Document:

<PAGE>   1
                                                                     EXHIBIT 4.2

                        PTC INTERNATIONAL FINANCE II S.A.
                                  E188,500,000

CUSIP Number [     ]
ISIN Number [   ]

                                                                           No. 1

              10 7/8% SENIOR SUBORDINATED GUARANTEED NOTES DUE 2008

         PTC International Finance II S.A., a societe anonyme (limited liability
company) under the laws of Luxembourg, for value received promises to pay to
HSBC Issuer Services Common Depositary Nominee (UK) Limited or registered
assigns the principal sum as indicated on the Security Register (as defined in
the Indenture referred to on the reverse hereof) on May 1, 2008.

         From May 8, 2001, or from the most recent interest payment date to
which interest has been paid or provided for, cash interest on this Note will
accrue at 10 7/8% payable semiannually on January 31 and July 31 of each year,
beginning on July 31, 2001, to the Person in whose name this Note (or any
predecessor Note) is registered at the close of business on the preceding
January 15 or July 15 as the case may be.

         THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE
STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

         PTC International Finance II S.A. has been established as a stock
company under the laws of The Grand-Duchy of Luxembourg, by notarial deed dated
November 5, 1999 published in the "Memorial, Journal Official du Grand-Duche de
Luxembourg, Recueil Special of Commerce and Companies of Luxembourg under number
B.72.250. The Articles of Association have not been amended since the date of
incorporation of PTC International Finance II S.A. on 5 November 1999.

         The Articles of Association are filed with the Trade and Company
Registrar of the District Court of Luxembourg and are available to any
interested person who, by requesting in writing, can obtain a full copy thereof.

         PTC International Finance II S.A.'s registered office is at 41, avenue
de la Gare, l-1611, Luxembourg.

         On May 8, 2001, PTC International Finance II S.A.'s share capital is
E125,000 represented by 125 wholly paid-up shares, with a par value of
E1,000 each. PTC International Finance II S.A.'s outstanding amount of
long-term notes as of December 31, 2000 was E687,799.

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature of an
authorized signatory, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

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         Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof and to the provisions of the Indenture, which
provisions shall for all purposes have the same effect as if set forth at this
place.

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         IN WITNESS HEREOF, PTC International Finance II S.A., has caused this
Note to be signed manually or by facsimile by its duly authorized signatory.

Dated:                                      , 2001

PTC INTERNATIONAL FINANCE II S.A.

By:
       -----------------------------------
Name:
Title: Authorized Signatory

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

STATE STREET BANK AND TRUST COMPANY
as Trustee, certifies that this is one of the Notes referred to in the
Indenture.

By:
      -----------------------------------
      Authorized Officer

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                              REVERSE SIDE OF NOTE

              10 7/8% Senior Subordinated Guaranteed Notes Due 2008

1.      Interest

        PTC International Finance II S.A., a societe anonyme (limited liability
company) under the laws of Luxembourg (such company, and its successors and
assigns under the Indenture hereinafter referred to, being herein called the
"Issuer"), for value received promises to pay interest on the principal amount
of this Note from May 8, 2001, at the rate per annum shown above. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. The issuer
will pay interest on overdue principal at the interest rate borne by the Notes
compounded semiannually to the extent lawful. Any interest paid on this Note
shall be increased to the extent necessary to pay Additional Amounts and Special
Interest as set forth in this Note.

2.      Additional Amounts

        All payments made by the Issuer, under or with respect to this Note, and
any the Guarantor under or with respect to the Parent Guarantee, shall be made
free and clear of and without withholding or deduction, for or on account of any
present or future tax, duty, levy, impost, assessment or other governmental
charge imposed or levied by or on behalf of the government of Luxembourg, The
Netherlands or Poland or any political subdivision or taxing authority or agency
thereof or therein (hereinafter "Taxes") unless the Issuer or the Guarantor, as
the case may be, is required to withhold or deduct Taxes by law or by the
interpretation or administration thereof. If the Issuer or the Guarantor is so
required to withhold or deduct any

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amount for or on account of Taxes from any payment made under or with respect to
this Note or the Parent Guarantee, respectively, the Issuer or the Guarantor
will pay such additional amounts ("Additional Amounts") as may be necessary so
that the net amount received by each Holder (including Additional Amounts) after
such withholding or deduction will not be less than the amount such Holder would
have received if such Taxes had not been required to be withheld or deducted;
provided, however, that the foregoing obligation to pay Additional Amounts does
not apply to (a) any Taxes that would not have been so imposed but for the
existence of any present or former connection between the relevant Holder (or
between a fiduciary, settlor, beneficiary, member or shareholder of, or
possessor of power over the relevant Holder, if the relevant Holder is an
estate, nominee, trust or corporation) and Luxembourg, The Netherlands or Poland
or any political subdivision or taxing authority or agency thereof or therein
(other than the mere receipt of such payment or the ownership or holding outside
of Luxembourg, The Netherlands or Poland of such Note); (b) any estate,
inheritance, gift, sales, excise, transfer, personal property tax or similar
tax, assessment or governmental charge; or (c) any Taxes payable otherwise than
by deduction or withholding from payments of principal of (or premium, if any,
on) or interest on such Note; nor will Additional Amounts be paid (i) if the
payment could have been made without such deduction or withholding if the
beneficiary of the payment had presented the Note for payment within 30 days
after the date on which such payment or such Note became due and payable or the
date on which payment thereof is duly provided for, whichever is later, except
to the extent that the Holder would have been entitled to Additional Amounts had
the Note been presented on the last day of such 30-day period, or (ii) with
respect to any payment of principal of (or premium, if any, on) or interest on
such Note to any Holder who is a fiduciary or partnership or any Person other
than the sole beneficial owner of such payment, to the extent that a beneficiary
or settlor with respect to such fiduciary, a member of such a partnership or the
beneficial owner of such payment would not have been entitled to the Additional
Amounts had such beneficiary, settlor, member or beneficial owner been the
actual Holder of such Note or (iii) where a Holder would have been able to avoid
withholding or deduction by presenting such Note to another Paying Agent for
payment. The foregoing provisions shall survive any termination or discharge of
the Indenture and shall apply mutatis mutandis or any political subdivision or
taxing authority or agency thereof or therein.

3.      Method of Payment

        The Issuer shall pay interest on this Note (except defaulted interest)
to the persons who are registered Holders of this Note at the close of business
on the Record Date for the next Interest Payment Date even if this note is
canceled after the Record Date and on or before the Interest Payment Date.
Except as otherwise set forth in the Indenture with respect to payment in U.S.
Dollars, the Issuer shall pay principal and interest in Euros in immediately
available funds that at the time of payment is legal tender for payment of
public and private debts; provided, however, that payment of interest may be
made at the option of the Issuer by check mailed to the Holder.

        The amount of payments in respect of interest on each Interest Payment
Date to each Holder shall correspond to the aggregate principal amount of Notes
represented by the Regulation S Global Note and the Restricted Global Note, as
established by the Registrar at the close of business on the relevant Record
Date. Payments of principal shall be made upon surrender of the Regulation S
Global Note and the Restricted Global Note to the Paying Agent.

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4.      Paying Agent and Registrar

        Initially, State Street Bank and Trust Company or one of its affiliates
will act as paying Agent and Registrar. The Issuer and the Guarantor may appoint
and change any Paying Agent, Registrar or Co-Registrar without prior notice. The
Guarantor or any of its Wholly Owned Subsidiaries incorporated in the United
States may act as Paying Agent, Registrar or Co-Registrar.

5.      Indenture

        The Issuer issued the Notes under an indenture dated as of May 8, 2001
("the Indenture"), among the Guarantor and State Street Bank and Trust Company,
as trustee (the "Trustee"). The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the U.S. Trust
Indenture Act of 1939 as in effect on the date of the Indenture and, to the
extent required by any amendment after such date, as so amended (the "U.S. Trust
Indenture Act"). Terms defined in the Indenture and not defined herein have the
meanings ascribed thereto in the Indenture. The Notes are subject to all such
terms, and Holders of the Notes are referred to the Indenture and the U.S. Trust
Indenture Act for a statement of those terms.

        The Notes are unsecured senior subordinated obligations of the Issuer
and, initially, will be in an aggregate principal amount of E200,000,000
(subject to Section 2.07 of the Indenture). The Indenture imposes certain
limitations on the Issuer, the Guarantor and their affiliates, including,
without limitation, limitations on the incurrence of indebtedness and issuance
of preferred stock, the payment of dividends and other payment restrictions
affecting the Guarantor and its subsidiaries, the sale of assets, transactions
with and among affiliates of the Guarantor, Change of Control and Liens.

6.      Optional Redemption

        The Notes will not be redeemable at the option of the Issuer prior to
May 1, 2005, except as described in paragraph 8 below and in the next paragraph.
On and after such date, the Notes will be redeemable at the option of the
Issuer, in whole or in part, on not less than 30 days' nor more than 60 days'
notice, in amounts of E1,000 or integral multiples thereof at the following
redemption prices (expressed as percentages of principal amount at maturity),
plus accrued and unpaid interest (if any) to the redemption date, if redeemed
during the 12-month period beginning on the dates indicated below (subject to
the right of holders of record on the relevant Record Dates to receive interest
due):

Year                                   Redemption Price
----                                   ----------------
May 1, 2005                            105.438%
May 1, 2006                            102.719%
May 1, 2007                            100.000%

        In the event that, prior to May 1, 2005, the Guarantor receives proceeds
from the sale of its common stock in one or more Public Equity Offerings, the
Issuer may, at its election, use all or a portion of such proceeds, upon receipt
of such proceeds or portion thereof from the

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Guarantor in prepayment of the Intercompany Receivables, to redeem up to a
maximum of 35% of the initial aggregate principal amount of the Notes at a
Redemption Price equal to 110.875% of the principal amount thereof, plus accrued
and unpaid interest thereof, if any (including Special Interest, if any), and
Additional Amounts, if any, to the redemption date (subject to the right of
Holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date); provided, however, that (a) after giving effect
to any such redemption, at least 60% of the original principal amount at
maturity of the Notes remains outstanding and (b) the Issuer has received an
equivalent amount of proceeds as prepayment of Intercompany Receivables. Any
such redemption shall be made within 75 days of the closing of a Public Equity
Offering upon not less than 30 nor more than 60 days' notice mailed to each
Holder of Notes being redeemed and otherwise in accordance with the procedures
set forth in the Indenture.

7.      Optional Tax Redemption

        This Note may also be redeemed, as a whole but not in part, at the
election of the Issuer, upon not less than 30 nor more than 60 days notice
delivered to each Holder of Notes in accordance with the procedures set forth in
the Indenture, at the Redemption Price equal to 100% of their principal amount,
plus interest accrued and unpaid to the redemption date, if any (including
Special Interest, if any), if, as a result of any amendment to, or change in,
the laws (or any rules or regulations thereunder) of Luxembourg, The Netherlands
or Poland or any political subdivision or taxing authority thereof or therein
(or, in the case of Additional Amounts payable by a successor Person to the
Issuer or the Guarantor, of the jurisdiction in which such successor Person is
organized or any political subdivision or taxing authority thereof or therein),
or any amendment to or change in any official interpretation or application of
such laws or rules or regulations or any execution of or amendment to any treaty
affecting taxation to which Luxembourg, The Netherlands or Poland (or any
political subdivision or taxing authority thereof or therein; or any other
relevant jurisdiction or political subdivision or taxing authority) is a party,
which amendment or change or execution is effective on or after the date of the
indenture (or, in the case of Additional Amounts payable by a successor Person
to the Issuer or the Guarantor, the date on which such successor Person became
such pursuant to applicable provisions of the Indenture), either the Issuer with
respect to the Notes or the Guarantor with respect to the Parent Guarantee or
the Notes has become or will become obligated to pay Additional Amounts (as
described above in Paragraph 3), or the Guarantor has become or will become
obligated to pay similar Additional Amounts with respect to the Intercompany
Receivables, on the next date on which any amount would be payable with respect
to the Notes or the Intercompany Receivables, as the case may be, and such
obligation cannot be avoided by the use of reasonable measures available to the
issuer or the Guarantor as the case may be; provided, however, that (1) no such
notice of redemption may be given earlier than 90 days to the earliest date on
which the Issuer or the Guarantor, as the case may be, would be obligated to pay
such Additional Amounts were a payment in respect of the Notes or the Parent
Guarantee then due, and (2) at the time such notice of redemption is given, such
obligation to pay such Additional Amounts remains in effect. Immediately prior
to the mailing of any notice of redemption pursuant to this paragraph, the
Issuer shall deliver to the Trustee a certificate stating that the Issuer is
entitled to effect such redemption and setting forth a statement of facts
showing that the conditions precedent to the right of the Issuer so to redeem
have occurred.

8.      Notice of Redemption

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        Notice of redemption will be mailed first-class postage prepaid at least
30 days but not more than 60 days before the redemption date to the Holder of
this Note to be redeemed at the addresses contained in the Security Register. If
this Note is in a denomination larger than E1,000 of principal amount at
maturity it may be redeemed in part but only in integral multiples of
E1,000 at maturity. In the event of a redemption of less than all of the
Securities, the Notes for redemption will be chosen by the Trustee in accordance
with the Indenture. If this Note is redeemed subsequent to a Record Date with
respect to any Interest Payment Date specified above, then any accrued interest
will be paid to the Holder of this Note at the close of business on such Record
Date. If money sufficient to pay the redemption price of and accrued interest on
all Notes (or portions thereof) to be redeemed on the redemption date is
deposited with the applicable Paying Agent on or before the redemption date and
certain other conditions are satisfied, on and after such date interest ceases
to accrue on such Notes (or such portions thereof) called for redemption.

9.      Repurchase at the Option of Holders

        If a Change of Control occurs (as defined in the Indenture), the Issuer
shall be required to offer to purchase on the Purchase Date all or any part of
(equal to E1,000 or an integral multiple thereof) this Note at a purchase
price equal to 101% of the principal amount hereof, plus any accrued and unpaid
interest hereon, if any, to the Purchase Date, which date shall be no earlier
than 30 days nor later than 60 days from the date notice of such offer is
mailed, other than as required by law. The issuer shall purchase all Notes
properly and timely tendered in the Change of Control Offer and not withdrawn in
accordance with the procedures set forth in such notice. The Change of Control
Offer will state, among other things, the procedures that Holders of the Notes
must follow to accept the Change of Control Offer. The Guarantor will advance to
the Issuer as a prepayment under the Intercompany Receivables an amount of funds
sufficient to consummate the Change of Control Offer, and the Issuer's
obligation to repurchase the Notes upon a Change of Control will be guaranteed
on a subordinated basis by the Guarantor pursuant to the Parent Guarantees.

        Within five Business Days from the date the aggregate amount of Excess
Proceeds exceeds $10.0 million (taking into account income earned on such Excess
Proceeds, if any), the Guarantor, directly or through the Issuer, shall be
required to make an offer to purchase the Notes with similar provisions
requiring the Guarantor or the Issuer to make an offer to purchase such Debt
with the proceeds of an Asset Sale, which offer shall be in the amount of the
Excess Proceeds, at a redemption price equal to 100% of the principal amount
thereof plus accrued and unpaid interest thereon, if any (including Special
Interest, if any), to the Purchase Date.

10.     Denominations

        The Notes are in denominations of E1,000 and integral multiples of
E1,000 of principal amount at maturity. The transfer of Notes may be
registered, and Notes may be exchanged, as provided in the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture.

11.     Unclaimed Money

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<PAGE>   9

        All moneys paid by the Issuer or the Guarantor to the Trustee or a
Paying Agent for the payment of the principal of, or premium, if any, or
interest on, any Notes that remain unclaimed at the end of two years after such
principal, premium or interest has become due and payable may be repaid to the
Issuer or the Guarantor, subject to applicable law, and the Holder of such Note
thereafter may look only to the Issuer or the Guarantor for payment thereof.

12.     Discharge and Defeasance

        Subject to certain conditions, the Issuer at any time may terminate some
or all of its obligations and the obligations of the Guarantor under the Notes,
the Indenture and the Parent Guarantee if the Issuer irrevocably deposits with
the Trustee money or European Government Securities for the payment of principal
and interest on the Notes to redemption or maturity, as the case may be.

13.     Amendment, Supplement and Waiver

        Subject to certain exceptions set forth in the Indenture, the Indenture
may be amended or supplemented with the written consent of the Holders of at
least a majority in aggregate principal amount of the relevant Notes then
outstanding and any existing default or compliance with any provisions may be
waived with the consent of the Holders of at least a majority in aggregate
principal amount of the relevant Notes then outstanding. However, without the
consent of each Holder of an outstanding Note, no amendment may, among other
things, (i) reduce the amount of Notes whose Holders must consent to an
amendment, (ii) reduce the rate of or extend the time for payment of interest on
any Note, (iii) reduce the principal of or extend the Stated Maturity of any
Note, (iv) reduce the premium payable upon the redemption of any Note or change
the time or times at which any Note may or shall be redeemed, (v) make any Note
payable in money other than that stated in the Note, (vi) impair the right of
any Holder of Notes to institute suit for the enforcement of any payment on or
with respect to any Notes, (vii) release any security that may have been granted
in respect of the Notes, or (viii) make any change to the provisions described
in Article 10 of the Indenture that adversely affects the rights of any Holder
of Notes under such provisions.

        Without the consent of any Holder of the Notes, the Issuer, the
Guarantor and the Trustee may, among other things, amend or supplement the
Indenture to cure any ambiguity, omission, defect or inconsistency, to provide
for the assumption by a Successor Issuer of the obligations of the Issuer, or a
Successor Company of the obligations of the Guarantor, under the Indenture and
this Note, to add Guarantees with respect to the Notes or to secure the Notes,
to add to the covenants of the Issuer or the Guarantor for the benefit of the
Holders of the Notes or to surrender any right or power conferred upon the
Issuer or the Guarantor, to make any change that does not adversely affect the
rights of any Holder of the Notes, to make any change to the provisions
described in Article 10 of the Indenture that would limit or terminate the
benefits available to any holder of Senior Debt under such provisions or to
comply with any requirement of the SEC in connection with the qualification of
the Indenture under the U.S. Trust Indenture Act. Any amendment pursuant to the
preceding paragraph and this paragraph may not make any change that adversely
affects the rights under the provisions described in Article 10 of the Indenture
of any holder of Senior Debt then outstanding unless the holders of such Senior
Debt (or any group or representative thereof authorized to give a consent that
would be binding on all the holders of such Senior Debt) consent to such change.

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<PAGE>   10

        The consent of the holders of the Notes is not necessary under the
Indenture to approve the particular form of any proposed amendment. It is
sufficient if such consent approves the substance of the proposed amendment.

        After an amendment under the Indenture becomes effective, the Guarantor
is required to mail to each registered holder of the relevant Notes at his
address appearing in the Security Register a notice briefly describing such
amendment. However, the failure to give such notice to all holders of the Notes,
or any defect therein, will not impair or affect the validity of the amendment.

14.     Defaults and Remedies

        The Notes have the Events of Default as set forth in the Section 6.01 of
the Indenture. If an Event of Default occurs and is continuing, the Trustee, by
notice to the Guarantor, or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding by notice to the Guarantor and the Trustee,
subject to certain limitations, may declare all the Notes to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default
and shall result in the Notes being due and payable immediately upon the
occurrence of such Events of Default.

        Holders of the Notes may not enforce the Indenture or the Notes except
as provided in the Indenture. The Trustee may refuse to enforce the indenture or
the Notes unless it receives reasonable indemnity or security. Subject to
certain limitations, Holders of a majority in aggregate principal amount of the
Notes may direct the Trustee in its exercise of any trust or power. The Holders
of a majority in aggregate principal amount of the Notes then outstanding by
written notice to the Trustee may rescind any acceleration and its consequence
if the rescission would not conflict with any judgment or decree and if all
existing Events of Default have been cured or waived except nonpayment of
principal, premium, if any, or interest that has become due solely because of
such acceleration. The above description of Events of Default and remedies is
qualified by reference, and subject in its entirety, to the more complete
description thereof contained in the Indenture.

15.     Trustee Dealings with the Issuer

        Subject to certain limitations imposed by the U.S. Trust Indenture Act,
the Trustee under the Indenture , in its individual or any other capacity, may
become the owner or pledgee of Notes and may otherwise deal with and collect
obligations owed to it by the Issuer, the Guarantor or any of their or its
Affiliates with the same rights it would have if it were not Trustee. Any Paying
Agent, Registrar or Co-registrar may do the same with like rights.

16.     No Recourse Against Others

        A director, officer, employee, or stockholder, as such, of the Issuer or
the Guarantor shall not have any liability for any obligations of the Issuer or
the Guarantor under the Notes, the Indenture or the Parent Guarantee or for any
claim based on, in respect of, or by reason of, such obligations or their
creation. By accepting a Note, each Holder shall waive and release all such
liability. The waiver and release are part of the consideration for the issue of
the Notes.

17.     Authentication; Language

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<PAGE>   11

        This Note shall not be valid until an authorized officer of the Trustee
(or an authenticating agent) manually signs the certificate of authentication on
the other side of this Note.

        This Note 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 Note
may be executed in both the English and the Polish languages.

        This Note has been negotiated and executed in the English language. This
Note 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.

18.     Governing Law

THE NOTES AND THE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

        The Issuer or the Guarantor will furnish to any Holder of Notes upon
written request and without charge to the Holder of Notes a copy of the
Indenture which has in it the text of this Note in larger type. Requests may be
made to:

                        PTC International Finance II S.A.
                 in care of Polska Telefonia Cyfrowa Sp. z o.o.
                              Al. Jerozolimskie 181
                              02-222 Warsaw, Poland
                            Telephone: 48-22-699-6250
                            Facsimile: 48-22-699-6239
                           Attention; Treasury Manager

                                     - 11 -
<PAGE>   12

                                     PARENT
                                    GUARANTEE

         For value received, the Guarantor, as principal obligor and not merely
as surety, hereby unconditionally and irrevocably guarantees on an unsecured
senior subordinated basis to the Holder of this Note and to the Trustee and its
successors and assigns (a) the full and punctual payment of principal of,
premium, if any, and interest on its Note when due, whether at maturity, by
acceleration, by redemption or otherwise, and all other monetary obligations of
the Issuer under the Indenture (including, without limitation, obligations to
the Trustee and the obligations to pay Special Interest, if any, and Additional
Amounts, if any) and the Notes and (b) the full and punctual performance within
applicable grace periods of all other obligations of the Issuer under the
Indenture and the Notes (all the foregoing being hereinafter collectively called
the "Obligations"). The Guarantor further agrees that the Obligations may be
extended or renewed, in whole or in part, without notice or further assent from
the Guarantor, and that the Guarantor will remain bound by Article 11 of the
Indenture notwithstanding any extension or renewal of any Obligation.

         The obligations of the Guarantor to the Holder of this Note and to the
Trustee pursuant to this Guarantee and the Indenture (including, without
limitation, the provisions relating to submission to jurisdiction and
appointment of CT Corporation System set forth in the Indenture) are expressly
set forth in the Indenture to which reference is hereby made for the precise
terms of such obligations. This Guarantee shall be governed by, and construed in
accordance with, with the laws of the State of New York.

         This Guarantee is dated the date of the Note upon which it is endorsed.

         This Guarantee has been negotiated and executed in the English
language. This Guarantee 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.

         IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly
executed.

                                        POLSKA TELEFONIA CYFROWA SP. Z O.O.

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

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

                                     - 12 -
<PAGE>   13

                                 ASSIGNMENT FORM

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to

________________________________________________________
(Insert assignee's social security or tax I.D. no.)

________________________________________________________
(Print or type assignee's name, address and postal code)

and irrevocably appoint _____________________________________ agent to transfer
this Note on the books of the Issuer, The agent may substitute another to act
for him.
Your Signature:
               ----------------------------------------------------------------
               (Sign exactly as your name appears on the other side of this
               Note)

Signature Guarantee:
                    ------------------------------------------------------------
                    (Participant in a recognized signature guarantee medallion
                    program)

Date:
     ------------------------------------------------
Certifying Signature: 2

                  In connection with any transfer of any of the Notes evidenced
by this certificate occurring prior to the date that is 40 days after the later
of the date of original issuance of such Notes and the last date, if any, on
which such Notes were owned by the Issuer or any Affiliate of the Issuer, the
undersigned confirms that such Notes are being transferred in accordance with
the transfer restrictions set forth in such Notes and:

CHECK ONE BOX BELOW
(1)   [  ]   to the Issuer; or
(2)   [  ]   pursuant to and in compliance with Rule 144A under the U.S.
             Securities Act 1933; or

(3)   [  ]   pursuant to and in compliance with Regulation S under the U.S.
             Securities Act of 1933; or

(4)   [  ]   pursuant to another available exemption from the registration
             requirements of the U.S. Securities Act of 1933; or

(5)   [  ]   pursuant to an effective registration statement under the U.S.
             Securities Act of 1933.

             Unless one of the boxes is checked, the Trustee will refuse to
register any of the Notes evidenced by this certificate in the name of any
person other than the registered Holder thereof; provided, however, that if box
(2|) is checked, by executing this form, the Transferor is deemed to have
certified that such Notes are being transferred to a person it reasonably
believes is a "qualified institutional buyer" as defined in Rule 144A under the
U.S. Securities Act of 1933 who has received notice that such transfer is being
made in reliance on Rule 144A, if box (3) is checked, by executing this form,
the Transferor is deemed to have certified that such transfer is made pursuant
to an offer and sale that occurred outside the United States in compliance with
Regulation S under the U.S. Securities Act, and if box (4) is checked, the
Trustee may require, prior to registering any such transfer of the Notes such
legal opinions, certifications and other information as the Issuer has
reasonably requested to confirm that such

                                     - 13 -
<PAGE>   14

transfer is being made pursuant to an exemption from or in a transaction not
subject to, the registration requirements of the U.S. Securities Act of 1933.

---------------------------------------
Signature

Signature Guarantee:

---------------------------------------
(Participant in a recognized signature
guarantee medallion program)
Certifying Signature: 3

--------------------------------------------------------------------------------
                                      Date

Signature Guarantee:

---------------------------------------
(Participant in a recognized signature
guarantee medallion program)

                                     - 14 -

<PAGE>   15

                       OPTION OF HOLDER TO ELECT PURCHASE

         If you want to elect to have this Note or a portion thereof repurchased
pursuant to Sections 3.08 and 4.12 or 4.14 of the Indenture, check the box: [  ]

         If the purchase is in part, indicate the portion (in denominations of
E1,000 or any integral multiple thereof) to be purchased:
                                                          ----------------------

Your signature:
                ------------------------------------------
 (Sign exactly as your name appears on the other side of this Note)

Date:
      ---------------------------------
Certifying Signature: 4
                        --------------------------------------------------------

                                     - 15 -

<PAGE>   16

                                   SCHEDULE A

                          SCHEDULE OF PRINCIPAL AMOUNT

         The following decreases/increases in the principal amount of this
Security have been made.

<TABLE>
<CAPTION>

                                                                   PRINCIPAL AMOUNT      NOTATION MADE
DATE OF                DECREASE IN           INCREASE IN           FOLLOWING SUCH        BY OR ON BEHALF
DECREASE/INCREASE      PRINCIPAL AMOUNT      PRINCIPAL AMOUNT      DECREASE/INCREASE     OF REGISTRAR
---------------------- --------------------- --------------------- --------------------- --------------------

<S>                    <C>                   <C>                   <C>                   <C>
---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------
</TABLE>

                                     - 16 -

<PAGE>   17
                        PTC INTERNATIONAL FINANCE II S.A.
                                  E11,500,000

CUSIP Number [     ]
ISIN Number [   ]

                                                                           No. 2

              10 7/8% SENIOR SUBORDINATED GUARANTEED NOTES DUE 2008

         PTC International Finance II S.A., a societe anonyme (limited liability
company) under the laws of Luxembourg, for value received promises to pay to
Cede & Co. or registered assigns the principal sum as indicated on the Security
Register (as defined in the Indenture referred to on the reverse hereof) on
May 1, 2008.

         From May 8, 2001, or from the most recent interest payment date to
which interest has been paid or provided for, cash interest on this Note will
accrue at 10 7/8% payable semiannually on January 31 and July 31 of each year,
beginning on July 31, 2001, to the Person in whose name this Note (or any
predecessor Note) is registered at the close of business on the preceding
January 15 or July 15 as the case may be.

         THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE
STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

         PTC International Finance II S.A. has been established as a stock
company under the laws of The Grand-Duchy of Luxembourg, by notarial deed dated
November 5, 1999 published in the "Memorial, Journal Official du Grand-Duche de
Luxembourg, Recueil Special of Commerce and Companies of Luxembourg under number
B.72.250. The Articles of Association have not been amended since the date of
incorporation of PTC International Finance II S.A. on 5 November 1999.

         The Articles of Association are filed with the Trade and Company
Registrar of the District Court of Luxembourg and are available to any
interested person who, by requesting in writing, can obtain a full copy thereof.

         PTC International Finance II S.A.'s registered office is at 41, avenue
de la Gare, l-1611, Luxembourg.

         On May 8, 2001, PTC International Finance II S.A.'s share capital is
E125,000 represented by 125 wholly paid-up shares, with a par value of
E1,000 each. PTC International Finance II S.A.'s outstanding amount of
long-term notes as of December 31, 2000 was E687,799.

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature of an
authorized signatory, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

<PAGE>   18

         Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof and to the provisions of the Indenture, which
provisions shall for all purposes have the same effect as if set forth at this
place.

                                     - 2 -
<PAGE>   19

IN WITNESS HEREOF, PTC International Finance II S.A., has caused this Note to be
signed manually or by facsimile by its duly authorized signatory.

Dated:                                      , 2001

PTC INTERNATIONAL FINANCE II S.A.

By:
       -----------------------------------
Name:
Title: Authorized Signatory

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

STATE STREET BANK AND TRUST COMPANY
as Trustee, certifies that this is one of the Notes referred to in the
Indenture.

By:
      -----------------------------------
      Authorized Officer

                                     - 3 -
<PAGE>   20

                              REVERSE SIDE OF NOTE

              10 7/8% Senior Subordinated Guaranteed Notes Due 2008

1.      Interest

        PTC International Finance II S.A., a societe anonyme (limited liability
company) under the laws of Luxembourg (such company, and its successors and
assigns under the Indenture hereinafter referred to, being herein called the
"Issuer"), for value received promises to pay interest on the principal amount
of this Note from May 8, 2001, at the rate per annum shown above. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. The issuer
will pay interest on overdue principal at the interest rate borne by the Notes
compounded semiannually to the extent lawful. Any interest paid on this Note
shall be increased to the extent necessary to pay Additional Amounts and Special
Interest as set forth in this Note.

2.      Additional Amounts

        All payments made by the Issuer, under or with respect to this Note, and
any the Guarantor under or with respect to the Parent Guarantee, shall be made
free and clear of and without withholding or deduction, for or on account of any
present or future tax, duty, levy, impost, assessment or other governmental
charge imposed or levied by or on behalf of the government of Luxembourg, The
Netherlands or Poland or any political subdivision or taxing authority or agency
thereof or therein (hereinafter "Taxes") unless the Issuer or the Guarantor, as
the case may be, is required to withhold or deduct Taxes by law or by the
interpretation or administration thereof. If the Issuer or the Guarantor is so
required to withhold or deduct any

                                     - 4 -
<PAGE>   21

amount for or on account of Taxes from any payment made under or with respect to
this Note or the Parent Guarantee, respectively, the Issuer or the Guarantor
will pay such additional amounts ("Additional Amounts") as may be necessary so
that the net amount received by each Holder (including Additional Amounts) after
such withholding or deduction will not be less than the amount such Holder would
have received if such Taxes had not been required to be withheld or deducted;
provided, however, that the foregoing obligation to pay Additional Amounts does
not apply to (a) any Taxes that would not have been so imposed but for the
existence of any present or former connection between the relevant Holder (or
between a fiduciary, settlor, beneficiary, member or shareholder of, or
possessor of power over the relevant Holder, if the relevant Holder is an
estate, nominee, trust or corporation) and Luxembourg, The Netherlands or Poland
or any political subdivision or taxing authority or agency thereof or therein
(other than the mere receipt of such payment or the ownership or holding outside
of Luxembourg, The Netherlands or Poland of such Note); (b) any estate,
inheritance, gift, sales, excise, transfer, personal property tax or similar
tax, assessment or governmental charge; or (c) any Taxes payable otherwise than
by deduction or withholding from payments of principal of (or premium, if any,
on) or interest on such Note; nor will Additional Amounts be paid (i) if the
payment could have been made without such deduction or withholding if the
beneficiary of the payment had presented the Note for payment within 30 days
after the date on which such payment or such Note became due and payable or the
date on which payment thereof is duly provided for, whichever is later, except
to the extent that the Holder would have been entitled to Additional Amounts had
the Note been presented on the last day of such 30-day period, or (ii) with
respect to any payment of principal of (or premium, if any, on) or interest on
such Note to any Holder who is a fiduciary or partnership or any Person other
than the sole beneficial owner of such payment, to the extent that a beneficiary
or settlor with respect to such fiduciary, a member of such a partnership or the
beneficial owner of such payment would not have been entitled to the Additional
Amounts had such beneficiary, settlor, member or beneficial owner been the
actual Holder of such Note or (iii) where a Holder would have been able to avoid
withholding or deduction by presenting such Note to another Paying Agent for
payment. The foregoing provisions shall survive any termination or discharge of
the Indenture and shall apply mutatis mutandis or any political subdivision or
taxing authority or agency thereof or therein.

3.      Method of Payment

        The Issuer shall pay interest on this Note (except defaulted interest)
to the persons who are registered Holders of this Note at the close of business
on the Record Date for the next Interest Payment Date even if this note is
canceled after the Record Date and on or before the Interest Payment Date.
Except as otherwise set forth in the Indenture with respect to payment in U.S.
Dollars, the Issuer shall pay principal and interest in Euros in immediately
available funds that at the time of payment is legal tender for payment of
public and private debts; provided, however, that payment of interest may be
made at the option of the Issuer by check mailed to the Holder.

        The amount of payments in respect of interest on each Interest Payment
Date to each Holder shall correspond to the aggregate principal amount of Notes
represented by the Regulation S Global Note and the Restricted Global Note, as
established by the Registrar at the close of business on the relevant Record
Date. Payments of principal shall be made upon surrender of the Regulation S
Global Note and the Restricted Global Note to the Paying Agent.

                                     - 5 -
<PAGE>   22

4.      Paying Agent and Registrar

        Initially, State Street Bank and Trust Company or one of its affiliates
will act as paying Agent and Registrar. The Issuer and the Guarantor may appoint
and change any Paying Agent, Registrar or Co-Registrar without prior notice. The
Guarantor or any of its Wholly Owned Subsidiaries incorporated in the United
States may act as Paying Agent, Registrar or Co-Registrar.

5.      Indenture

        The Issuer issued the Notes under an indenture dated as of May 8, 2001
("the Indenture"), among the Guarantor and State Street Bank and Trust Company,
as trustee (the "Trustee"). The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the U.S. Trust
Indenture Act of 1939 as in effect on the date of the Indenture and, to the
extent required by any amendment after such date, as so amended (the "U.S. Trust
Indenture Act"). Terms defined in the Indenture and not defined herein have the
meanings ascribed thereto in the Indenture. The Notes are subject to all such
terms, and Holders of the Notes are referred to the Indenture and the U.S. Trust
Indenture Act for a statement of those terms.

        The Notes are unsecured senior subordinated obligations of the Issuer
and, initially, will be in an aggregate principal amount of E200,000,000
(subject to Section 2.07 of the Indenture). The Indenture imposes certain
limitations on the Issuer, the Guarantor and their affiliates, including,
without limitation, limitations on the incurrence of indebtedness and issuance
of preferred stock, the payment of dividends and other payment restrictions
affecting the Guarantor and its subsidiaries, the sale of assets, transactions
with and among affiliates of the Guarantor, Change of Control and Liens.

6.      Optional Redemption

        The Notes will not be redeemable at the option of the Issuer prior to
May 1, 2005, except as described in paragraph 8 below and in the next paragraph.
On and after such date, the Notes will be redeemable at the option of the
Issuer, in whole or in part, on not less than 30 days' nor more than 60 days'
notice, in amounts of E1,000 or integral multiples thereof at the following
redemption prices (expressed as percentages of principal amount at maturity),
plus accrued and unpaid interest (if any) to the redemption date, if redeemed
during the 12-month period beginning on the dates indicated below (subject to
the right of holders of record on the relevant Record Dates to receive interest
due):

Year                                   Redemption Price
----                                   ----------------
May 1, 2005                            105.438%
May 1, 2006                            102.719%
May 1, 2007                            100.000%

        In the event that, prior to May 1, 2005, the Guarantor receives proceeds
from the sale of its common stock in one or more Public Equity Offerings, the
Issuer may, at its election, use all or a portion of such proceeds, upon receipt
of such proceeds or portion thereof from the

                                     - 6 -
<PAGE>   23

Guarantor in prepayment of the Intercompany Receivables, to redeem up to a
maximum of 35% of the initial aggregate principal amount of the Notes at a
Redemption Price equal to 110.875% of the principal amount thereof, plus accrued
and unpaid interest thereof, if any (including Special Interest, if any), and
Additional Amounts, if any, to the redemption date (subject to the right of
Holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date); provided, however, that (a) after giving effect
to any such redemption, at least 60% of the original principal amount at
maturity of the Notes remains outstanding and (b) the Issuer has received an
equivalent amount of proceeds as prepayment of Intercompany Receivables. Any
such redemption shall be made within 75 days of the closing of a Public Equity
Offering upon not less than 30 nor more than 60 days' notice mailed to each
Holder of Notes being redeemed and otherwise in accordance with the procedures
set forth in the Indenture.

7.      Optional Tax Redemption

        This Note may also be redeemed, as a whole but not in part, at the
election of the Issuer, upon not less than 30 nor more than 60 days notice
delivered to each Holder of Notes in accordance with the procedures set forth in
the Indenture, at the Redemption Price equal to 100% of their principal amount,
plus interest accrued and unpaid to the redemption date, if any (including
Special Interest, if any), if, as a result of any amendment to, or change in,
the laws (or any rules or regulations thereunder) of Luxembourg, The Netherlands
or Poland or any political subdivision or taxing authority thereof or therein
(or, in the case of Additional Amounts payable by a successor Person to the
Issuer or the Guarantor, of the jurisdiction in which such successor Person is
organized or any political subdivision or taxing authority thereof or therein),
or any amendment to or change in any official interpretation or application of
such laws or rules or regulations or any execution of or amendment to any treaty
affecting taxation to which Luxembourg, The Netherlands or Poland (or any
political subdivision or taxing authority thereof or therein; or any other
relevant jurisdiction or political subdivision or taxing authority) is a party,
which amendment or change or execution is effective on or after the date of the
indenture (or, in the case of Additional Amounts payable by a successor Person
to the Issuer or the Guarantor, the date on which such successor Person became
such pursuant to applicable provisions of the Indenture), either the Issuer with
respect to the Notes or the Guarantor with respect to the Parent Guarantee or
the Notes has become or will become obligated to pay Additional Amounts (as
described above in Paragraph 3), or the Guarantor has become or will become
obligated to pay similar Additional Amounts with respect to the Intercompany
Receivables, on the next date on which any amount would be payable with respect
to the Notes or the Intercompany Receivables, as the case may be, and such
obligation cannot be avoided by the use of reasonable measures available to the
issuer or the Guarantor as the case may be; provided, however, that (1) no such
notice of redemption may be given earlier than 90 days to the earliest date on
which the Issuer or the Guarantor, as the case may be, would be obligated to pay
such Additional Amounts were a payment in respect of the Notes or the Parent
Guarantee then due, and (2) at the time such notice of redemption is given, such
obligation to pay such Additional Amounts remains in effect. Immediately prior
to the mailing of any notice of redemption pursuant to this paragraph, the
Issuer shall deliver to the Trustee a certificate stating that the Issuer is
entitled to effect such redemption and setting forth a statement of facts
showing that the conditions precedent to the right of the Issuer so to redeem
have occurred.

8.      Notice of Redemption

                                     - 7 -

<PAGE>   24

        Notice of redemption will be mailed first-class postage prepaid at least
30 days but not more than 60 days before the redemption date to the Holder of
this Note to be redeemed at the addresses contained in the Security Register. If
this Note is in a denomination larger than E1,000 of principal amount at
maturity it may be redeemed in part but only in integral multiples of
E1,000 at maturity. In the event of a redemption of less than all of the
Securities, the Notes for redemption will be chosen by the Trustee in accordance
with the Indenture. If this Note is redeemed subsequent to a Record Date with
respect to any Interest Payment Date specified above, then any accrued interest
will be paid to the Holder of this Note at the close of business on such Record
Date. If money sufficient to pay the redemption price of and accrued interest on
all Notes (or portions thereof) to be redeemed on the redemption date is
deposited with the applicable Paying Agent on or before the redemption date and
certain other conditions are satisfied, on and after such date interest ceases
to accrue on such Notes (or such portions thereof) called for redemption.

