment in aid of execution,
execution or otherwise) with respect to itself or its property, it hereby
irrevocably waives such immunity in respect of its obligations under the
above-referenced documents.

         SECTION 16. JUDGMENT CURRENCY.

         Each of the Issuer and the Guarantor agrees to indemnify each Initial
Purchaser, the officers, directors and agents of such Initial Purchaser and each
person, if any, who controls such Initial Purchaser within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act against any
loss incurred by any of them as a result of any judgment or order being given or
made for any amount due under this Agreement and such judgment or order being
expressed and paid in a currency (the "Judgment Currency") other than U.S.
dollars and as a result of any variation as between (i) the rate of exchange at
which the U.S. dollar amount is converted into the Judgment Currency for the
purpose of such judgment or order and (ii) the spot rate of exchange in the City
of New York at which any such person on the date of payment of such judgment or
order is able to purchase U.S. dollars with the amount of the Judgment Currency
actually received by such person. The foregoing indemnity shall continue in full
force and effect notwithstanding any such judgment or order as aforesaid. The
term "spot rate of exchange" shall include any premiums and costs of exchange
payable in connection with the purchase of, or conversion into, U.S. dollars.

         SECTION 17. COUNTERPARTS; ENGLISH LANGUAGE

         This Agreement may be executed in one or more counterparts and when a
counterpart has been executed by each party, all such counterparts taken
together shall constitute one and the same agreement. Counterparts of this
Agreement may be executed in both the English and the Polish languages.

         This Agreement has been negotiated and executed in the English
language. This Agreement has also been translated into the Polish language.
However, in the event of any inconsistency between the English language version
and the Polish language version, the English language version shall control and
be conclusive as to the meaning of any terms and provisions hereof.

         SECTION 18. EFFECT OF HEADINGS.

         The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

<PAGE>   34

         If the foregoing is in accordance with your understanding of our
agreement, please sign and return to the Issuer a counterpart hereof, whereupon
this instrument, along with all counterparts, will become a binding agreement
between the Initial Purchasers, the Issuer and the Guarantor in accordance with
its terms.

                                Very truly yours,

                                PTC INTERNATIONAL FINANCE II S.A.

                                By: /s/
                                    --------------------------------
                                    Name:  Authorized signature
                                    Title:

                                POLSKA TELEFONIA CYFROWA SP. Z O.O.

                                By: /s/ Wilhelm Stuckemann
                                    --------------------------------
                                    Name:  Wilhelm Stuckemann
                                    Title: Director of Strategy,
                                           Marketing and Sales

                                By: /s/ Ryszard Pospieszynski
                                    --------------------------------
                                    Name:  Ryszard Pospieszynski
                                    Title: Director of Administration

<PAGE>   35

CONFIRMED AND ACCEPTED,
as of the date first above written

DEUTSCHE BANK AG LONDON

By: /s/ Gareth Noonan
    ---------------------------
    Name:  Gareth Noonan
    Title:

By: /s/ Guy du ParcGraham
    ---------------------------
    Name:  Guy du ParcGraham
    Title:

DRESDNER BANK AG LONDON BRANCH

By: /s/ S. Park
    ---------------------------
    Name:  S. Park
    Title: Managing Director

By: /s/ Wolfgang Fink
    ---------------------------
    Name:  Wolfgang Fink
    Title: Director

<PAGE>   36

                                   SCHEDULE A

                                                            Principal
Name of Initial Purchaser                                   Amount of
                                                              Notes
                                                            ----------
Deutsche Bank AG London ..........................     (euro) 145,000,000
Dresdner Bank AG London Branch....................             55,000,000
                                                        -----------------
     Total........................................     (euro) 200,000,000

<PAGE>   37

                                   SCHEDULE B

                        PTC International Finance II S.A.
         (euro) 200,000,000 10 7/8% Senior Subordinated Notes due 2008

         1. The purchase price to be paid by the Initial Purchasers for the
Notes shall be 100% of the principal amount thereof. The Guarantor will pay the
Initial Purchasers (euro) 4,500,000 in commission in connection with the sale of
the Notes.

         2. The interest rate on the Notes shall be 10 7/8% per annum; interest
will be payable semi-annually on January 31st and July 31st, commencing on July
31, 2001. The first interest payment date shall be in respect of the period from
and including May 8, 2001 up to, but excluding July 31, 2001. The final interest
payment date shall be in respect of the period from and including the interest
payment date falling on January 31, 2008 up to, but excluding, May 1, 2008.

         3. The Notes will mature on May 1, 2008.

         4. The redemption price supplied in the Offering Memorandum (and
correspondingly in the Indenture) with respect to redemptions of Notes from the
proceeds of Equity Offerings shall be 110.875% of the principal amount thereof.

         5. The redemption prices supplied in the Offering Memorandum (and
correspondingly in the Indenture) relating to the Notes shall be:

                                              Redemption
                           Year                 Price
                           ----               ----------
                           2005                105.438
                           2006                102.719
                           2007                100.000

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