9.      Repurchase at the Option of Holders

        If a Change of Control occurs (as defined in the Indenture), the Issuer
shall be required to offer to purchase on the Purchase Date all or any part of
(equal to E1,000 or an integral multiple thereof) this Note at a purchase
price equal to 101% of the principal amount hereof, plus any accrued and unpaid
interest hereon, if any, to the Purchase Date, which date shall be no earlier
than 30 days nor later than 60 days from the date notice of such offer is
mailed, other than as required by law. The issuer shall purchase all Notes
properly and timely tendered in the Change of Control Offer and not withdrawn in
accordance with the procedures set forth in such notice. The Change of Control
Offer will state, among other things, the procedures that Holders of the Notes
must follow to accept the Change of Control Offer. The Guarantor will advance to
the Issuer as a prepayment under the Intercompany Receivables an amount of funds
sufficient to consummate the Change of Control Offer, and the Issuer's
obligation to repurchase the Notes upon a Change of Control will be guaranteed
on a subordinated basis by the Guarantor pursuant to the Parent Guarantees.

        Within five Business Days from the date the aggregate amount of Excess
Proceeds exceeds $10.0 million (taking into account income earned on such Excess
Proceeds, if any), the Guarantor, directly or through the Issuer, shall be
required to make an offer to purchase the Notes with similar provisions
requiring the Guarantor or the Issuer to make an offer to purchase such Debt
with the proceeds of an Asset Sale, which offer shall be in the amount of the
Excess Proceeds, at a redemption price equal to 100% of the principal amount
thereof plus accrued and unpaid interest thereon, if any (including Special
Interest, if any), to the Purchase Date.

10.     Denominations

        The Notes are in denominations of E1,000 and integral multiples of
E1,000 of principal amount at maturity. The transfer of Notes may be
registered, and Notes may be exchanged, as provided in the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture.

11.     Unclaimed Money

                                     - 8 -

<PAGE>   25

        All moneys paid by the Issuer or the Guarantor to the Trustee or a
Paying Agent for the payment of the principal of, or premium, if any, or
interest on, any Notes that remain unclaimed at the end of two years after such
principal, premium or interest has become due and payable may be repaid to the
Issuer or the Guarantor, subject to applicable law, and the Holder of such Note
thereafter may look only to the Issuer or the Guarantor for payment thereof.

12.     Discharge and Defeasance

        Subject to certain conditions, the Issuer at any time may terminate some
or all of its obligations and the obligations of the Guarantor under the Notes,
the Indenture and the Parent Guarantee if the Issuer irrevocably deposits with
the Trustee money or European Government Securities for the payment of principal
and interest on the Notes to redemption or maturity, as the case may be.

13.     Amendment, Supplement and Waiver

        Subject to certain exceptions set forth in the Indenture, the Indenture
may be amended or supplemented with the written consent of the Holders of at
least a majority in aggregate principal amount of the relevant Notes then
outstanding and any existing default or compliance with any provisions may be
waived with the consent of the Holders of at least a majority in aggregate
principal amount of the relevant Notes then outstanding. However, without the
consent of each Holder of an outstanding Note, no amendment may, among other
things, (i) reduce the amount of Notes whose Holders must consent to an
amendment, (ii) reduce the rate of or extend the time for payment of interest on
any Note, (iii) reduce the principal of or extend the Stated Maturity of any
Note, (iv) reduce the premium payable upon the redemption of any Note or change
the time or times at which any Note may or shall be redeemed, (v) make any Note
payable in money other than that stated in the Note, (vi) impair the right of
any Holder of Notes to institute suit for the enforcement of any payment on or
with respect to any Notes, (vii) release any security that may have been granted
in respect of the Notes, or (viii) make any change to the provisions described
in Article 10 of the Indenture that adversely affects the rights of any Holder
of Notes under such provisions.

        Without the consent of any Holder of the Notes, the Issuer, the
Guarantor and the Trustee may, among other things, amend or supplement the
Indenture to cure any ambiguity, omission, defect or inconsistency, to provide
for the assumption by a Successor Issuer of the obligations of the Issuer, or a
Successor Company of the obligations of the Guarantor, under the Indenture and
this Note, to add Guarantees with respect to the Notes or to secure the Notes,
to add to the covenants of the Issuer or the Guarantor for the benefit of the
Holders of the Notes or to surrender any right or power conferred upon the
Issuer or the Guarantor, to make any change that does not adversely affect the
rights of any Holder of the Notes, to make any change to the provisions
described in Article 10 of the Indenture that would limit or terminate the
benefits available to any holder of Senior Debt under such provisions or to
comply with any requirement of the SEC in connection with the qualification of
the Indenture under the U.S. Trust Indenture Act. Any amendment pursuant to the
preceding paragraph and this paragraph may not make any change that adversely
affects the rights under the provisions described in Article 10 of the Indenture
of any holder of Senior Debt then outstanding unless the holders of such Senior
Debt (or any group or representative thereof authorized to give a consent that
would be binding on all the holders of such Senior Debt) consent to such change.

                                     - 9 -

<PAGE>   26

        The consent of the holders of the Notes is not necessary under the
Indenture to approve the particular form of any proposed amendment. It is
sufficient if such consent approves the substance of the proposed amendment.

        After an amendment under the Indenture becomes effective, the Guarantor
is required to mail to each registered holder of the relevant Notes at his
address appearing in the Security Register a notice briefly describing such
amendment. However, the failure to give such notice to all holders of the Notes,
or any defect therein, will not impair or affect the validity of the amendment.

14.     Defaults and Remedies

        The Notes have the Events of Default as set forth in the Section 6.01 of
the Indenture. If an Event of Default occurs and is continuing, the Trustee, by
notice to the Guarantor, or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding by notice to the Guarantor and the Trustee,
subject to certain limitations, may declare all the Notes to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default
and shall result in the Notes being due and payable immediately upon the
occurrence of such Events of Default.

        Holders of the Notes may not enforce the Indenture or the Notes except
as provided in the Indenture. The Trustee may refuse to enforce the indenture or
the Notes unless it receives reasonable indemnity or security. Subject to
certain limitations, Holders of a majority in aggregate principal amount of the
Notes may direct the Trustee in its exercise of any trust or power. The Holders
of a majority in aggregate principal amount of the Notes then outstanding by
written notice to the Trustee may rescind any acceleration and its consequence
if the rescission would not conflict with any judgment or decree and if all
existing Events of Default have been cured or waived except nonpayment of
principal, premium, if any, or interest that has become due solely because of
such acceleration. The above description of Events of Default and remedies is
qualified by reference, and subject in its entirety, to the more complete
description thereof contained in the Indenture.

15.     Trustee Dealings with the Issuer

        Subject to certain limitations imposed by the U.S. Trust Indenture Act,
the Trustee under the Indenture , in its individual or any other capacity, may
become the owner or pledgee of Notes and may otherwise deal with and collect
obligations owed to it by the Issuer, the Guarantor or any of their or its
Affiliates with the same rights it would have if it were not Trustee. Any Paying
Agent, Registrar or Co-registrar may do the same with like rights.

16.     No Recourse Against Others

        A director, officer, employee, or stockholder, as such, of the Issuer or
the Guarantor shall not have any liability for any obligations of the Issuer or
the Guarantor under the Notes, the Indenture or the Parent Guarantee or for any
claim based on, in respect of, or by reason of, such obligations or their
creation. By accepting a Note, each Holder shall waive and release all such
liability. The waiver and release are part of the consideration for the issue of
the Notes.

17.     Authentication; Language

                                     - 10 -

<PAGE>   27

        This Note shall not be valid until an authorized officer of the Trustee
(or an authenticating agent) manually signs the certificate of authentication on
the other side of this Note.

        This Note 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 Note
may be executed in both the English and the Polish languages.

        This Note has been negotiated and executed in the English language. This
Note 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.

18.     Governing Law

THE NOTES AND THE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

        The Issuer or the Guarantor will furnish to any Holder of Notes upon
written request and without charge to the Holder of Notes a copy of the
Indenture which has in it the text of this Note in larger type. Requests may be
made to:

                        PTC International Finance II S.A.
                 in care of Polska Telefonia Cyfrowa Sp. z o.o.
                              Al. Jerozolimskie 181
                              02-222 Warsaw, Poland
                            Telephone: 48-22-699-6250
                            Facsimile: 48-22-699-6239
                           Attention; Treasury Manager

                                     - 11 -
<PAGE>   28

                                     PARENT
                                    GUARANTEE

         For value received, the Guarantor, as principal obligor and not merely
as surety, hereby unconditionally and irrevocably guarantees on an unsecured
senior subordinated basis to the Holder of this Note and to the Trustee and its
successors and assigns (a) the full and punctual payment of principal of,
premium, if any, and interest on its Note when due, whether at maturity, by
acceleration, by redemption or otherwise, and all other monetary obligations of
the Issuer under the Indenture (including, without limitation, obligations to
the Trustee and the obligations to pay Special Interest, if any, and Additional
Amounts, if any) and the Notes and (b) the full and punctual performance within
applicable grace periods of all other obligations of the Issuer under the
Indenture and the Notes (all the foregoing being hereinafter collectively called
the "Obligations"). The Guarantor further agrees that the Obligations may be
extended or renewed, in whole or in part, without notice or further assent from
the Guarantor, and that the Guarantor will remain bound by Article 11 of the
Indenture notwithstanding any extension or renewal of any Obligation.

         The obligations of the Guarantor to the Holder of this Note and to the
Trustee pursuant to this Guarantee and the Indenture (including, without
limitation, the provisions relating to submission to jurisdiction and
appointment of CT Corporation System set forth in the Indenture) are expressly
set forth in the Indenture to which reference is hereby made for the precise
terms of such obligations. This Guarantee shall be governed by, and construed in
accordance with, with the laws of the State of New York.

         This Guarantee is dated the date of the Note upon which it is endorsed.

         This Guarantee has been negotiated and executed in the English
language. This Guarantee 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.

         IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly
executed.

                                        POLSKA TELEFONIA CYFROWA SP. Z O.O.

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

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

                                     - 12 -
<PAGE>   29

                                 ASSIGNMENT FORM

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to

________________________________________________________
(Insert assignee's social security or tax I.D. no.)

________________________________________________________
(Print or type assignee's name, address and postal code)

and irrevocably appoint _____________________________________ agent to transfer
this Note on the books of the Issuer, The agent may substitute another to act
for him.
Your Signature:
               ----------------------------------------------------------------
               (Sign exactly as your name appears on the other side of this
               Note)

Signature Guarantee:
                    ------------------------------------------------------------
                    (Participant in a recognized signature guarantee medallion
                    program)

Date:
     ------------------------------------------------
Certifying Signature: 2

                  In connection with any transfer of any of the Notes evidenced
by this certificate occurring prior to the date that is 40 days after the later
of the date of original issuance of such Notes and the last date, if any, on
which such Notes were owned by the Issuer or any Affiliate of the Issuer, the
undersigned confirms that such Notes are being transferred in accordance with
the transfer restrictions set forth in such Notes and:

CHECK ONE BOX BELOW
(1)   [  ]   to the Issuer; or
(2)   [  ]   pursuant to and in compliance with Rule 144A under the U.S.
             Securities Act 1933; or

(3)   [  ]   pursuant to and in compliance with Regulation S under the U.S.
             Securities Act of 1933; or

(4)   [  ]   pursuant to another available exemption from the registration
             requirements of the U.S. Securities Act of 1933; or

(5)   [  ]   pursuant to an effective registration statement under the U.S.
             Securities Act of 1933.

             Unless one of the boxes is checked, the Trustee will refuse to
register any of the Notes evidenced by this certificate in the name of any
person other than the registered Holder thereof; provided, however, that if box
(2|) is checked, by executing this form, the Transferor is deemed to have
certified that such Notes are being transferred to a person it reasonably
believes is a "qualified institutional buyer" as defined in Rule 144A under the
U.S. Securities Act of 1933 who has received notice that such transfer is being
made in reliance on Rule 144A, if box (3) is checked, by executing this form,
the Transferor is deemed to have certified that such transfer is made pursuant
to an offer and sale that occurred outside the United States in compliance with
Regulation S under the U.S. Securities Act, and if box (4) is checked, the
Trustee may require, prior to registering any such transfer of the Notes such
legal opinions, certifications and other information as the Issuer has
reasonably requested to confirm that such

                                     - 13 -
<PAGE>   30

transfer is being made pursuant to an exemption from or in a transaction not
subject to, the registration requirements of the U.S. Securities Act of 1933.

---------------------------------------
Signature

Signature Guarantee:

---------------------------------------
(Participant in a recognized signature
guarantee medallion program)
Certifying Signature: 3

--------------------------------------------------------------------------------
                                      Date

Signature Guarantee:

---------------------------------------
(Participant in a recognized signature
guarantee medallion program)

                                     - 14 -

<PAGE>   31

                       OPTION OF HOLDER TO ELECT PURCHASE

         If you want to elect to have this Note or a portion thereof repurchased
pursuant to Sections 3.08 and 4.12 or 4.14 of the Indenture, check the box: [  ]

         If the purchase is in part, indicate the portion (in denominations of
E1,000 or any integral multiple thereof) to be purchased:
                                                          ----------------------

Your signature:
                ------------------------------------------
 (Sign exactly as your name appears on the other side of this Note)

Date:
      ---------------------------------
Certifying Signature: 4
                        --------------------------------------------------------

                                     - 15 -

<PAGE>   32

                                   SCHEDULE A

                          SCHEDULE OF PRINCIPAL AMOUNT

         The following decreases/increases in the principal amount of this
Security have been made.

<TABLE>
<CAPTION>

                                                                   PRINCIPAL AMOUNT      NOTATION MADE
DATE OF                DECREASE IN           INCREASE IN           FOLLOWING SUCH        BY OR ON BEHALF
DECREASE/INCREASE      PRINCIPAL AMOUNT      PRINCIPAL AMOUNT      DECREASE/INCREASE     OF REGISTRAR
---------------------- --------------------- --------------------- --------------------- --------------------

<S>                    <C>                   <C>                   <C>                   <C>
---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------

---------------------- --------------------- --------------------- --------------------- --------------------
</TABLE>

                                     - 16 -<PAGE>   1
                                                                 Exhibit 10.14

                                                                  CONFORMED COPY
                                                         WITH COLLATERAL SHARING
                                                         INTERCREDITOR AGREEMENT
                                                          AS SEPARATELY EXECUTED

                                Euro 550,000,000

                               FACILITY AGREEMENT

                             Dated 20 February, 2001

                                     Between

                       POLSKA TELEFONIA CYFROWA SP. Z O.O.
                                   as Borrower

                           The Guarantors named herein
                                  as Guarantors

                          DEUTSCHE BANK LUXEMBOURG S.A.
                                    as Agent

                                    THE BANKS

                            DEUTSCHE BANK AG LONDON,
                         DRESDNER BANK LUXEMBOURG S.A.,
              THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT,
                            DEUTSCHE BANK POLSKA S.A.
                                as Lead Arrangers

                           The Arrangers named herein
                                  as Arrangers

                            DEUTSCHE BANK POLSKA S.A.
                                as Security Agent

<PAGE>   2

                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                      PAGE
<S>                                                                         <C>

1.   INTERPRETATION............................................................1
2.   FACILITY AND RELATED MATTERS.............................................28
3.   PURPOSE AND RESPONSIBILITY...............................................29
4.   CONDITIONS PRECEDENT.....................................................30
5.   ADVANCES.................................................................30
6.   CANCELLATION AND REDUCTION...............................................33
7.   REPAYMENT................................................................35
8.   PREPAYMENT...............................................................35
9.   INTEREST PERIODS.........................................................37
10.  INTEREST.................................................................37
11.  SELECTION OF OPTIONAL CURRENCIES.........................................39
12.  AMOUNT OF OPTIONAL CURRENCIES............................................40
13.  PAYMENTS.................................................................42
14.  TAXES....................................................................43
15.  MARKET DISRUPTION........................................................45
16.  INCREASED COSTS..........................................................47
17.  ILLEGALITY AND MITIGATION................................................48
18.  REPRESENTATIONS AND WARRANTIES...........................................49
19.  UNDERTAKINGS.............................................................53
20.  SYSTEM UNDERTAKINGS......................................................70
21.  FINANCIAL UNDERTAKINGS...................................................71
22.  DEFAULT..................................................................73
23.  GUARANTEES...............................................................78
24.  INDEMNITIES..............................................................80
25.  AGENT, SECURITY AGENT, LEAD ARRANGERS, ARRANGERS AND BANKS...............81
26.  FEES.....................................................................86
27.  EXPENSES.................................................................87
28.  STAMP DUTIES.............................................................87
29.  AMENDMENTS AND WAIVERS...................................................87
30.  CHANGES TO PARTIES.......................................................89
31.  SET-OFF AND REDISTRIBUTION...............................................91
32.  DISCLOSURE OF INFORMATION................................................93
33.  SEVERABILITY.............................................................94
34.  COUNTERPARTS.............................................................94
35.  NOTICES..................................................................94
36.  EVIDENCE AND CALCULATIONS................................................96
37.  LANGUAGE.................................................................96
38.  JURISDICTION.............................................................96
39.  WAIVER OF IMMUNITY.......................................................98
40.  GOVERNING LAW............................................................98
41.  THIRD PARTIES............................................................98

</TABLE>

                                      (i)
<PAGE>   3

                                    SCHEDULES

A.   Banks
B.   Guarantors
C.   Form of Transfer Certificate
D.   Security Documents
E.   Documentary Conditions Precedent
F.   Existing Security Interests
G.   Additional Costs Rate
H.   Form of Request for an Advance
I.   Accession Document
J.   Form of Compliance Certificate
K.   Existing Financial Indebtedness
L.   Existing Hedging Agreements
M.   Collateral Sharing Intercreditor Agreement

                                      (ii)
<PAGE>   4
                                        1

--------------------------------------------------------------------------------

THIS FACILITY AGREEMENT is dated 20 February, 2001

BETWEEN:

(1)      POLSKA TELEFONIA CYFROWA SP. Z O.O., a company registered in the
         Commercial Register of the District Court in Warsaw under number 45740
         ( the "BORROWER");

(2)      THE GUARANTORS listed in Schedule B;

(3)      DEUTSCHE BANK AG LONDON ("DBAG"), DEUTSCHE BANK POLSKA S.A. ("DB
         POLSKA"), DRESDNER BANK LUXEMBOURG S.A. ("DRESDNER") AND THE EUROPEAN
         BANK FOR RECONSTRUCTION AND DEVELOPMENT ("EBRD") as lead arrangers
         (each a "LEAD ARRANGER" and, collectively, the "LEAD ARRANGERS");

(4)      BANK ZACHODNI, S.A., BAYERISCHE LANDESBANK GIROZENTRALE, INDUSTRIEBANK
         VON JAPAN (DEUTSCHLAND) AKTIENGESELLSCHAFT, KREDITANSTALT FyR
         WIEDERAUFBAU, MIZUHO BANK NEDERLAND NV and WIELKOPOLSKI BANK KREDYTOWY
         S.A. each as arrangers (each an "ARRANGER" and, collectively, the
         "ARRANGERS");

(5)      THE BANKS listed in Schedule A;

(6)      DB POLSKA as security agent for the Banks (the "SECURITY AGENT"); and

(7)      DEUTSCHE BANK LUXEMBOURG S.A. as facility agent for the Banks (the
         "AGENT").

IT IS AGREED as follows:

1.       INTERPRETATION

1.1      Defined Terms:

         In this Agreement:

         "ACCESSION DOCUMENT"

         means an agreement substantially in the form of Schedule I pursuant to
         which a Principal Member of the Group becomes a Guarantor.

         "ACCOUNTING PERIOD"

         in relation to any person means any period of approximately three
         months (ending on the last day in March, June, September and December
         of each year) or one year ending on the last day in December for which
         Accounts of such person are required to be delivered pursuant to this
         Agreement.

         "ACCOUNTING PRINCIPLES"

         means:

         (a)      in the case of the Accounts of the Borrower and the Group, the
                  IAS on which the preparation of the Original Borrower Accounts
                  was based; and

         (b)      in the case of the Accounts of each Principal Member of the
                  Group (other than the Borrower), the IAS or the accounting
                  principles and practices generally accepted in the
                  jurisdiction of incorporation of such person.

<PAGE>   5
                                        2

--------------------------------------------------------------------------------

         "ACCOUNTS"

         means from time to time:

         (a)      the latest audited consolidated annual accounts of the Group
                  so far as concerns the annual period ending 31st December,
                  1999 and each annual period thereafter;

         (b)      the latest audited annual accounts of each Principal Member of
                  the Group; and

         (c)      the latest unaudited quarterly consolidated financial
                  statements of the Group or so far as concerns each quarter
                  ending 30th September, 2000 and thereafter the latest
                  unaudited quarterly consolidated financial statements of the
                  Group,

         delivered or required to be delivered to the Agent pursuant to this
         Agreement, or such of those accounts as the context requires.

         "ACQUISITION"

         means the acquisition directly or indirectly (whether by one
         transaction or by a series of related transactions) of any interest
         whatsoever in the share capital (or equivalent) or the business or
         undertaking (including without limitation, any franchise rights) or
         assets constituting a separate business or undertaking of any person.

         "ADDITIONAL COSTS RATE"

         (a)      means, in relation to an Advance or unpaid sum owing to a
                  bank, the rate per annum notified by any Bank to the Agent to
                  be the cost to that Bank of compliance with all reserve asset,
                  liquidity or cash margin or other like requirements of the
                  Bank of England, the Financial Services Authority, the
                  European Central Bank or any other applicable monetary,
                  regulatory, supervisory or other authority (other than the
                  National Bank of Poland) in relation to that Advance or unpaid
                  sum and which in the case of the Bank of England and the
                  Financial Services Authority shall be determined in accordance
                  with Schedule G (Additional Costs Rate); and

         (b)      in relation to Advances from the EBRD, 0.03 per cent. per
                  annum.

         "ADDITIONAL DEBT AMOUNT"

         means, at any time, an amount equal to the Euro Equivalent of the sum
         of (a) euro500,000,000 and (b) the amount by which euro650,000,000
         exceeds the sum of (i) the "TOTAL COMMITMENTS" under, and as defined
         in, the Supplemental Facility Agreement at such time and (ii) the Total
         Commitments at such time.

         "ADVANCE"

         means :

         (a)      when designated "TRANCHE A", the principal amount of each
                  borrowing under this Agreement from the Tranche A Commitments;

         (b)      when designated "TRANCHE B", the principal amount of each
                  borrowing under this Agreement from the Tranche B Commitments;
                  and

         (c)      without any such designation, a Tranche A Advance or Tranche B
                  Advance as the context requires;

         or, in each case, the principal amount of such borrowing outstanding
         from time to time, as the context requires.

<PAGE>   6
                                        3

--------------------------------------------------------------------------------

         "AFFILIATE"

         means, as to any person, any other person that, directly or indirectly
         controls, is controlled by or is under common control with such person
         or is a director or officer of such person. For purposes of this
         definition, the term "control" (including the terms "controlling",
         "controlled by" and "under common control with") of a person means the
         possession, direct or indirect of the power to vote 5% or more of the
         voting interests of such person or to direct or cause the direction of
         the management and policies of such person, whether through the
         ownership of voting interests, by contract or otherwise.

         "AGENT'S SPOT RATE OF EXCHANGE"

         means:

         (d)      when converting an amount into Euro or Zloty, the Agent's spot
                  rate of exchange for the purchase of Euro or Zloty in the
                  Brussels or, as the case may be, Warsaw foreign exchange
                  market with the relevant currency at or about 11.00 a.m. on a
                  particular day; and

         (e)      when converting an amount of Euro or Zloty into any other
                  currency, the Agent's spot rate of exchange for the purchase
                  of such other currency in the Brussels or as the case may be,
                  Warsaw foreign exchange market with Euro or Zloty, as the case
                  may be, at or about 11.00 a.m. on a particular day.

         "APPLICABLE LEGAL LENDING LIMITS"

         has the meaning given to such term in Clause 5.5 (Zloty Limit).

         "APPLICABLE MARGIN"

         means 0.9 per cent. per annum (subject to adjustment under Clause 10.5
         (Margin adjustment)).

         "ASSET PLEDGE"

         means the pledge of assets in the agreed form executed by the Borrower
         in favour of the Security Agent to be registered in accordance with the
         terms hereof.

         "AUDITORS"

         means Arthur Andersen Sp. z o.o., any of the other "big five"
         accounting firms as may from time to time be appointed by the Borrower,
         or such other firm of internationally recognised auditors as may from
         time to time be appointed by the Borrower and approved by the Agent
         (such approval not to be unreasonably withheld or delayed).

         "AVAILABILITY PERIOD"

         means the period starting on the Signing Date and ending on the date
         falling one month before the Final Repayment Date.

         "BANK"

         means each of the following:

         (a)      when designated "TRANCHE A":

                  (i)      each bank or other financial institution whose name
                           is set out in Schedule A which has a Tranche A
                           Commitment;

<PAGE>   7
                                        4

--------------------------------------------------------------------------------

                  (ii)     each bank or other financial institution to which
                           rights and/or obligations under this Agreement are
                           assigned or transferred pursuant to Clause 30
                           (Changes to Parties) under Tranche A and which
                           assumes rights and obligations under Tranche A
                           pursuant to a Transfer Certificate; and

         (b)      when designated "TRANCHE B":

                  (i)      each bank or other financial institution whose name
                           is set out in Schedule A which has a Tranche B
                           Commitment;

                  (ii)     each bank or other financial institution to which
                           rights and/or obligations under this Agreement are
                           assigned or transferred pursuant to Clause 30
                           (Changes to Parties) under Tranche B and which
                           assumes rights and obligations under Tranche B
                           pursuant to a Transfer Certificate; and

         (c)      without any such designation, a Tranche A Bank or a Tranche B
                  Bank as the context requires.

         "BANK ACCOUNT SIDE LETTER"

         means the side letter relating to bank accounts of the Borrower's Dutch
         and Luxembourg subsidiaries in the agreed form executed by the Borrower
         in favour of the Agent for the benefit of the Finance Parties.

         "BANK GUARANTEE FUND"

         means the Bank Guarantee Fund as defined in the Act on Bank Guarantee
         Fund dated 14th December, 1994 enacted under Polish law.

         "BUSINESS DAY"

         means a day (not being a Saturday or Sunday) on which banks and foreign
         exchange markets are open for business:

         (a)      in relation to a transaction involving Tranche A, in London,
                  Luxembourg and Brussels;

         (b)      in relation to a transaction involving Tranche B, in Warsaw,
                  or, only for the purposes of determination of the Rate Fixing
                  Day and notice of Requests, Luxembourg, Warsaw and London, or,
                  with respect to Tranche B Advances redenominated to Euro
                  pursuant to clause 15.3 (Negotiation and Substitute Basis),
                  Brussels, Warsaw, London and Luxembourg;

         (c)      in relation to a transaction involving an Optional Currency,
                  in London, Luxembourg and the principal financial centre of
                  the country of that Optional Currency; and

         (d)      in relation to any date for payment or purchase of Euro, in
                  Luxembourg and which is also a TARGET Day.

         "BUSINESS PLAN"

         means:

         (a)      on the Signing Date and until the first delivery of a document
                  to the Agent in accordance with Clause 8.5 (UMTS Prepayment)
                  or Clause 19.2(a)(iii) (Financial Information and Business
                  Plan), as the case may be, the document delivered to the Agent
                  as a condition precedent of the first drawdown in accordance
                  with paragraph 20 of Schedule E; and

         (b)      thereafter the document most recently delivered to the Agent
                  in accordance with Clause 8.5 (UMTS Prepayment) or Clause
                  19.2(a)(iii) or (iv) (Financial Information and Business
                  Plan), as the case may be,

<PAGE>   8
                                        5

--------------------------------------------------------------------------------

         and in each case such document shall include the relevant assumptions
         and projections associated with that document and shall be
         substantially in the form of the document referred to in paragraph (a)
         above or in such other form as may be agreed between the Borrower and
         the Agent acting on behalf of the Majority Banks.

         "CAPITAL EXPENDITURE"

         means any expenditure which should be treated as capital expenditure in
         the audited consolidated Accounts of the Group in accordance with the
         Accounting Principles.

         "CASH"

         means any credit balances on any deposit, savings or current account
         with any Bank or bank or other financial institution which has (or the
         Holding Company of which has) a long-term debt rating of at least (a)
         "BBB-" from S&P and "Baa3" from Moody's in any amount or (b) "BB" from
         S&P and "Ba" from Moody's in such amounts as may be agreed between the
         Agent and the Borrower from time to time; short term government
         securities of Poland, a member state of the European Union or a member
         of the G7 group of nations; and cash in hand but excluding any cash on
         deposit in any escrow account maintained to secure or fund payment of
         interest on high yield bonds.

         "COLLATERAL SHARING INTERCREDITOR AGREEMENT"

         means an agreement substantially in the form set forth at Schedule M.

         "COMMITMENT"

         in relation to a Bank means:

         (a)      when designated "TRANCHE A", the amount appearing and
                  designated as such set opposite its name in Schedule A and/or
                  in any Transfer Certificate or other document by which it
                  became party to or acquired rights under this Agreement;

         (b)      when designated "TRANCHE B":

                  (i)      at any time on or before the last day of the
                           Availability Period, the lower of (A) the Zloty
                           Equivalent at that time of the amount in Euro
                           appearing and designated as such set opposite its
                           name in Schedule A and (B) its Zloty Limit at such
                           time and in each case the Zloty Equivalent of any
                           amount in Euro appearing and designated as such in a
                           Transfer Certificate or other document by which it
                           became a party to or acquired rights under this
                           Agreement on or prior to the last day of the
                           Availability Period;

                  (ii)     at any time after the last day of the Availability
                           Period, the amount in Zloty as calculated by the
                           Agent in accordance with Clauses 5.5 (Zloty Limit)
                           and 6 (Cancellation and Reduction) as being the
                           revised Tranche B Commitment at such time and the
                           Zloty Equivalent of any amount in Euro appearing and
                           designated as such in a Transfer Certificate or other
                           document by which it became a party to or acquired
                           rights under this Agreement after the last day of the
                           Availability Period; and

         (c)      without any such designation, a Bank's Tranche A Commitment or
                  Tranche B Commitment as the context requires,

         in each case to the extent not cancelled, reduced or transferred under
         this Agreement (collectively the "TOTAL COMMITMENTS" and where the
         aggregate Total Commitments for Tranche A and Tranche B is to be
         calculated under this Agreement, any Commitment determined as a Zloty
         amount or denominated in Zloty will be calculated at its Euro
         Equivalent at the time of such calculation).

<PAGE>   9
                                        6

--------------------------------------------------------------------------------

         "DANGEROUS SUBSTANCE"

         means any radioactive emissions and any natural or artificial substance
         (whether in the form of a solid, liquid, gas or vapour but excluding,
         for the avoidance of doubt, radio waves) the generation,
         transportation, storage, treatment, use or disposal of which (whether
         alone or in combination with any other substance) and including
         (without limitation) any controlled, special, hazardous, toxic,
         radioactive or dangerous waste, gives rise to a risk of causing harm to
         man or damaging the Environment or public health.

         "DCS-1800 LICENCE"

         means the licence numbered 498/99 issued to the Borrower on 11th
         August, 1999 which licence includes the permit to install and utilise a
         telecommunications network and the frequency allocation necessary for
         the Borrower to provide a service in the ETSI/GSM 1800MHz band.

         "DEFAULT"

         means (a) an Event of Default, or (b) an event which, with the giving
         of notice or lapse of time or both, would constitute an Event of
         Default.

         "DEFAULT DATE"

         means the first date on which the Agent serves a notice under Clause
         22.21 (Acceleration) or the date after an Event of Default which the
         Majority Banks determine is the Default Date.

         "DOLLARS" and "US$"

         means the lawful currency of the United States of America.

         "EBITDA"

         of any person means in respect of each Ratio Period, the sum of the
         following for such Ratio Period:

         (a)      the net income (whether positive or negative) before
                  Extraordinary Items;

         (b)      any Interest Payable;

         (c)      any provision for income Taxes;

         (d)      any amortisation and depreciation reflected in the relevant
                  Accounts during such Ratio Period; and

         (e)      (without double-counting) any consolidated losses which arise
                  as a result of having Financial Indebtedness in a currency
                  which during such Ratio Period appreciates against the Zloty;

         after deducting the sum of:

         (f)      to the extent not already deducted in determining net income,
                  any handset costs and other subscriber acquisition costs
                  (including commissions for dealers, equipment subsidy, and
                  marketing and promotion but excluding market research, public
                  relations, loyalty programmes, activation fees and prepaid
                  revenues) whether or not capitalised during such Ratio Period;

         (g)      any Interest Receivable for such Ratio Period; and

         (h)      (without double-counting) any consolidated gains which arise
                  as a result of having Financial Indebtedness in a currency
                  which during the relevant Ratio Period depreciates against the
                  Zloty;

<PAGE>   10
                                        7

--------------------------------------------------------------------------------

         in each case, of such person and its Subsidiaries on a consolidated
         basis.

         "ENVIRONMENT"

         means all, or any of, the following media, the air (including the air
         within buildings and the air within other natural or man-made
         structures above or below ground), water (including, without
         limitation, ground and surface water) and land (including, without
         limitation, surface and sub-surface soil).

         "ENVIRONMENTAL CLAIM"

         means any claim by any person:

         (a)      in respect of any loss or liability suffered or incurred by
                  that person as a result of or in connection with any violation
                  of applicable Environmental Law; or

         (b)      that arises as a result of or in connection with Environmental
                  Contamination and that could give rise to any remedy or
                  penalty (whether interim or final) that may be enforced or
                  assessed by private or public legal action or administrative
                  order or proceedings including, without limitation, any such
                  claim that arises from injury to persons or property.

         "ENVIRONMENTAL CONTAMINATION"

         means each of the following and their consequences:

         (a)      any release, emission, leakage or spillage of any Dangerous
                  Substance at or from any site owned or occupied by any member
                  of the Group into any part of the Environment;

         (b)      any accident, fire, explosion or sudden event at any site
                  owned or occupied by any member of the Group which is directly
                  caused by or attributable to any Dangerous Substance; and

         (c)      any other pollution of the Environment arising at or from any
                  site owned or occupied by any member of the Group.

         "ENVIRONMENTAL LAW"

         means all laws and regulations concerning pollution, the Environment or
         Dangerous Substances.

         "ENVIRONMENTAL LICENCE"

         means any permit, licence, authorisation, consent or other approval
         required by any applicable Environmental Law.

         "EURIBOR"

         in relation to any Tranche A Advance made in Euro for any Interest
         Period relating thereto, means:

         (a)      the rate per annum determined by the Banking Federation of the
                  European Union which appears on page Euribor 01 on the Reuters
                  screen (or any other page as may replace such page on such
                  service); or

         (b)      if no offered rate appears on the relevant page of the Reuters
                  screen or there is no relevant page on the Reuters screen, the
                  arithmetic mean (rounded upward, if necessary, to four decimal
                  places) of the respective rates, as supplied to the Agent at
                  its request, quoted by the Tranche A Reference Banks to
                  leading banks in the ordinary course of business in the
                  European interbank market,

<PAGE>   11
                                        8

--------------------------------------------------------------------------------

         at or about 11.00 a.m. on the Rate Fixing Day of such Interest Period
         for the offering of deposits in the currency of the Advance for the
         same period as such Interest Period and in an amount comparable to the
         amount of such Advance. If any of the Tranche A Reference Banks is
         unable or otherwise fails so to supply such offered rate by 1.00 p.m.
         on the required date, "EURIBOR" for the relevant Interest Period shall
         be determined on the basis of the quotations of the remaining Tranche A
         Reference Banks.

         "EURO", "EURO" and "euro"

         means the lawful currency of the member states of the European Union
         that have adopted the single currency in accordance with the treaty
         establishing the European Community (signed in Rome on 25 March, 1957),
         as amended by the Treaty on European Union (signed in Maastricht on 7
         February, 1992).

         "EURO EQUIVALENT"

         means:

         (a)      in relation to an amount in Euro, that amount (or its
                  equivalent in other currencies); and

         (b)      in relation to any amount denominated in a currency other than
                  Euro, the amount of Euro which the amount in such currency
                  would purchase on a particular day when converted at the
                  Agent's Spot Rate of Exchange.

         "EVENT OF DEFAULT"

         means an event specified as such in Clause 22.1 (Events of Default).

         "EXCLUDED SHARE CAPITAL"

         of the Group means shares in the capital of any member of the Group
         owned by a person which is not a member of the Group which by their
         terms are or may become redeemable (whether or not subject to the
         occurrence of any contingency) at any time whilst any part of any
         Advance remains outstanding (whether or not due and payable) or any
         Commitment is in force or within one year after the Final Repayment
         Date.

         "EXTRAORDINARY ITEMS"

         means extraordinary items and exceptional items within the meaning in
         the IAS.

         "FACILITY OFFICE"

         means:

         (a)      in relation to the Agent, the respective offices notified in
                  accordance with Clause 35.2 (Addresses for notices);

         (b)      in the case of a Tranche A Bank, the office(s) notified by
                  that Bank to the Agent on or before the date it becomes a
                  Tranche A Bank as the office(s) through which it will perform
                  all or any of its obligations in connection with Tranche A or
                  if two offices are so notified:

                  (i)      for the purposes of Tranche A Advances denominated in
                           sterling and any interest or other amounts accruing
                           in relation thereto where such Tranche A Bank
                           otherwise performs its obligations hereunder in
                           connection with Tranche A through an office in the
                           United Kingdom, the office outside the United Kingdom
                           so identified as such Tranche A Bank's euro sterling
                           office;

                  (ii)     for all other purposes, the office so identified as
                           such Tranche A Bank's main office;

<PAGE>   12
                                        9

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         (c)      in the case of a Tranche B Bank, the office(s) notified by
                  that Bank to the Agent on or before the date it becomes a
                  Tranche B Bank as the office(s) through which it will perform
                  all or any of its obligations in connection with Tranche B; or

         (d)      in the case of sub-paragraph (b) or (c) above, such other
                  office(s) notified by a Bank to the Agent by (unless otherwise
                  agreed by the Agent) not less than 5 Business Days' notice, as
                  the office(s) through which it will perform all or any of its
                  obligations in connection with Tranche A or Tranche B.

         "FEE LETTERS"

         means:

         (a)      the arrangement fee letter between the Lead Arrangers and the
                  Borrower dated on or about 24 October, 2000; and

         (b)      the agency fee letter between the Agent and the Borrower dated
                  on or about 16 February, 2001;

         in each case setting out the amount of various fees referred to in
         Clause 26 (Fees).

         "FINAL MANDATORY REGISTRATION DATE"

         means the date falling 45 days after the date of the First Mandatory
         Registration Date.

         "FINAL REPAYMENT DATE"

         means the date falling on the fifth anniversary of the Signing Date.

         "FINANCE LEASE"

         means a finance lease as determined in accordance with the IAS.

         "FINANCE PARTY"

         means the Lead Arrangers, the Arrangers, each Bank, the Security Agent
         and the Agent.

         "FINANCIAL INDEBTEDNESS"

         means any indebtedness in respect of:

         (a)      moneys borrowed at banks and other financial institutions;

         (b)      any debenture, bond, note, loan stock or other security;

         (c)      any acceptance credit;

         (d)      receivables sold or discounted (otherwise than on a
                  non-recourse basis);

         (e)      the acquisition cost of any asset to the extent payable before
                  or after the time of acquisition or possession by the party
                  liable (i) where the advance or deferred payment is arranged
                  primarily as a method of raising finance or financing the
                  acquisition of that asset and (ii) where payment is deferred
                  for more than 180 days after the time of acquisition or
                  possession;

         (f)      any Finance Lease or QTE Lease;

<PAGE>   13
                                       10

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         (g)      any currency swap or interest swap, cap or collar
                  arrangements, future or option contracts or any other
                  derivative instrument calculated as the negative
                  mark-to-market value of such instrument as of the date of
                  calculation;

         (h)      any amount raised under any other transaction having the
                  commercial effect of a borrowing or raising of money;

         (i)      any Excluded Share Capital; or

         (j)      any guarantee, surety, indemnity or similar assurance against
                  financial loss of any person in respect of any amounts
                  referred to in paragraphs (a) to (i) above.

         "FIRST MANDATORY REGISTRATION DATE"

         means the date falling 55 days after the date of the initial
         Utilisation hereunder.

         "FORMER SHAREHOLDER LOANS"

         means the $17,178,125 shareholder loan from Deutsche Telekom MobilNet
         GmbH to the Borrower, the Zloty equivalent of $39,843,750 shareholder
         loan from Elektrim S.A. to the Borrower and the $17,578,125 shareholder
         loan from MediaOne International B.V. to the Borrower (plus, in
         relation to each such amount, any accrued or capitalised interest in
         respect thereof), each made on August 24, 1999 and converted into
         Reserve Capital on 30 November, 2000.

         "GROUP"

         means the Borrower and its Subsidiaries from time to time.

         "GSM LICENCE"

         means the licence numbered 2/96/GSM2 issued to the Borrower on 23rd
         February, 1996 which licence includes the permit to install and utilise
         a telecommunications network and the frequency allocation necessary for
         the Borrower to provide a service.

         "GUARANTORS"

         means each Subsidiary of the Borrower listed on Schedule B and each
         other Principal Member of the Group that shall have become a guarantor
         pursuant to Clause 23.9 (Further Guarantors).

         "HEDGING AGREEMENTS"

         means any currency swap or interest swap, cap or collar arrangements,
         future or option contracts or any other derivative instrument or
         agreement.

         "HEDGING DOCUMENTS"

         means any currency swap or interest swap, cap or collar arrangements,
         future or option contracts or any other derivative instrument or
         agreement entered into between the Borrower and a Bank in accordance
         with the Hedging Policy.

         "HEDGING POLICY"

         means on the Signing Date the interest rate and foreign exchange
         hedging strategy of the Borrower provided pursuant to paragraph 21 of
         Schedule E and thereafter shall mean the most recent Hedging Policy
         agreed with the Agent in accordance with Clause 19.14 (Treasury
         transactions).

<PAGE>   14
                                        11

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         "HIGH YIELD DEBT DOCUMENTS"

         means:

         (a)      the indenture dated 1st July, 1997 between PTC International
                  Finance B.V., the Borrower, and the Bank of New York as
                  trustee;

         (b)      the senior subordinated guaranteed discount notes due 2007
                  issued pursuant to the indenture referred to in (a) above;

         (c)      the guarantee dated 1st July, 1997 given by the Borrower in
                  respect of the obligations of PTC International Finance B.V.
                  included in the terms of the indenture referred to in
                  paragraph (a) above;

         (d)      the onlending agreement dated 1st July, 1997 between PTC
                  International Finance B.V. and the Borrower by which the
                  proceeds of the notes referred to in paragraph (b) above are
                  lent to the Borrower;

         (e)      the support agreement dated 1st July, 1997 between the
                  Borrower and PTC International Finance B.V. relating to the
                  onlending agreement referred to in paragraph (d) above;

         (f)      the indentures each dated 23rd November, 1999 between PTC
                  International Finance II S.A., PTC International Finance
                  (Holding) B.V., the Borrower and State Street Bank and Trust
                  Company, as trustee;

         (g)      the senior subordinated guaranteed notes due 2009 issued
                  pursuant to the indentures referred to in (f) above;

         (h)      the guarantees each dated 23rd November, 1999 given by each of
                  the Borrower and PTC International Finance (Holding) B.V. in
                  respect of the obligations of PTC International Finance II
                  S.A. included in the terms of each indenture referred to in
                  paragraph (f) above;

         (i)      the onlending agreement dated 23rd November, 1999 between PTC
                  International Finance II S.A., and PTC International Finance
                  (Holding) B.V. by which a portion of the proceeds of the notes
                  referred to in paragraph (g) above are lent to PTC
                  International Finance (Holding) B.V.;

         (j)      the onlending agreement dated 23rd November, 1999 between PTC
                  International Finance (Holding) B.V. and the Borrower by which
                  a portion of the proceeds of the notes referred to in
                  paragraph (g) above are lent to the Borrower;

         (k)      the support agreement dated 23rd November, 1999 between the
                  Borrower and PTC International Finance (Holding) B.V. relating
                  to the onlending agreement referred to in paragraph (j) above;
                  and

         (l)      such other documents as evidence, and give effect to, any
                  Subordinated Debt transactions permitted under the terms of
                  this Agreement to be entered into by any Obligor after the
                  date of this Agreement; provided that any such Subordinated
                  Debt transactions are on substantially the same terms
                  (including the subordination terms) other than in relation to
                  any discount amounts or escrow amounts (which shall be on
                  market terms) as the High Yield Debt Documents as in effect on
                  the date hereof.

         "HOLDING COMPANY"

         means, in relation to a body corporate, any other body corporate of
         which it is a Subsidiary.

<PAGE>   15
                                        12

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         "IAS"

         means accounting principles issued by the International Accounting
         Standards Committee from time to time.

         "INFORMATION MEMORANDUM"

         means the information memorandum dated 31 October, 2000 relating to the
         Group provided on behalf of the Borrower by the Lead Arrangers to the
         Banks.

         "INSTALMENT DATE"

         has the meaning given to it in Clause 6.4 (Reduction of Facility).

         "INTELLECTUAL PROPERTY RIGHTS"

         means all know-how, patents, trademarks, designs, trading names,
         copyrights and other intellectual property rights (in each case whether
         registered or not and including all applications for the same).

         "INTEREST"

         means:

         (a)      interest, commissions, commitment fees and amounts in the
                  nature of interest (including, without limitation, the
                  interest element of Finance Leases and QTE Leases) accrued;

         (b)      prepayment penalties or premiums incurred in repaying or
                  prepaying any Financial Indebtedness;

         (c)      discount fees and acceptance fees payable or deducted in
                  respect of any Financial Indebtedness (including all
                  commissions payable in connection with any letter of credit);
                  and

         (d)      any net payment (or, if appropriate in the context, receipt)
                  under any interest rate or foreign exchange hedging agreement
                  or instrument, taking into account any premiums payable.

         "INTEREST DATE"

         means, in relation to any Advance or any overdue amount, the last day
         of any applicable Interest Period.

         "INTEREST EXPENSE ON SENIOR DEBT"

         of any person means all Interest accrued (whether or not paid) by such
         person and its Subsidiaries on a consolidated basis in respect of
         Senior Debt during any Ratio Period after deducting the aggregate of
         (a) Interest Receivable in such Ratio Period and (b) any unrealised
         foreign exchange losses to the extent included as Interest during such
         Ratio Period and adding back any unrealised foreign exchange gains to
         the extent deducted as Interest during such Ratio Period in each case
         of such person and its Subsidiaries on a consolidated basis.

         "INTEREST EXPENSE ON TOTAL DEBT"

         of any person means all Interest accrued (whether or not paid) by such
         person and its Subsidiaries on a consolidated basis during any Ratio
         Period (including, without limitation, the appropriate proportion
         during such Ratio Period of any amounts which are attributable to
         interest not payable in Cash in accordance with the terms of the High
         Yield Debt Documents during the period of five years from the issue of
         the notes in accordance with the terms of the High Yield Debt Documents
         and any other interest which is not payable in Cash during such Ratio
         Period) after deducting the aggregate of:

<PAGE>   16
                                        13

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         (a)      Interest Receivable in such Ratio Period;

         (b)      any Interest accrued during such Ratio Period in respect of
                  Financial Indebtedness issued pursuant to the High Yield Debt
                  Documents to the extent that the amount of such Interest shall
                  have been and remain deposited in escrow and invested in
                  assets permitted under the High Yield Debt Documents;

         (c)      any Interest accrued during such Ratio Period in respect of
                  indebtedness consisting of instalment payments relating to the
                  acquisition by the Borrower of the GSM Licence, the DCS-1800
                  Licence or the UMTS Licence;

         (d)      any unrealised foreign exchange losses to the extent included
                  as Interest during such Ratio Period; and

         (e)      any Interest accrued during such Ratio Period in respect of
                  QTE Leases, to the extent that the amount of such Interest
                  shall have been and remain deposited in escrow.

         in each case, of such person and its Subsidiaries on a consolidated
         basis and adding back any unrealised foreign exchange gains to the
         extent deducted as Interest during such Ratio Period of such person and
         its Subsidiaries on a consolidated basis.

         "INTEREST PAYABLE"

         of any person means in relation to any Ratio Period all Interest paid
         or payable to the extent that it is included in the net income of such
         person and its Subsidiaries on a consolidated basis during such Ratio
         Period.

         "INTEREST PERIOD"

         means, in relation to any Advance, each period determined in accordance
         with Clause 9.1 (Selection and agreement).

         "INTEREST RECEIVABLE"

         of any person means all Interest received or receivable to the extent
         that it is included in the net income of such person and its
         Subsidiaries on a consolidated basis during the relevant Ratio Period.

         "INVESTMENT GRADE RATING"

         means the Borrower has:

         (a)      a foreign and domestic currency rating of BBB- or above for
                  senior unsecured debt or the debt represented by the High
                  Yield Debt Documents, as applicable, from S&P; and

         (b)      a foreign and domestic currency rating of Baa3 or above for
                  senior unsecured debt or the debt represented by the High
                  Yield Debt Documents, as applicable, from Moody's;

         except the Borrower will be deemed to have an Investment Grade Rating
         if it has a foreign and domestic currency rating from each of these
         rating agencies and there is not more than one sub grade difference
         between the foreign currency ratings given by these two rating agencies
         and the higher of the two foreign currency ratings from these two
         rating agencies is a rating at least as high as the applicable rating
         set out in (a) or (b) above.

         "ISSUERS"

         means (a) PTC International Finance B.V. and PTC International Finance
         II S.A., being the Subsidiaries of the Borrower which have issued or
         issue notes to the investors pursuant to the High

<PAGE>   17

                                        14

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         Yield Debt Documents and (b) any Obligor (other than the Borrower)
         which issues notes to investors pursuant to the High Yield Debt
         Documents after the date of this Agreement.

         "LIBOR"

         in relation to any Tranche A Advance made in a currency other than Euro
         or Zloty for any Interest Period relating thereto, means:

         (a)      other than in the case of Sterling, the rate per annum which
                  appears on page Libor 01 and 02 on the Reuters screen (or any
                  other page as may replace such page on such service); or

         (b)      in the case of Sterling, or if no offered rate appears on the
                  relevant page of the Reuters screen or there is no relevant
                  page on the Reuters screen, the arithmetic mean (rounded
                  upward, if necessary, to four decimal places) of the
                  respective rates, as supplied to the Agent at its request,
                  quoted by the Tranche A Reference Banks to leading banks in
                  the ordinary course of business in the European interbank
                  market,

         at or about 11.00 a.m. on the Rate Fixing Day of such Interest Period
         for the offering of deposits in the currency of the Advance for the
         same period as such Interest Period and in an amount comparable to the
         amount of such Advance. If any of the Tranche A Reference Banks is
         unable or otherwise fails so to supply such offered rate by 1.00 p.m.
         on the required date, "LIBOR" for the relevant Interest Period shall be
         determined on the basis of the quotations of the remaining Tranche A
         Reference Banks.

         "LICENCE"

         means:

         (a)      the GSM Licence;

         (b)      the DCS-1800 Licence;

         (c)      the UMTS Licence;

         (d)      the licence numbered 516/99 issued on 26th November 1999 for
                  the provision of telecommunication services; and

         (e)      any other licence for the operation of a telecommunications
                  network (including all apparatus, equipment and
                  telecommunication systems of every description which it is
                  authorised to operate or run under such licence) obtained by
                  any member of the Group where the revocation, suspension or
                  termination of such licence might have a Material Adverse
                  Effect.

         "MAJORITY BANKS"

         means at any time:

         (a)      Banks whose Commitments aggregate more than 66 2/3% of the
                  Total Commitments at such time; or

         (b)      if the Total Commitments have been reduced to nil, Banks whose
                  Commitments aggregated more than 66 2/3% of the Total
                  Commitments immediately before the reduction;

         provided, however, that for the purposes of this definition only, any
         Bank that fails to participate fully in an Advance in accordance with
         Clause 5.3 (Participations in Advances) or the EBRD if it provides a
         notice to the Borrower in accordance with Clause 6.7 (Suspension and
         Cancellation of the EBRD's Commitments) shall be deemed to have
         Commitments equal to the drawn portion of its Commitments.

<PAGE>   18
                                        15

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         "MANDATORY CANCELLATION DATE"

         has the meaning given to it in Clause 6.1 (Mandatory Cancellation).

         "MATERIAL ADVERSE EFFECT"

         means any effect which, in the reasonable opinion of the Majority
         Banks, is or is likely to be materially adverse to:

         (a)      the ability of any Obligor to perform its payment obligations
                  under this Agreement or other material obligations under any
                  of the Senior Finance Documents; or

         (b)      the business, financial condition, operations or performance
                  of the Group (taken as a whole).

         "MATERIAL CONTRACTS"

         means:

         (a)      the Licences;

         (b)      the interconnect agreements referred to in paragraph 23 of
                  Schedule E or any interconnect agreements resulting from the
                  negotiations referred to in that paragraph;

         (c)      the supply agreement dated 5th June, 1996 between the
                  Borrower, Siemens AG and ZWUT SA as amended;

         (d)      the supply agreement dated 5th June, 1996 between the Borrower
                  and Ericsson Radio Systems AB and Ericsson Sp. z o.o., as
                  amended; and

         (e)      the supply agreement dated 28th July, 1999 between the
                  Borrower and Alcatel Polska SA;

         together with any agreements replacing any of the above and any other
         agreements fundamental to the business of the Group which if cancelled,
         terminated, revoked or not replaced, would be reasonably likely to have
         a Material Adverse Effect.

         "MOODY'S"

         means Moody's Investor Services, Inc.

         "NECESSARY AUTHORISATIONS"

         means all material approvals, authorisations and licences (other than
         any Licence) from, all rights granted by and all filings, registrations
         and agreements with, any government or other regulatory authority
         necessary in order to enable the Borrower and its Subsidiaries to
         construct, maintain and operate the Network.

         "NET PROCEEDS"

         means the aggregate value of consideration received by any member of
         the Group in respect of any disposal of any assets (including shares in
         other Group members) by a member of the Group to any third party which
         is not a member of the Group after deduction of:

         (a)      all amounts paid or provided for or on account of Taxes
                  applicable to, or to any gain resulting from, the disposal of
                  such assets or the discharge of any liability secured on such
                  assets; and

         (b)      all costs, fees, expenses and the like properly incurred in
                  arranging and effecting that disposal.

<PAGE>   19
                                        16

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         "NETWORK"

         means any network operated by the Borrower or any other member of the
         Group and operated or run by it pursuant to any Licence.

         "NEW FACILITY"

         means one or more credit facilities (other than pursuant to the
         Supplemental Facility Agreement) or other Financial Indebtedness of the
         type referred to in clause (a) or (b) of the definition of "Financial
         Indebtedness" of the Borrower and any guarantees by the Obligors of
         each such credit facility or other Financial Indebtedness in each case
         ranking pari passu (other than, in the case of an unsecured facility or
         other Financial Indebtedness, as to security) with the Tranches;
         provided, however, that to the extent that the terms of any such credit
         facility or other debt instrument require scheduled repayment of
         principal thereunder during the term of this Agreement, no such
         repayments shall occur on any date other than on an Instalment Date and
         no such repayment shall exceed the Maximum Repayment Amount at such
         time; provided further, however, that all or any part of any New
         Facility may be repaid, replaced, substituted or refinanced by another
         New Facility. "MAXIMUM REPAYMENT AMOUNT" means, at any Instalment Date,
         an amount equal to (a) the product of (i) the commitments in effect
         under such credit facility or other debt instrument as of the date of
         incurrence thereof and (ii) the principal amount of Advances required
         to be repaid on that Instalment Date pursuant to Clause 7(a)
         (Repayment) divided by (b) the Commitments in effect on the date
         hereof.

         "OBLIGOR"

         means the Borrower and each Guarantor.

         "OPTIONAL CURRENCY"

         means for the purposes of Tranche A, Dollars, Deutschmarks, Swiss
         Francs, sterling, Japanese Yen and Zloty to the extent that at any
         relevant time Zloty is acceptable to all Tranche A Banks and at such
         time is freely transferable and convertible into Euro and deposits of
         which are readily available in the London money market.

         "ORDINARY SHARE PLEDGES"

         means the Polish law pledges in the agreed form in favour of the
         Security Agent of at least 51 per cent of the Shares.

         "ORIGINAL BORROWER ACCOUNTS"

         means the annual audited Accounts of the Borrower for the year ending
         31st December, 1999.

         "ORIGINAL EURO AMOUNT"

         means, in relation to a Tranche A Utilisation:

         (a)      if that Tranche A Utilisation is denominated in Euro, the
                  amount of that Utilisation; or

         (b)      if that Tranche A Utilisation is denominated in an Optional
                  Currency, the amount in Euro of that Tranche A Utilisation
                  specified in the relevant Request.

         "PARTY"

         means a party to this Agreement.

<PAGE>   20
                                        17

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         "PERMITTED DISTRIBUTION"

         means:

         (a)      a distribution of dividends on or in respect of any share
                  capital of any member of the Group;

         (b)      a distribution of interest at a rate no higher than the
                  interest rate applicable to the Former Shareholder Loans in
                  effect immediately before their conversion into Reserve
                  Capital on the Shareholder Loans in accordance with the terms
                  thereof or, during the UMTS Approved Period and the UMTS
                  Prepayment Period, principal of or other payments under the
                  Shareholder Loans in accordance with the terms thereof; or

         (c)      a distribution of interest on or other payments under the
                  Subordinated Debt (other than the Shareholder Loans), in
                  accordance with the terms of the High Yield Debt Documents,

         which is permitted in accordance with Clause 19.18 (Permitted
         Distributions).

         "PERMITTED INVESTMENTS"

         means investments in:

         (a)      government securities of:

                  (i)      Poland;

                  (ii)     a member state of the European Union; or

                  (iii)    a member of the G7 group of nations,

                  which, if they are registered securities, are securities over
                  which the Borrower has granted security in favour of the
                  Finance Parties in the jurisdiction of the issuer in a manner
                  satisfactory to the Agent (acting reasonably), and which, if
                  they are bearer securities, are securities deposited in an
                  account over which the Finance Parties have security; or

         (b)      certificates of deposits, notes, acceptances issued by and
                  deposit and current accounts of and time deposits with any
                  Bank or other bank which is an authorised institution for
                  accepting such investments and which:

                  (i)      in the case of investments in Poland, is an
                           authorised institution in the Republic of Poland for
                           accepting such investments with (or the Holding
                           Company of which has) a long-term debt rating of at
                           least (a) "BBB-" from S&P and "Baa3" from Moody's in
                           any amount or (b) "BB" from S&P and "Ba" from Moody's
                           in such amounts as agreed between the Agent and the
                           Borrower from time to time;

                  (ii)     in the case of any account other than the collection
                           account for subscriber receivables, is a Bank with
                           (or the Holding Company of which has) a long-term
                           debt rating of at least (a) "BBB-" from S&P and
                           "Baa3" from Moody's in any amount or (b) "BB" from
                           S&P and "Ba" from Moody's in such amounts as agreed
                           between the Agent and the Borrower from time to time;
                           or

                  (iii)    in the case of the collection account for subscriber
                           receivables, is a major recognised bank in Poland
                           with (or the Holding Company of which has) a
                           long-term debt rating of at least (a) "BBB-" from S&P
                           and "Baa3" from Moody's in any amount or (b) "BB"
                           from S&P and "Ba" from Moody's in such amounts as
                           agreed between the Agent and the Borrower from time
                           to time and the Agent is satisfied that there are
                           first priority Security Interests created by the
                           Security Documents over that account and such bank
                           has agreed to waive its rights of set-off over such
                           account.

<PAGE>   21
                                        18

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         "PLEDGE LAW"

         means the Law on Registered Pledge and The Pledge Register of 6th
         December, 1996 (Journal of Law, No. 149, Item 703), as amended from
         time to time.

         "PRINCIPAL MEMBER OF THE GROUP"

         means at any time:

         (a)      the Borrower;

         (b)      the Issuers;

         (c)      any other member of the Group:

                  (i)      whose EBITDA constitutes more than 5% of EBITDA of
                           the Group at such time and, if the aggregate EBITDA
                           of the Principal Members of the Group constitutes
                           less than 90% of EBITDA of the Group, the next
                           largest members of the Group by reference to EBITDA
                           so that EBITDA of the Principal Members of the Group
                           constitutes at least 90% of EBITDA of the Group;

                  (ii)     whose gross assets constitute more than 5% of the
                           consolidated gross assets of the Group at such time
                           and, if the aggregate gross assets of the Principal
                           Members of the Group constitute less than 90% of the
                           consolidated gross assets of the Group, the next
                           largest members of the Group by reference to gross
                           assets so that the gross assets of the Principal
                           Members of the Group constitute at least 90% of the
                           consolidated gross assets of the Group; or

                  (iii)    whose turnover constitutes more than 5% of turnover
                           of the Group at such time and, if the aggregate
                           turnover of the Principal Members of the Group
                           constitutes less than 90% of turnover of the Group,
                           the next largest members of the Group by reference to
                           turnover so that turnover of the Principal Members of
                           the Group constitutes at least 90% of turnover of the
                           Group,

                  all as shown in the most recent annual Accounts of such member
                  of the Group and the annual consolidated Accounts of the
                  Group; and

         (d)      any member of the Group to whom all or a substantial part of
                  the assets of a Principal Member of the Group are transferred.

         "QTE LEASES"

         means tax advantaged synthetic leases pursuant to which the Borrower
         effectively sells and leases back "qualified technological equipment"
         as defined at Section 168(i)(2) of the United States Internal Revenue
         Code.

         "QUALIFYING BANK"

         means the EBRD or, at any time, a bank or financial institution which
         is at that time:

         (a)      resident in the Republic of Poland; or

         (b)      resident (as such term is defined in the appropriate double
                  taxation treaty) in a country with which the Republic of
                  Poland has an appropriate double taxation treaty giving
                  residents of that country complete exemption from Polish
                  Taxation on interest and which:

<PAGE>   22
                                        19

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                  (i)      does not carry on business in the Republic of Poland
                           through a permanent establishment with which the
                           indebtedness under this Agreement in respect of which
                           the interest is paid is effectively connected; and

                  (ii)     has submitted all of the necessary forms completed in
                           a proper manner together with all necessary documents
                           and has taken all necessary steps in order to secure
                           total relief from Polish Taxation in respect of
                           interest and/or commissions to be paid to it under
                           this Agreement pursuant to such treaty.

                  For this purpose "DOUBLE TAXATION TREATY" means any convention
                  or agreement between the government of the Republic of Poland
                  and any other government for the avoidance of double taxation
                  and the prevention of fiscal evasion with respect to Taxes on
                  income.

         "RATE FIXING DAY"

         means in relation to an Interest Period:

         (a)      (if the currency is Euro) two TARGET Days before the first day
                  of such Interest Period; and

         (b)      (for Zloty or any other currency (other than Euro)) two
                  Business Days before the first day of such Interest Period.

         "RATIO PERIOD"

         means each period covered by the four consecutive quarterly Accounting
         Periods ending on the last day of a quarterly Accounting Period.

         "REDUCTION AMOUNT"

         has the meaning given to it in Clause 6.4 (Reduction of Facility).

         "REFERENCE BANKS"

         means:

         (a)      when designated "TRANCHE A", the principal Luxembourg offices
                  of the Agent, Dresdner and a Tranche A Bank selected by the
                  Agent after consultation with the Borrower;

         (b)      when designated "TRANCHE B", the principal Warsaw offices of
                  DB Polska, Wielkopolski Bank Kredytowy S.A. and Citibank
                  (Poland) S.A.;

         (c)      without designation the Tranche A Reference Banks or the
                  Tranche B Reference Banks as the context requires,

         and in each case such other Banks as may become Reference Banks
         pursuant to Clause 30.4 (Reference Banks).

         "REFIXING DATE"

         has the meaning given to it in  Clause 5.5 (Zloty Limit).

         "REGISTERED SHARE PLEDGES"

         means the first priority Polish law pledges in favour of the Security
         Agent in the agreed form pledging at least 51 per cent of the Shares
         registered or to be registered in the register of pledges in Warsaw.

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                                        20

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         "REQUEST"

         means a request, substantially in the form of Schedule H made by the
         Borrower to the Agent for an Advance to be made under this Agreement.

         "RESERVE CAPITAL"

         means amounts contributed to the Borrower's reserve capital as
         additional payments (known as doplaty under the Polish Commercial
         Code).

         "RESTRICTED PAYMENT"

         means any payment (whether in cash, property, securities or otherwise)
         on account of the purchase, redemption, reduction or other acquisition
         or retirement of any of the share capital of any member of the Group
         not held by a member of the Group.

         "RESTRICTED PERIOD"

         means the period from the date of this Agreement until the date on
         which the Borrower achieves an Investment Grade Rating.

         "RESTRICTED PERSON"

         means the Shareholders, any Affiliate of a Shareholder or any
         partnership in which any of the Shareholders or any of their Affiliates
         is a partner (either directly or through any intermediate
         partnerships).

         "ROLLOVER DATE"

         means the date on which the Interest Period for an Advance commences.

         "S&P"

         means Standard and Poor's, a division of The McGraw-Hill Companies,
         Inc.

         "SECURITY"

         means any property or assets in which a Security Interest is granted in
         accordance with the terms of the Security Documents.

         "SECURITY DOCUMENTS"

         means each of the security documents identified in Schedule D which are
         entered into in accordance with the terms of this Agreement, together
         with such other security documents and guarantees as may from time to
         time be entered into by the Borrower or a Subsidiary of the Borrower in
         favour of a Finance Party or the Security Agent pursuant to any of the
         Senior Finance Documents.

         "SECURITY INTEREST"

         means any mortgage, pledge, lien, charge, assignment for the purpose of
         providing security, hypothecation or other security interest.

         "SENIOR DEBT"

         of any person means without duplication the consolidated Financial
         Indebtedness (including, for the avoidance of doubt, Financial
         Indebtedness pursuant to Finance Leases and obligations in respect of
         QTE Leases (valued at the principal amount of such Finance Leases or
         QTE Leases or, if such QTE

<PAGE>   24

                                        21

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         Leases have been defeased, at the residual value thereof), the monthly
         mark-to-market value of Hedging Agreements entered into in relation to
         any Senior Debt and the negative mark-to-market value (if any) of any
         Hedging Agreement entered in respect of interest payments in relation
         to any Financial Indebtedness incurred pursuant to the High Yield Debt
         Documents) of such person and its Subsidiaries on a consolidated basis
         but excluding, to the extent otherwise included therein, (a)
         Subordinated Debt so long as such Subordinated Debt has a maturity
         falling at least twelve months after the Final Repayment Date, (b) any
         amounts on deposit in escrow accounts of the Borrower or any of its
         Subsidiaries and (c) instalment payments (if any) due for the GSM
         Licence, the DCS-1800 Licence or the UMTS Licence owing to the
         government of the Republic of Poland (but including any letter of
         credit, bank guarantee, performance bond or similar instrument issued
         in respect of such instalment payments)).

         "SENIOR FINANCE DOCUMENTS"

         means each of:

                  (i)      this Agreement;

                  (ii)     the Fee Letters;

                  (iii)    the Security Documents;

                  (iv)     each document evidencing a transaction designated to
                           be secured by the Security Documents pursuant to
                           Clause 19.14 (Treasury Transactions);

                  (v)      the Side Letter;

                  (vi)     a side letter in the agreed form from the
                           Shareholders to the Agent, pursuant to which the
                           Shareholders agree to notify the Agent of any pledge
                           of the Shares;

                  (vii)    each Accession Agreement;

                  (viii)   the Collateral Sharing Intercreditor Agreement or
                           other intercreditor or security sharing agreement
                           between the Finance Parties, the creditors under the
                           Supplemental Facility Senior Finance Documents and
                           the creditors under any New Facility; and

                  (ix)     any other document designated as such by the Agent
                           and the Borrower.

         "SHAREHOLDER LOANS"

         means all amounts borrowed by an Obligor from a Shareholder or an
         Affiliate of a Shareholder which is not a member of the Group and all
         amounts contributed by Shareholders to the Borrower's reserve capital
         as additional payments (known as doplaty under the Polish Commercial
         Code), which shall be subordinated to the amounts outstanding under
         this Agreement on terms substantially the same or more favourable to
         the Finance Parties as the subordination terms in effect with respect
         to Former Shareholder Loans immediately prior to their conversion into
         Reserve Capital.

         "SHAREHOLDERS"

         means each shareholder from time to time of the Borrower being as at
         the date of this Agreement, Elektrim S.A., Deutsche Telekom MobilNet
         GmbH, Deutsche Telekom A.G., MediaOne International B.V.,
         Elektrim-Autoinvest S.A., Elektrim Telekomunikacja Sp. z o.o., Polpager
         Sp. z o.o. and Carcom Warszawa Sp. z o.o.

<PAGE>   25
                                        22

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         "SHAREHOLDERS' AGREEMENT"

         means the Shareholders' Agreement dated 21st December, 1995 between the
         Shareholders (other than Carcom Sp. z o.o.) as amended from time to
         time.

         "SHARES"

         means the equity share capital of the Borrower.

         "SIDE LETTER"

         means the letter between Elektrim S.A. and the Agent dated on or about
         16 February, 2001.

         "SIGNING DATE"

         means the date of this Agreement.

         "STERLING", "STERLING" and "(POUND)"

         means the lawful currency for the time being of the United Kingdom.

         "SUBORDINATED CREDITOR"

         means each person who lends a Shareholder Loan and each noteholder and
         the trustee under the High Yield Debt Documents.

         "SUBORDINATED DEBT"

         means:

         (a)      all amounts outstanding under or in connection with the High
                  Yield Debt Documents including for the avoidance of doubt
                  between the Borrower and each Issuer on the terms as set out
                  in the High Yield Debt Documents as at the Signing Date;

         (b)      any actual or contingent liability under any guarantee and
                  support agreement given by the Borrower referred to in the
                  definition of High Yield Debt Documents on the terms as set
                  out in the High Yield Debt Documents as at the Signing Date;

         (c)      all Shareholder Loans;

         (d)      any intercompany debt which is subordinated in right of
                  payment to the amounts owing hereunder on terms substantially
                  the same as those subordination terms set forth in the
                  subordination agreements listed at Schedule D, paragraph 4;
                  and

         (e)      any other present and future sums, liabilities and obligations
                  (whether actual or contingent) payable, owing, due or incurred
                  by an Obligor which are subordinate in right of payment to the
                  amounts owing hereunder on terms substantially the same as
                  those subordination terms set forth in the High Yield Debt
                  Documents existing as of the date hereof.

         "SUBSIDIARY"

         means, an entity from time to time of which a person has direct or
         indirect control or owns directly or indirectly more than fifty per
         cent. (50%) of the share capital or similar right of ownership.

<PAGE>   26
                                        23

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         "SUPPLEMENTAL FACILITY AGREEMENT"

         means the EURO 100,000,000 facility agreement dated on or about 16
         February, 2001 between the Borrower, the Guarantors as defined therein,
         the Arrangers as defined therein, the Banks as defined therein, DBAG,
         DB Polska and Dresdner as Lead Arrangers, Deutsche Bank Luxembourg,
         S.A., as Agent, and DB Polska as Security Agent.

         "SUPPLEMENTAL FACILITY SENIOR FINANCE DOCUMENTS"

         means the "Senior Finance Documents" as defined in the Supplemental
         Facility Agreement.

         "TARGET" means Trans-European Automated Real-time Gross Settlement
         Express Transfer payment system.

         "TARGET DAY" means any day on which TARGET is open for the settlement
         of payments in Euro.

         "TAX ON OVERALL NET INCOME"

         of a person shall be construed as a reference to Tax (other than Tax
         deducted or withheld from any payment) imposed on that person on:

                  (i)      the net income, profits or gains of that person
                           world-wide; or

                  (ii)     such of its income, profits or gains as arise in or
                           relate to the jurisdiction in which it is resident or
                           in which its principal office (and/or its Facility
                           Office) is located.

         "TAXES"

         means all income and other taxes and levies, imposts, duties, charges,
         deductions and withholdings in the nature or on account of tax together
         with interest thereon and penalties and fees with respect thereto, if
         any, and any payments made on or in respect thereof, and "TAX" and
         "TAXATION" shall be construed accordingly.

         "TELECOM BUSINESS"

         means the development, ownership or operation of a mobile telephony
         system and other telephony, telecommunication, information or internet
         services and any other services ancillary, related or complementary to
         any such system or such other services.

         "TRANCHE"

         means:

         (a)      when designated "TRANCHE A", the revolving loan tranche
                  referred to in Clause 2.1(a) (Tranche A);

         (b)      when designated "TRANCHE B", the revolving loan tranche
                  referred to in Clause 2.1(b) (Tranche B); and

         (c)      without any such designation, Tranche A or Tranche B, as the
                  context requires.

         "TRANSACTION DOCUMENTS"

         means:

                  (i)      the Senior Finance Documents;

<PAGE>   27
                                        24

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                  (ii)     the High Yield Debt Documents;

                  (iii)    the Shareholders' Agreement;

                  (iv)     the Supplemental Facility Senior Finance Documents;
                           and

                  (v)      any other document designated as such in writing by
                           the Agent and the Borrower.

         "TRANSFER CERTIFICATE"

         has the meaning given to it in Clause 30.3 (Procedure for transfers).

         "UMTS APPROVAL BANKS"

         means at any time, each Commitment Bank and, if all Commitment Banks do
         not constitute the Majority Banks at such time, such other Banks such
         that the aggregate Commitments of the Commitment Banks and such other
         Banks at such time constitute at least 66 2/3% of the Total Commitments
         at such time; provided that if the Total Commitments have been reduced
         to nil, for purposes of this definition "Commitments" and "Total
         Commitments" shall be the Commitments and Total Commitments in effect
         immediately before such reduction. For the purposes of this definition,
         a "COMMITMENT BANK" means, at any time, a Bank with a Commitment of at
         least EURO 50,000,000 at such time, Mizuho Holdings, Inc., at any time,
         so long as the aggregate Commitments of any direct and indirect
         subsidiaries of Mizuho Holdings, Inc. (including Industriebank von
         Japan (Deutschland) Aktiengesellschaft and Mizuho Bank Nederland NV)
         are at least EURO 50,000,000 at such time and Deutsche Bank AG London,
         at any time, so long as the aggregate Commitments of Deutsche Bank
         Luxembourg S.A. and Deutsche Bank Polska S.A. are at least
         EURO 50,000,000 at such time.

         "UMTS APPROVED PERIOD"

         means the period from the date on which the UMTS Approval Banks approve
         the UMTS Business Plan in accordance with Clause 8.5 (UMTS Prepayment)
         to the Final Repayment Date.

         "UMTS BUSINESS PLAN"

         means an updated Business Plan incorporating the acquisition and
         financing of the UMTS Licence and all UMTS Expenditures in the Republic
         of Poland (including financial projections (including projected profit
         and loss accounts, balance sheets and cash flow statements for the
         Borrower's fiscal years from 2001 to 2007) reflecting the anticipated
         additional Financial Indebtedness, Shareholder Loans and/or capital
         contributions that will or may be required) and demonstrating that
         implementation of such Business Plan will not result in a breach of the
         Borrower's obligations under Clause 19.26 (Financial Indebtedness),
         Clause 19.33 (UMTS Licence) and Clause 21 (Financial Undertakings) and
         that no Event of Default is reasonably likely to or will occur as a
         result of the implementation of such Business Plan in accordance with
         the terms thereof.

         "UMTS EXCLUSION PERIOD"

         means the period from the earlier of (a) the date of notification of
         the second and final rejection of the UMTS Business Plan by the UMTS
         Approval Banks pursuant to Clause 8.5 (UMTS Prepayment) and (b) the one
         month anniversary of the date on which the UMTS Approval Banks first
         rejected the UMTS Business Plan pursuant to Clause 8.5 (UMTS
         Prepayment) unless the Borrower shall have submitted a revised UMTS
         Business Plan prior to such one month anniversary until the earlier to
         occur of the (i) first day of the UMTS Prepayment Period and (ii) the
         Final Repayment Date.

<PAGE>   28
                                        25

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         "UMTS EXPENDITURE"

         means amounts spent for capital expenditures, working capital
         requirements and operating expenses associated with the UMTS business,
         as well as UMTS licence fee payments other than the UMTS Licence
         Initial Instalments.

         "UMTS LICENCE"

         means the licence numbered 2/UMTS issued to the Borrower on 20 December
         2000 to provide telecommunications services meeting the European UMTS
         telecommunications standard including a permit to install and use a
         telecommunications network and allocation of frequencies in the 2 GHz
         band.

         "UMTS LICENCE INITIAL INSTALMENTS"

         means the UMTS Licence fee payments required prior to or within the
         first 12 months following the award of the UMTS Licence to the
         Borrower.

         "UMTS PRE-APPROVAL PERIOD"

         means the period from the date hereof until the earliest to occur of
         (a) the date on which the UMTS Approval Banks approve the UMTS Business
         Plan in accordance with Clause 8.5 (UMTS Prepayment); (b) the first day
         of the UMTS Exclusion Period; (c) the first day of the UMTS Prepayment
         Period; and (d) the Final Repayment Date.

         "UMTS PREPAYMENT NOTICE"

         has the meaning given to it in Clause 8.5 (UMTS Prepayment).

         "UMTS PREPAYMENT PERIOD"

         means the period from the date on which the Borrower delivers a UMTS
         Prepayment Notice pursuant to Clause 8.5(b) (UMTS Prepayment) to the
         date of prepayment specified therein.

         "UTILISATION"

         means:

         (a)      when designated "TRANCHE A", a utilisation under this
                  Agreement of Tranche A;

         (b)      when designated "TRANCHE B", a utilisation under this
                  Agreement of Tranche B; and

         (c)      without any such designation, a utilisation of Tranche A or
                  Tranche B, as the context requires.

         "UTILISATION DATE"

         means each date on which an Advance was or is to be made.

         "WIBOR"

         in relation to any Advance made in Zloty for any Interest Period
         relating thereto means:

         (a)      the offered rate which appears on page WIBO on the Reuters
                  screen (or any other page as may replace such page on such
                  service); or

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                                        26

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         (b)      if one only or no offered rate appears on the WIBO page of the
                  Reuters screen or there is no relevant page on the Reuters
                  screen, the arithmetic mean (rounded upward, if necessary, to
                  two decimal places) of the respective rates, as supplied to
                  the Agent at its request, quoted by the Tranche B Reference
                  Banks to leading banks in the ordinary course of business in
                  the Warsaw interbank market,

         at or about 11.00 a.m. on the Rate Fixing Day of such Interest Period
         for the offering of deposits in Zloty for the same period as such
         Interest Period and in an amount comparable to the amount of such
         Advance, provided that if any of the Tranche B Reference Banks is
         unable or otherwise fails so to supply such offered rate by 1.00 p.m.
         on the required date, "WIBOR" for the relevant Interest Period shall be
         determined on the basis of the quotations of the remaining Tranche B
         Reference Banks.

         "ZLOTY" and "PLN"

         means the lawful currency for the time being of the Republic of Poland.

         "ZLOTY EQUIVALENT"

         means:

                  (i)      in relation to any amount in Zloty, that amount; and

                  (ii)     in relation to any amount denominated in a currency
                           other than Zloty the amount of Zloty which the amount
                           of such currency would purchase on a particular day
                           when converted at the Agent's Spot Rate of Exchange.

         "ZLOTY LIMIT"

         means, in relation to a Tranche B Bank, the amount in Zloty which:

         (a)      from the date of this Agreement up to but not including the
                  first Refixing Date, is set opposite the name of that Tranche
                  B Bank in Schedule A and/or stated before the first Refixing
                  Date in any Transfer Certificate or other document by which it
                  becomes a party to or acquired rights under this Agreement;
                  and

         (b)      as at each Refixing Date, subject to the limitations contained
                  in Clause 5.5 (Zloty Limit), is equal to its Zloty Limit
                  increased or decreased, as the case may be, to compensate for
                  any depreciation or appreciation of the Zloty against the Euro
                  and notified to it in accordance with Clause 5.5 (Zloty Limit)
                  having regard to Clause 5.5(e) (Zloty Limit) and/or stated
                  since the last Refixing Date in any Transfer Certificate or
                  other document by which it becomes a party to or acquired
                  rights under this Agreement,

         in each case to the extent not cancelled, reduced or transferred under
         this Agreement.

1.2      Construction

         (a)      In this Agreement, save where the context otherwise requires:

                  (i)      references to documents being in the "AGREED FORM"
                           means documents (A) in a form previously agreed in
                           writing by or on behalf of the Agent and the
                           Borrower, or (B) in a form substantially as set out
                           in any Schedule to any Senior Finance Document, or
                           (C) (if not falling within (A) or (B) above) in form
                           and substance satisfactory to the Agent acting on
                           behalf of the Majority Banks;

                  (ii)     an "AMENDMENT" includes a supplement, novation or
                           re-enactment and "AMENDED" is to be construed
                           accordingly;

<PAGE>   30
                                        27

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                  (iii)    "ASSETS" includes present and future properties,
                           revenues and rights of every description;

                  (iv)     an "AUTHORISATION" includes an authorisation,
                           consent, approval, resolution, licence, exemption,
                           filing or registration;

                  (v)      "CONTROL" means the power to direct the management
                           and policies of an entity, whether through the
                           ownership of voting capital, by contract or
                           otherwise;

                  (vi)     "FIRST PRIORITY" means, with respect to any Security
                           Interest in any asset, a Security Interest in such
                           asset that has priority over all other Security
                           Interests in such asset other than Security Interests
                           securing obligations in respect of the Supplemental
                           Facility Senior Finance Documents or any New Facility
                           which rank pari passu as a result of the operation of
                           the Collateral Sharing Intercreditor Agreement;

                  (vii)    references to "INDEBTEDNESS" shall be construed so as
                           to include any obligation or liability (whether
                           present or future, actual or contingent) for the
                           payment or repayment of money;

                  (viii)   a "MONTH" is a reference to a period starting on one
                           day in a calendar month and ending on the numerically
                           corresponding day in the next calendar month, except
                           that if there is no numerically corresponding day in
                           the month in which that period ends, that period
                           shall end on the last Business Day in that calendar
                           month;

                  (ix)     an amount "OUTSTANDING" under or in respect of any
                           Advance at any time is the principal amount thereof
                           from time to time outstanding;

                  (x)      a "REGULATION" includes any regulation having the
                           force of law and/or, rule, official directive or
                           guideline (whether or not having the force of law)
                           having authority to regulate banking activity in
                           Poland or any other jurisdiction through which a Bank
                           makes its participation in the Advances available or
                           in which a Bank or its Holding Company is located or
                           incorporated; or

                  (xi)     a provision of law is a reference to that provision
                           as amended or re-enacted;

                  (xii)    a Clause or a Schedule is a reference to a clause of
                           or a schedule to this Agreement;

                  (xiii)   a person includes its successors and assigns;

                  (xiv)    a Transaction Document or another document is a
                           reference to that Transaction Document or other
                           document as amended;

                  (xv)     the contents page of, and headings in, this Agreement
                           are for convenience only and shall be ignored in
                           construing this Agreement; and

                  (xvi)    unless the contrary intention appears, a time of day
                           is a reference to London time in the case of any
                           notice or determination under Tranche A and Warsaw
                           time in the case of any notice or determination under
                           Tranche B.

         (b)      Unless the contrary intention appears, a term used in any
                  other Senior Finance Document or in any notice given under or
                  in connection with any Senior Finance Document has the same
                  meaning in that Senior Finance Document or notice as in this
                  Agreement.

<PAGE>   31
                                        28

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2.       FACILITY AND RELATED MATTERS

2.1      Facility

         Subject to the terms of this Agreement, the Banks agree to make
         available to the Borrower a revolving credit facility where the
         aggregate principal amount of Utilisations made shall not exceed the
         Total Commitments in effect from time to time. The facility will be
         made available in the following tranches:

         (a)      Tranche A

                  a euro revolving credit tranche which shall be available for
                  drawing in euro or Optional Currencies where the Original Euro
                  Amount of Tranche A Utilisations made shall not exceed the
                  Tranche A Total Commitments (being as at the date of this
                  Agreement euro292,500,000); and

         (b)      Tranche B

                  a Zloty revolving credit tranche which shall be available for
                  drawing in Zloty where the aggregate principal amount of
                  Tranche B Utilisations made shall not exceed the Tranche B
                  Total Commitments (being as at the date of this Agreement the
                  Zloty Equivalent of euro257,500,000, subject to the Zloty
                  Limits).

2.2      Nature of the Banks' rights and obligations

         (a)      No Bank is obliged to participate in the making of any
                  Utilisation:

                  (i)      in the case of a Tranche A Utilisation, if to do so
                           would cause the Original Euro Amount of the aggregate
                           of its participations in the Tranche A Utilisations
                           outstanding under this Agreement to exceed its
                           Tranche A Commitment; or

                  (ii)     in the case of a Tranche B Utilisation, if to do so
                           would cause the aggregate of its participations in
                           the Tranche B Utilisations outstanding under this
                           Agreement to exceed its Tranche B Commitment.

         (b)      The obligations of each Bank under this Agreement are several.
                  The failure of a Bank to carry out its obligations under this
                  Agreement shall not relieve any other party of its obligations
                  under any Senior Finance Document. No Finance Party shall be
                  responsible for the obligations of any other Finance Party
                  under the Senior Finance Documents.

         (c)      The rights of a Finance Party under the Senior Finance
                  Documents are divided rights. Each Finance Party may, except
                  as otherwise stated herein, separately enforce those rights.

         (d)      Nothing in this Agreement constitutes a partnership between
                  the Finance Parties.

2.3      [Intentionally omitted]

2.4      Parallel Debt and Security

         For the purpose of ensuring and preserving the validity and continuity
         of the security rights created under or pursuant to the Security
         Documents referred to in Paragraphs 1, 7, 8 and 9 of Schedule D, the
         Borrower hereby irrevocably and unconditionally undertakes to pay and
         to procure that each of its Subsidiaries irrevocably and
         unconditionally undertakes to pay to the Security Agent any and all
         amounts owing by the Obligors to the Finance Parties under the Senior
         Finance Documents (the "OBLIGATIONS").

         The Borrower and the Security Agent acknowledge that for this purpose
         all obligations of the Obligors to the Finance Parties under the Senior
         Finance Documents are also obligations of the Obligors to the Security
         Agent, which are separate and independent from, and without prejudice
         to, their identical

<PAGE>   32

                                        29

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         obligations to the Finance Parties under the Senior Finance Documents,
         provided, however, that the amounts due and payable under this Clause
         (the "PARALLEL DEBT") shall be decreased to the extent that the
         Borrower or any of its Subsidiaries has paid any amounts to the Finance
         Parties or any of them in respect of the Obligations, the Obligations
         shall be decreased by any amount paid by the Borrower or any of its
         Subsidiaries to the Security Agent in respect of the Parallel Debt, and
         the Parallel Debt shall not exceed the aggregate of the Obligations.

         Nothing in this Clause shall in any way negate or affect the
         obligations which the Obligors have to the Finance Parties under the
         Senior Finance Documents.

         For the purpose of this Clause the Security Agent acts in its own name
         and on behalf of itself and not as agent or representative of any other
         party hereto, and any security rights granted to the Security Agent to
         secure the Parallel Debt are granted to it in its capacity as creditor
         of the Parallel Debt.

         Any amount received by the Security Agent in relation to the Parallel
         Debt and pursuant to the foreclosure of security rights granted to it
         to secure this debt, shall be applied by the Security Agent in
         accordance with Clause 31.2 (Application of payments).

3.       PURPOSE AND RESPONSIBILITY

3.1      Purpose

         The proceeds of each Utilisation shall be applied in or towards:

         (a)      the refinancing of the existing DM672,000,000 facility
                  agreement between the Borrower, Citibank N.A. as Co-ordinator
                  and Citibank (Poland) S.A. and Citibank N.A. as Security
                  Agents, inter alia, dated 17th December, 1997;

         (b)      the financing of ongoing capital expenditure and working
                  capital requirements of the Borrower and its wholly-owned
                  Subsidiaries involved in the Telecom Business, including,
                  inter alia, operating losses and financial expenses but
                  excluding UMTS Expenditures, UMTS License fees and UMTS
                  Licence Initial Instalments;

         (c)      the provision of an amount, together with amounts drawn for
                  the same purpose under the Supplemental Facility Agreement, of
                  up to the Euro Equivalent of euro15,000,000 in cash collateral
                  for letters of credit;

         (d)      the funding by the Borrower of UMTS Licence Initial
                  Instalments paid or to be paid in connection with the
                  acquisition of the UMTS Licence; provided that the aggregate
                  amount of all Utilisations hereunder and all "UTILISATIONS"
                  under and as defined in the Supplemental Facility Agreement
                  incurred in each case for the purpose of funding the UMTS
                  Licence Initial Instalments does not exceed euro150,000,000
                  (or the Euro Equivalent thereof, if incurred in another
                  currency); and provided further that the maximum aggregate
                  principal amount of all Financial Indebtedness (other than
                  Shareholders Loans) incurred (whether hereunder or otherwise)
                  for the purpose of funding the UMTS Licence Initial
                  Instalments does not exceed an amount equal to the lower of
                  euro250,000,000 (or the Euro Equivalent thereof, if incurred
                  in another currency) and 2/3 of the Euro Equivalent of the
                  aggregate amount of all UMTS Licence Initial Instalments; and

         (e)      the financing of any UMTS Expenditures:

                  (i)      during the UMTS Pre-Approval Period in an amount,
                           together with amounts drawn for the same purpose
                           under the Supplemental Facility Agreement, of up to
                           the Euro Equivalent of euro25,000,000;

                  (ii)     during the UMTS Prepayment Period, in an amount,
                           together with any Utilisations made pursuant to
                           sub-Clause (i) above, and together with amounts drawn
                           for the same

<PAGE>   33

                                        30

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                           purpose under the Supplemental Facility Agreement, of
                           up to the Euro Equivalent of euro75,000,000; and

                  (iii)    during the UMTS Approved Period, in any amount.

3.2      Responsibility

         Without prejudice to the terms of this Agreement, none of the Finance
         Parties shall be bound to enquire as to the use or application of the
         proceeds of any Utilisation, nor shall any of them be responsible for
         or for the consequences of such use or application.

4.       CONDITIONS PRECEDENT

4.1      Conditions Precedent to first Utilisation

         The obligations of each Finance Party to the Borrower under this
         Agreement with respect to the making of the first Utilisation are
         subject to the conditions precedent that the Agent has received all of
         the documents listed in Schedule E in the agreed form.

4.2      Conditions Precedent to each Utilisation

         The obligation of each Bank to participate in any Utilisation is
         subject to the further conditions precedent that on both the date of
         the Request and on the Utilisation Date:

         (a)      no Default is outstanding or might result from the Utilisation
                  (including without limitation pro forma compliance with Clause
                  21.1 (Senior Debt to EBITDA) calculated based on the Group's
                  Accounts in respect of the most recent quarterly Accounting
                  Period for which financial statements are available);

         (b)      the representations and warranties in Clause 18
                  (Representations and Warranties) to be repeated on those dates
                  are correct in all material respects and will be correct in
                  all material respects immediately after the making of the
                  Utilisation; and

         (c)      in the case of a Utilisation for the purpose of financing the
                  amount of any UMTS Licence Initial Instalment as referred to
                  in Clause 3.1(d) (Purpose), the Borrower has delivered to the
                  Agent evidence reasonably satisfactory to the Agent that the
                  Shareholders have made after the date hereof or will make on
                  or prior to the date of such Utilisation capital contributions
                  or Shareholder Loans in amounts that will ensure that
                  immediately following such Utilisation the principal amount of
                  Financial Indebtedness (other than Shareholder Loans) incurred
                  (whether hereunder or otherwise) for the purposes of funding
                  such UMTS Licence Initial Instalments as well as all previous
                  UMTS Licence Initial Instalments paid does not exceed an
                  amount equal to the lower of (i) euro250,000,000 (or the Euro
                  Equivalent thereof, if incurred in another currency) and (ii)
                  2/3 of the Euro Equivalent of the aggregate amount of such
                  UMTS Licence Initial Instalment and all previous UMTS Licence
                  Initial Instalments paid; provided that the Reserve Capital
                  cash payment of the Zloty equivalent of US$4,000,000 made by
                  certain Shareholders to the Borrower on 30 November, 2000
                  shall be counted as a capital contribution made after the date
                  hereof by Shareholders for the purposes of Clauses 3.1, 4.2,
                  19.26 and 19.33.

5.       ADVANCES

5.1      Delivery of Request

         The Borrower may request a Utilisation if the Agent receives a duly
         completed Request by not later than 11.00 a.m. Warsaw time three
         Business Days before the proposed Utilisation Date for a Tranche A
         Utilisation denominated in Euro, four Business Days before the proposed
         Utilisation Date for a Tranche A Utilisation denominated in an Optional
         Currency and 11 Business Days (or, in the case of the initial

<PAGE>   34

                                        31

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         Tranche B Utilisation, five Business Days) before the proposed
         Utilisation Date for a Tranche B Utilisation. Each Request is
         irrevocable.

5.2      Form of Request

         (a)      Each Request will not be regarded as having been duly
                  completed unless it specifies:

                  (i)      whether the Utilisation is a Tranche A Advance or a
                           Tranche B Advance;

                  (ii)     the proposed Utilisation Date, which shall be a
                           Business Day falling after the date on which the
                           Agent notifies the Borrower and the Banks that the
                           documentary conditions precedent in Schedule E appear
                           on their face to have been satisfied or waived but on
                           or before the date falling one month before the Final
                           Repayment Date;

                  (iii)    the currency of the Utilisation which must be Euro or
                           an Optional Currency for Tranche A Utilisations and
                           Zloty for Tranche B Utilisations;

                  (iv)     the amount of the proposed Utilisation which shall be
                           the balance of the undrawn Commitments for Tranche A
                           or Tranche B as applicable or:

                           (A)      subject to paragraph (B), shall be a minimum
                                    amount of an Original Euro Amount (in the
                                    case of Tranche A) of EURO 10,000,000 or the
                                    Zloty Equivalent thereof (in the case of
                                    Tranche B) rounded up or down to the nearest
                                    PLN 10,000 and an integral multiple of an
                                    Original Euro Amount (in the case of Tranche
                                    A) of EURO 5,000,000 or the Zloty Equivalent
                                    thereof (in the case of Tranche B) rounded
                                    up or down to the nearest PLN 10,000; and

                           (B)      for an Advance which is being drawn to
                                    provide cash cover for a letter of credit or
                                    bank guarantee permitted by Clause 19.26(b)
                                    (Financial Indebtedness) shall be a minimum
                                    amount of an Original Euro Amount (in the
                                    case of Tranche A) of EURO 1,000,000 or the
                                    Zloty Equivalent thereof (in the case of
                                    Tranche B) and an integral multiple thereof;

                  (v)      the duration of its Interest Period, which shall
                           comply with the terms of Clause 9 (Interest Periods);
                           and

                  (vi)     the details of the bank and account to which the
                           proceeds of the proposed Advance are to be made
                           available.

         (b)      Each Request must specify one Utilisation only, but the
                  Borrower may, subject to the other terms of this Agreement,
                  deliver more than one Request on any one day. Unless otherwise
                  agreed by the Agent, no more than twenty Utilisations under
                  any Tranche may be outstanding at one time.

         (c)      The Agent shall promptly (and in any event before 10.00 a.m.
                  Warsaw time two Business Days before the relevant Utilisation
                  Date for a Tranche A Utilisation and ten Business Days (or, in
                  the case of the initial Tranche B Utilisation, four Business
                  Days) before the relevant Utilisation Date for a Tranche B
                  Utilisation) notify each Bank in the relevant Tranche of each
                  Request, confirming that all conditions precedent have been
                  met.

         (d)      Subject to the terms of this Agreement, each Tranche A Bank
                  will make its participation in a Tranche A Advance available
                  to the Agent for the Borrower on the relevant Utilisation
                  Date.

         (e)      Subject to the terms of this Agreement, each Tranche B Bank
                  will make its participation in a Tranche B Advance available
                  to the Agent for the Borrower by 10.00 a.m. Warsaw time on the
                  relevant Utilisation Date.

<PAGE>   35
                                        32

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5.3      Participations in Advances

         The amount of each Tranche A Bank's participation in each Tranche A
         Advance shall be the proportion which the undrawn and uncancelled
         amount of its Tranche A Commitment bears to the undrawn and uncancelled
         amount of the Tranche A Total Commitments. Subject to the provisions of
         Clause 6.7 (Suspension and Cancellation of the EBRD's Commitments), the
         amount of each Tranche B Bank's participation in a Tranche B Advance
         shall be the proportion which the undrawn and uncancelled proportion of
         its Tranche B Commitment bears to the undrawn and uncancelled amount of
         the Tranche B Total Commitments.

5.4      [Intentionally omitted]

5.5      Zloty Limit

         (a)      On 30 June and 31 December of each year until the first
                  Instalment Date, thereafter on each Instalment Date and, at
                  all times, on any other date on which the Tranche B
                  Commitments are reduced in accordance with Clause 6
                  (Cancellation and Reduction) (each a "REFIXING DATE") the
                  Agent will recalculate the Zloty Limits of each Tranche B Bank
                  on such date, or if any such date is not a Business Day in
                  London and Warsaw, on the first preceding Business Day.

         (b)      The Zloty Limit of each initial Tranche B Bank will be set on
                  or before the Signing Date and, for the purposes of paragraph
                  (a) above, the Agent will recalculate the Zloty Limit of each
                  Tranche B Bank by increasing it or decreasing it, as the case
                  may be, by an amount which reflects the depreciation or
                  appreciation of the Zloty against the Euro as determined by
                  reference to the one month average of the Zloty/Euro exchange
                  rate based on such rates published by the National Bank of
                  Poland in the one month period immediately preceding the
                  applicable Refixing Date.

         (c)      Promptly upon recalculating the Zloty Limit of each Tranche B
                  Bank, the Agent will notify each Tranche B Bank of its revised
                  Zloty Limit.

         (d)      If the revised Zloty Limit for a Tranche B Bank would breach
                  that part of that Tranche B Bank's legal lending limit under
                  Polish law for the Borrower, the Group or any of the
                  Shareholders (or if relevant, any Holding Company, a
                  shareholder or other Subsidiary thereof) which it has
                  allocated to Tranche B (the "APPLICABLE LEGAL LENDING
                  Limits"), that Tranche B Bank will promptly notify the Agent
                  and the Borrower and it will use its reasonable efforts to
                  increase such Applicable Legal Lending Limits so that the
                  revised Zloty Limit would not breach such Applicable Legal
                  Lending Limits or to transfer part of its Tranche B Commitment
                  to another Bank or another bank or financial institution which
                  has capacity to allocate part of its Applicable Legal Lending
                  Limits to Tranche B.

         (e)      If the Tranche B Bank fails to increase such Applicable Legal
                  Lending Limits or transfer its Tranche B Commitment in
                  accordance with paragraph (c), its Zloty Limit will only be
                  increased to the maximum it can allocate to Tranche B without
                  breaching its Applicable Legal Lending Limits.

         (f)      If the Applicable Legal Lending Limits of any Tranche B Bank
                  are increased at any time during the Availability Period, the
                  Bank will take into account the likely requirements for future
                  increases in the Zloty Equivalent of the Tranche B Commitments
                  (taking into account previous depreciation of the Zloty
                  against the Euro) when considering other lending opportunities
                  which could utilise such Applicable Legal Lending Limits and,
                  without legal commitment, will take reasonable care to ensure
                  that it will be able to meet the likely requirements for
                  future increases in the Zloty Equivalent of the Tranche B
                  Commitments.

<PAGE>   36
                                        33

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6.       CANCELLATION AND REDUCTION

6.1      Mandatory Cancellation

         (a)      On each date on which a mandatory repayment of principal and,
                  if applicable, concurrent cancellation of commitments (the
                  amount of any such repayment and cancellation being a "NEW
                  FACILITY REPAYMENT AMOUNT") is required under and in respect
                  of any New Facility (a "MANDATORY CANCELLATION DATE"), the
                  Commitments will be cancelled by the Euro Equivalent of an
                  amount equal to the then applicable Cancellation Amount.
                  "CANCELLATION AMOUNT" means, at any time, an amount equal to
                  (i) the product of (A) the Commitments then in effect and (B)
                  the applicable New Facility Repayment Amount divided by (ii)
                  the commitments then in effect under that New Facility.

         (b)      If, by the First Mandatory Registration Date, (i) the Asset
                  Pledge has not been registered in the register of pledges in
                  Warsaw and (ii) Shareholders owning at least 51% of the
                  outstanding Shares shall have failed to execute and deliver
                  the requisite Ordinary Share Pledges and Registered Share
                  Pledges to the Security Agent and failed to have filed such
                  Registered Share Pledges for registration in the register of
                  pledges in Warsaw and the Agent shall not have received an
                  opinion of counsel satisfactory to it, the Commitments will,
                  immediately upon the earlier to occur of (x) receipt of
                  written notice of the Agent (acting upon the instructions of
                  the Majority Banks) and (y) the 30th Business Day after the
                  First Mandatory Registration Date, be reduced to nil.

         (c)      If, by the Final Mandatory Registration Date, (i) the Asset
                  Pledge has not been registered in the register of pledges in
                  Warsaw and (ii) the Registered Share Pledge has not been
                  registered in the register of pledges in Warsaw, the
                  Commitments will, immediately upon the earlier to occur of (x)
                  receipt of written notice of the Agent (acting upon the
                  instructions of the Majority Banks) and (y) the 30th Business
                  Day after the Final Mandatory Registration Date, be reduced to
                  nil.

6.2      Voluntary Cancellation

         The Borrower may, by giving not less than three Business Days' (for a
         cancellation of Tranche A Commitments) and ten Business Days' (for a
         cancellation of Tranche B Commitments) prior notice to the Agent,
         cancel the unutilised portion of the Commitments in whole or in part
         (but, if in part, in a minimum amount of euro10,000,000 for Tranche A
         or the Zloty Equivalent thereof (rounded up or down to the nearest
         10,000 Zloty) for Tranche B, and an integral multiple of euro5,000,000
         for Tranche A or, the Zloty Equivalent thereof (rounded up or down to
         the nearest 10,000 Zloty) for Tranche B).

6.3      Additional right of cancellation

         If:

         (a)      the Borrower is required to pay to a Bank any additional
                  amounts under Clause 14(a) (Taxes); or

         (b)      the Borrower is required to pay to a Bank any amount under
                  Clause 16.1 (Increased costs),

         then, without prejudice to the obligations of the Borrower under those
         Clauses, the Borrower may, whilst the circumstances continue, serve a
         notice of cancellation on that Bank through the Agent. On the date
         falling five Business Days after the date of service of that notice the
         Commitment of that Bank shall be cancelled.

6.4      Reduction of Facility

         The Tranche A Total Commitments and the Tranche B Total Commitments
         will reduce and be cancelled on 30 September 2004 and on the last day
         of each quarter thereafter until the Final

<PAGE>   37

                                        34

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         Repayment Date (each date for such reduction of the Facilities being an
         "INSTALMENT DATE") by the amount (each such amount being a "REDUCTION
         AMOUNT") set opposite the applicable Instalment Date below:

<TABLE>
<CAPTION>
         INSTALMENT DATE                      REDUCTION AMOUNT
         ---------------                      ----------------
<S>                                            <C>

         30 September 2004                      euro27,500,000
         31 December 2004                       euro82,500,000
         31 March 2005                         euro110,000,000
         30 June 2005                          euro110,000,000
         30 September 2005                     euro110,000,000
         Final Repayment Date                  euro110,000,000
                                        -------------------------------
                                               euro550,000,000
                                        -------------------------------
</TABLE>

6.5      Adjustment of Cancellation and Reduction Amounts

         (a)      The amount of each cancellation in accordance with Clause
                  6.1(a) (Mandatory Cancellation) or Clause 6.2 (Voluntary
                  Cancellation) will be applied so as to reduce the Reduction
                  Amounts as set out in Clause 6.4 (Reduction of Facility) in
                  inverse order of their maturity; and

         (b)      The amount of each cancellation in accordance with Clause
                  6.1(a) (Mandatory Cancellation) or Clause 6.2 (Voluntary
                  Cancellation) or Clause 6.4(a) (Reduction of Facility) will be
                  applied as near as is practicable between Tranche A and
                  Tranche B by reference to the proportion which, at the time of
                  such cancellation, the Euro Equivalent of the Total
                  Commitments of each Tranche bears to the Euro Equivalent of
                  the Total Commitments under both Tranches.

6.6      Miscellaneous provisions

         (a)      Any notice of cancellation under this Agreement shall only be
                  effective on actual receipt by the Agent. The Agent will then
                  notify the Banks promptly of receipt of any such notice.

         (b)      No cancellation of the Commitments is permitted except in
                  accordance with the express terms of this Agreement.

         (c)      Any notice of cancellation shall be irrevocable and no amount
                  cancelled may subsequently be reinstated.

         (d)      Without prejudice to Clause 6.5 (Adjustment of Cancellation
                  and Reduction Amounts) any cancellation under this Clause 6
                  (other than a cancellation in accordance with Clause 6.3
                  (Additional right of cancellation)) will be applied pro rata
                  between the Commitments of each Bank in the relevant Tranche.

6.7      Suspension and Cancellation of the EBRD's Commitments

         From time to time, the EBRD may, by notice to the Borrower, suspend
         temporarily or cancel permanently its obligation to the Borrower to
         make Tranche B Advances to the Borrower if the Board of Governors of
         the EBRD has determined in accordance with Article 8, paragraph 3, of
         the Agreement Establishing the European Bank for Reconstruction and
         Development that access by Poland to EBRD resources should be suspended
         or otherwise modified. During any period in which the EBRD's obligation
         to make Advances has been suspended or cancelled, its unused Commitment
         shall be deemed to be nil for all purposes under the Senior Finance
         Documents. The exercise by the EBRD of the right

<PAGE>   38

                                        35

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         of suspension shall not preclude the EBRD from exercising its right of
         cancellation as provided in this Clause 6.7 for the same reason and
         shall not limit any other rights of the EBRD under the Senior Finance
         Documents except as contemplated by the definition of "Majority Banks."

7.       REPAYMENT

         (a)      The Borrower will repay Utilisations on each Instalment Date
                  and each Mandatory Cancellation Date in such amount as will
                  ensure that:

                  (i)      the Tranche A Utilisations do not exceed the Tranche
                           A Commitments then in effect (after giving effect to
                           any reduction and cancellation of Commitments on such
                           date); and

                  (ii)     the Tranche B Utilisations do not exceed the Tranche
                           B Commitments then in effect (after giving effect to
                           any reduction and cancellation of Commitments on such
                           date).

         (b)      If at any time the Zloty Limits of any Tranche B Bank are
                  reduced in accordance with Clause 5.5 (Zloty Limit) below the
                  Zloty Equivalent of the Tranche B Advances outstanding and
                  owing to such Tranche B Bank at such time, the Borrower will
                  repay Utilisations in such amounts as will ensure that such
                  Tranche B Advances are equal to the Zloty Limits of such
                  Tranche B Bank at such time.

         (c)      If, by the First Mandatory Registration Date: (i) the Asset
                  Pledge has not been registered in the register of pledges in
                  Warsaw and (ii) Shareholders owning at least 51% of the
                  outstanding Shares shall have failed to execute and deliver
                  the requisite Ordinary Share Pledges and Registered Share
                  Pledges to the Security Agent and failed to have filed such
                  Registered Share Pledges for registration in the register of
                  pledges in Warsaw and the Agent shall not have received an
                  opinion of counsel satisfactory to it, the Borrower will,
                  immediately upon the earlier to occur of (x) receipt of
                  written notice of the Agent (acting upon the instructions of
                  the Majority Banks) and (y) the 30th Business Day after the
                  First Mandatory Registration Date, repay all Utilisations.

         (d)      If, by the Final Mandatory Registration Date, (i) the Asset
                  Pledge has not been registered in the register of pledges in
                  Warsaw and (ii) the Registered Share Pledge has not been
                  registered in the register of pledges in Warsaw, the Borrower
                  will, immediately upon the earlier to occur of (x) receipt of
                  written notice of the Agent (acting upon the instructions of
                  the Majority Banks) and (y) the 30th Business Day after the
                  Final Mandatory Registration Date, repay all Utilisations.

         (e)      The Borrower will repay all Utilisations on the Final
                  Repayment Date.

8.       PREPAYMENT

8.1      Prohibition

         The Borrower may not prepay all or any part of any Advance except as
         expressly provided in this Agreement.

8.2      Voluntary prepayment of Advances

         (a)      Subject to paragraph (c) below, the Borrower, on giving not
                  less than three Business Days (for a prepayment of Tranche A
                  Advances) and ten Business Days (for a prepayment of Tranche B
                  Advances) prior written notice to the Agent (which shall
                  promptly give notice of the same to the Banks in the Tranche
                  under which a Utilisation is being prepaid) specifying, inter
                  alia, the amount and date for prepayment and, identifying the
                  Advance concerned, may prepay any

<PAGE>   39

                                        36

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                  Advance without penalty on the Interest Date applicable to
                  such Advance(s) (or, subject to Clause 24 (Indemnities), at
                  any other time) in whole or in part.

         (b)      Any prepayment of part of an Advance shall be in a minimum
                  amount of an Original Euro Amount of euro10,000,000 (in the
                  case of Tranche A) or the Zloty Equivalent thereof (in the
                  case of Tranche B) rounded up or down to the nearest 10,000
                  Zloty and an integral multiple of an Original Euro Amount of
                  euro5,000,000 (in the case of Tranche A) or the Zloty
                  Equivalent thereof (in the case of Tranche B) rounded up or
                  down to the nearest 10,000 Zloty.

         (c)      Any such prepayment shall be applied pro rata against the
                  participations of the Banks in the Advances prepaid.

8.3      Additional right of prepayment

         If the Borrower serves a notice of cancellation under Clause 6.3
         (Additional right of cancellation) in relation to a Bank, on the date
         that such Bank's Commitment is cancelled, the Borrower shall prepay all
         of that Bank's participations in Advances.

8.4      General provisions relating to prepayment

         (a)      Any notice of prepayment given under this Agreement shall be
                  irrevocable, and the Borrower shall be bound to prepay in
                  accordance with such notice.

         (b)      Amounts repaid or prepaid in respect of any Advance may be
                  reborrowed hereunder subject to the other terms of this
                  Agreement.

         (c)      Any repayment or prepayment of any Utilisation under any
                  provision of this Agreement shall be made together with
                  interest and fees accrued on the amount repaid or prepaid and
                  any amount which becomes due and payable as a result of that
                  repayment or prepayment pursuant to Clause 24 (Indemnities).

8.5      UMTS Prepayment

         (a)      The Borrower may, at any time, submit a UMTS Business Plan to
                  the Banks, in a form reasonably satisfactory to the Agent, for
                  approval by the UMTS Approval Banks. The UMTS Approval Banks
                  shall, within 21 days after receipt of such Business Plan,
                  approve or reject such UMTS Business Plan by written notice
                  from the Agent to the Borrower. In the event that the UMTS
                  Approval Banks reject such UMTS Business Plan, the Borrower
                  shall have one month from the date on which the Agent notifies
                  the Borrower of such rejection to submit an amended UMTS
                  Business Plan to the Banks, in a form reasonably satisfactory
                  to the Agent, for approval by the UMTS Approval Banks, which
                  the UMTS Approval Banks shall, within 21 days after the
                  receipt of such amended Business Plan, approve or reject by
                  written notice from the Agent to the Borrower. If the UMTS
                  Approval Banks (through the Agent) fail to notify the Borrower
                  of their approval or rejection of any such UMTS Business Plan
                  delivered pursuant to this Clause 8.5 within the applicable 21
                  day period, the UMTS Approval Banks shall be deemed to have
                  approved such UMTS Business Plan.

         (b)      If the UMTS Approval Banks reject any UMTS Business Plan
                  submitted by the Borrower pursuant to this Clause 8.5, the
                  Borrower may elect by written notice (a "UMTS PREPAYMENT
                  NOTICE") to the Agent (which shall promptly give notice of the
                  same to the Banks), given no later than one month from the
                  date on which the Agent notifies the Borrower of its second
                  and final rejection, to prepay the Advances in full and cancel
                  the Commitments in full within nine months of the delivery of
                  such UMTS Prepayment Notice. Any such UMTS Prepayment Notice
                  shall specify the date of such prepayment and cancellation and
                  if such UMTS Prepayment Notice is given, the Borrower shall
                  prepay the Advances in full and the Commitments shall be
                  automatically cancelled in full on the date specified therein.

<PAGE>   40
                                        37

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9.       INTEREST PERIODS

9.1      Selection and agreement

         (a)      The duration of each Interest Period for an Advance shall be
                  three months; provided, however, that the Borrower may notify
                  the Agent not later than five Business Days prior to the first
                  day of each Interest Period, specifying that the duration of
                  such Interest Period:

                  (i)      for Tranche A Advances, shall be one, two, three, six
                           or, as may be agreed by the Agent, acting on the
                           instructions of all the Tranche A Banks, twelve
                           months; provided further that until the completion of
                           syndication to the reasonable satisfaction of the
                           Agent, each Interest Period shall be one month; and

                  (ii)     for Tranche B Advances, shall be three, six or, as
                           may be agreed by the Agent, acting on the
                           instructions of all the Tranche B Banks, twelve
                           months.

         (b)      Any Interest Period for which no effective selection notice is
                  received by the Agent shall be of three months' duration.

         (c)      No Interest Date may overrun an Instalment Date if, having
                  regard to the Interest Dates of outstanding Advances, it would
                  cause the Commitments to be exceeded if the relevant Advance
                  were not repaid on that Instalment Date.

9.2      Duration

         (a)      Each Interest Period for an Advance shall commence on the
                  expiry of its immediately preceding Interest Period.

         (b)      If any Interest Period for any Advance would otherwise end on
                  a day which is not a Business Day, such Interest Period shall
                  end instead on the next Business Day in that calendar month
                  (if there is one) or the preceding Business Day (if there is
                  not).

9.3      Notification

         The Agent will notify the Banks participating in that Advance and the
         Borrower of the duration and rate of interest of each Interest Period
         relating to each Advance under that Tranche promptly after ascertaining
         the same.

9.4      Adjustments

         (a)      If two or more Interest Periods relating to Advances under the
                  same Tranche denominated in the same currency end at the same
                  time, then on the last day of those Interest Periods, those
                  Advances shall be consolidated into and treated as a single
                  Advance and shall constitute one Utilisation for the purposes
                  of Clause 5.2(b) (Form of Request).

         (b)      The Agent and the Borrower may enter into such other
                  arrangements for the consolidation and splitting of Advances
                  or Interest Periods as permitted under 9.1(a) and as they may
                  agree.

10.      INTEREST

10.1     Rate

         The rate of interest applicable to each Advance for each Interest
         Period applicable to it shall be the rate per annum determined by the
         Agent to be the aggregate of:

         (a)      the Applicable Margin;

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                                        38

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         (b)      (i)      in the case of any Tranche A Advance made in any
                           Optional Currency, LIBOR on the Rate Fixing Day
                           therefor;

                  (ii)     in the case of any Tranche A Advance made in Euro,
                           EURIBOR on the Rate Fixing Day therefor; and

                  (iii)    in the case of any Advance made in Zloty, WIBOR on
                           the Rate Fixing Day therefor; and

         (c)      the Additional Costs Rate.

10.2     Due dates

         Save as otherwise provided in this Agreement, accrued interest on each
         Advance is payable by the Borrower on the last day of each Interest
         Period for that Advance and, if the Interest Period is twelve months in
         duration, six monthly.

10.3     Default interest

         (a)      If the Borrower fails to pay any amount payable by it under
                  the Senior Finance Documents, it shall, forthwith on demand by
                  the Agent pay interest on the overdue amount from the due date
                  up to the date of actual payment, as well after as before
                  judgment, at a rate (the "DEFAULT RATE") determined by the
                  Agent to be two per cent. per annum above the rate which would
                  have been payable if the overdue amount had, during the period
                  of non-payment, constituted an Advance in the currency of the
                  overdue amount for such successive Interest Periods of such
                  duration as the Agent may determine (each a "DESIGNATED
                  INTEREST PERIOD") or if of principal, if such due date falls
                  during an Interest Period, the rate on the overdue amount
                  under Clause 10.1 (Rate) immediately before the due date
                  during such Interest Period.

         (b)      The default rate will be determined by the Agent on each
                  Business Day or two Business Days or Target Days before the
                  first day of, the relevant Designated Interest Period, as
                  appropriate.

         (c)      If the Agent determines that deposits in the currency of the
                  overdue amount are not at the relevant time being made
                  available by the Reference Banks to leading banks in the
                  London, European or Warsaw interbank market (as applicable),
                  the default rate will be determined by reference to the cost
                  of funds to each of the Banks from whatever sources it may
                  reasonably select.

10.4     Notification

         The Agent shall promptly notify the Borrower and the Banks of the
         determination by the Agent of a Designated Interest Period and a
         default rate of interest under this Agreement.

10.5     Margin adjustment

         (a)      The Applicable Margin will be 0.90 per cent. per annum unless
                  adjusted in accordance with this Clause 10.5.

         (b)      The Borrower will deliver to the Agent (by no later than the
                  date it delivers to the Agent the quarterly financial
                  statements specified in Clause 19.2(a)(ii)(A) (Financial
                  Information and Business Plan)) a notice signed by a member of
                  the Management Board or by the Borrower's Group Treasurer in
                  the agreed form (a "MARGIN NOTICE") specifying the ratio of
                  Senior Debt to EBITDA as calculated in accordance with Clause
                  21.1 (Senior Debt to EBITDA) as at the date to which the
                  relevant financial statements were prepared for the purposes
                  of calculating whether the Applicable Margin is to be adjusted
                  in accordance with this Clause 10.5.

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                                        39

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         (c)      Subject to paragraph (d) below, the Applicable Margin will be
                  adjusted (upwards or downwards) to the percentage rates per
                  annum specified in Column 1 below set opposite the range into
                  which the ratio of Senior Debt of the Group to EBITDA of the
                  Group, as shown in the Margin Notice, falls:

<TABLE>
<CAPTION>
                               COLUMN 1                                            COLUMN 2
                          APPLICABLE MARGIN                                SENIOR DEBT/EBITDA RATIO
                          -----------------                                ------------------------
                          <S>                                              <C>

                                0.90%                                         more than 3.0 : 1
                                0.80%                               less than 3.0 : 1 and more than 2.0 : 1
                                0.60%                                         less than 2.0 : 1
</TABLE>

         (d)      The adjustment (if any) specified in (c) above will apply to
                  the Applicable Margin and all then outstanding Advances with
                  effect from the date on which the Margin Notice was received.
                  If the first Utilisation hereunder occurs prior to the date on
                  which the financial statements specified in Clause
                  19.2(a)(ii)(A) (Financial Information and Business Plan)
                  relating to the quarterly Accounting Period ending 31
                  December, 2000 are delivered to the Agent together with the
                  requisite Margin Notice then the Applicable Margin shall be
                  determined by reference to the quarterly financial statements
                  and the requisite Margin Notice relating to the quarterly
                  Accounting Period ending 30 September, 2000 and for this
                  purpose the Borrower shall deliver to the Agent such quarterly
                  financial statements and Margin Notice on or before the date
                  on which the first Request is delivered by the Borrower
                  hereunder.

         (e)      If the Borrower fails to deliver a Margin Notice in accordance
                  with paragraph (b) above the Applicable Margin with effect
                  from the last date permitted for delivery of the relevant
                  accounts under Clause 19.2(a)(ii)(A) (Financial Information
                  and Business Plan) will be 0.90% provided that if that Margin
                  Notice is delivered later, the Applicable Margin will be
                  adjusted in accordance with this Clause 10.5 with effect from
                  the date the Margin Notice is delivered.

11.      SELECTION OF OPTIONAL CURRENCIES

11.1     Selection

         (a)      The Borrower may select the currency of a Tranche A Advance
                  for an Interest Period in either the relevant Request or if
                  the Advance is outstanding, a notice received by the Agent not
                  later than four Business Days before the first day of that
                  Interest Period. In the latter case, the Borrower may specify
                  whether that Tranche A Advance is to be denominated in more
                  than one currency, and, if so, the amount in Euro of each such
                  currency (being a minimum Original Euro Amount of
                  euro10,000,000 or an integral multiple of euro5,000,000 or the
                  balance of the Tranche A Advance, if more).

         (b)      The currency of each Tranche A Advance must be Euro or an
                  Optional Currency.

         (c)      If the Borrower fails to give a notice in respect of an
                  outstanding Tranche A Advance in accordance with paragraph (a)
                  above, that Tranche A Advance will remain denominated for its
                  next Interest Period in the same currency in which it is then
                  denominated.

         (d)      Each part of a Tranche A Advance which is to be denominated in
                  a different currency from any other part of that Tranche A
                  Advance will be treated as a separate Tranche A Advance.

         (e)      The Borrower may not choose a currency if as a result the
                  Tranche A Advances would be denominated at any one time in
                  more than five currencies.

         (f)      The Agent shall notify each Tranche A Bank of the currency,
                  the Original Euro Amount and the amount of its participation
                  in each Tranche A Advance promptly (and in any event, before 1
                  p.m. three Business Days before the relevant Utilisation Date)
                  after they are ascertained.

<PAGE>   43
                                        40

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11.2     Revocation of currency

         If before 9.30 a.m. Warsaw time on any Rate Fixing Day, the Agent
         receives notice from a Tranche A Bank that:

         (a)      it is impracticable for the Tranche A Bank to fund its
                  participation in the Tranche A Advance in the relevant
                  Optional Currency during that Interest Period in the ordinary
                  course of business in the European interbank market; and/or

         (b)      the use of the proposed Optional Currency might contravene any
                  law or regulation,

         the Agent shall give notice to the Borrower and to the Tranche A Banks
         to that effect before 11.00 a.m. Warsaw time on that day. In this
         event:

                  (i)      the Borrower and the Tranche A Banks may agree that
                           the drawdown will not be made; or

                  (ii)     in the absence of agreement and in any other case:

                           (1)      that Tranche A Bank's participation in the
                                    Tranche A Advance (or, if more than one
                                    Tranche A Bank is similarly affected, those
                                    Tranche A Bank's participations in the
                                    Tranche A Advances) shall be treated as a
                                    separate Tranche A Advance denominated in
                                    Euro during the relevant Interest Period;

                           (2)      in the definition of "LIBOR" or "EURIBOR"
                                    (insofar as such definition applies to that
                                    Tranche A Advance) in Clause 1.1
                                    (Definitions):

                                    (A)      there shall be substituted for the
                                             time "11.00 a.m." the time "1.00
                                             p.m."; and

                                    (B)      paragraph (c) of that definition
                                             shall apply.

11.3     Sterling

         Each Tranche A Bank shall advance its participation in any Tranche A
         Advance in Sterling through a Facility Office outside the United
         Kingdom.

12.      AMOUNT OF OPTIONAL CURRENCIES

12.1     Drawdowns

         If a Tranche A Advance is to be drawn down in an Optional Currency, the
         amount of each Tranche A Bank's participation in that Tranche A Advance
         will be determined by converting into that Optional Currency the
         Tranche A Bank's participation in the Original Euro Amount of that
         Tranche A Advance on the basis of the Agent's Spot Rate of Exchange
         three Business Days before its Utilisation Date.

12.2     Change of currency

         (a)      If a Tranche A Advance is to be continued during its next
                  Interest Period in a different currency (the "NEW currency")
                  from that in which it is currently denominated, then, on the
                  last day of its current Interest Period:

                  (i)      each Tranche A Bank shall pay an amount equal to its
                           participation in the amount of such Tranche A Advance
                           as of the beginning of its next Interest Period in
                           the new currency (the "NEW AMOUNT") to the Agent, who
                           shall hold the same on behalf of such Tranche A Bank;

<PAGE>   44
                                        41

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                  (ii)     the Agent shall:

                           (A)      apply the New Amount so made available to it
                                    by each Tranche A Bank in or towards the
                                    purchase of such Tranche A Bank's portion of
                                    the amount of such Tranche A Advance as of
                                    the last day of its current Interest Period
                                    (the "EXISTING AMOUNT") and pay the amount
                                    so purchased to such Tranche A Bank; and

                           (B)      pay any portion of the amount made available
                                    to it by the Tranche A Banks and not applied
                                    in accordance with paragraph (A) above to
                                    the Borrower; and

                  (iii)    the Borrower shall pay to the Agent for the account
                           of each Tranche A Bank a sum equal to the amount (if
                           any) by which such Tranche A Bank's share of the
                           Existing Amount of such Tranche A Advance exceeds the
                           portion thereof purchased by the Agent pursuant to
                           paragraph (ii)(A) above.

         (b)      If the new currency is Euro, the amount of each Tranche A
                  Bank's participation in that Tranche A Advance will be its
                  participation in the Original Euro Amount of that Tranche A
                  Advance for that Interest Period.

         (c)      If the new currency is an Optional Currency, the amount of
                  each Tranche A Bank's participation in that Tranche A Advance
                  will be determined by converting into the new currency its
                  participation in the Original Euro Amount of that Tranche A
                  Advance on the basis of the Agent's Spot Rate of Exchange
                  three Business Days before the commencement of that Interest
                  Period.

12.3     Same Optional Currency

         (a)      If a Tranche A Advance is to be continued during its next
                  Interest Period in the same Optional Currency as that in which
                  it is denominated during its current Interest Period, there
                  shall be calculated the difference between the amount of the
                  Tranche A Advance (in that Optional Currency) for the current
                  Interest Period and for the next Interest Period. The amount
                  of the Tranche A Advance for the next Interest Period will be
                  determined by notionally converting into that Optional
                  Currency the Original Euro Amount of the Tranche A Advance on
                  the basis of the Agent's Spot Rate of Exchange two Business
                  Days before the commencement of that Interest Period.

         (b)      At the end of the current Interest Period (but subject always
                  to paragraph (c) below):

                  (i)      if the amount of the Tranche A Advance for the next
                           Interest Period is less than for the preceding
                           Interest Period, the Borrower shall repay the
                           difference; or

                  (ii)     if the amount of the Tranche A Advance for the next
                           Interest Period is greater, each Tranche A Bank shall
                           forthwith make available to the Agent for the
                           Borrower its participation in the difference.

         (c)      If the Agent's Spot Rate of Exchange for the next Interest
                  Period shows an appreciation or depreciation of the Optional
                  Currency against Euro of less than five per cent. when
                  compared with the Original Exchange Rate, no amounts are
                  payable in respect of the difference. In this Clause 12,
                  "ORIGINAL EXCHANGE RATE" means the Agent's Spot Rate of
                  Exchange used for determining the amount of the Optional
                  Currency for the Interest Period which is the later of the
                  following:

                  (i)      the Interest Period during which the Tranche A
                           Advance was first denominated in that Optional
                           Currency if the Tranche A Advance has since then
                           remained denominated in that Optional Currency; and

<PAGE>   45
                                        42

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                  (ii)     the most recent Interest Period immediately prior to
                           which a difference was required to be paid under this
                           Clause 12.3.

12.4     Prepayments and repayments

         If a Tranche A Advance is to be repaid or prepaid by reference to an
         Original Euro Amount, the Optional Currency amount to be repaid or
         prepaid shall be determined by reference to the Agent's Spot Rate of
         Exchange last used for determining the Optional Currency amount of that
         Tranche A Advance under this Clause 12 or, if applicable, the Original
         Exchange Rate.

12.5     Notification

         The Agent shall notify the Tranche A Banks and the Borrower of Optional
         Currency amounts (and the applicable Agent's Spot Rate of Exchange)
         promptly after they are ascertained.

13.      PAYMENTS

13.1     Place

         All payments by the Borrower or a Bank under the Senior Finance
         Documents shall be made to the Agent to its account at such office or
         bank in the principal financial centre of the country of the relevant
         currency (or, in the case of Euro, any financial centre in which
         payment in Euro can be effected) as it may notify to the Borrower or
         that Bank for this purpose. Notwithstanding the above, all payments by
         the Borrower to any Lead Arranger under Clauses 26 (Fees) and 27
         (Expenses) shall be made direct to such Lead Arranger in the manner
         agreed by such Lead Arranger and the Borrower. Payments by Banks to the
         Agent under Tranche B shall be made prior to 10 a.m. Warsaw time on the
         date such payment is due.

13.2     Funds

         Payments under the Senior Finance Documents to the Agent shall be made
         for value on the due date at such times and in such funds as the Agent
         may specify to the Party concerned as being customary at the time for
         the settlement of transactions in the relevant currency in the place
         for payment.

13.3     Distribution

         (a)      Each payment received by the Agent under the Senior Finance
                  Documents for another Party shall, subject to paragraphs (b)
                  and (c) below, be made available by the Agent to that Party by
                  payment (on the date and in the currency and funds of receipt)
                  to its account with such office or bank in the principal
                  financial centre of the country of the relevant currency (or,
                  in the case of Euro, any financial centre in which payment in
                  Euro can be effected) as it may notify to the Agent for this
                  purpose by not less than five Business Days' prior notice.

         (b)      The Agent may apply any amount received by it for the Borrower
                  in or towards payment (on the date and in the currency and
                  funds of receipt) of any amount due from the Borrower under
                  the Senior Finance Documents or in or towards the purchase of
                  any amount of any currency to be so applied.

         (c)      Where a sum is to be paid to the Agent under the Senior
                  Finance Documents for another Party, the Agent is not obliged
                  to pay that sum to that Party until it has established that it
                  has actually received that sum. The Agent may, however, assume
                  that the sum has been paid to it in accordance with this
                  Agreement, and, in reliance on that assumption, make available
                  to that Party a corresponding amount. If the sum has not been
                  made available but the Agent has paid a corresponding amount
                  to another Party, that Party shall forthwith on demand by the
                  Agent refund the corresponding amount together with interest
                  on that amount from the date of payment to the date of
                  receipt, calculated at a rate determined by the Agent to
                  reflect its cost of funds.

<PAGE>   46
                                        43

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         (d)      The Agent shall not be obliged to pay any amount in Zloty if
                  it is unable to establish that it has actually received such
                  amount from the Borrower or the Tranche B Banks prior to 10
                  a.m. Warsaw time on the date such payment should otherwise be
                  made.

13.4     Currency

         (a)      Subject to paragraph (e) below, a repayment or prepayment of a
                  Utilisation or any part of a Utilisation is payable in the
                  currency in which the Utilisation is denominated on its due
                  date.

         (b)      Interest is payable in the currency in which the relevant
                  amount in respect of which it is payable is denominated.

         (c)      Amounts payable in respect of costs, indemnities, expenses and
                  Taxes and the like are payable in the currency in which they
                  are incurred.

         (d)      Any other amount payable under the Senior Finance Documents
                  is, except as otherwise provided in this Agreement, payable in
                  Euro.

         (e)      For the purpose of the effectiveness and enforcement of the
                  notarial deed of submission to execution pursuant to Art. 777
                  Sec. 1.5 of the Polish Code of Civil Procedure and the other
                  Polish Security Documents, the Parties agree that, with
                  respect to the Borrower's payment of the obligations referred
                  to in paragraphs (a), (b), (c) and (d) above, the Finance
                  Parties shall, without prejudice to the Finance Parties'
                  rights to claim such payments in the relevant currencies and
                  without prejudice to mandatory provisions of Polish law, be
                  entitled to claim such payments from the Borrower be made in
                  Euro.

13.5     Set-off and counterclaim

         All payments made by the Borrower under the Senior Finance Documents
         shall be made without set-off or counterclaim.

13.6     Non-Business Days

         (a)      If a payment under the Senior Finance Documents is due on a
                  day which is not a Business Day, the due date for that payment
                  shall instead be the next Business Day in the same calendar
                  month (if there is one) or the preceding Business Day (if
                  there is not).

         (b)      During any extension of the due date for payment of any
                  principal under this Agreement interest is payable on that
                  principal at the rate payable on the original due date.

13.7     Partial payments

         If the Agent receives a payment insufficient to discharge all the
         amounts then due and payable by the Borrower under the Senior Finance
         Documents, the Agent shall apply that payment towards the obligations
         of the Borrower under the Senior Finance Documents in accordance with
         Clause 31.2 (Application of payments).

14.      TAXES

         (a)      All payments by the Obligors under the Senior Finance
                  Documents shall be made without any deduction and free and
                  clear of and without deduction for or on account of any Taxes,
                  except to the extent that the payor is required by law to make
                  payment subject to any Taxes. Subject to paragraph (b) below,
                  if any Tax or amounts in respect of Tax must be deducted, or
                  any other deductions must be made, from any amounts payable or
                  paid by an Obligor, or paid or payable by the Agent to a
                  Finance Party, under the Senior Finance Documents, that
                  Obligor shall pay at the same time, or promptly upon
                  notification by the Agent where the deduction has been made by
                  the Agent, such additional amounts as may be necessary to
                  ensure that the

<PAGE>   47

                                        44

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                  relevant Bank receives a net amount equal to the full amount
                  which it would have received had payment not been made subject
                  to Tax or any other deduction.

         (b)      An Obligor is not obliged to pay any additional amount
                  pursuant to paragraph (a) above (i) in respect of any
                  deduction which would not have been required if, upon
                  reasonable written request of such Obligor to the Agent and
                  the relevant Finance Party, the relevant Finance Party had
                  completed a tax residence certificate confirmed or issued by
                  the applicable tax authority of each Finance Party, a
                  declaration, claim, exemption or other applicable form which
                  it was, at the time of such request, lawfully able to complete
                  and which did not require disclosure of information which the
                  relevant Finance Party reasonably considered to be
                  confidential or (ii) in respect of any Tax on overall net
                  income of a Bank (or the overall net income of a division or
                  branch of the Bank) imposed in the jurisdiction in which its
                  principal office or Facility Office is situated. This Clause
                  14(b) shall not apply to the EBRD.

         (c)      If:

                  (i)      on the Signing Date, any Bank which is a Party on the
                           Signing Date is not a Qualifying Bank; or

                  (ii)     after the Signing Date, a Bank ceases to be a
                           Qualifying Bank, other than as a result of the
                           introduction of, suspension, withdrawal or
                           cancellation of, or change in, or change in the
                           official interpretation, administration or official
                           application of, any law, regulation having the force
                           of law, tax treaty or any published practice or
                           published concession of the Polish tax authorities or
                           any other relevant taxing or fiscal authority in any
                           jurisdiction with which the relevant Bank has a
                           connection, occurring after the Signing Date; or

                  (iii)    on the date of any transfer under Clause 30.2
                           (Transfers by Banks), a New Bank (as such term is
                           defined in that Clause) is not a Qualifying Bank,

                  then the Borrower shall not be liable to pay to that Bank
                  under paragraph (a) above any amount in respect of Taxes
                  levied or imposed by the Polish taxing authority or any taxing
                  authority of or in Poland in excess of the amount it would
                  have been obliged to pay if that Bank had been a Qualifying
                  Bank.

         (d)      If an Obligor makes a payment pursuant to paragraph (a) above
                  for the account of any Bank and such Bank determines, in its
                  sole discretion, that it has received or been granted a credit
                  against, or relief or remission or repayment of, any Tax paid
                  or payable by it (a "TAX CREDIT") which is attributable to
                  that payment or the corresponding payment under the Senior
                  Finance Documents such Bank shall, to the extent that it can
                  do so without prejudice to the retention of the amount of such
                  credit, relief, remission or repayment, pay to the Obligor
                  such amount as the Bank acting in good faith determines to be
                  attributable to such payments and which will leave the Bank
                  (after such payment) in no better or worse position than it
                  would have been if the Obligor had not been required to make
                  any deduction or withholding.

         (e)      Nothing in this Clause 14 shall interfere with the right of a
                  Bank to arrange its tax affairs in whatever manner it thinks
                  fit and, without limiting the foregoing, no Bank shall be
                  under any obligation to claim a Tax Credit or to claim a Tax
                  Credit in priority to any other claims, relief, credit or
                  deduction available to it. Notwithstanding any other provision
                  of this Clause 14, no Bank shall be obliged to disclose any
                  information relating to its tax affairs or any computations in
                  respect thereof.

         (f)      Each Obligor shall:

                  (i)      pay when due all Taxes required by law to be deducted
                           or withheld by it from any amounts paid or payable
                           under the Senior Finance Documents;

<PAGE>   48

                                        45

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                  (ii)     within 30 days of the payment being made, deliver to
                           the Agent for the relevant Finance Party evidence
                           satisfactory to that Finance Party (including all
                           relevant Tax receipts within 30 days or if later, as
                           soon as they are available) that the payment has been
                           duly remitted to the appropriate authority; and

                  (iii)    forthwith on demand indemnify each Finance Party
                           against any loss or liability which that Finance
                           Party incurs as a consequence of the non-payment of
                           those Taxes.

         (g)      Each Bank, other than the EBRD, represents to the Agent that,
                  in the case of a Bank which is a Bank on the Signing Date and,
                  in the case of a Bank which becomes a Bank after the date of
                  this Agreement, on the date it becomes a Bank, in relation to
                  the Facilities, it is:

                  (i)      either:

                           (A)      not resident in the United Kingdom for
                                    United Kingdom tax purposes; or

                           (B)      a bank as defined in section 840A of the
                                    Income and Corporation Taxes Act 1988 and
                                    resident in the United Kingdom; and

                  (ii)     beneficially entitled to the principal and interest
                           payable by the Agent to it under this Agreement;

                  and, if it is able to make those representations on the
                  Signing Date or the date it becomes a Bank, shall forthwith
                  notify the Agent if either representation ceases to be
                  correct.

         (h)      The EBRD represents to the Agent that it is exempt in the
                  United Kingdom from direct taxes, including income tax,
                  capital gains tax and corporation tax.

15.      MARKET DISRUPTION

15.1     Disruption events

         (a)      If, in relation to any proposed Tranche A Advance and any
                  Interest Period relative thereto:

                  (i)      no, or where there is more than one Tranche A
                           Reference Bank only one, Tranche A Reference Bank
                           supplies an interest rate to the Agent as required by
                           the definition of "LIBOR" or "EURIBOR" after the
                           Agent has requested such a rate from the Tranche A
                           Reference Banks; or

                  (ii)     the Agent has received notification from a Tranche A
                           Bank or Banks whose participations in such Tranche A
                           Advance constitute at least forty per cent. (40%) by
                           value of such Tranche A Advance that by reason of
                           circumstances affecting the European interbank
                           market:

                           (A)      deposits in the currency of such Tranche A
                                    Advance for the same period as such Interest
                                    Period are not available to them in the
                                    interbank market in sufficient amounts in
                                    the ordinary course of business to fund
                                    their respective participations in such
                                    Tranche A Advance for such Interest Period,
                                    or

                           (B)      whilst such deposits are so available, the
                                    cost of such deposits exceeds LIBOR or
                                    EURIBOR as determined in relation to such
                                    Tranche A Advance for such Interest Period,

                           the Agent shall promptly give written notice of such
                           determination or notification to the Borrower and
                           each of the Tranche A Banks and each Tranche A Bank
                           which is affected by the circumstances described in
                           paragraph (ii) above shall be an "AFFECTED BANK".

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         (b)      If, in relation to any proposed Tranche B Advance and any
                  Interest Period relative thereto:

                  (i)      fewer than three Tranche B Reference Banks supply an
                           interest rate to the Agent as required by the
                           definition of WIBOR after the Agent has requested
                           such a rate from the Tranche B Reference Banks; or

                  (ii)     the Agent has received notification from (i) the EBRD
                           or (ii) a Tranche B Bank or Banks whose
                           participations in such Tranche B Advance constitute
                           at least forty per cent. (40%) by value of such
                           Tranche B Advance that by reason of circumstances
                           affecting the Warsaw interbank market:

                           (A)      deposits in Zloty for the same period as
                                    such Interest Period are not available to
                                    them in the interbank market in sufficient
                                    amounts in the ordinary course of business
                                    to fund their respective participations in
                                    such Tranche B Advance for such Interest
                                    Period, or

                           (B)      whilst such deposits are so available, the
                                    cost of such deposits exceeds WIBOR as
                                    determined in relation to such Tranche B
                                    Advance for such Interest Period plus, in
                                    the case of the EBRD, the Additional Costs
                                    Rate,

                           the Agent shall promptly give written notice of such
                           determination or notification to the Borrower and
                           each of the Tranche B Banks and each Tranche B Bank
                           (including the EBRD) which is affected by the
                           circumstances described in paragraph (ii) above shall
                           be an "AFFECTED BANK".

15.2     Effect

         After the giving of any notice by the Agent pursuant to Clause 15.1
         (Disruption events) to the effect that it has received notification in
         accordance with Clause 15.1 (Disruption events):

         (a)      each Bank which is not an Affected Bank shall be obliged to
                  participate in the Advance to which such notification relates;
                  and

         (b)      each Affected Bank, other than an Affected Bank to which funds
                  are not reasonably available, shall be obliged to participate
                  in the Advance to which the notification relates subject to
                  Clause 15.3 (Negotiation and Substitute Basis).

15.3     Negotiation and Substitute Basis

         (a)      During the period of 30 days (the "30 DAY PERIOD") after the
                  giving of any notice by the Agent pursuant to Clause 15.1
                  (Disruption events), the Agent (in consultation with the Banks
                  in the relevant Tranche) shall negotiate with the Borrower in
                  good faith with a view to ascertaining whether a substitute
                  basis (a "SUBSTITUTE BASIS") may be agreed for the making of
                  further Advances and/or the maintaining of any existing
                  Advances by the Banks to which such notice by the Agent
                  related for the current Interest Period relative to those
                  Advances. If a Substitute Basis is agreed by all the Banks in
                  the relevant Tranche and the Borrower, such Substitute Basis
                  shall apply in accordance with its terms from the commencement
                  of the next Interest Period relating to each relevant Advance.
                  The Agent shall not agree any Substitute Basis on behalf of
                  any Bank without the prior consent of that Bank.

         (b)      From the beginning of the 30 Day Period to the commencement of
                  the next Interest Period relating to each relevant Advance,
                  each Affected Bank's participation in each outstanding Advance
                  to which such notification related shall bear interest during
                  the Interest Period therefor until and unless such Substitute
                  Basis is agreed, at the Applicable Margin plus the rate
                  certified by such Affected Bank to be its cost of funds (from
                  such source as it may reasonably select) for such Interest
                  Period.

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                                        47

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         (c)      If the Agent and the Borrower fail to agree on a Substitute
                  Basis within 30 days from the date of such notice:

                  (i)      with respect to all Affected Banks other than the
                           EBRD, the Agent shall determine the rate of interest
                           to apply to each Affected Bank's participation in
                           each then existing Advance during such Interest
                           Period by reference to the Applicable Margin plus the
                           cost to such Affected Bank of funding the portion of
                           the Advances scheduled to be outstanding during such
                           Interest Period from whatever sources it reasonably
                           selects out of those sources then available to it;
                           and

                  (ii)     with respect to the EBRD's participation in any
                           existing or future Tranche B Advance, the Agent shall
                           redenominate (at the exchange rate obtained by the
                           EBRD from one of the Tranche B Reference Banks) the
                           EBRD's participation in such Tranche B Advance into
                           Euro as of the date two Business Days after the end
                           of the 30 day period referred to in sub-Clause (a)
                           above, a new Interest Period shall commence on the
                           date of such redenomination and the Agent shall
                           determine the rate of interest to apply to such
                           participation in such Tranche B Advance from the
                           beginning of the previous Interest Period to the date
                           of such redenomination by reference to the Applicable
                           Margin plus the cost to the EBRD (as notified by the
                           EBRD to the Agent) of funding the portion of such
                           Advances scheduled to be outstanding during such
                           period from whatever sources it reasonably selects
                           out of those sources then available to it.

16.      INCREASED COSTS

16.1     Increased costs

         (a)      Subject to Clause 16.3 (Exceptions), the Borrower shall
                  forthwith on demand by a Bank through the Agent pay to that
                  Bank, the amount of any increased cost incurred by it or any
                  of its Holding Companies as a result of:

                  (i)      the introduction of, or any change in, or any change
                           in the interpretation or application of, any law or
                           regulation applicable to a whole class of financial
                           institutions of which that Bank is one; or

                  (ii)     compliance with any regulation made after the date of
                           this Agreement,

                  including any law or regulation relating to Taxation, change
                  in currency of a country or reserve asset, special deposit,
                  cash ratio, liquidity or capital adequacy requirements or any
                  other form of banking or monetary control.

         (b)      In this Agreement "INCREASED COST" means:

                  (i)      an additional cost incurred by a Bank or any of its
                           Holding Companies as a result of it having entered
                           into, or performing, maintaining or funding its
                           obligations under, any Senior Finance Document; or

                  (ii)     that portion of an additional cost incurred by a Bank
                           or any of its Holding Companies in making, funding or
                           maintaining all or any advances comprised in a class
                           of advances formed by or including that Bank's
                           participations in the Utilisations made or to be made
                           under this Agreement as is attributable to that Bank
                           making, funding or maintaining those participations;
                           or

                  (iii)    a reduction in any amount payable to a Bank or any of
                           its Holding Companies or the effective return to a
                           Bank or any of its Holding Companies under this
                           Agreement or (to the extent that it is attributable
                           to this Agreement) on its capital; or

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                  (iv)     the amount of any payment made by a Bank or any of
                           its Holding Companies, or the amount of any interest
                           or other return foregone by a Bank or any of its
                           Holding Companies, calculated by reference to any
                           amount received or receivable by that Bank or any of
                           its Holding Companies from any other Party under this
                           Agreement.

16.2     Bank Guarantee Fund

         (a)      Where any Tranche B Bank (or its Holding Company) is obliged
                  to make a payment into the Bank Guarantee Fund as a result of
                  it maintaining its Commitment, making, funding or maintaining
                  all or any advances comprised in a class of advances formed by
                  or including its (or such Finance Party's) participation in
                  some or all of the Utilisations made or to be made under this
                  Agreement, that Tranche B Bank may, within 30 days of making a
                  payment into the Bank Guarantee Fund, send to the Agent a
                  notice of such payment. The Agent shall reasonably determine
                  the amount which was paid by that Tranche B Bank to the Bank
                  Guarantee Fund which is attributable on the basis of Polish
                  law to its making, funding or maintaining Advances under this
                  Agreement or maintaining its obligation, if any, to provide
                  Utilisations. The Agent shall send a certificate signed by its
                  senior credit officer of the amount so determined to the
                  Borrower.

         (b)      Within 30 days after receipt of a certificate presented by the
                  Agent in accordance with paragraph (a) above, the Borrower
                  shall pay to the Agent for the account of the relevant Tranche
                  B Bank (or, as the case may be, Holding Company of such
                  Tranche B Bank) the amount set out in the certificate (in the
                  absence of manifest error) so as to compensate such Tranche B
                  Bank (or such Holding Company) for the payment into the Bank
                  Guarantee Fund.

16.3     Exceptions

         Clause 16.1 (Increased costs) does not apply to any increased cost:

         (a)      compensated for by the operation of Clause 14 (Taxes) or the
                  payment of the Additional Costs Rate; or

         (b)      attributable to any Tax on Overall Net Income of a Bank (or
                  the overall net income of a division or branch of the Bank)
                  imposed in the jurisdiction in which its principal office or
                  Facility Office is situate; or

         (c)      of which the relevant Finance Party was aware more than 90
                  days prior to notifying the Borrower thereof with a
                  computation of the relevant cost; or

         (d)      arising directly out of the implementation by the applicable
                  authorities having jurisdiction over such Bank and/or its
                  Facility Office of the matters set out in the statement of the
                  Basle Committee on Banking Regulations and Supervisory
                  Practices dated July, 1988 and entitled "International
                  Convergence of Capital Measurement and Capital Standards", or
                  the directives of the European Council (as amended or
                  supplemented prior to the Signing Date) of 17th April, 1989 on
                  the own funds of credit institutions (89/229/EEC) and of 18th
                  December, 1989 on the solvency ratio for credit institutions
                  (89/647/EEC), in each case to the extent and according to the
                  timetable provided therein.

17.      ILLEGALITY AND MITIGATION

17.1     Illegality

         If it is or becomes unlawful in any jurisdiction for a Bank to give
         effect to any of its obligations as contemplated by this Agreement or
         to fund or maintain its participation in any Utilisation, then:

         (a)      that Bank may notify the Borrower through the Agent; and

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         (b)      if that Bank so notifies the Borrower (through the Agent),

                  (i)      the Borrower shall prepay the participations of that
                           Bank in all the Utilisations; and

                  (ii)     the Commitments of that Bank shall be cancelled,

                  in each case forthwith or if later, the latest date permitted
                  by applicable law as notified to the Borrower by such Bank
                  through the Agent.

17.2     Mitigation

         Notwithstanding the provisions of Clauses 14 (Taxes), 15.1 (Disruption
         events), 16.1 (Increased Costs) and 17.1 (Illegality), if in relation
         to a Bank or (as the case may be) the Agent circumstances arise which
         would result in:

         (a)      any deduction, withholding or payment of the nature referred
                  to in Clause 14 (Taxes); or

         (b)      any market disruption of the nature referred to in Clause 15.1
                  (Disruption events); or

         (c)      any increased cost of the nature referred to in Clause 16.1
                  (Increased Costs); or

         (d)      a notification pursuant to Clause 17.1 (Illegality),

         then without in any way limiting, reducing or otherwise qualifying the
         rights of such Bank or the Agent, such Bank shall promptly upon
         becoming aware of the same notify the Agent thereof (whereupon the
         Agent shall promptly notify the Borrower) and such Bank shall use all
         reasonable endeavours to transfer its participation in the relevant
         Tranche and its rights hereunder and under the Senior Finance Documents
         to another bank or Facility Office not affected by the circumstances
         having the results set out in (a), (b) or (c) above or otherwise take
         such reasonable steps as may be open to it to mitigate the effects of
         such circumstances but always taking into account that such Bank shall
         not be under any obligation to take any such action if, in its opinion,
         to do so would or might have a material adverse effect upon its
         business, operations or financial condition or would involve it in any
         unlawful activity or any activity that is contrary to its policies or
         any request, guidance or directive of any competent authority (whether
         or not having the force of law) or (unless indemnified to its
         reasonable satisfaction) would involve it in any significant expense or
         tax disadvantage.

18.      REPRESENTATIONS AND WARRANTIES

18.1     Representations and warranties

         The Borrower makes the representations and warranties set out in this
Clause 18 to each of the Finance Parties.

18.2     Status

         (a)      It is a limited liability company, duly incorporated and
                  validly existing under the laws of Poland and each other
                  Obligor is a corporation or limited liability company, duly
                  incorporated and validly existing under the laws of the
                  jurisdiction of its incorporation; and

         (b)      each member of the Group has the power to own its assets and
                  carry on its business as it is being conducted.

18.3     Powers and authority

         Each Obligor has the power to enter into and perform, and has taken all
         necessary action to authorise the entry into, performance and delivery
         of, the Senior Finance Documents to which it is or will be a party and
         the transactions contemplated by those Senior Finance Documents.

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18.4     Legal validity

         Each Senior Finance Document to which any Obligor is or will be a party
         constitutes, or when executed in accordance with its terms will
         constitute, its legal, valid and binding obligation enforceable in
         accordance with its terms subject to applicable insolvency and other
         laws affecting creditors' rights generally.

18.5     Authorisations

         (a)      All authorisations required or the absence of which may
                  prejudice the Finance Parties in connection with the entry
                  into, performance, validity and enforceability of the Senior
                  Finance Documents and the transactions contemplated by the
                  Senior Finance Documents have been obtained or effected and
                  are in full force and effect.

         (b)      The Borrower holds the GSM Licence, the DCS-1800 Licence and
                  the UMTS Licence and each Obligor holds all Necessary
                  Authorisations and has received no notice of proceedings
                  relating to the revocation of the GSM Licence, the DCS-1800
                  Licence, the UMTS Licence or any other licence, certificate,
                  franchise or permit, which individually or in the aggregate,
                  if the subject of an unfavourable ruling or finding, would
                  have a Material Adverse Effect.

18.6     Pari passu ranking

         Each Obligor's obligations under the Senior Finance Documents rank and
         will rank at least pari passu with all its other unsecured and
         unsubordinated obligations except for obligations which are mandatorily
         preferred by law applying to companies generally.

18.7     Stamp duties

         No stamp or registration duty or similar Taxes or charges are payable
         in Poland, the Netherlands, Luxembourg or England in respect of any
         Senior Finance Document other than registration fees in relation to the
         registration of pledges under the Pledge Law or the laws of the
         Netherlands, Luxembourg or England relating to the granting of Security
         Interests which have been paid by the Borrower.

18.8     Immunity

         (a)      The execution by each Obligor of each Senior Finance Document
                  to which it is or will be a party constitutes, and its
                  exercise of its rights and performance of its obligations
                  under each Senior Finance Document will constitute, private
                  and commercial acts done and performed for private and
                  commercial purposes.

         (b)      No Obligor will be entitled to claim immunity from suit,
                  execution, attachment or other legal process in any
                  proceedings taken in Poland, the Netherlands, Luxembourg or
                  England in relation to any Senior Finance Document.

18.9     Non-conflict

         The entry into and performance by any Obligor of, and the transactions
         contemplated by, the Senior Finance Documents do not and will not:

         (a)      conflict with any law or regulation or judicial or official
                  order with which such Obligor is required to comply; or

         (b)      conflict with the constitutional documents of any member of
                  the Group; or

         (c)      conflict with any document which is binding upon any member of
                  the Group or any asset of any member of the Group.

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18.10    No default

         (a)      No Default is outstanding or might result from the making of
                  any Utilisation; and

         (b)      no other event is outstanding which constitutes (or with the
                  giving of notice or lapse of time might constitute) a default
                  under any document which is binding on any member of the Group
                  or any asset of any member of the Group to an extent or in a
                  manner which could reasonably be expected to have a Material
                  Adverse Effect.

18.11    Litigation

         No litigation, arbitration or administrative proceedings are current
         or, to its knowledge, pending or threatened, which, if adversely
         determined, could reasonably be expected to have a Material Adverse
         Effect.

18.12    Accounts

         (a)      The Original Borrower Accounts:

                  (i)      have been prepared in accordance with the Accounting
                           Principles consistently applied; and

                  (ii)     fairly represent the financial condition of the
                           Borrower as at the date to which they were drawn up,

                  and there has been no material adverse change in the business,
                  financial condition, operations or performance of the Group
                  (taken as a whole) since the date to which those Accounts were
                  drawn up.

         (b)      The annual audited Accounts of the Group and each Principal
                  Member of the Group most recently delivered to the Agent after
                  the Original Borrower Accounts:

                  (i)      have been prepared in accordance with the Accounting
                           Principles consistently applied; and

                  (ii)

                           (A)      in the case of a Principal Member of the
                                    Group, fairly represent the financial
                                    condition of each Principal Member of the
                                    Group as at the date to which they were
                                    drawn up; and

                           (B)      in the case of the Group, fairly represent
                                    the financial condition of the Group as at
                                    the date to which they were drawn up,

                  and no event has occurred which would have a Material Adverse
                  Effect since the date those Accounts were drawn up.

18.13    Security Interests

         (a)      The security conferred by the Security Documents constitutes,
                  or will when executed and/or registered (as applicable)
                  constitute, a first ranking Security Interest of the type
                  therein described over the security assets referred to therein
                  and no Security Interest exists over its or any of its
                  Subsidiaries' assets which would cause a breach of Clause 19.8
                  (Negative Pledge).

         (b)      No member of the Group owns any bank account other than (i)
                  bank accounts subject to a first ranking Security Interest in
                  favour of the Finance Parties, (ii) escrow accounts permitted
                  under the Senior Finance Documents or (iii) bank accounts
                  subject to the Bank Account Side Letter.

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                                        52

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         (c)      None of the shares pledged by any Obligor pursuant to any
                  Security Document is evidenced by a share certificate.

18.14    Information Memorandum

         (a)      All information contained in the Information Memorandum (other
                  than information in reports from third parties that has been
                  provided to the Borrower by such third parties) was true in
                  all material respects at its date, all calculations made in
                  the financial models in the Information Memorandum have been
                  made correctly and all expressions of opinion or intention and
                  all forecasts and projections made by it (including any
                  assumptions, forecasts and projections made in connection with
                  the banking base case in the Information Memorandum) contained
                  in the Information Memorandum were arrived at after careful
                  consideration, were fair and were based on reasonable grounds.

         (b)      So far as it is aware after due and careful review and enquiry
                  all factual information furnished by the Borrower or its
                  advisors on which the Information Memorandum is based or which
                  is referred to therein was true in all material respects as at
                  its date.

         (c)      The Information Memorandum did not omit anything which is
                  material in the context of the business and financial
                  condition of the Borrower.

         (d)      As at the Signing Date, nothing has occurred since the date of
                  the Information Memorandum which renders the information
                  therein (as updated prior to the Signing Date) untrue or
                  misleading in any material respect and which is material in
                  the context of the business and financial condition of the
                  Borrower.

18.15    Intellectual Property Rights

         (a)      It (and each of its Subsidiaries) owns or has the legal right
                  to use all the Intellectual Property Rights which are material
                  to the conduct of the business of the Group taken as a whole
                  or are required by it in order for it to carry on its business
                  in all material respects as it is being conducted on the
                  Signing Date and as far as it is aware it does not (nor do any
                  of its Subsidiaries), in carrying on its business, infringe
                  any Intellectual Property Rights of any third party in any way
                  which would have a Material Adverse Effect.

         (b)      None of the Intellectual Property Rights which are material in
                  the context of the business of any member of the Group is, to
                  its knowledge, being infringed nor, to its knowledge, is there
                  any threatened infringement of those Intellectual Property
                  Rights, by any third party which would have a Material Adverse
                  Effect.

         (c)      All registered Intellectual Property Rights owned by it (or
                  any Subsidiary of it) and which are material to the conduct of
                  the business of any member of the Group are subsisting and all
                  actions (including payment of all fees) required to maintain
                  the same in full force and effect have been taken, where lack
                  of subsistence or failure to take any such action would have a
                  Material Adverse Effect.

18.16    Environmental matters

         (a)      It and its Subsidiaries (i) have obtained all requisite
                  Environmental Licences required for the carrying on of its
                  business as currently conducted and (ii) have at all times
                  complied with the terms and conditions of such Environmental
                  Licences and (iii) have at all times complied with all other
                  applicable Environmental Laws, which in each such case, if not
                  obtained or complied with, would have a Material Adverse
                  Effect.

         (b)      So far as it is aware after due enquiry, there is no
                  Environmental Claim pending or threatened, against any member
                  of the Group which is reasonably likely to be decided against
                  that member of the Group and which if so decided would have a
                  Material Adverse Effect.

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                                        53

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         (c)      So far as it is aware after due enquiry, no Dangerous
                  Substance has been used, disposed of, generated, stored,
                  transported, dumped, released, deposited, buried or emitted
                  at, on, from or under any premises (whether or not owned,
                  leased, occupied or controlled by any member of the Group and
                  including any offsite waste management or disposal location
                  utilised by any member of the Group) in circumstances where
                  this would be reasonably likely to result in a liability on
                  any member of the Group which would have a Material Adverse
                  Effect.

18.17    Material Contracts

         (a)      Each of the Material Contracts to which any Obligor is a party
                  constitutes its legal, valid and binding obligation and is
                  enforceable against it in accordance with its terms subject to
                  applicable insolvency and other laws affecting creditors'
                  rights generally, and all authorisations, approvals, consents,
                  licences, exemptions, filings, registrations, recordings,
                  notarisations, and other matters, official or otherwise,
                  necessary in connection with the entry into, performance and
                  validity by and in respect of that party and enforceability
                  against that party have been obtained or effected and are in
                  full force and effect.

         (b)      Neither (i) it nor any member of the Group is in breach of any
                  of its material obligations under any Licence, nor (ii) is it
                  nor any member of the Group in breach of any of its
                  obligations under any other Material Contract in a manner or
                  to such an extent which would be reasonably likely to have a
                  Material Adverse Effect.

         (c)      There is no material dispute between any parties to the
                  Material Contracts and there have been no material amendments
                  to any Material Contract since the form provided to the Agent
                  prior to the Signing Date.

18.18    Times for Making Representations and Warranties

         (a)      The representations and warranties set out in this Clause 18
                  are made on the date of this Agreement.

         (b)      The representations and warranties set out in Clauses 18.2
                  (Status), 18.3 (Powers and authority), 18.4 (Legal validity),
                  18.5 (Authorisation), 18.6 (Pari Passu Ranking), 18.8
                  (Immunity), 18.9 (Non-conflict), 18.10 (No default), 18.11
                  (Litigation), 18.12(b) (Accounts), 18.13 (Security Interests)
                  and 18.17 (Material Contracts) are deemed to be repeated by
                  the Borrower on the date of each Request, each Rollover Date
                  and each Utilisation Date as if they had been given on such
                  dates having regard to the facts and circumstances existing on
                  such dates.

19.      UNDERTAKINGS

19.1     Duration

         The undertakings in this Clause 19 shall remain in force from the date
         of this Agreement and for so long as any amount is or may be
         outstanding under any Senior Finance Document or any Commitment is in
         force.

19.2     Financial Information and Business Plan

         (a)      The Borrower shall procure that there shall be furnished to
                  the Agent in sufficient copies (in electronic form, if agreed
                  to by the Agent) for each of the Banks (or, in the case of
                  Clause 19.2(a)(vii), for each of the Tranche B Banks):

                  (i)      as soon as the same are available (and in any event
                           within 120 days) after the end of each annual
                           Accounting Period:

                           (A)      the audited consolidated Accounts of the
                                    Group for that financial year; and

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                           (B)      the audited Accounts for that financial year
                                    for each Principal Member of the Group;

                  (ii)     as soon as the same are available (and in any event
                           within 45 days) after the end of each quarterly
                           Accounting Period:

                           (A)      the financial statements and the unaudited
                                    consolidated Accounts of the Borrower and,
                                    for each quarterly Accounting Period ending
                                    on or after 31 March, 2001, the financial
                                    statements and the unaudited consolidated
                                    Accounts of the Group for that Accounting
                                    Period;

                           (B)      the details of the exposure under any
                                    hedging transaction or hedging line of
                                    credit designated as a "Senior Finance
                                    Document" pursuant to Clause 19.14(c); and

                           (C)      a list of each Principal Member of the
                                    Group; provided, however, that the Borrower
                                    shall also procure that such list be
                                    furnished upon the request of the Agent.

                  (iii)    as soon as the same is available (and in any event
                           within 60 days after the commencement of each annual
                           Accounting Period), an updated Business Plan covering
                           the period to the Final Repayment Date which has been
                           approved by the management board of the Borrower, on
                           the basis that such Business Plan shall be subject to
                           approval by the supervisory board of the Borrower
                           and, if such supervisory board makes any changes to
                           such Business Plan, as soon as practicable after such
                           changes have been made (and in any event within 1
                           week of the approval of the Business Plan by such
                           supervisory board, the Business Plan as changed by
                           such supervisory board);

                  (iv)     as soon as the same is available (and in any event by
                           31 March, 2001) the UMTS Business Plan approved by
                           the management board of the Borrower and the
                           supervisory board of the Borrower;

                  (v)      as soon as the same is available (and in any event
                           within 45 days) after the end of each quarterly
                           Accounting Period, a report in an agreed form setting
                           out performance indicators covering the level of,
                           among other things, subscribers, network coverage,
                           revenue per subscriber, acquisition costs per
                           subscriber, churn and Capital Expenditure of the
                           Borrower and its Subsidiaries for the previous
                           quarterly Accounting Period;

                  (vi)     as soon as the same is available (and in any event
                           within 45 days) after the end of each quarterly
                           Accounting Period a report in an agreed form setting
                           out the information (including any reconciliation
                           between the accounts of the Borrower and its
                           Subsidiaries) that is needed to calculate the
                           financial covenants contained in Clause 21 (Financial
                           undertakings) and the results of such calculations;

                  (vii)    at the same time as the annual audited consolidated
                           Accounts are delivered pursuant to paragraph (i)(A)
                           above a report of the Auditors in a form reasonably
                           satisfactory to the Agent:

                           (A)      setting out in reasonable detail
                                    computations establishing, as at the date of
                                    such Accounts, whether the Borrower complied
                                    with each of the financial ratios set out in
                                    Clause 21 (Financial Undertakings);

                           (B)      stating whether the Auditors in the course
                                    of their audit discovered any breach of the
                                    obligations set out in Clause 21 (Financial
                                    Undertakings); and

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                           (C)      a letter explaining any differences between
                                    the format, headings and characterisations
                                    used where those differences would affect
                                    the ability of the Agent and the Banks to
                                    calculate the components of the financial
                                    ratios in Clause 21 (Financial
                                    Undertakings); and

                  (viii)   at the same time that they are submitted to the
                           National Statistical Office in Poland, copies of
                           forms F-01 and F-02; and

                  (ix)     at the same time that they are submitted, copies of
                           all regular, periodic and special reports and all
                           registration statements, that the Borrower or any of
                           its Subsidiaries files with the Securities and
                           Exchange Commission or any governmental authority
                           that may be substituted therefore, or with any
                           national securities exchange.

         (b)      The Borrower shall supply to the Agent together with the
                  quarterly Accounts specified in paragraph (a)(ii) above and,
                  in the case only of (ii) below, at any other time if the Agent
                  reasonably so requests, a certificate substantially in the
                  form of Schedule J signed by a member of the management board
                  of the Borrower on its behalf:

                  (i)      setting out in reasonable detail computations
                           establishing, as at the date of the latest Accounts,
                           whether each of the financial ratios set out in
                           Clause 21 (Financial Undertakings) were complied with
                           and certifying that (A) the relevant Accounts fairly
                           represent the financial position of the Borrower or
                           the Group, as applicable, and (B) the relevant
                           Accounts were prepared in accordance with the
                           Accounting Principles or the terms of Clause 19.7
                           (Accounting Standards) has been complied with; and

                  (ii)     certifying that, so far as he is aware, having made
                           proper enquiries, no Default is outstanding or, if a
                           Default is outstanding, specifying the Default and
                           the steps, if any, being taken to remedy it.

         (c)      The Borrower shall supply to the Agent promptly at any time
                  the Agent reasonably requests it, the amount of Senior Debt of
                  the Group outstanding at the time of the Agent's request.

19.3     Information - Miscellaneous

         The Borrower shall supply to the Agent in sufficient copies for all the
         Banks, if the Agent so requests:

         (a)      all documents or information relating to matters which are
                  material to the Borrower's or the Group's business, assets or
                  financial condition and which are likely to result in a
                  Material Adverse Effect or which are despatched by it to its
                  creditors (or any class of them) at the same time as they are
                  despatched;

         (b)      promptly upon becoming aware of them, details of any
                  litigation, arbitration or administrative proceedings which
                  are current, threatened or pending and which if, adversely
                  determined, could reasonably be expected to have a Material
                  Adverse Effect; and

         (c)      promptly, such further information in the possession or
                  control of any member of the Group regarding its financial
                  condition and operations as any Finance Party (through the
                  Agent) may reasonably request.

19.4     Notification of Default

         The Borrower shall notify the Agent of any Default (and the steps, if
         any, being taken to remedy it) promptly upon it becoming aware of its
         occurrence.

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19.5     Authorisations

         (a)      The Borrower shall promptly:

                  (i)      obtain, maintain and comply with the terms of; and

                  (ii)     supply certified copies to the Agent of,

                  any authorisation required (or the absence of which may
                  prejudice the Finance Parties) under any law or regulation to
                  enable it or another member of the Group to perform its
                  obligations under, or for the validity or enforceability of,
                  any Senior Finance Document to which it or another member of
                  the Group is a party.

         (b)      The Borrower shall promptly obtain or cause to be obtained
                  every Necessary Authorisation and ensure that:

                  (i)      none of the Necessary Authorisations is revoked,
                           cancelled, suspended, withdrawn, terminated, expires
                           or is not renewed or otherwise ceases to be in full
                           force and effect; and

                  (ii)     no Necessary Authorisation is modified and no member
                           of the Group commits any breach of the terms or
                           conditions of any Necessary Authorisation

                  which, in the case of (i) or (ii), is reasonably likely to
                  result in a Material Adverse Effect.

19.6     Audit and Accounting Dates

         The Borrower will ensure that:

         (a)      the annual Accounts to be delivered to the Agent pursuant to
                  Clauses 19.2(a)(i) and 19.2(a)(vi) (Financial information and
                  Business Plan) are audited by the Auditors;

         (b)      it shall at all times have duly appointed the Auditors as
                  auditors and each Principal Member of the Group shall at all
                  times have the Auditors as duly appointed auditors (where
                  required by law); and

         (c)      it will not, and no member of the Group will, change the end
                  of its annual Accounting Period without the prior written
                  consent of the Agent acting on the instructions of the
                  Majority Banks.

19.7     Accounting Standards

         The Borrower will ensure that:

         (a)      all Accounts shall be prepared in accordance with the
                  Accounting Principles or shall indicate in notes to or
                  accompanying such Accounts any material departures from the
                  Accounting Principles;

         (b)      all Accounts shall (in the case of annual Accounts) fairly
                  represent (subject to adjustments which fall to be made at the
                  end of the financial year) the consolidated financial position
                  and results of operations of the relevant member of the Group
                  and its Subsidiaries (in the case of consolidated Accounts) or
                  its financial position and results of operations (in the case
                  of unconsolidated Accounts), as at the end of and for the
                  Accounting Period to which they relate.

19.8     Negative Pledge

         (a)      The Borrower shall not, and shall procure that no other member
                  of the Group will, create or permit to subsist any Security
                  Interest on any of its assets or undertaking.

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         (b)      Paragraph (a) does not apply to the following Security
                  Interests:

                  (i)      any Security Interest existing at the date of this
                           Agreement and detailed in Schedule F provided that
                           the amount secured by such Security Interest is not
                           increased above the amount stated or described in
                           that Schedule as reduced from time to time;

                  (ii)     any Security Interest constituted or evidenced by the
                           Security Documents or the Supplemental Facility
                           Senior Finance Documents;

                  (iii)    a lien arising by operation of law in the ordinary
                           course of business and securing amounts not more than
                           60 days overdue;

                  (iv)     any Security Interest which arises as a result of or
                           in the course of legal proceedings the enforcement or
                           realisation of which is stayed (A) by reason of the
                           claims in relation to which such Security Interest
                           arises being contested in good faith or (B) pending
                           or during the hearing of an appeal made against the
                           judgment or order creating the same;

                  (v)      (A)      any Security Interests over assets acquired
                                    after the Signing Date to secure only
                                    Financial Indebtedness used to acquire such
                                    assets, including Security Interests in
                                    favour of a vendor over assets acquired by
                                    way of vendor financings permitted under
                                    Clause 19.26 (Financial Indebtedness) where
                                    the payment terms exceed 180 days; provided,
                                    however, that no such Security Interest
                                    shall extend to cover any property other
                                    than the assets being acquired and that, in
                                    the case of vendor financings, the aggregate
                                    fair market value of such assets, as
                                    determined based on the purchase price (net
                                    of taxes) set forth on the invoice therefor,
                                    acquired by way of all such vendor
                                    financings does not exceed the Euro
                                    Equivalent of euro50,000,000 at any time;

                           (B)      any rights by way of reservation or
                                    retention of title to secure only Financial
                                    Indebtedness or other obligations incurred
                                    to acquire goods which are acquired by or
                                    supplied to the Borrower or any other member
                                    of the Group in the ordinary course of its
                                    business after the Signing Date; provided,
                                    however, that no such Security Interest
                                    shall extend to cover any property other
                                    than the goods being acquired;

                           so long as the amount of the Financial Indebtedness
                           incurred before, on or after the Signing Date which
                           is secured by the Security Interests referred to in
                           sub-Clauses (A) and (B) above would not cause the
                           limit on Financial Indebtedness set forth therefor in
                           Clause 19.26(a) (Financial Indebtedness) to be
                           breached;

                  (vi)     any Security Interest securing any New Facility
                           pursuant to security documentation in form and
                           substance satisfactory to the Agent, acting on the
                           instruction of the Majority Banks; provided that:

                           (A)      such Security Interest shall effectively
                                    rank pari passu with the Security Interests
                                    granted under the Security Documents;

                           (B)      the Security Interest shall not extend to or
                                    cover any assets not subject to the Security
                                    Interests granted under the Security
                                    Documents;

                           (C)      the secured creditors under any such New
                                    Facility shall have entered into the
                                    Collateral Sharing Intercreditor Agreement;
                                    and

                           (D)      the security agent under any such New
                                    Facility shall be satisfactory to the Agent
                                    and the Security Agent, acting reasonably;

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                  (vii)    any Security Interest in any escrow accounts pledged
                           to high yield bondholders and in amounts on deposit
                           thereon;

                  (viii)   any Security Interest in (a) any escrow accounts (and
                           amounts on deposit therein) established for the
                           purpose of supporting obligations under a QTE Lease,
                           so long as the aggregate fair market value of the
                           assets which are the subject of such leases at the
                           time such leases are entered into as determined by an
                           independent market consultant approved by the Agent
                           does not exceed the Euro Equivalent of
                           euro100,000,000 at such time or (b) any single
                           purpose accounts (and amounts on deposit therein) in
                           the name of an Issuer or any other finance subsidiary
                           through which payments within 5 Business Days of high
                           yield bond interest are made, provided that the
                           aggregate amount on deposit therein shall not exceed
                           at any time the amount of the next payment of high
                           yield bond interest;

                  (ix)     any Security Interests in favour of a vendor over
                           assets acquired by way of vendor financings where the
                           payment terms do not exceed 180 days; provided,
                           however, that no such Security Interest shall extend
                           to cover any property other than the assets being
                           acquired;

                  (x)      any Security Interest securing indebtedness incurred
                           to refinance other indebtedness permitted to be
                           secured by any Security Interests permitted under
                           paragraphs (b)(i) to (v) above provided that the
                           replacement Security Interest does not cover any
                           assets other than the original assets subject to the
                           original Security Interest and that the aggregate
                           principal amount secured thereby is not increased;
                           and

                  (xi)     any Security Interest over cash collateral in
                           relation to letters of credit, guarantees or bonds
                           which are permitted to be issued under Clause
                           19.26(b) (Financial Indebtedness) so long as the
                           aggregate amount of such cash collateral does not
                           exceed euro15,000,000 at any time.

19.9     Transactions Similar to Security

         The Borrower shall not, and shall procure that no other member of the
         Group will sell, transfer or otherwise dispose of any of its assets on
         terms whereby it is or may be leased to or re-acquired or acquired by a
         member of the Group or any of its related entities in circumstances
         where the transaction is entered into primarily as a method of raising
         finance or of financing the acquisition of an asset other than:

         (a)      in connection with Finance Leases permitted in accordance with
                  Clause 19.26(a) (Financial Indebtedness);

         (b)      in connection with QTE Leases permitted in accordance with
                  Clause 19.26(a) (Financial Indebtedness); or

         (c)      any goods acquired in the ordinary course of the Borrower's
                  business which are transferred upon acquisition back to the
                  vendor thereof in relation to the financing of the acquisition
                  price thereof so long as the amount of the Financial
                  Indebtedness incurred in relation to the financing of the
                  acquisition would not cause any limit on Financial
                  Indebtedness contained in Clause 19.26 (Financial
                  Indebtedness) to be breached and that Financial Indebtedness
                  is incurred after the Signing Date,

         provided that, in relation to any Finance Lease or QTE Lease, such
         security interest relates solely to the assets which are the subject
         matter of such lease.

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19.10    Disposals

         (a)      The Borrower shall not, and shall procure that no other member
                  of the Group will, either in a single transaction or in a
                  series of transactions whether related or not and whether
                  voluntarily or involuntarily, sell, transfer, grant or lease
                  or otherwise dispose of any of its assets.

         (b)      Paragraph (a) does not apply to:

                  (i)      disposals made in the ordinary course of trading of
                           the disposing entity;

                  (ii)     disposals of non core assets of the Group on terms no
                           less favourable to the Group than arm's-length terms
                           where the consideration is received in Cash;

                  (iii)    disposals of assets which are surplus, obsolete or
                           redundant plant and equipment on terms no less
                           favourable to the Group than on arm's length terms
                           where the consideration is received in Cash;

                  (iv)     disposals of assets in exchange for other assets
                           comparable or superior as to type, value and quality;

                  (v)      disposals of assets to become the subject of a
                           Finance Lease permitted pursuant to Clause
                           19.26(a)(iv) (Financial Indebtedness) for fair value;

                  (vi)     disposals of assets to become the subject of a QTE
                           Lease pursuant to Clause 19.26(a)(v) (Financial
                           Indebtedness) for fair value; or

                  (vii)    disposal of assets on arm's length terms for Cash not
                           otherwise permitted pursuant to (i) to (vi)
                           (inclusive) above,

                           (A)      the Net Proceeds of which, in the case of
                                    any single transaction or series of related
                                    transactions do not exceed the Euro
                                    Equivalent of euro500,000; and

                           (B)      the Euro Equivalent of the Net Proceeds of
                                    which when aggregated with the Euro
                                    Equivalent of the Net Proceeds of all other
                                    such disposals in any annual Accounting
                                    Period do not exceed euro5,000,000.

                  This provision is intended to operate notwithstanding the
                  invalidity or unenforceability of any provision of a Security
                  Document restricting disposals.

19.11    Pari passu ranking

         The Borrower shall procure that its obligations under the Senior
         Finance Documents, do rank and will rank at least pari passu (save by
         reason of and to the extent of the security afforded thereto by the
         Security Documents or any documents evidencing security under the New
         Facility) with all its other present and future unsecured and
         unsubordinated obligations, other than obligations which are
         mandatorily preferred by law applying to companies generally.

19.12    Loans and guarantees

         (a)      The Borrower will not, and will procure that no other member
                  of the Group will:

                  (i)      make any loans, provide credit, enter into any hire
                           purchase, rental, finance or operating lease as
                           lessor or otherwise enter into transactions where
                           third parties incur Financial Indebtedness in its
                           favour; or

                  (ii)     give any guarantee to or for the benefit of any
                           person,

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         other than loans or guarantees:

                           (A)      arising under the Transaction Documents;

                           (B)      between one member of the Group and another
                                    member of the Group so long as the business
                                    of such member of the Group is solely
                                    related to the Borrower's Telecom Business
                                    where the requirements of Clause 19.32
                                    (Security and bank accounts) in relation to
                                    the giving of guarantees and security by the
                                    relevant members of the Group have been
                                    complied with;

                           (C)      the aggregate Euro Equivalent of which does
                                    not exceed euro20,000,000 outstanding at any
                                    time;

                           (D)      arising in the ordinary course of business
                                    of the relevant member of the Group; or

                           (E)      loans to employees the aggregate Euro
                                    Equivalent of which does not exceed
                                    euro10,000,000 outstanding at any time.

         (b)      The Borrower will not, and will procure that none of its
                  Subsidiaries will, agree to change the interest rates set
                  forth in any of the Onlending Agreement between PTC
                  International Finance B.V. and the Borrower dated 1 July,
                  1997, the Onlending Agreement between PTC International
                  Finance II S.A and PTC International Finance (Holding) B.V. or
                  the Onlending Agreement between International Finance
                  (Holding) B.V. and the Borrower, each dated 23 November, 1999
                  or any other onlending agreement entered into between any
                  members of the Group from time to time in accordance with the
                  terms hereof without the consent of the Majority Banks, except
                  in order to ensure that at the end of the discount or
                  zero-coupon periods, as applicable, of the bonds issued
                  pursuant to the High Yield Debt Documents, the proceeds of
                  which are on-lent under the terms of the relevant onlending
                  agreement, the amount of the proceeds (with any capitalised
                  interest) on-lent from the respective issuer to the Borrower
                  is equal to the nominal value of the respective bonds.

19.13    Operating Leases

         The Borrower will not, and will procure that no other member of the
         Group will, after the Signing Date enter into any operating lease as
         lessee of or in respect of equipment, machinery or plant (other than
         any motor vehicles) if the equipment, machinery or plant concerned is
         of such importance in the business of the Group taken as a whole that
         such business would be materially and adversely affected were the
         leases for such equipment, machinery or plant to be terminated early
         and the right to possession of the equipment, machinery or plant lost
         to the Group.

19.14    Treasury transactions

         (a)      The Borrower will enter into such hedging transactions as are
                  required in accordance with the Hedging Policy and may enter
                  into such other hedging transactions as are generally
                  envisaged by the spirit of the Hedging Policy but otherwise it
                  will not, and will procure that none of its Subsidiaries will,
                  enter into any interest rate swap, cap, ceiling, collar or
                  floor or any currency swap, futures, foreign exchange or
                  commodity contract or option (whether over the counter or
                  exchange traded) or any similar treasury transaction.

         (b)      The Borrower will use all reasonable endeavours to agree with
                  the Agent, acting on behalf of the Majority Banks, an updated
                  Hedging Policy on an annual basis.

         (c)      The Agent, at the request of the Borrower, shall designate any
                  hedging transaction or documents evidencing a hedging line of
                  credit with a Bank, which is in accordance with the Hedging
                  Policy, as a "Senior Finance Document" with its obligations to
                  that Bank secured by the Security Documents.

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19.15    Receivables disposals

         The Borrower will not, and will procure that no other member of the
         Group will, sell, transfer or otherwise dispose of any of its
         receivables other than:

         (a)      the discounting of bills or notes in the ordinary course of
                  trading;

         (b)      the sale of bad debts to a Subsidiary or in the ordinary
                  course of business on arm's length terms on either a recourse
                  or non-recourse basis where the seller receives Cash on
                  completion of the sale; or

         (c)      a discount to a subscriber in the ordinary course of business.

19.16    Acquisitions and Investments

         The Borrower will not, and will procure that no other member of the
         Group will:

         (a)      make any Acquisition; or

         (b)      make any investment with Cash,

         other than:

                  (i)      a Permitted Investment;

                  (ii)     capital expenditures in the Telecom Business of any
                           Obligor; and

                  (iii)    an investment in a Subsidiary or Affiliate of the
                           Borrower, so long as the business of such Subsidiary
                           or Affiliate is related to the Borrower's Telecom
                           Business; provided that the aggregate amount of
                           investments in Subsidiaries and Affiliates that are
                           not Obligors shall not exceed the Euro Equivalent of
                           euro50,000,000 at any time.

19.17    Restricted Distributions

         Except as provided in Clause 19.18 (Permitted Distributions), the
         Borrower will not and will procure that no other member of the Group
         (other than by any member of the Group in favour of the Borrower or
         another member of the Group which is directly or indirectly wholly
         owned by the Borrower) will:

         (a)      make or resolve to make any distribution, dividend, Restricted
                  Payment or other payment (in cash or in kind) on or in respect
                  of any share capital, Reserve Capital or equivalent of a
                  member of the Group;

         (b)      make or resolve to make (whether in cash, property, securities
                  or otherwise) any redemption, repurchase, defeasance,
                  retirement, return or repayment of any of its share capital or
                  equivalent of a member of the Group (other than by way of a
                  reduction of share capital without any payment to
                  shareholders);

         (c)      make or resolve to make any redemption, repurchase,
                  defeasance, repayment, prepayment or payment (in cash or in
                  kind) of the principal of, or interest (whether or not
                  capitalised) or other amount on or in respect of Subordinated
                  Debt or any sub-participation or cash collateral arrangement
                  in respect of any Subordinated Debt;

         (d)      make or resolve to make any other transfer of assets to any
                  Shareholder or other Restricted Person; or

         (e)      exercise any right of set-off in respect of any Subordinated
                  Debt.

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19.18    Permitted Distributions

         (a)      Any member of the Group may make or resolve to make a
                  Permitted Distribution of the type referred to in clause (a)
                  or (b) of the definition of "Permitted Distribution" so long
                  as before and after giving effect to such Permitted
                  Distribution, the ratio of Senior Debt of the Group to EBITDA
                  of the Group (calculated based on the financial statements of
                  the Borrower most recently available and giving pro forma
                  effect to such Permitted Distribution) shall be less than
                  3.0:1.0.

         (b)      So long as no Event of Default shall have occurred and be
                  continuing, the relevant Issuer, holding company of an Issuer
                  or the Borrower may make any payment due by it under the High
                  Yield Debt Documents if:

                  (i)      in the case of a payment by the relevant Issuer to
                           the relevant trustee, a Payment Blockage Notice (as
                           defined in the applicable High Yield Debt Documents)
                           does not apply to that payment; or

                  (ii)     in the case of the payment by the Borrower or a
                           holding company of an Issuer to the relevant Issuer,
                           the payment to the trustee which such payment is to
                           fund is not subject to a Payment Blockage Notice (as
                           defined in the applicable High Yield Debt Documents).

         (c)      Without prejudice to sub-Clause 19.18(d), so long as no Event
                  of Default shall have occurred and be continuing, the Borrower
                  or any member of the Group may make payments of interest in
                  respect of any transaction described in paragraph (e) of the
                  definition of Subordinated Debt.

         (d)      Unless a Default has occurred and is continuing, the whole or
                  any part of the Subordinated Debt may be repaid, replaced,
                  substituted or refinanced by way of an equity contribution,
                  Reserve Capital or other Subordinated Debt; provided that in
                  the case of such other Subordinated Debt, the maturity date of
                  such other Subordinated Debt is no earlier than 12 months
                  after the Final Repayment Date.

19.19    Certification of Payment Amounts

         Where any Permitted Distribution, other than pursuant to the High Yield
         Debt Documents, is proposed to be made pursuant to Clause 19.18
         (Permitted Distributions) the Borrower shall, prior to making such
         payment, provide to the Agent not less than 10 Business Days before the
         proposed date for the Distribution, a certificate signed by an
         authorised signatory of the Borrower showing:

         (a)      the date and amount of such proposed Distribution;

         (b)      such calculations in reasonable detail as are necessary to
                  show how the payment figure was arrived at and that the
                  provisions in Clause 19.18 (Permitted Distributions) have been
                  complied with; and

         (c)      all calculations required under Clause 21 (Financial
                  Undertakings) calculated before and after giving effect to
                  such proposed Distribution.

19.20    Share Capital

         The Borrower will not and will procure that no member of the Group
         will:

         (a)      other than in the case of the Borrower, issue any Excluded
                  Share Capital;

         (b)      issue any new share capital or grant any option over any
                  shares to any person except:

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                  (i)      in the case of any Subsidiary of the Borrower, shares
                           issued to another member of the Group, where a
                           Security Agent or the Banks already have security
                           over the shares of the issuer of any such new shares
                           in which case the new share capital or option may be
                           issued or granted once the relevant Security Agent or
                           the Agent has confirmed to the Borrower that the
                           member of the Group to whom such new shares are to be
                           issued has provided security over such shares to a
                           Security Agent and/or the Finance Parties to the
                           reasonable satisfaction of Security Agent and the
                           Agent have obtained whatever certificates, corporate
                           authorities or opinions they may deem necessary; and

                  (ii)     the Borrower may issue new share capital in
                           consideration of cash or a contribution in kind by
                           any Shareholder of any Shareholder Loan or any
                           Reserve Capital, provided that promptly after the
                           issuance thereof, the Borrower shall notify the
                           Finance Parties as to the number of shares issued and
                           the identity of the person to which such shares were
                           issued; or

         (c)      undertake an initial public offering without giving prior
                  written notice to the Banks through the Agent.

19.21    Intellectual Property Rights

         The Borrower will, and will procure that each of its Subsidiaries will:

         (a)      promptly make such registrations and pay such fees and similar
                  amounts as are necessary to keep those registered Intellectual
                  Property Rights owned by the Group which are material to the
                  conduct of the business of the Group taken as a whole from
                  time to time;

         (b)      not infringe in carrying on its business any Intellectual
                  Property Rights of any third party in any way which would have
                  a Material Adverse Effect;

         (c)      promptly take such steps as are necessary and commercially
                  reasonable (including, without limitation, the institution of
                  legal proceedings) to prevent third parties infringing those
                  Intellectual Property Rights referred to in paragraph (a)
                  above and (without prejudice to paragraph (a) above) take such
                  other steps as are reasonably practicable to maintain and
                  preserve its interests in those rights;

         (d)      promptly upon being required to do so by the Agent or a
                  Security Agent, comply with all proper instructions of the
                  Agent or a Security Agent which the Agent or a Security Agent
                  is entitled to give under the Security Documents in respect of
                  its Intellectual Property Rights referred to in paragraph (a)
                  above;

         (e)      not sell, transfer, lease, licence on an exclusive basis or
                  otherwise dispose of all or any part of its interest in any of
                  the Intellectual Property Rights referred to in paragraph (a)
                  above (whether in a single transaction or in a series of
                  transactions whether related or not and whether voluntarily or
                  involuntarily) save:

                  (i)      as effected pursuant to any of the Security
                           Documents; or

                  (ii)     for any licence arrangements in respect of those
                           rights entered into with members of the Group for so
                           long as they remain members of the Group; or

                  (iii)    for any licence arrangements in respect of those
                           rights entered into with any third party, where those
                           licence arrangements are entered into on arms' length
                           terms and in the ordinary course of business and
                           which do not materially and adversely affect the
                           interests of the Banks under the Senior Finance
                           Documents; and

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         (f)      not permit any registration of any of the Intellectual
                  Property Rights referred to in paragraph (a) above to be
                  abandoned, cancelled or to lapse or to be liable to any claim
                  of abandonment for non-use or otherwise.

19.22    Environmental Matters

         The Borrower will and will procure that each other member of the Group
         will:

         (a)      (i) obtain all requisite Environmental Licences required for
                  the carrying on of its business as currently conducted, (ii)
                  comply with the terms and conditions of all such Environmental
                  Licences applicable to it and (iii) comply with all other
                  applicable Environmental Laws, in each case where failure to
                  do so would have a Material Adverse Effect;

         (b)      promptly upon receipt of the same, notify the Agent and the
                  Security Agent of any Environmental Claim pending or
                  threatened against any member of the Group which if decided
                  against that member of the Group would be reasonably likely to
                  have a Material Adverse Effect;

         (c)      not use, dispose of, generate, store, transport, dump,
                  release, deposit, bury or emit at, on, from or under any
                  premises (whether or not owned, leased, occupied or controlled
                  by any member of the Group and including any offsite waste
                  management or disposal location utilised by any member of the
                  Group) any Dangerous Substance in circumstances where this
                  would be reasonably likely to result in a liability on any
                  member of the Group which would have a Material Adverse
                  Effect.

         The Borrower shall supply to the Agent in sufficient copies for all the
         Banks, if the Agent so requests, within 60 days after the end of each
         annual Accounting Period, a report, in form and scope satisfactory to
         the Agent, on environmental, health and safety issues arising in
         relation to the Borrower or its Telecom Business during such annual
         Accounting Period, including compliance by the Borrower with
         Environmental Laws, any violations thereof and fines and remedial
         action relating thereto, public complaints and environmental
         emergencies.

19.23    Insurance

         The Borrower shall, and shall procure that each other member of the
         Group will maintain insurance with financially sound and reputable
         insurers with respect to its assets of an insurable nature against such
         risks and in such amounts as are normally maintained by persons
         carrying on the same or a similar class of business and will provide
         the Agent details of such insurances, promptly after each renewal and
         such other times as the Agent may reasonably request.

19.24    Change of Business

         The Borrower and the Group shall conduct at all times only the Telecom
         Business.

19.25    Mergers

         The Borrower will not, and will procure that no other member of the
         Group will, enter into any merger, amalgamation, reconstruction or
         consolidation with any other person or business other than:

         (a)      a conversion by the Borrower into a joint stock company
                  (Spolka Akcyjna);

         (b)      a merger where the Borrower or the relevant Subsidiary is the
                  surviving legal entity; or

         (c)      a merger where the Borrower or the relevant Subsidiary is not
                  the surviving legal entity but the surviving legal entity of
                  such merger assumes the obligations of the Borrower or the
                  relevant Subsidiary,

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         in each case where the Majority Banks are satisfied, in their
         reasonable opinion, that (i) the net assets of the Borrower or its
         Subsidiary or their successor (as the case may be) are no less than
         those of the Borrower or its Subsidiary immediately prior to the merger
         and (ii) the most recent Business Plan (updated to reflect the merger
         or conversion) demonstrates that the resulting entity will be able to
         comply with all of the obligations of the Borrower or the relevant
         Subsidiary under the Senior Finance Documents to at least the same
         extent as the Borrower or the relevant Subsidiary would have been able
         to do.

19.26    Financial Indebtedness

         (a)      The Borrower will not, and will procure that no member of the
                  Group will, incur or permit to subsist any Financial
                  Indebtedness other than:

                  (i)      indebtedness under the Senior Finance Documents;

                  (ii)     any existing Financial Indebtedness set forth in
                           Schedule K and any refinancing of any such Financial
                           Indebtedness marked by an asterisk in Schedule K;
                           provided that the principal amount of such
                           refinancing Financial Indebtedness does not exceed
                           the principal amount being refinanced and the obligor
                           of the new Financial Indebtedness remains the same as
                           the obligor of the refinanced Financial Indebtedness;

                  (iii)    Financial Indebtedness incurred in accordance with
                           the Hedging Policy and pursuant to any (a) Hedging
                           Agreement in effect as of the date hereof and set
                           forth in Schedule L, intended to hedge against
                           interest rate or foreign exchange rate fluctuations,
                           (b) Hedging Agreement intended to hedge against
                           interest rate or foreign exchange rate fluctuations
                           relating to any Financial Indebtedness under the
                           Senior Finance Documents, (c) Hedging Agreement
                           intended to hedge against interest rate or foreign
                           exchange rate fluctuations relating to any interest
                           amounts payable under any High Yield Debt Documents
                           and (d) Hedging Agreement intended to hedge against
                           any foreign exchange rate fluctuations relating to
                           the principal outstanding under any High Yield Debt
                           Documents; provided that any such Hedging Agreement
                           as is described in this sub-clause (d) is unsecured
                           and subordinated to the Financial Indebtedness under
                           the Senior Finance Documents;

                  (iv)     Financial Indebtedness consisting of vendor
                           financings where the payment terms exceed 180 days so
                           long as the aggregate amount outstanding thereunder
                           does not at any time exceed the Euro Equivalent of
                           euro50,000,000;

                  (v)      during the UMTS Pre-Approval Period:

                           (A)      (x)     Subordinated Debt (other than
                                            Shareholder Loans) of an Obligor
                                            (and any Subordinated Debt of the
                                            Borrower incurred from the onlending
                                            of such Subordinated Debt of the
                                            Obligor) so long as after giving pro
                                            forma effect thereto, the Borrower
                                            will be in compliance with its
                                            undertakings contained in Clause 21
                                            (Financial Undertakings); and

                                    (y)     Financial Indebtedness incurred
                                            pursuant to any New Facility;
                                            provided that before and after
                                            giving effect to the incurrence of
                                            such New Facility, no Default shall
                                            have occurred and be continuing;

                           in either case for the purpose of funding the UMTS
                           Licence Initial Instalments provided that:

                                            (aa) the maximum aggregate principal
                                                 amount of the Financial
                                                 Indebtedness referred to in (x)
                                                 and (y) above

<PAGE>   69

                                        66

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                                                 shall not, at any
                                                 time, exceed euro100,000,000
                                                 (or the Euro Equivalent
                                                 thereof, if incurred in
                                                 another currency); and

                                            (bb) immediately following the
                                                 application of any such
                                                 Financial Indebtedness in
                                                 payment of any UMTS
                                                 Licence Initial Instalment the
                                                 aggregate principal amount of
                                                 all Financial Indebtedness
                                                 (other than Shareholder Loans)
                                                 incurred (whether hereunder or
                                                 otherwise) for the purpose of
                                                 financing such UMTS Licence
                                                 Initial Instalment and all
                                                 previous UMTS Licence Initial
                                                 Instalments shall not exceed an
                                                 amount equal to the lower of
                                                 (i) euro250,000,000 (or Euro
                                                 Equivalent thereof, if incurred
                                                 in another currency) and (ii)
                                                 2/3 of the Euro Equivalent of
                                                 the aggregate amount of such
                                                 UMTS Licence Initial Instalment
                                                 and all previous UMTS Licence
                                                 Initial Instalments;

                           (B)      Subordinated Debt of an Obligor so long as
                                    such Subordinated Debt is zero-coupon or the
                                    payment of interest on such Subordinated
                                    Debt is secured with cash on deposit in an
                                    escrow account and the period during which
                                    such Subordinated Debt is zero coupon or the
                                    interest thereon is escrowed extends beyond
                                    the Final Repayment Date and so long as the
                                    proceeds thereof are used for general
                                    corporate purposes other than UMTS
                                    Expenditures;

                           (C)      Financial Indebtedness of an Obligor
                                    consisting of Shareholder Loans, the
                                    proceeds of which are used (i) to purchase
                                    the UMTS Licence or (ii) for general
                                    corporate purposes other than UMTS
                                    Expenditures;

                  (vi)     during the UMTS Approved Period:

                           (A)      Subordinated Debt of an Obligor (and any
                                    Subordinated Debt of the Borrower incurred
                                    from the onlending of such Subordinated Debt
                                    of the Obligor) so long as after giving pro
                                    forma effect thereto, the Borrower will be
                                    in compliance with its undertakings
                                    contained in Clause 21 (Financial
                                    Undertakings);

                           (B)      Financial Indebtedness consisting of:

                                    (x)     Financial Indebtedness incurred
                                            pursuant to any New Facility;
                                            provided that before and after
                                            giving effect to the incurrence of
                                            such New Facility, no Default shall
                                            have occurred and be continuing;

                                    (y)     Financial Indebtedness or other
                                            obligations incurred pursuant to QTE
                                            Leases (and (without
                                            double-counting) any letter of
                                            credit issued in connection
                                            therewith) in an aggregate amount
                                            not exceeding the Euro Equivalent of
                                            euro100,000,000 and Finance Leases;

                           provided that the aggregate principal amount
                           outstanding (or, in the case of QTE Leases and
                           letters of credit referred to in sub-Clause (y)
                           above, upon defeasance in accordance to the terms
                           thereof, the residual amount thereof) of all such
                           Financial Indebtedness or other obligations incurred
                           in accordance with this sub-Clause (B) and any
                           amounts incurred pursuant to sub-Clause (v)(A)(y)
                           above during the UMTS Pre-Approval Period does not,
                           at any time, exceed the Additional Debt Amount;

<PAGE>   70
                                        67

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                  (vii)    during the UMTS Prepayment Period:

                           (A)      Subordinated Debt of an Obligor (and any
                                    Subordinated Debt of the Borrower incurred
                                    from the onlending of such Subordinated Debt
                                    of the Obligor) so long as after giving pro
                                    forma effect thereto, the Borrower will be
                                    in compliance with its undertakings
                                    contained in Clause 21 (Financial
                                    Undertakings);

                           (B)      Financial Indebtedness consisting of vendor
                                    financings where the payment terms exceed
                                    180 days, so long as the aggregate amount
                                    outstanding thereunder does not at any time
                                    exceed the Euro Equivalent of
                                    euro75,000,000;

                  (viii)   during the UMTS Exclusion Period;

                           (A)      Subordinated Debt of an Obligor consisting
                                    of Shareholder Loans; and

                           (B)      Subordinated Debt (other than Shareholder
                                    Loans) of an Obligor (and any Subordinated
                                    Debt of the Borrower incurred from the
                                    onlending of such Subordinated Debt of the
                                    Obligor) so long as such Subordinated Debt
                                    is zero-coupon or the payment of interest on
                                    such Subordinated Debt is secured with cash
                                    on deposit in an escrow account and the
                                    period during which such Subordinated Debt
                                    is zero-coupon or the interest thereon is
                                    escrowed extends beyond the Final Repayment
                                    Date and so long as the proceeds thereof are
                                    used for general corporate purposes other
                                    than UMTS Expenditures; and

                  (ix)     Indebtedness under the Supplemental Facility Senior
                           Finance Documents or refinancings thereof, so long as
                           the aggregate principal amount outstanding thereunder
                           does not exceed the Euro Equivalent of
                           euro100,000,000.

         (b)      The Borrower may not, and shall procure that none of its
                  Subsidiaries will, incur or permit to subsist any indebtedness
                  by the issue of any letters of credit, bank guarantees, bonds
                  for the performance of bids, tenders or contracts or similar
                  instruments other than:

                  (i)      letters of credit, bank guarantees, performance bonds
                           or similar instruments with tenors not exceeding one
                           year incurred by a member of the Group in the
                           ordinary course of its business or issued in support
                           of Financial Indebtedness, the aggregate principal
                           amount of which does not exceed the Euro Equivalent
                           of euro15,000,000; or

                  (ii)     letters of credit, bonds or guarantees in connection
                           with the leasehold interests of the Borrower in
                           property which is required for the Borrower's
                           business where the amount of the letters of credit,
                           bonds or guarantees does not exceed 6 months rent for
                           the leasehold interest in respect of which the letter
                           of credit, bond or guarantee is issued.

         (c)      Notwithstanding the foregoing, any Financial Indebtedness,
                  letters of credit, bank guarantees, performance bonds or
                  similar instruments incurred during a period in which it was
                  permitted under this Agreement to be incurred shall be deemed
                  to be permitted in any subsequent period if it would not
                  otherwise have been permitted to be incurred under this
                  Agreement during such subsequent period.

19.27    Arm's-length Terms

         The Borrower will not, and will procure that no other member of the
         Group will, incur any liability to or for the benefit of, or enter into
         any arrangement with any Restricted Person (other than in relation to
         Subordinated Debt) or other person owned in whole or in part, either
         directly or indirectly, by a Shareholder or which are on terms no worse
         to the Group than on an arm's length basis in the ordinary

<PAGE>   71

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         course of business and, in respect of agreements entered into after the
         Signing Date, where there have been bona fide negotiations relating to
         such terms.

19.28    Compliance with Laws

         The Borrower will, and will procure that each of its Subsidiaries will,
         comply in all respects with all applicable material laws, rules,
         regulations and orders of any governmental authority, having
         jurisdiction over it or any of its assets the failure to comply with
         which would be reasonably likely to have a Material Adverse Effect.

19.29    Auditors

         The Borrower will instruct the Auditors to discuss the Group's and/or
         any Group member's financial position with the Agent on request from
         the Agent at the expense of the Borrower (following consultation with
         the Borrower and not more than once in each annual Accounting Period)
         up to an amount in each case, of US$1,500 except that such limit shall
         not apply if a Default subsists and has not been waived. The Agent will
         inform the Banks of the results of any such discussions.

19.30    The Pledge Law

         (a)      The Borrower shall procure that the Security Documents
                  referred to in Schedule D are duly authorised and executed
                  (unless otherwise specified in Schedule E), and the security
                  is registered promptly (unless otherwise specified in Schedule
                  E) with the requisite court to the extent required by the
                  Pledge Law and all fees are paid in connection with such
                  registration at the time of or before registration; provided,
                  however that the Asset Pledge shall be executed by the
                  Borrower and be held in escrow by the Security Agent until the
                  date of deregistration of the Polish asset pledge made by the
                  Borrower in favor of Citibank International plc and Citibank
                  (Poland) S.A. (the "CITIBANK PLEDGE").

         (b)      The Borrower shall procure that appropriate application for
                  the registration of the documents referred to in paragraph (a)
                  above are lodged promptly after the deregistration of the
                  Citibank Pledge.

         (c)      The Borrower shall procure that all pledges of collateral
                  under the facility agreement dated 17th December, 1997 between
                  the Borrower, the arrangers named therein, the banks named
                  therein, Citibank International plc as Facility A Agent and
                  Security Agent, Citibank (Poland) S.A. as Facility B Agent and
                  Security Agent and Citibank N.A. as Co-ordinator shall be
                  deleted from the register of pledges maintained by the Warsaw
                  court promptly after the initial Utilisation hereunder.

         (d)      The Borrower shall execute a notarial deed in favour of the
                  Finance Parties under which it will submit to execution with
                  respect to the obligation to repay the Advances pursuant to
                  Art. 777 Sec. 1.5 of the Polish Code of Civil Procedure, and a
                  notarial deed in favour of the Security Agent with respect to
                  the obligation to surrender PTC's movables pursuant to Art.
                  777 Sec. 1.4 of the Polish Code of Civil Procedure no later
                  than the Business Day immediately following the first
                  Utilisation.

19.31    Principal Members of the Group

         The Borrower will procure that all Principal Members of the Group
         become Guarantors and grant security over their assets in accordance
         with the terms of this Agreement.

19.32    Security and Bank Accounts

         (a)      The Borrower will procure that where the Borrower or another
                  member of the Group creates or acquires a Subsidiary after the
                  Signing Date:

<PAGE>   72

                                        69

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                  (i)      the Holding Company of that Subsidiary gives to the
                           Security Agent security over all of the shares in the
                           Subsidiary; and

                  (ii)     that Subsidiary, if it constitutes a Principal Member
                           of the Group, gives a guarantee of all amounts
                           outstanding under the Senior Finance Documents;

                  in each case, in such form as the Agent may reasonably require
                  and any person who provides the security or guarantees
                  provides the Security Agent with such corporate authorities,
                  certificates, evidence of registrations and opinions as the
                  Security Agent may require in each case simultaneously with
                  the creation or acquisition of the Subsidiary.

         (b)      The Borrower will, upon the acquisition of any material assets
                  or property not yet subject to the Security Documents, give
                  security to the Security Agent, to the extent it is legally
                  able to, over such assets or property, and will procure that
                  each Subsidiary that constitutes a Principal Member of the
                  Group give security to the Security Agent, to the extent it is
                  legally able to, over all or substantially all of its assets,
                  in each case on such terms and in such form as the Agent may
                  reasonably require (subject, however, to any exceptions
                  contained in the Security Documents in the agreed form on the
                  Signing Date) and will procure that any person who provides
                  the security provides the Security Agent with such corporate
                  authorities, certificates, evidence of registrations and
                  opinions as the Security Agent may require as soon as
                  practicable after the acquisition of such assets or property
                  or after it has become aware that the Subsidiary has become a
                  Principal Member of the Group, as the case may be.

         (c)      The Borrower will use all reasonable endeavours to assist the
                  Finance Parties in any enforcement proceedings in the event
                  that the security created, if any, over any of the Shares is
                  enforced.

         (d)      The Borrower will procure that each member of the Group will
                  maintain all its bank accounts:

                  (i)      in the case of any account other than the collection
                           account for subscriber receivables, with a Bank or
                           any bank or other financial institution in London,
                           Poland or Amsterdam with (or the Holding Company of
                           which has) a long-term debt rating of at least (a)
                           "BBB-" from S&P and "Baa3" from Moody's in any amount
                           or (b) "BB" from S&P and "Ba" from Moody's in such
                           amounts as agreed between the Agent and the Borrower
                           from time to time, or

                  (ii)     in the case of the collection account for subscriber
                           receivables, a Bank or any bank or other financial
                           institution in Poland, with a long-term debt rating
                           of at least (a) "BBB -"from S&P and "Baa3" from
                           Moody's in any amount or (b) "BB" from S&P and "Ba"
                           from Moody's in such amounts as agreed between the
                           Agent and the Borrower,

                  and the Agent is reasonably satisfied that there are first
                  priority Security Interests created by the Security Documents
                  over such accounts (other than over those accounts subject to
                  the Bank Account Side Letter) and such bank has agreed to
                  waive its rights of set off over such account.

19.33    UMTS Licence

         (a)      The Borrower shall not borrow, and shall not permit any
                  members of the Group to borrow, more, in the aggregate, than
                  the Euro Equivalent of the lesser of euro250,000,000 and
                  66 2/3 per cent. of the UMTS Licence Initial Instalments by
                  way of Subordinated Debt (other than Shareholder Loans) and
                  Senior Debt for the purpose of funding UMTS Licence Initial
                  Instalments. The Borrower shall not make, or permit any member
                  of the Group to make, any payments (other than those described
                  in the previous sentence) related to the UMTS Licence Initial
                  Instalments unless such UMTS Licence Initial Instalments are
                  funded by the Shareholders pursuant to capital contributions
                  or Shareholder Loans.

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         (b)      (i) During the UMTS Pre-Approval Period and (ii) during the
                  UMTS Exclusion Period, the Borrower shall furnish to the Agent
                  in sufficient copies for each of the Banks a certificate on
                  each March 31, June 30, September 30 and December 31 occurring
                  during the UMTS Pre-approval Period and on the date falling
                  three months from the date of the first day of the UMTS
                  Exclusion Period and every three months thereafter, setting
                  forth all amounts spent on purchasing the UMTS Licence and
                  UMTS Expenditures of the Group and the equivalent amount in
                  capital contributions or Shareholder Loans to the Group and
                  demonstrating compliance with Clause 19.26(a) (Financial
                  Indebtedness).

19.34    UMTS Expenditure

         The Borrower will not, and will procure that no other member of the
         Group will, incur any UMTS Expenditure during (a) the UMTS Pre-Approval
         Period, other than for an amount of up to the Euro Equivalent of
         euro25,000,000 in aggregate and (b) the UMTS Exclusion Period, unless
         such UMTS Expenditures are funded through capital contributions or
         Shareholder Loans.

20.      SYSTEM UNDERTAKINGS

20.1     Network

         The Borrower will procure that the Network is designed, constructed,
         completed, operated and run in a safe, efficient and business-like
         manner in accordance with:

         (a)      the requirements of each Licence;

         (b)      requirements relating thereto in any Material Contract;

         (c)      all applicable Polish laws and regulations; and

         (d)      reasonable and prudent industry standards applicable in
                  Poland,

         which, in the case of paragraphs (b) and (c) above, are material to the
         Network or which, if a member of the Group does not so design,
         construct, complete, operate or run, may have a Material Adverse
         Effect.

20.2     Material Contracts

         (a)      Subject to paragraph (b) below, the Borrower will, and will
                  cause each of its Subsidiaries to, comply with all of its
                  obligations under the Material Contracts to which it is a
                  party where failure so to comply is reasonably likely to have
                  a Material Adverse Effect.

         (b)               (i) Save in the circumstances identified in paragraph
                           (ii) below, the Borrower will not, and will not
                           permit any of its Subsidiaries to, give any consent
                           under or agree to waive amend or terminate any
                           Material Contract where to do so in the case of a
                           waiver or amendment is reasonably likely to have a
                           Material Adverse Effect.

                  (ii)     For the avoidance of doubt, the provisions of
                           sub-paragraph (i) above and paragraph (c) below shall
                           not prohibit the Borrower from terminating, or
                           permitting any of its Subsidiaries to terminate, any
                           Material Contract provided that such Material
                           Contract is replaced by an agreement on substantially
                           the same or better terms.

         (c)      The Borrower will, and will cause each of its Subsidiaries to,
                  maintain and in good faith enforce in a manner it reasonably
                  considers appropriate its rights under the Material Contracts
                  and on applicable terms, regulations and authorisations to the
                  extent necessary in order to ensure:

                  (i)      its compliance with its obligations under the Senior
                           Finance Documents; and

<PAGE>   74
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                  (ii)     if material to the interests of the Finance Parties
                           under the Senior Finance Documents, the performance
                           by the other parties thereto of their obligations
                           under the Material Contracts.

         (d)      The Borrower will, and will cause its Subsidiaries to, perform
                  its obligations under all material leases, permissions,
                  consents, approvals, licences, easements, rights of way and
                  any other rights if failing to do so is reasonably likely to
                  have a Material Adverse Effect.

         (e)      The Borrower will promptly provide the Agent for distribution
                  to the Banks at intervals of no more than 3 months' duration,
                  notice (together with such details as the Agent may reasonably
                  request) of any interconnection agreements or Licences entered
                  into by any member of the Group since the date of this
                  Agreement, or if later, the date on which the Borrower last
                  provided notice pursuant to this Clause 20.2(e).

         (f)      If the Agent notifies the Borrower that as a result of the
                  enforcement of the security created over the Borrower's
                  business and assets pursuant to the terms of this Agreement
                  all or substantially all of the business or assets of the
                  Borrower are to be transferred to another company, the
                  Borrower will use all reasonable endeavours to ensure that the
                  Material Contracts and any other rights necessary for the
                  operation and maintenance of the Network are transferred to
                  such other company.

20.3     Operations

         The Borrower will procure that it has at all times available to it
         operating and maintenance personnel trained to operate and maintain the
         Network properly and efficiently within all manufacturers' material
         guidelines and specifications and to respond to emergency conditions.

20.4     Maintenance and Reinstatement

         The Borrower will keep and use all reasonable endeavours to keep or
         will procure that the Network and, without limitation, all assets
         forming part of the Network are kept in good and efficient operating
         condition and that material defects, imperfections and other faults are
         promptly remedied and made good and that repairs, renewals,
         replacements, additions and improvements thereto required to such end
         are promptly made.

20.5     Power to Remedy

         (a)      In case of default by the Borrower in complying with Clause
                  20.4 (Maintenance and reinstatement), the Borrower will permit
                  the Agent or its agents and contractors to enter facilities
                  relating to the Network and to comply with or object to any
                  notice served on the Borrower in respect of the Network and to
                  effect such repairs or insurance or generally do such things
                  or pay all reasonable and properly incurred costs, charges and
                  expenses as are reasonably necessary to prevent or remedy any
                  breach of that Clause or to comply with or object to any
                  notice.

         (b)      The Borrower will indemnify and keep the Agent indemnified
                  against all losses, costs, charges and expenses properly
                  incurred in connection with the exercise of the powers
                  contained in this Clause 20.5 unless the same arises as a
                  result of any gross negligence or wilful misconduct on the
                  part of the Agent or its officers, employees, directors,
                  agents or contractors.

21.      FINANCIAL UNDERTAKINGS

21.1     Senior Debt to EBITDA

         The Borrower will procure that the amount of Senior Debt of the Group
         will not at any time during the period from each date (the
         "DETERMINATION DATE") which falls two Business Days after the date on
         which the Agent receives the Accounts in respect of a quarterly
         Accounting Period referred to in the

<PAGE>   75

                                        72

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         table below up to but excluding the next Determination Date exceed the
         amount of EBITDA of the Group for the Ratio Period ending on the last
         day of each quarterly Accounting Period referred to in the table below
         multiplied by the multiplier set opposite such quarterly Accounting
         Period in the table below:

<TABLE>
<CAPTION>
                          ACCOUNTING PERIOD                                       MULTIPLIER
                          -----------------                                       ----------
         <S>                                                                      <C>

         Each quarterly  Accounting Period ending on or after                         4.0
         the 31st  December,  2000 but before  31st December,
         2003

         Each quarterly  Accounting Period ending on or after                         3.5
         31st December, 2003 but before 31st December, 2004

         Each quarterly  Accounting Period ending on or after                         3.0
         31st December, 2004 and thereafter
</TABLE>

21.2     EBITDA to Interest Expense on Senior Debt

         The Borrower will procure that the ratio of EBITDA to Interest Expense
         on Senior Debt, in each case of the Group on a consolidated basis, for
         each Ratio Period ending:

         (a)      on or after 31st December, 2000 but before 31st December, 2002
                  will not be less than 2.5:1; and

         (b)      on or after 31st December, 2002 will not be less than 3.0:1.

21.3     EBITDA to Interest Expense on Total Debt

         The Borrower will procure that the ratio of EBITDA to Interest Expense
         on Total Debt, in each case of the Group on a consolidated basis, for
         each Ratio Period ending:

         (a)      on or after 31st December, 2000 but before 31st December, 2001
                  will not be less than 1.50:1; and

         (b)      on or after 31st December, 2001 but before 31st December, 2002
                  will not be less than 1.75:1; and

         (c)      on or after 31st December, 2002 but before 31st December, 2003
                  will not be less than 2.00:1; and

         (d)      on or after 31st December, 2003 but on or before 31st
                  December, 2004 will not be less than 2.25:1; and

         (e)      on or after 31st December, 2004 will not be less than 2.50:1.

21.4     Calculation

         (a)      All the terms used in this Clause 21 are to be calculated
                  substantially in accordance with the Accounting Principles and
                  where applicable on the basis of information supplied pursuant
                  to Clause 19.2 (Financial information and Business Plan).

         (b)      Any amount outstanding in a currency other than Zloty is to be
                  taken into account at its Zloty Equivalent calculated on the
                  basis of the National Bank of Poland's fixing rate applicable
                  on the day the relevant amount falls to be calculated.

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22.      DEFAULT

22.1     Events of Default

         Each of the events set out in Clause 22.2 (Non-payment) to 22.20
         (Material adverse change) is an Event of Default (whether or not caused
         by any reason outside the control of the Borrower or of any other
         person).

22.2     Non-Payment

         The Borrower does not pay on the due date any amount payable by it
         under any Senior Finance Document at the place and in the funds
         expressed to be payable, except for any such amount which is unpaid due
         to technical delays in the transmission of funds which are beyond the
         control of the Borrower and which is paid in full within three Business
         Days of the due date for payment.

22.3     Breach of Obligations

         (a)      There is any breach of the provisions of Clauses 19.4
                  (Notification of Default), 19.8 (Negative Pledge), 19.9
                  (Transactions similar to security), 19.33 (UMTS Licence),
                  19.34 (UMTS Expenditure) or 21 (Financial undertakings).

         (b)      There is any breach of the provisions of Clauses 19.10
                  (Disposals), 19.11 (Pari passu ranking), 19.16 (Acquisitions
                  and investments), 19.17 (Restricted distributions), 19.20
                  (Share capital), 19.24 (Change of business), 19.25 (Mergers),
                  19.26 (Financial Indebtedness) or 19.30 (The Pledge Law) and
                  either (i) such breach is unremedied for 14 days after the
                  earlier of (A) the Borrower becoming aware of such breach and
                  (B) receipt by the Borrower of written notice from the Agent
                  requiring the failure to be remedied, or (ii) the Majority
                  Banks (acting reasonably) notify the Borrower that in their
                  opinion such breach cannot or is not likely to be remedied
                  within 14 days from the date of such notice.

         (c)      Any Obligor or any Shareholder fails to comply with any other
                  provision of any Senior Finance Document and, if such default
                  is capable of remedy within such period, within 30 days after
                  the earlier of the Obligor or Shareholder becoming aware of
                  such default and receipt by the Obligor or Shareholders and
                  (if different) the Borrower of written notice from the Agent
                  requiring the failure to be remedied, that Obligor or
                  Shareholders fails to cure such default.

22.4     Misrepresentation/Breach of Warranty

         Any representation, warranty or statement made or repeated by the
         Borrower, any Obligor or any other party to a Senior Finance Document
         (other than a Finance Party), in any Senior Finance Document or in any
         certificate or statement delivered by or on behalf of any Obligor,
         other member of the Group or other party to a Senior Finance Document
         (other than a Finance Party), under any Senior Finance Document, is
         incorrect in any respect which is material when made or deemed to be
         made or repeated by reference to the facts and circumstances then
         subsisting.

22.5     Cross-default

         (a)      Any amount in respect of Financial Indebtedness of a member of
                  the Group is not paid when due; or

         (b)      an event of default howsoever described (or any event which
                  with the giving of notice, lapse of time or any combination of
                  the foregoing would constitute such an event of default)
                  occurs under any document relating to Financial Indebtedness
                  of a member of the Group; or

         (c)      any Financial Indebtedness of a member of the Group becomes
                  prematurely due and payable or is placed on demand as a result
                  of an event of default (howsoever described) under the
                  document relating to that Financial Indebtedness; or

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         (d)      any commitment for, or underwriting of, any Financial
                  Indebtedness of a member of the Group is cancelled or
                  suspended as a result of an event of default (howsoever
                  described) under the document relating to that Financial
                  Indebtedness; or

         (e)      any Security Interest securing Financial Indebtedness over any
                  asset of a member of the Group becomes enforceable,

         and the aggregate of all such Financial Indebtedness as described in
         paragraphs (a) to (e) above of all members of the Group exceeds the
         Euro Equivalent of euro10,000,000.

22.6     Invalidity

         (a)      Any of the Senior Finance Documents ceases to be in full force
                  and effect or ceases to constitute the legal, valid and
                  binding obligation of any Obligor or other party to it (other
                  than a Finance Party) enforceable in accordance with its terms
                  subject to applicable insolvency and other laws affecting
                  creditors' rights generally.

         (b)      Any Security Document fails, after the first Utilisation (or
                  in the case of those Security Documents listed at subclauses
                  (i), (ii), (iii) and (iv) of paragraph 25 of Schedule E, after
                  the date such Security Documents are required to be delivered
                  to the Security Agent in accordance with the terms of the
                  Senior Finance Documents (including, without limitation, to
                  the extent required by the terms of the Senior Finance
                  Documents, Registered Share Pledges pledging at least 51% of
                  the Shares in favour of the Security Agent), to provide first
                  priority security in favour of the Security Agent and/or the
                  Banks over the assets over which security is intended to be
                  given by that Security Document other than where (i) such an
                  event can be remedied, (ii) the Borrower is diligently taking
                  steps to remedy such event and (iii) such event is remedied in
                  a manner reasonably acceptable to the Majority Banks within 30
                  days after notice from the Agent to the Borrower requiring
                  such event to be remedied.

         (c)      It shall be unlawful for any Obligor or any other party (other
                  than a Finance Party) to perform any of its obligations under
                  any of the Senior Finance Documents which if not performed
                  would in the reasonable opinion of the Majority Banks be
                  materially adverse to the Banks.

22.7     Insolvency

         (a)      A Principal Member of the Group is declared insolvent by a
                  court of competent jurisdiction, is unable to pay its debts as
                  they fall due or admits inability to pay its debts as they
                  fall due; or

         (b)      a Principal Member of the Group suspends making payments on
                  all or any class of its debts or announces an intention to do
                  so, or a moratorium is declared in respect of any of its
                  indebtedness; or

         (c)      a Principal Member of the Group, by reason of financial
                  difficulties, begins negotiations with one or more of its
                  creditors with a view to the readjustment or rescheduling of
                  any of its indebtedness.

22.8     Insolvency proceedings

         (a)      Any formal proposal by a Principal Member of the Group to its
                  creditors or a petition is made or resolution passed with a
                  view to a composition, general assignment of all assets of any
                  Principal Member of the Group or arrangement with any
                  creditors of any Principal Member of the Group unless the
                  terms thereof have been previously approved by the Majority
                  Banks; or

         (b)      (i)      a meeting of any Principal Member of the Group is
                           convened by at least 10% of its shareholders or its
                           management board or directors for the purpose of
                           voting on any resolution for (or to petition for) its
                           winding-up or for its administration and either (A)
                           the Majority Banks (acting in good faith) consider
                           that such meeting is not being

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                           convened for frivolous or vexatious purposes or (B)
                           the Borrower is not able to demonstrate to the
                           reasonable satisfaction of the Majority Banks that
                           such resolution or petition is unlikely to be passed
                           or made at such meeting; or

                  (ii)     any such resolution is passed; or

         (c)      any person presents a petition for the winding-up or for the
                  administration of any Principal Member of the Group as a
                  result of a claim for an amount exceeding the Euro Equivalent
                  of euro10,000,000 and either (i) the Majority Banks consider
                  (acting reasonably) that such petition is not frivolous or
                  vexatious or (ii) the same is not being contested in good
                  faith; or

         (d)      an order for the winding-up or administration of any Principal
                  Member of the Group is made; or

         (e)      any other action is taken with a view to the administration,
                  custodianship, liquidation, winding-up or dissolution of any
                  Principal Member of the Group or any other insolvency
                  proceedings involving any Principal Member of the Group and
                  either (i) the Majority Banks (acting in good faith) consider
                  such action is not frivolous or vexatious or (ii) the same is
                  not being contested in good faith, other than in each case:

                  (i)      in connection with a solvent winding-up of a
                           Subsidiary of the Borrower, other than the Issuers
                           the terms of which have been approved by the Majority
                           Banks; or

                  (ii)     in connection with a solvent winding-up of an Issuer
                           where arrangements have been made for the Borrower to
                           assume the obligations under the relevant High Yield
                           Debt Documents on similar terms (mutatis mutandis) as
                           at the Signing Date or on such other terms as are
                           satisfactory to the Majority Banks (acting
                           reasonably).

22.9     Appointment of Receivers and Managers

         (a)      Any liquidator, official receiver, judicial custodian,
                  compulsory manager, receiver, administrative receiver,
                  administrator or the like is appointed in respect of any
                  Principal Member of the Group or any part of its assets; or

         (b)      a resolution of the board of directors of a Principal Member
                  of the Group is passed for the appointment of a liquidator,
                  trustee in bankruptcy, judicial custodian, compulsory manager,
                  receiver, administrative receiver, administrator or the like;
                  or

         (c)      any other steps are taken to enforce any Security Interest or
                  any part of the assets of any Principal Member of the Group in
                  respect of a sum owed of at least the Euro Equivalent of
                  euro10,000,000, other than in each case:

                  (i)      in connection with a solvent winding-up of a
                           Subsidiary of the Borrower other than the Issuers,
                           the terms of which have been approved by the Majority
                           Banks; or

                  (ii)     in connection with a solvent winding-up of an Issuer
                           where arrangements have been made for the Borrower to
                           assume the obligations under the relevant High Yield
                           Debt Documents on similar terms (mutatis mutandis) as
                           at the Signing Date or on such other terms as are
                           satisfactory to the Majority Banks (acting
                           reasonably).

22.10    Creditors' Process

         Any attachment, sequestration, distress or execution affects any asset
         the value of which in aggregate exceeds the Euro Equivalent of
         euro10,000,000 of a Principal Member of the Group and is not discharged
         within 30 days.

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22.11    Analogous Proceedings

         There occurs, in relation to a member of the Group, any event anywhere
         which, in the opinion of the Majority Banks, appears to correspond with
         any of those mentioned in Clauses 22.7 (Insolvency) to 22.10
         (Creditors' process) (inclusive).

22.12    Cessation of Business

         Any Principal Member of the Group (other than an Issuer where
         arrangements have been made for the Borrower to assume the obligations
         under the relevant High Yield Debt Documents on similar terms (mutatis
         mutandis) as at the Signing Date or on such other terms as are
         satisfactory to the Majority Banks (acting reasonably)) ceases or
         threatens to cease to carry on all or a substantial part of its
         principal business.

22.13    Rescission of Agreements

         Any member of the Group or any Shareholder party to a Senior Finance
         Document rescinds any Senior Finance Document in whole or in part.

22.14    Ownership of the Borrower

         (a)      There is a change of ownership of any of the Shares during the
                  Restricted Period without the consent of the Majority Banks if
                  after giving effect to such transfer:

                  (i)      Deutsche Telekom A.G., Deutsche Telekom MobilNet GmbH
                           and/or T-Mobile International A.G. cease to own,
                           either directly or indirectly, and legally and
                           beneficially, at least 25.01% of the Shares; or

                  (ii)     Elektrim S.A. and/or Elektrim Telekomunikacja
                           Sp. z o.o. cease to own, either directly or
                           indirectly, and legally and beneficially, at least
                           25.01% of the Shares.

         (b)      There is a change of ownership of any of the Shares after the
                  Restricted Period without the consent of the Majority Banks if
                  (i) after giving effect to such transfer, Deutsche Telekom
                  A.G., Deutsche Telekom MobilNet GmbH, T-Mobile International
                  A.G. and/or another internationally recognised cellular
                  operator of comparable standing and comparable credit rating
                  cease to own, either directly or indirectly, and legally and
                  beneficially, at least 25.01% of the Shares or (ii) any person
                  or two or more persons acting in concert other than Deutsche
                  Telekom A.G., Deutsche Telekom MobilNet GmbH, T-Mobile
                  International A.G., MediaOne International B.V., Elektrim S.A.
                  and/or Elektrim Telekomunikacja Sp. z o.o., Vivendi S.A. or
                  any wholly owned Subsidiary of the foregoing shall own, either
                  directly or indirectly, and legally and beneficially, through
                  any contract, arrangement, understanding, relationship or
                  otherwise, (x) voting power which includes the power to vote,
                  or to direct the voting of, and/or (y) investment power which
                  includes the power to dispose of or to direct the disposition
                  of Shares representing 25% or more of the combined voting
                  power of all voting interests of the Borrower.

         (c)      Any Shareholder creates, incurs, assumes or suffers to exist
                  any lien, security interest or other charge or encumbrance of
                  any kind, or any other type of preferential arrangement on the
                  Shares to secure any Financial Indebtedness (other than under
                  the Senior Finance Documents) of any member of the Group.

22.15    Proceedings

         (a)      There is current or pending any litigation, dispute,
                  arbitration, administrative, regulatory or other proceedings
                  or enquiry concerning or involving any Principal Member of the
                  Group which, if adversely determined, is reasonably likely to
                  have a Material Adverse Effect.

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         (b)      Any judgment or order for an amount which is greater than the
                  Euro Equivalent of euro10,000,000 is made against any
                  Principal Member of the Group which is material in the context
                  of the operations of the business of the Principal Member of
                  the Group, is not subject to an appeal and which is not
                  satisfied within 20 days of the passing of such judgment or
                  order.

22.16    High Yield Debt Documents

         An Issuer or the Borrower fails to comply with any of the material
         provisions of, or its material obligations under, the High Yield Debt
         Documents.

22.17    Loss of Licences, Breach of Material Contracts, Shareholders' Agreement

         (a)      Any Licence is:

                  (i)      terminated, suspended or revoked or does not remain
                           in full force and effect or otherwise expires and is
                           not renewed prior to its expiry (in each case,
                           without replacement by Licence(s) having
                           substantially equivalent effect) except where the
                           Borrower is contesting the same in good faith by
                           appropriate proceedings and is lawfully able to
                           continue its business and operations; or

                  (ii)     modified in a manner which is reasonably likely to
                           have a Material Adverse Effect or breached in any
                           material respect; or

         (b)      any event occurs which is reasonably likely to give rise to
                  the revocation, termination or suspension of any Licence
                  (without replacement) in such circumstance where the Borrower
                  is unable to demonstrate to the reasonable satisfaction of the
                  Majority Banks within 30 days of such event occurring that
                  either (i) such termination, suspension or revocation will not
                  occur or (ii) if it does occur, it will be contested in good
                  faith by appropriate proceedings and the Borrower will be
                  lawfully able to continue its operations while such
                  termination, suspension or revocation is being contested; or

         (c)      any other Material Contract, Shareholder Loan or Transaction
                  Document is varied, breached, cancelled, suspended, withdrawn,
                  revoked or terminated in a manner or circumstances which would
                  have a Material Adverse Effect; or

         (d)      any of the rights of the Shareholders under the Shareholders'
                  Agreement are reduced or diminished in a manner which could or
                  would be prejudicial to the Finance Parties or the
                  Shareholders' Agreement is cancelled, suspended or terminated
                  (unless replaced by an agreement in substantially the same
                  terms) or materially amended in a manner that would result in
                  a Material Adverse Effect; provided, however that, if so
                  requested by the Borrower, the Majority Banks shall confirm
                  within 14 days after such request whether such amendment would
                  result in a Material Adverse Effect.

22.18    Government Action

         Any governmental action, including nationalisation, expropriation or
         imposition of exchange controls is taken which, in the reasonable
         opinion of the Majority Banks, would have a Material Adverse Effect.

22.19    [Intentionally Omitted]

22.20    Material Adverse Change

         Any event or series of events occurs which is likely to have a Material
         Adverse Effect.

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22.21    Acceleration

         On and at any time after the occurrence of an Event of Default the
         Agent may, and shall if so directed by the Majority Banks, by notice to
         the Borrower do any or all of the following:

         (a)      cancel all or any part of the Tranche A Total Commitments
                  and/or the Tranche B Total Commitments; and/or

         (b)      demand that all or part of the Advances outstanding, together
                  with accrued interest and any or all other amounts accrued
                  under the Senior Finance Documents, be immediately due and
                  payable, whereupon they shall become immediately due and
                  payable; and/or

         (c)      demand that all or part of the Advances are repayable on
                  demand, whereupon they shall immediately become repayable on
                  demand by the Agent acting on the instructions of the Majority
                  Banks; and/or

         (d)      enforce or instruct the Security Agent to enforce all or part
                  of the security constituted under or pursuant to the Security
                  Documents or enforce any other right held by it.

23.      GUARANTEES

23.1     Guarantee

         In consideration of the Finance Parties entering into the Senior
         Finance Documents each Guarantor (jointly and severally with the other
         Guarantors) irrevocably and unconditionally:

         (a)      guarantees to each Finance Party as principal obligor the
                  performance by each other Obligor of all its obligations under
                  the Senior Finance Documents and the payment when due by each
                  other Obligor of all sums payable under the Senior Finance
                  Documents;

         (b)      undertakes with each Finance Party that if any other Obligor
                  fails to pay any of the indebtedness referred to in Clause
                  23.1(a) (Guarantee) on its due date it will pay that sum on
                  demand; and

         (c)      indemnifies each Finance Party on demand against all losses,
                  damages, costs and expenses incurred by such Finance Party
                  arising as a result of any obligation of any Obligor under the
                  Senior Finance Documents being or becoming unenforceable,
                  invalid or illegal.

23.2     Guarantors as Principal Debtors

         As between each Guarantor and the Finance Parties but without affecting
         the obligations of the Borrower, each Guarantor shall be liable under
         Clause 23.1 (Guarantee) as if it were the sole principal debtor and not
         merely a surety. Accordingly, its obligations thereunder and any
         liability deriving therefrom shall not be discharged or affected by any
         circumstance which would so discharge or affect such obligations or
         liability of such Guarantor were the sole principal debtor including:

         (a)      any time, indulgence, waivers or consents given to any Obligor
                  or any other person;

         (b)      any amendment, variation or modification to any Senior Finance
                  Document or any other security or guarantee or any increase in
                  the amount of the Facilities;

         (c)      the making or absence of any demand on any Obligor or any
                  other person for payment or performance of any other
                  obligations, or the application of any moneys at any time
                  received from any Obligor or any other person;

         (d)      the enforcement, perfecting or protecting of or absence of
                  enforcement, perfecting or protecting of any security,
                  guarantee or undertaking (including, without limitation, all
                  or any of the obligations and liabilities of any Obligor);

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         (e)      the release, taking, giving or abstaining from taking of any
                  security, guarantee or undertaking (including, without
                  limitation, the Senior Finance Documents);

         (f)      the insolvency, winding-up, administration, receivership or
                  the commencement of any other insolvency procedure under the
                  laws of any relevant jurisdiction in relation to any Obligor,
                  any Finance Party or any other person or the making of any
                  arrangement or composition with or for the benefit of
                  creditors by any other Obligor, any Finance Party or any other
                  person;

         (g)      any amalgamation, merger or change in constitution in relation
                  to any Obligor, any Finance Party or any other person;

         (h)      the illegality, invalidity or unenforceability of or any
                  defect in any provision of any Finance Document or any
                  security, obligations or liabilities arising or expressed to
                  arise thereunder;

         (i)      any Finance Party ceasing or refraining from giving credit or
                  making loans or advances to or otherwise dealing with any
                  Obligor or any other person or any other security, guarantee
                  or undertaking; or

         (j)      any other circumstance which, but for this provision, might
                  operate to release or otherwise exonerate the Guarantor from
                  its obligations hereunder.

23.3     Other Guarantors

         It is specifically acknowledged and agreed that the Finance Parties may
         from time to time make any arrangement, compromise, waiver or other
         dealing with any Obligor in relation to any guarantee or other
         obligations under the Senior Finance Documents which such Finance
         Parties may think fit and no such arrangement, compromise, waiver or
         other dealing shall exonerate or discharge any other Obligor from its
         obligations under the Senior Finance Documents.

23.4     Guarantors' Obligations Continuing

         Each Obligor's obligations under this Agreement are and will remain in
         full force and effect by way of continuing security until no sum
         remains to be lent or remains payable under this Agreement.
         Furthermore, those obligations are additional to, and not instead of,
         any security or other guarantee or indemnity at any time existing in
         favour of any person, whether from that Obligor or otherwise and each
         Obligor waives any right it may have to require any Finance Party to
         enforce any such security, guarantee or indemnity before claiming
         against it.

23.5     Exercise of Guarantors' Rights

         So long as any sum remains payable or capable of becoming payable under
         the Senior Finance Documents:

         (a)      any right of an Obligor (by reason of performance of any of
                  its obligations hereunder), to be indemnified by any other
                  Obligor or to take the benefit of or enforce any security or
                  other guarantee or to receive any payment from any other
                  Obligor shall be exercised and enforced by such Obligor and
                  shall only be exercised and enforced by such Obligor in such
                  manner and on such terms as the Agent may require; and

         (b)      any amount received or recovered by such Obligor as a result
                  of any exercise of any such right shall be held in trust for
                  the Finance Parties and immediately paid to the Agent.

23.6     Avoidance of Payments

         Each Obligor shall on demand indemnify the Agent and each Finance Party
         against any funding or other cost, loss, expense or liability sustained
         or incurred by it as a result of it being required for any reason to
         refund all or part of any amount received or recovered by it from such
         Obligor in respect of any sum payable by any Obligor under any Senior
         Finance Document.

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23.7     Suspense Accounts

         Any amount received or recovered by any Finance Party (otherwise than
         as a result of a payment by a Borrower to the Agent) in respect of any
         sum due and payable by any Borrower under this Agreement may be placed
         in a suspense account and kept there for so long as the recipient
         thinks fit. Amounts deposited in any such account shall accrue interest
         at the Agent's usual rate for deposits of a similar amount and nature
         from time to time and interest accrued shall be credited to such
         account.

23.8     Primary Obligations

         As a separate and alternative stipulation, each Obligor unconditionally
         and irrevocably agrees that any sum expressed to be payable by any
         Obligor under this Agreement but which is for any reason (whether or
         not now existing and whether or not now known or becoming known to any
         party to this Agreement) not recoverable from such Obligor on the basis
         of a guarantee shall nevertheless be recoverable from it as if it were
         the sole principal debtor and shall be paid by it to the Agent on
         demand.

23.9     Further Guarantors

         The Borrower will:

         (a)      procure that any person that becomes Principal Member of the
                  Group (other than the Borrower) which is not a Guarantor shall
                  (unless prohibited by law) become a Guarantor by delivering an
                  Accession Document duly executed by it and by the Borrower to
                  the Agent within 10 Business Days after such person becomes a
                  Principal Member of the Group pursuant to the terms of this
                  Agreement;

         (b)      procure that any Principal Member of the Group (other than the
                  Borrower) which enters into an Accession Document shall within
                  10 Business Days thereafter execute such Security Documents
                  (in favour of the Security Agent for the benefit of the
                  Finance Parties) as the Agent shall reasonably require; and

         (c)      procure that there shall be delivered to the Agent with the
                  original executed Accession Document and any such Security
                  Documents such evidence of the due execution of the Accession
                  Document and such Security Documents as the Agent shall
                  require together with a legal opinion reasonably satisfactory
                  to the Agent.

24.      INDEMNITIES

24.1     Currency Indemnity

         (a)      If a Finance Party receives an amount in respect of an
                  Obligor's liabilities under the Senior Finance Documents or if
                  that liability is converted into a claim, proof, judgment or
                  order in a currency other than the currency (the "CONTRACTUAL
                  CURRENCY") in which the amount is expressed to be payable
                  under the relevant Senior Finance Document:

                  (i)      such Obligor shall indemnify that Finance Party as an
                           independent obligation against any loss or liability
                           arising out of or as a result of the conversion;

                  (ii)     if the amount received by that Finance Party, when
                           converted into the contractual currency at a market
                           rate in the usual course of its business is less than
                           the amount owed in the contractual currency, such
                           Obligor shall forthwith on demand pay to that Finance
                           Party an amount in the contractual currency equal to
                           the deficit; and

                  (iii)    such Obligor shall forthwith on demand pay to the
                           Finance Party concerned any exchange costs and Taxes
                           payable in connection with any such conversion.

         (b)      Each Obligor waives any right it may have in any jurisdiction
                  to pay any amount under the Senior Finance Documents in a
                  currency other than that in which it is expressed to be
                  payable.

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24.2     Other Indemnities

         The Borrower shall forthwith on demand indemnify each Finance Party
         against any loss or liability which that Finance Party incurs as a
         consequence of:

         (a)      the occurrence of any Default including a breach by a
                  Shareholder which is not an Obligor of a Senior Finance
                  Document to which such Shareholder is a party;

         (b)      the operation of Clause 22.21 (Acceleration);

         (c)      any payment of principal or an overdue amount being received
                  from any source otherwise than on the last day of a relevant
                  Interest Period or Designated Interest Period (as defined in
                  Clause 10.3 (Default interest)) relative to the amount so
                  received;

         (d)      an Advance (or part of an Advance) not being prepaid in
                  accordance with a notice of prepayment or (other than by
                  reason of negligence or default by that Finance Party) an
                  Advance not being made after the Borrower has delivered a
                  Request;

         (e)      any act or omission by the Borrower which invalidates the
                  Insurances (as defined in the Asset Pledge);

         (f)      the design, manufacture, testing, maintenance, repair,
                  refurbishment, condition, service, overhaul, modification,
                  change, loss, damage, removal or storage of any of the
                  Movables (as defined in the Asset Pledge) or any part thereof;

         (g)      the transfer, ownership, delivery, non-delivery, import,
                  export, possession, use, operation, registration,
                  non-registration, leasing or sub-leasing of any of the
                  Movables (as defined in the Asset Pledge) or any part thereof;

         (h)      the retaking of possession of any of the Movables (as defined
                  in the Asset Pledge) or any part thereof and entering upon any
                  premises for this purpose (including the exercise of the
                  Security Agent's powers set forth in Clause 6.4 of the Asset
                  Pledge); or

         (i)      the exercise or purported exercise of any rights, powers or
                  discretions vested in the Security Agent pursuant to the Asset
                  Pledge, any Ordinary Share Pledge and/or any Registered Share
                  Pledge.

         The Borrower's liability in each case includes any loss or expense on
         account of funds borrowed, contracted for or utilised to fund any
         amount payable under any Senior Finance Document, any amount repaid or
         prepaid or any Advance.

25.      AGENT, SECURITY AGENT, LEAD ARRANGERS, ARRANGERS AND BANKS

25.1     Appointment and duties of the Agent and the Security Agent

         (a)      Subject to Clause 25.15(f) (Resignation of Agent and Security
                  Agent), each Finance Party (other than the Agent and the
                  Security Agent, respectively) irrevocably appoints the Agent
                  to act as its agent and the Security Agent to act as its
                  security agent under and in connection with the Senior Finance
                  Documents.

         (b)      Each Party irrevocably authorises the Agent and the Security
                  Agent on its behalf to perform the duties and to exercise the
                  rights, powers and discretions that are specifically delegated
                  to it under or in connection with the Senior Finance
                  Documents, together with any other incidental rights, powers
                  and discretions.

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         (c)      The Agent and the Security Agent have only those duties which
                  are expressly specified in this Agreement and in the Security
                  Documents and Collateral Sharing Intercreditor Agreement,
                  respectively. Those duties are solely of a mechanical and
                  administrative nature.

25.2     Role of the Lead Arrangers and Arrangers

         Except as specifically provided in this Agreement, neither the Lead
         Arrangers nor the Arrangers have any obligations of any kind to any
         other Party under or in connection with any Senior Finance Document.

25.3     Relationship

         The relationship between the Agent and the Security Agent, on the one
         hand, and the other Finance Parties, on the other hand, is that of
         agent and principal only. Nothing in this Agreement constitutes the
         Agent or the Security Agent as fiduciary for any other Party or any
         other person and neither the Agent nor the Security Agent need keep any
         moneys paid to it for a Party segregated from its assets or be liable
         to account for interest on those moneys.

25.4     Majority Banks' Instructions

         (a)      Each of the Agent and, subject to the terms of the Collateral
                  Sharing Intercreditor Agreement, the Security Agent will be
                  fully protected if it acts in accordance with the instructions
                  of the Majority Banks in connection with the exercise of any
                  right, power or discretion or any matter not expressly
                  provided for in the Senior Finance Documents. Any such
                  instructions given by the Majority Banks will be binding on
                  all the Banks. In the absence of such instructions, each of
                  the Agent and the Security Agent may act as it considers to be
                  in the best interests of the Banks.

         (b)      Neither the Agent nor the Security Agent is authorised to act
                  on behalf of a Bank (without first obtaining that Bank's
                  consent) in any legal or arbitration proceedings relating to
                  any Senior Finance Document.

25.5     Delegation

         The Agent and the Security Agent may act under the Senior Finance
         Documents through their respective personnel and agents.

25.6     Responsibility for Documentation

         None of the Agent, the Security Agent, the Lead Arrangers or the
         Arrangers are responsible to any other Party for:

         (a)      the execution, genuineness, validity, enforceability or
                  sufficiency of any Senior Finance Document or any other
                  document;

         (b)      the collectability of amounts payable under any Senior Finance
                  Document; or

         (c)      the accuracy of any statements (whether written or oral) made
                  in or in connection with any Senior Finance Document.

25.7     Default

         (a)      Neither the Agent nor the Security Agent is obliged to monitor
                  or enquire as to whether or not a Default has occurred.
                  Neither the Agent nor the Security Agent will be deemed to
                  have knowledge of the occurrence of a Default. However, if the
                  Agent or the Security Agent receives notice from a Party
                  referring to this Agreement, describing the Default and
                  stating that the event is a Default, it shall promptly notify
                  the Banks.

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         (b)      Each of the Agent or the Security Agent may require the
                  receipt of security satisfactory to it, whether by way of
                  payment in advance or otherwise, against any liability or loss
                  which it will or may incur in taking any proceedings or action
                  arising out of or in connection with any Senior Finance
                  Document before it commences those proceedings or takes that
                  action.

25.8     Exoneration

         (a)      Without limiting paragraph (b) below, neither the Agent nor
                  the Security Agent will be liable to any other Party for any
                  action taken or not taken by it under or in connection with
                  any Senior Finance Document, unless caused by its gross
                  negligence or wilful misconduct.

         (b)      No Party may take any proceedings against any officer,
                  employee or agent of the Agent or the Security Agent in
                  respect of any claim it might have against the Agent or the
                  Security Agent or in respect of any act or omission of any
                  kind (including gross negligence or wilful misconduct) by that
                  officer, employee or agent in relation to any Senior Finance
                  Document.

25.9     Reliance

         Each of the Agent and the Security Agent may:

         (a)      rely on any notice or document believed by it to be genuine
                  and correct and to have been signed by, or with the authority
                  of, the proper person;

         (b)      rely on any statement made by a director or employee of any
                  person regarding any matters which may reasonably be assumed
                  to be within his knowledge or within his power to verify; and

         (c)      engage, pay for and rely on legal or other professional
                  advisers selected by it (including those in its employment and
                  those representing a Party other than itself).

25.10    Credit Approval and Appraisal

         Without affecting the responsibility of the Borrower for information
         supplied by it or on its behalf in connection with any Senior Finance
         Document, each Bank confirms that it:

         (a)      has made its own independent investigation and assessment of
                  the financial condition and affairs of the Borrower and its
                  related entities in connection with its participation in this
                  Agreement and has not relied exclusively on any information
                  provided to it by the Agent, the Security Agent, any of the
                  Lead Arrangers or any of the Arrangers in connection with any
                  Senior Finance Document; and

         (b)      will continue to make its own independent appraisal of the
                  creditworthiness of the Borrower and its related entities
                  while any amount is or may be outstanding under the Senior
                  Finance Documents or any Commitment is in force.

25.11    Information

         (a)      The Agent shall promptly forward to the person concerned or
                  make available for his inspection the original or a copy of
                  any document which is delivered to the Agent by a Party for
                  that person.

         (b)      The Agent shall promptly supply a Bank with a copy of each
                  document received by the Agent under Clause 4.1 (Conditions
                  precedent to first Utilisation), upon the request and at the
                  expense of that Bank.

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         (c)      Except where this Agreement specifically provides otherwise,
                  the Agent is not obliged to review or check the accuracy or
                  completeness of any document it forwards to or makes available
                  for inspection by another Party.

         (d)      Except as provided above, neither the Agent nor the Security
                  Agent has a duty:

                  (i)      either initially or on a continuing basis to provide
                           any Bank with any credit or other information
                           concerning the financial condition or affairs of the
                           Borrower or of its related entities, whether coming
                           into its possession before, on or after the date of
                           this Agreement; or

                  (ii)     unless specifically requested to do so by a Bank in
                           accordance with a Senior Finance Document, to request
                           any certificates or other documents from the
                           Borrower.

25.12    The Agent, the Security Agent, the Lead Arrangers and the Arrangers
         individually

         (a)      If it is also a Bank, each of the Agent, the Security Agent,
                  the Lead Arrangers and the Arrangers has the same rights and
                  powers under this Agreement as any other Bank and may exercise
                  those rights and powers as though it were not the Agent, the
                  Security Agent, the Lead Arrangers or the Arrangers as the
                  case may be.

         (b)      Each of the Agent, the Security Agent, the Lead Arrangers and
                  the Arrangers may:

                  (i)      carry on any business with the Borrower or its
                           related entities;

                  (ii)     act as agent for, or in relation to any financing
                           involving, the Borrower or its related entities; and

                  (iii)    retain any profits or remuneration in connection with
                           its activities under this Agreement or in relation to
                           any of the foregoing.

         (c)      In acting as the Agent or the Security Agent, as the case may
                  be, the agency division of the Agent or the Security Agent, as
                  the case may be, will be treated as a separate entity from its
                  other divisions and departments. Any information acquired by
                  the Agent or the Security Agent, as the case may be, which, in
                  its opinion, is acquired by it otherwise than in its capacity
                  as the Agent or the Security Agent may be treated as
                  confidential by the Agent or the Security Agent and will not
                  be deemed to be information possessed by the Agent or the
                  Security Agent in its capacity as such.

         (d)      The Borrower irrevocably authorises each of the Agent and the
                  Security Agent to disclose to the other Finance Parties any
                  information which, in the opinion of the Agent or the Security
                  Agent, as the case may be, is received by it in its capacity
                  as Agent or the Security Agent.

25.13    Indemnities

         (a)      Without limiting the liability of the Borrower under the
                  Senior Finance Documents, each Bank shall forthwith on demand
                  indemnify the Agent and the Security Agent for that Bank's
                  proportion of any liability or loss incurred by the Agent or
                  the Security Agent, as the case may be, in any way relating to
                  or arising out of its acting as Agent or Security Agent, as
                  the case may be, except to the extent that the liability or
                  loss arises from the gross negligence or wilful misconduct of
                  the Agent or Security Agent, as the case may be.

         (b)      A Bank's proportion of the liability set out in paragraph (a)
                  above at any time will be the proportion which its
                  participation in the Euro Equivalent of Utilisations bears to
                  all such Utilisations outstanding on the date of the demand.
                  However, if there are no Utilisations outstanding on the date
                  of demand or the Default Date has occurred, then the
                  proportion will be the proportion which its Commitment bears
                  to the Total Commitments or, if the Total

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                  Commitments have then been cancelled, bore to the Total
                  Commitments immediately before being cancelled.

25.14    Compliance

         (a)      Each of the Agent and the Security Agent may refrain from
                  doing anything which might, in its opinion, constitute a
                  breach of any law or regulation or be otherwise actionable at
                  the suit of any person, and may do anything which, in its
                  opinion, is necessary or desirable to comply with any law or
                  regulation of any jurisdiction.

         (b)      Without limiting paragraph (a) above, neither the Agent nor
                  the Security Agent need disclose any information relating to
                  the Borrower or any of its related entities if the disclosure
                  might, in the reasonable opinion of the Agent or the Security
                  Agent, constitute a breach of any law or regulation or any
                  duty of secrecy or confidentiality or be otherwise actionable
                  at the suit of any person.

25.15    Resignation of the Agent and the Security Agent

         (a)      Notwithstanding its irrevocable appointment, the Agent or the
                  Security Agent may resign by giving notice to the Banks and
                  the Borrower, in which case the Agent or the Security Agent,
                  as the case may be, may, with the prior written consent of the
                  Borrower (such consent not to be unreasonably withheld), and
                  subject, in the case of the Security Agent, to Clause 25.17
                  (Security Agent as Administrator) and the Collateral Sharing
                  Intercreditor Agreement, forthwith appoint one of its
                  Affiliates as successor Agent or Security Agent or, failing
                  that, the Majority Banks, subject, in the case of the Security
                  Agent, to Clause 25.17 (Security Agent as Administrator) and
                  the Collateral Sharing Intercreditor Agreement, may appoint a
                  successor Agent or Security Agent with the prior written
                  consent of the Borrower (such consent not to be unreasonably
                  withheld or delayed).

         (b)      If the appointment of a successor Agent or Security Agent is
                  to be made by the Majority Banks but they have not, within 30
                  days after notice of resignation, appointed a successor Agent
                  or Security Agent which accepts the appointment, the Agent or
                  Security Agent may, subject, in the case of the Security
                  Agent, to Clause 25.17 (Security Agent as Administrator) and
                  the Collateral Sharing Intercreditor Agreement, appoint a
                  successor Agent or Security Agent.

         (c)      The resignation of an Agent or Security Agent and the
                  appointment of any successor Agent or Security Agent will both
                  become effective only upon the successor Agent or Security
                  Agent notifying all the Parties that it accepts its
                  appointment. On giving the notification, the successor Agent
                  or Security Agent will succeed to the position of the Agent or
                  Security Agent in respect of the relevant Facility and the
                  term "AGENT" or "SECURITY AGENT" will mean the successor Agent
                  or Security Agent, as the case may be.

         (d)      The retiring Agent or Security Agent shall make available to
                  the successor Agent or Security Agent such documents and
                  records and provide such assistance as the successor Agent or
                  Security Agent may reasonably request for the purposes of
                  performing its functions as the Agent or Security Agent under
                  the Senior Finance Documents.

         (e)      Upon its resignation becoming effective, this Clause 25 shall
                  continue to benefit the retiring Agent or Security Agent in
                  respect of any action taken or not taken by it under or in
                  connection with the Senior Finance Documents while it was the
                  Agent or the Security Agent, and, subject to paragraph (d)
                  above, it shall have no further obligations under any Senior
                  Finance Document.

         (f)      The Majority Banks may, by notice to the Agent or Security
                  Agent, subject, in the case of the Security Agent, to Clause
                  25.17 (Security Agent as Administrator) and the Collateral
                  Sharing Intercreditor Agreement, require it to resign in
                  accordance with paragraph (a) above. In this

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                  event, the Agent or the Security Agent shall resign in
                  accordance with paragraph (a) above but it shall not be
                  entitled to appoint one of its Affiliates as successor Agent
                  or Security Agent.

25.16    Banks

         (a)      The Agent may treat each Bank as a Bank, entitled to payments
                  under this Agreement and as acting through its Facility
                  Office(s) unless it has received not less than five Business
                  Days' prior notice from that Bank to the contrary.

         (b)      The Agent may at any time, and shall if requested to do so by
                  the Majority Banks, convene a meeting of the Banks.

25.17    Security Agent as Administrator

         (a)      Each Finance Party irrevocably authorises the Security Agent
                  to act as administrator of a registered pledge to secure all
                  debts of the Obligors hereunder by way of a registered pledge
                  or other Security Interests established over the Borrower's
                  assets and the Shareholders' assets and enter into such
                  intercreditor arrangements as contemplated by the Security
                  Documents in the Security Agent's name but for the account of
                  the Finance Parties.

         (b)      The Security Agent in its capacity as administrator or
                  otherwise under the Security Documents:

                  (i)      is not liable for any failure, omission or defect in
                           perfecting or registering the security constituted or
                           created by any Security Document in the absence of
                           wilful misconduct or gross negligence on the part of
                           the Security Agent; and

                  (ii)     may accept without enquiry such title as any Obligor
                           may have to any asset secured by any Security
                           Document.

         (c)      Each Finance Party hereby irrevocably appoints the Security
                  Agent as its attorney to enter into the Security Documents and
                  the Collateral Sharing Intercreditor Agreement on its behalf.

         (d)      Notwithstanding anything to the contrary contained in any
                  Senior Finance Document, with respect to any Security located
                  in Luxembourg or subject to a Security Document governed by
                  Luxembourg law, the Security Agent shall be the Group Security
                  Agent (as defined in the Collateral Sharing Intercreditor
                  Agreement).

26.      FEES

26.1     Commitment Fee

         (a)      The Borrower will pay to the Agent in Euro for distribution
                  among the Tranche A Banks pro rata to the aggregate of their
                  respective Tranche A Commitments a commitment fee in respect
                  of Tranche A computed at a rate per annum equal to 50% of the
                  Applicable Margin in effect from time to time on the daily
                  undrawn balance of the Tranche A Commitments.

         (b)      The Borrower will pay to the Agent in Zloty for distribution
                  among the Tranche B Banks pro rata to the aggregate of their
                  respective Tranche B Commitments a commitment fee in respect
                  of Tranche B computed at a rate per annum equal to 50% of the
                  Applicable Margin in effect from time to time on the daily
                  undrawn balance of the Tranche B Commitments.

         (c)      Commitment fees from the Signing Date shall be calculated in
                  accordance with paragraphs (a) and (b) above and shall be
                  payable quarterly in arrears.

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26.2     Front-end Fee

         The Borrower shall pay to the Agent for the account of the Lead
         Arrangers a front-end fee in the amount and on the dates agreed in the
         relevant Fee Letter.

26.3     Agency Fees

         The Borrower shall pay to the Agent and the Security Agent for their
         own account agency fees in the amounts and on the dates agreed in the
         relevant Fee Letter.

26.4     VAT and Other Taxes

         Any fee referred to in this Clause 26 is exclusive of any value added
         tax or any other Tax which might be chargeable in connection with that
         fee. If any value added tax or other Tax is so chargeable, it shall be
         paid by the Borrower at the same time as it pays the relevant fee or if
         no VAT invoice has then been received, then within 7 Business Days of
         receiving a relevant VAT invoice.

27.      EXPENSES

27.1     Initial and Special Costs

         The Borrower shall forthwith on demand pay the Agent, the Security
         Agent and each Lead Arranger the amount of all reasonable costs and
         expenses (including legal fees) incurred by any of them in connection
         with:

         (a)      the negotiation, preparation, printing and execution of:

                  (i)      this Agreement and any other documents referred to in
                           this Agreement; and

                  (ii)     any other Senior Finance Document executed after the
                           date of this Agreement; and

                  (iii)    the syndication of each Tranche;

         (b)      any amendment, waiver, consent or suspension of rights (or any
                  proposal for any of the foregoing) requested by or on behalf
                  of the Borrower and relating to a Senior Finance Document or a
                  document referred to in any Senior Finance Document.

27.2     Enforcement Costs

         The Borrower shall forthwith on demand pay to each Finance Party the
         amount of all costs and expenses (including legal fees and costs of
         valuations) incurred by it in connection with the enforcement of, or
         the preservation of any rights under, any Senior Finance Document.

28.      STAMP DUTIES

         The Borrower shall pay, and forthwith on demand indemnify each Finance
         Party against any liability it incurs in respect of, any stamp,
         registration and similar Tax which is or becomes payable in connection
         with the entry into, performance or enforcement of any Senior Finance
         Document.

29.      AMENDMENTS AND WAIVERS

29.1     Procedure

         (a)      Subject to Clause 29.2 (Exceptions), any term of the Senior
                  Finance Documents may be amended or waived or any action
                  consented to with the agreement of the Borrower and the

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                  Majority Banks. The Agent may effect, on behalf of the Finance
                  Parties, an amendment, consent or waiver to which they or the
                  Majority Banks have agreed.

         (b)      The Agent shall promptly notify the other Parties of any
                  amendment or waiver effected under paragraph (a) above, and
                  any such amendment or waiver shall be binding on all the
                  Parties.
29.2     Exceptions

         (a)      Any amendment, waiver, variation, modification or consent of,
                  or action with respect to, any term of the Senior Finance
                  Documents shall require the consent of the Borrower and each
                  of the Banks if it relates to:

                  (i)      the definition of "MAJORITY BANKS" in Clause 1.1
                           (Defined terms);

                  (ii)     an extension of the date for, or a decrease in an
                           amount or a change in the currency of, any payment to
                           any Bank under the Senior Finance Documents
                           (including the Applicable Margin (other than in
                           accordance with the terms of this Agreement), any fee
                           payable under Clause 26.1 (Commitment fee) and any
                           amount payable pursuant to Clause 7 (Repayment));

                  (iii)    an increase in any Bank's Commitment;

                  (iv)     any release of a Security Document or a Guarantor;

                  (v)      a term of a Senior Finance Document which expressly
                           requires the consent of that Bank;

                  (vi)     Clause 2.2 (Nature of Bank's rights and obligations),
                           Clause 30.2 (Transfers by Banks), Clause 30.1
                           (Transfer by an Obligor), Clause 31 (Set-off and
                           redistribution), Clause 38.1 (Arbitration) or this
                           Clause 29; or

                  (vii)    the definition of "UMTS APPROVAL BANKS" in Clause 1.1
                           (Defined Terms).

         (b)      An amendment or waiver that affects the rights and/or
                  obligations of the Agent or the Security Agent may not be
                  effected without the agreement of the Agent or the Security
                  Agent, as applicable.

         (c)      Any amendment, waiver, variation, modification or consent of,
                  or action with respect to, any term of the Senior Finance
                  Documents shall require the consent of the Borrower and the
                  Majority Banks, including the EBRD, if it relates to
                  sub-Clause (b) of the definition of "Additional Costs Rate" in
                  Clause 1.1, Clause 6.7 (Suspension and Cancellation of the
                  EBRD's Commitments), Clause 14 (Taxes), 15.1(b)(ii)
                  (Disruption Events), 15.3(c)(ii) (Negotiation and Substitute
                  Basis), 31.5(b) (Exceptions) or 38 (Jurisdiction).

29.3     Waivers and remedies cumulative

         The rights of each Finance Party under the Senior Finance Documents:

         (a)      may be exercised as often as necessary;

         (b)      are cumulative and not exclusive of its rights under the
                  general law; and

         (c)      may be waived only in writing and specifically.

         Delay in exercising or non-exercise of any such right is not a waiver
         of that right.

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29.4     Remedies cumulative

         The rights and remedies of each of the Finance Parties in this
         Agreement may be exercised as often as necessary and are cumulative and
         not exclusive of any rights or remedies provided by law.

30.      CHANGES TO PARTIES

30.1     Transfers by an Obligor

         No Obligor may assign, transfer, novate or dispose of any of, or any
         interest in, its rights and/or obligations under the Senior Finance
         Documents.

30.2     Transfers by Banks

         (a)      A Bank (the "EXISTING BANK") may at any time assign or
                  transfer any of its rights and/or obligations under this
                  Agreement and the Collateral Sharing Intercreditor Agreement
                  to another bank or financial institution (the "NEW Bank")
                  with, in the case of any bank or financial institution other
                  than a Bank or an Affiliate of such Existing Bank, the prior
                  written consent of the Borrower, such consent not to be
                  unreasonably withheld or delayed; provided that:

                  (i)      such assignment and/or transfer shall be in the
                           amount of euro5,000,000 and an integral multiple of
                           euro1,000,000, in the case of an assignment and/or
                           transfer under Tranche A and in the amount of the
                           Zloty Equivalent of euro3,000,000 and an integral
                           multiple of euro500,000, in the case of an assignment
                           and/or transfer under Tranche B, except in the case
                           of an assignment or transfer which has the effect of
                           reducing the participation of the relevant Bank to
                           zero; and

                  (ii)     if the Borrower fails to respond to a request for
                           such consent within 10 Business Days after such
                           request, the Borrower shall be deemed to have given
                           its consent under this Clause 30.2(a).

         (b)      A transfer and/or assignment of obligations will be effective
                  only if the New Bank confirms to the Agent and the Borrower
                  that it undertakes to be bound by the terms of this Agreement
                  and the Collateral Sharing Intercreditor Agreement as a Bank
                  in form and substance satisfactory to the Agent or executes a
                  Transfer Certificate and serves the attached notice on the
                  Borrower and the Agent. On the transfer and/or assignment
                  becoming effective in this manner the Existing Bank shall be
                  relieved of its obligations under this Agreement and the
                  Collateral Sharing Intercreditor Agreement to the extent that
                  they are transferred and/or assigned to the New Bank.

         (c)      Nothing in this Agreement restricts the ability of a Bank to
                  sub-contract an obligation if that Bank remains liable under
                  this Agreement and the Collateral Sharing Intercreditor
                  Agreement for that obligation.

         (d)      On each occasion an Existing Bank assigns and/or transfers any
                  of its Tranche A Commitment and/or its Tranche B Commitment
                  and/or rights and/or obligations under this Agreement and the
                  Collateral Sharing Intercreditor Agreement to any bank or
                  financial institution other than an Affiliate of such Existing
                  Bank, the New Bank shall, on the date the assignment or
                  transfer takes effect, pay to the Agent for its own account a
                  fee of euro1,500, in the case of a transfer and/or assignment
                  under Tranche B and euro5,000 in the case of a transfer and/or
                  assignment under Tranche A.

         (e)      An Existing Bank is not responsible to a New Bank for:

                  (i)      the execution, genuineness, validity, enforceability
                           or sufficiency of any Senior Finance Document or any
                           other document;

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                  (ii)     the collectability of amounts payable under any
                           Senior Finance Document; or

                  (iii)    the accuracy of any statements (whether written or
                           oral) made in or in connection with any Senior
                           Finance Document.

         (f)      Each New Bank confirms to the Existing Bank and the other
                  Finance Parties that it:

                  (i)      has made its own independent investigation and
                           assessment of the financial condition and affairs of
                           the Obligors and their related entities in connection
                           with its participation in this Agreement and has not
                           relied exclusively on any information provided to it
                           by the Existing Bank in connection with any Senior
                           Finance Document; and

                  (ii)     will continue to make its own independent appraisal
                           of the creditworthiness of the Obligors and their
                           related entities while any amount is or may be
                           outstanding under this Agreement or any Commitment is
                           in force.

         (g)      Nothing in any Senior Finance Document obliges an Existing
                  Bank to:

                  (i)      accept a re-transfer from a New Bank of any of the
                           Commitment and/or rights and/or obligations assigned,
                           transferred or novated under this Clause; or

                  (ii)     support any losses incurred by the New Bank by reason
                           of the non-performance by the Borrower of its
                           obligations under the Senior Finance Documents or
                           otherwise.

         (h)      Any reference in this Agreement to a Bank includes a New Bank
                  but excludes a Bank if no amount is or may be owed to or by it
                  under this Agreement and its Commitment has been cancelled or
                  reduced to nil.

         (i)      If at any time any Bank assigns or transfers any of its
                  rights, benefits and obligations hereunder or transfers its
                  Facility Office and at the time of such assignment or transfer
                  there arises an obligation on the part of the Borrower under
                  Clause 14 (Taxes) or Clause 16 (Increased costs)(other than a
                  payment in respect of the Bank Guarantee Fund) to pay to such
                  Bank or its assignee or transferee any amount in excess of the
                  amount the Borrower would have then been obliged to pay but
                  for such assignment or transfer, then the Borrower shall not
                  be obliged to pay the amount of such excess.

30.3     Procedure for Transfers

         A transfer and/or assignment may be effected if the Existing Bank and
         the New Bank deliver to the Agent a duly completed certificate,
         substantially in the form of Schedule C (a "TRANSFER CERTIFICATE").

30.4     Reference Banks

         If a Reference Bank (or, if a Reference Bank is not a Bank, the Bank of
         which it is an Affiliate) ceases to be a Bank, the Agent shall (in
         consultation with the Borrower) appoint another Bank or an Affiliate of
         a Bank to replace that Reference Bank.

30.5     Register

         The Agent shall keep a register of all the Parties and shall supply any
         other Party (at that Party's expense) with a copy of the register on
         request.

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31.      SET-OFF AND REDISTRIBUTION

31.1     Set-off

         Each Finance Party may (but shall not be obliged to) set off against
         any obligation of any Obligor due and payable by it to or for the
         account of such Finance Party under this Agreement and not paid on the
         due date or within any applicable grace period any moneys held by such
         Finance Party for the account of such Obligor at any office of such
         Finance Party anywhere and in any currency, whether or not matured.
         Such Finance Party may effect such currency exchanges as are
         appropriate to implement the set-off and any usual charges in relation
         to such currency exchanges shall be paid by such Obligor. Any Finance
         Party which has set off shall give prompt notice of that fact to the
         relevant Obligor.

31.2     Application of Payments

         (a)      If the Agent receives a payment insufficient to discharge all
                  the amounts then due and payable by the Borrower under the
                  Senior Finance Documents, the Agent shall, subject, however,
                  to the terms of the Collateral Sharing Intercreditor
                  Agreement, apply that payment towards the obligations of the
                  Borrower under the Senior Finance Documents in the following
                  order (after converting the payment into the currency
                  necessary to make payment of the relevant amounts due in the
                  currencies in which they are due at the Agent's Spot Rate of
                  Exchange):

                  (i)      FIRST, to the reimbursement of the Security Agent for
                           all of the amounts advanced by it to preserve,
                           maintain and protect the Security in the event of a
                           Default under the Senior Finance Documents;

                  (ii)     SECOND, to the reimbursement of the Security Agent
                           for all amounts expended by it in obtaining and
                           disposing of the Security (including, without
                           limitation, reasonable legal fees, trustees' fees and
                           other expenses of collection and enforcement of
                           remedies);

                  (iii)    THIRD, in or towards payment of any unpaid fees,
                           costs and expenses of the Agent under the Senior
                           Finance Documents (including, without limitation,
                           amounts advanced by the Agent on behalf of any other
                           Finance Party under the Senior Finance Documents) pro
                           rata between the amounts of such unpaid fees, costs
                           and expenses;

                  (iv)     FOURTH, in or towards payment pro rata to the
                           relevant proportions of any accrued interest and fees
                           due to each Bank but unpaid under the Senior Finance
                           Documents;

                  (v)      FIFTH, in or towards payment pro rata to the relevant
                           proportions of any principal due to each Bank but
                           unpaid under the Senior Finance Documents (including
                           any amounts due pursuant to a Hedging Document
                           designated as such pursuant to Clause 19.14(c)
                           (Treasury Transactions)); and

                  (vi)     SIXTH, in or towards payment pro rata to the relevant
                           proportions of any other sum due but unpaid under the
                           Senior Finance Documents.

         (b)      For the purposes of paragraph (a) above, "THE RELEVANT
                  PROPORTIONS" means the proportion which the Euro Equivalent of
                  the amount of each Bank's actual participations in the amounts
                  that have fallen due in the same class as set out in paragraph
                  (a) above bears to the Euro Equivalent of the aggregate amount
                  of all such amounts that have fallen due at that time.

         (c)      The Agent shall, if so directed by all the Banks, vary the
                  order set out in sub-paragraphs (a)(ii) to (iv) above and it
                  shall without any legal commitment use reasonable endeavours
                  to notify the Borrower of any such variation.

         (d)      Paragraphs (a), (b) and (c) above will override any
                  appropriation made by an Obligor or a Shareholder.

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         (e)      For the purposes of this Clause 31.2 any Euro Equivalent shall
                  be calculated as at the date 2 Business Days prior to the date
                  the Agent makes any relevant application. Not earlier than 20
                  days after the Default Date, all of the Banks may give notice
                  to the Agent and the Borrower requiring that all amounts
                  outstanding in Optional Currencies shall be converted into
                  Euro. If the Banks give such a notice, such amounts
                  outstanding in Optional Currencies will be converted into Euro
                  at the Agent's Spot Rate of Exchange on the date that such
                  notice is received by the Agent and thereafter the Borrower
                  will repay the amounts outstanding in Optional Currencies to
                  all Banks in Euro by reference to the amount in Euro as
                  calculated by the Agent.

31.3     Redistribution and Loss Sharing

         (a)      If any amount owing by an Obligor to a Bank is discharged by
                  the proceeds on enforcement of security being allocated to
                  that Bank in priority to other Banks (pursuant to Polish law
                  or otherwise) or otherwise by enforcement of security, that
                  Bank shall pay over that amount to the Group Security Agent
                  (as defined in the Collateral Sharing Intercreditor Agreement)
                  in accordance with the terms of the Collateral Sharing
                  Intercreditor Agreement.

         (b)      If any amount owing by an Obligor to a Bank (the "RECOVERING
                  BANK") is discharged by payment, set-off or by any other
                  manner (other than under the circumstances described in
                  subclause (a) above) other than (w) through the Agent in
                  accordance with Clause 13 (Payments), (x) in accordance with
                  the applicable priority at the relevant time set out in Clause
                  31.2 (Application of payments) or (y) in accordance with a
                  guarantee from an affiliate of such Bank (a "RECOVERY"), then:

                  (i)      the recovering Bank shall, within three Business
                           Days, notify details of the recovery to the Agent;

                  (ii)     that Agent shall determine whether the recovery is in
                           excess of the amount which the recovering Bank would
                           have received had the recovery been received by the
                           Agent and distributed in accordance with Clause 13
                           (Payments) and the applicable priorities at the
                           relevant time set out in Clause 31.2 (Application of
                           payments);

                  (iii)    subject to Clause 31.5 (Exceptions), the recovering
                           Bank shall, within three Business Days of demand by
                           the Agent, pay to the Agent an amount (the
                           "REDISTRIBUTION") equal to the excess in the currency
                           in which the recovering Bank made the recovery;

                  (iv)     that Agent shall treat the redistribution as if it
                           were a payment by the Borrower under Clause 13
                           (Payments) and, after converting the redistribution
                           into the currencies necessary to make payments of
                           amounts due to the Banks in the currency in which
                           they are due at the Agent's Spot Rate of Exchange, it
                           shall pay the redistribution to the Banks (other than
                           the recovering Bank) in accordance with Clause 31.2
                           (Application of payments); and

                  (v)      after payment of the full redistribution, the
                           recovering Bank will be subrogated to the portion of
                           the claims paid under paragraph (iv) above and the
                           Borrower will owe the recovering Bank a debt which is
                           equal to the redistribution, immediately payable and
                           of the type originally discharged.

31.4     Reversal of Redistribution

         If after the operation of Clause 31.3 (Redistribution and loss
         sharing):

         (a)      a recovering Bank must subsequently return a recovery, or an
                  amount measured by reference to a recovery, to an Obligor; and

         (b)      the recovering Bank has paid a redistribution in relation to
                  that recovery,

<PAGE>   96
                                        93

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         each Bank shall, within three Business Days of demand by the recovering
         Bank through the Agent reimburse the recovering Bank all or the
         appropriate portion of the redistribution paid to that Bank together
         with interest on the amount to be returned to the recovering Bank for
         the period whilst it held the redistribution. Thereupon, the
         subrogation in Clause 31.3(b)(v) (Redistribution and loss sharing) will
         operate in reverse to the extent of the reimbursement.

31.5     Exceptions

         (a)      A recovering Bank is not obliged to share with any other Bank
                  under Clause 31.3 (Redistribution and loss sharing) any amount
                  which the recovering Bank has received or recovered as a
                  result of taking legal proceedings, if the other Bank had an
                  opportunity to participate in those legal proceedings but did
                  not do so or did not take separate legal proceedings.

         (b)      Clause 31.3 (Redistribution and Loss Sharing) shall not apply
                  if:

                  (i)      the recovering Bank is the EBRD; and

                  (ii)     the amount received or recovered by the EBRD from the
                           Obligor was so received or recovered by virtue of the
                           EBRD's status as an international financial
                           institution and/or by virtue of it being exempted
                           from:

                           (A)      any unavailability of foreign exchange in
                                    the Republic of Poland; and/or

                           (B)      any prohibition or restriction imposed on
                                    the payment of amounts outstanding under any
                                    Senior Finance Document by a moratorium or
                                    other debt rescheduling, whether in law or
                                    practice.

32.      DISCLOSURE OF INFORMATION

         (a)      A Bank may disclose to one of its Affiliates or any person
                  with whom it is proposing to enter, or has entered into, any
                  kind of transfer, participation or other agreement in relation
                  to this Agreement:

                  (i)      a copy of any Senior Finance Document; and

                  (ii)     any information which that Bank has acquired under or
                           in connection with any Senior Finance Document;

                  so long as in all cases, any recipient thereof has previously
                  agreed in writing to keep the content of such Senior Finance
                  Document or such information confidential and not to disclose
                  it to any other person.

         (b)      Subject to sub-Clause (a) above, the parties will keep
                  confidential the Senior Finance Documents and all information
                  that they acquire under or in connection with the Senior
                  Finance Documents save that such information may be disclosed:

                  (i)      if so required by law or regulation or if requested
                           by any regulator with jurisdiction over any Finance
                           Party or any affiliate of any Finance Party;

                  (ii)     if it comes into the public domain (other than as a
                           result of a breach of this Clause 32);

                  (iii)    to auditors, professional advisers or rating
                           agencies; or

                  (iv)     in connection with any legal proceedings.

<PAGE>   97
                                        94

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         The provisions of this Clause 32 shall supersede any undertakings with
         respect to confidentiality previously given by any Finance Party in
         favour of any Obligor.

33.      SEVERABILITY

         If a provision of any Senior Finance Document is or becomes illegal,
         invalid or unenforceable in any jurisdiction, that shall not affect:

         (a)      the validity or enforceability in that jurisdiction of any
                  other provision of the Senior Finance Documents; or

         (b)      the validity or enforceability in other jurisdictions of that
                  or any other provision of the Senior Finance Documents.

34.      COUNTERPARTS

         Each Senior Finance Document may be executed in any number of
         counterparts, and this has the same effect as if the signatures on the
         counterparts were on a single copy of the Senior Finance Document.

35.      NOTICES

35.1     Communications in Writing

         Any communication to be made under or in connection with the Senior
         Finance Documents shall be made in writing and, unless otherwise
         stated, may be made by fax or letter or (to the extent that the
         relevant party has specified such address pursuant to Clause 35.2
         (Addresses)) by e-mail.

35.2     Addresses

         (a)      The address and fax number, and (if so specified) e-mail
                  address, and, where appropriate, web site (and the department
                  or officer, if any, for whose attention the communication is
                  to be made) of each party for any communication or document to
                  be made or delivered under or in connection with the Senior
                  Finance Documents is:

                  (i)      in the case of the Borrower, that identified with its
                           name below;

                  (ii)     in the case of each Bank or any other Obligor, that
                           notified in writing to the Agent on or prior to the
                           date on which it becomes a party; and

                  (iii)    in the case of the Agent or the Security Agent, that
                           identified with its name below,

                  or any substitute address, fax number, e-mail address, web
                  site or department or officer, or initial e-mail address as
                  the party may notify to the Agent (or the Agent may notify to
                  the other parties, if a change is made by the Agent) by not
                  less than five Business Days' written notice.

         (b)      The address, e-mail address and facsimile number of the
                  Borrower are:

                  Al. Jerozolimskie 181
                  02-222 Warsaw 1
                  Poland

                  Tel:              +48 22 413 6000
                  Facsimile:        +48 22 413 6239
                  Email:            bkulakowski@eragsm.com.pl
                                    gludziak@eragsm.com.pl
                  Attn:             Finance Director/Group Treasurer

<PAGE>   98
                                        95

--------------------------------------------------------------------------------

                  or such other as the Borrower may notify to the Agent by not
                  less than five Business Days' notice.

         (c)      The address, e-mail address and facsimile number of the Agent
                  are:

                  Deutsche Bank Luxembourg S.A.
                  2, Boulevard Konrad Adenauer
                  L-1115 Luxembourg

                  Tel:              +353 42122 781/294
                  Facsimile:        +353 42122 287
                  Email:            credit.dblux@db.com
                  Attn:             International Loans & Agency Services,
                                    Project Finance

                  or such other as the Agent may notify to the other Parties by
                  not less than five Business Days' notice.

         (d)      the address, email address and facsimile number of the
                  Security Agent are:

                  Deutsche Bank Polska S.A.
                  Plac Grzybowski 12/14/16
                  00-104 Warszawa
                  Poland

                  Tel:              +48 22 6525203
                  Facsimile:        +48 22 6240418
                  Email:            ewa.skomorowska@db.com
                  Attn:             Ewa Skomorowska (Collateral Unit)

                  or such other as the Security Agent may notify to the other
                  Parties by not less than five Business Days' notice.

35.3     Delivery

         (a)      Any communication or document made or delivered by one person
                  to another under or in connection with the Senior Finance
                  Documents will only be effective:

                  (i)      if by way of fax or e-mail, when received in legible
                           form; or

                  (ii)     if by way of letter, when it has been left at the
                           relevant address or five Business Days after being
                           deposited in the post postage prepaid in an envelope
                           addressed to it at that address; or

                  (iii)    where reference in such communication is to a web
                           site, when the delivery of the letter, fax or, as the
                           case may be e-mail referring the addressee to such
                           web site is effective;

                  and, if a particular department or officer is specified as
                  part of its address details provided under Clause 35.2
                  (Addresses), if addressed to that department or officer.

         (b)      Any communication or document to be made or delivered to an
                  Agent will be effective only when actually received by such
                  Agent and then only if it is expressly marked for the
                  attention of the department or officer identified with such
                  Agent's signature below (or any substitute department or
                  officer such Agent shall specify for this purpose).

         (c)      All notices from or to an Obligor shall be sent through the
                  Agent.

<PAGE>   99
                                        96

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         (d)      Any communication or document made or delivered to any Obligor
                  in accordance with this Clause will be deemed to have been
                  made or delivered to each of the Obligors.

35.4     Notification of address, fax number and e-mail address

         Promptly upon receipt of notification of an address, fax number or (as
         the case may be) e-mail or change of address, fax number or e-mail
         pursuant to Clause 35.2 (Addresses) or changing its own address, fax
         number or e-mail, the Agent shall notify the other parties.

36.      EVIDENCE AND CALCULATIONS

36.1     Accounts

         Accounts maintained by a Finance Party in connection with this
         Agreement are prima facie evidence of the matters to which they relate.

36.2     Certificates and Determinations

         Any certification or determination by a Finance Party of a rate or
         amount under the Senior Finance Documents is, in the absence of
         manifest error, prima facie evidence of the matters to which it
         relates.

36.3     Calculations

         Interest and the fees payable under Clause 26.1 (Commitment Fee) (in
         relation to Tranche A), accrue from day to day and are calculated on
         the basis of the actual number of days elapsed and a year of 360 days,
         or in the case of fees payable under Clause 26.1 (Commitment Fee) (in
         relation to Tranche B) and interest payments under Tranche B, 365 days.

37.      LANGUAGE

         (a)      Any notice given under or in connection with any Senior
                  Finance Document shall be in English.

         (b)      All other documents provided under or in connection with any
                  Senior Finance Document shall be:

                  (i)      in English; or

                  (ii)     if not in English, accompanied by a certified English
                           translation and, in this case, the English
                           translation shall prevail unless the document is a
                           statutory or other official document.

         (c)      Counterparts of this Agreement shall be executed in both the
                  English and the Polish languages. In the event of any
                  inconsistency between the English text and the Polish text,
                  the English text shall prevail.

38.      JURISDICTION

38.1     Arbitration

         Subject to Clauses 38.2 (Submission) and 38.5 (Non-exclusivity), any
         dispute, controversy or claim arising out of or in connection with any
         Senior Finance Document, including any question regarding the
         existence, validity, interpretation, breach or termination of a Senior
         Finance Document (a "DISPUTE") shall be finally resolved in accordance
         with the UNCITRAL Arbitration Rules as at present in force. The
         arbitral tribunal shall consist of a sole arbitrator (the "TRIBUNAL").
         The appointing authority shall be the London Court of International
         Arbitration. The place of arbitration shall be London, England

<PAGE>   100

                                        97

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         and the language shall be English. Any award of the sole arbitrator
         shall be binding from the day it is made and the parties hereby waive
         any rights to refer any question of law and any right of appeal on the
         law and/or merits to any court. The Tribunal shall not be authorised to
         take or provide, and the parties hereto other than the EBRD shall not
         be authorised to seek from any judicial authority, any interim measures
         of protection or pre-award relief against the EBRD, any provisions of
         the UNCITRAL Arbitration Rules notwithstanding. The Tribunal shall have
         authority to consider and include in any proceeding, decision or award
         any further dispute properly brought before it by the EBRD (but no
         other party) insofar as such dispute arises out of any Senior Finance
         Document, but, subject to the foregoing, no other parties or other
         disputes shall be included in, or consolidated with, the arbitral
         proceedings. In any arbitral proceeding, the certificate of a Finance
         Party as to any amount due to such Finance Party under any Senior
         Finance Document shall be prima facie evidence of such amount.

38.2     Submission

         For the benefit of each Finance Party only, the Obligors agree that
         notwithstanding Clauses 38.1 (Arbitration) and 38.5 (Non-exclusivity),
         a Finance Party may, subject to Clause 38.6 (EBRD Consent), before
         taking a substantive step in any arbitration proceedings, refer a
         Dispute to the courts of England and each party to the Senior Finance
         Documents hereby submits to the jurisdiction of such courts. However,
         such submission to the jurisdiction of the English courts will only be
         effective, insofar as EBRD is concerned, if EBRD's consent, pursuant to
         Clause 38.6 (EBRD Consent), is obtained prior to the commencement of
         any such action.

38.3     Service of Process

         Without prejudice to any other mode of service, the Borrower:

         (a)      irrevocably appoints Clifford Chance Secretaries Limited as
                  its agent for service of process in relation to any
                  proceedings before the English courts in connection with any
                  Senior Finance Document; and

         (b)      agrees that failure by a process agent to notify the Borrower
                  of the process will not invalidate the proceedings concerned;
                  and

         (c)      consents to the service of process relating to any such
                  proceedings by prepaid posting of a copy of the process to its
                  address for the time being applying under Clause 35.2
                  (Addresses for notices).

38.4     Forum Conveniens and Enforcement Abroad

         The Borrower:

         (a)      waives objection to the English courts on grounds of
                  inconvenient forum or otherwise as regards proceedings in
                  connection with a Senior Finance Document; and

         (b)      agrees that a judgment or order of an English court in
                  connection with a Senior Finance Document is conclusive and
                  binding on it and may be enforced against it in the courts of
                  any other jurisdiction.

38.5     Non-exclusivity

         This Clause is for the benefit of each Finance Party only. Nothing in
         this Clause 38 limits the right of a Finance Party to resolve a Dispute
         by bringing proceedings against an Obligor:

         (a)      in any other court of competent jurisdiction; or

         (b)      concurrently in more than one jurisdiction to the extent
                  allowed by law.

<PAGE>   101
                                        98

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38.6     EBRD Consent

         Notwithstanding Clauses 38.2 (Submission) and 38.5 (Non-exclusivity),
         no Dispute may be referred to the courts of England or the courts of
         any other jurisdiction by any party to the Senior Finance Documents on
         behalf of or involving or including EBRD without the prior written
         consent of EBRD.

38.7     Non-waiver

         Nothing in this Agreement shall be construed as a waiver, renunciation
         or other modification of any immunities, privileges or exemptions of
         the EBRD accorded under the Agreement Establishing the European Bank
         for Reconstruction and Development, international convention or any
         applicable law.

39.      WAIVER OF IMMUNITY

         The Borrower irrevocably and unconditionally:

         (a)      agrees that if a Finance Party brings proceedings in any
                  jurisdiction against it or its assets in relation to a Senior
                  Finance Document, no immunity from those proceedings
                  (including, without limitation, suit, attachment prior to
                  judgment, other attachment, the obtaining of judgment,
                  execution or other enforcement) will be claimed by or on
                  behalf of itself or with respect to its assets;

         (b)      waives any such right of immunity which it or its assets now
                  has or may subsequently acquire to the fullest extent
                  permitted by the laws of such jurisdiction; and

         (c)      consents generally in respect of any such proceedings to the
                  giving of any relief or the issue of any process in connection
                  with those proceedings, including, without limitation, the
                  making, enforcement or execution against any assets whatsoever
                  (irrespective of its use or intended use) of any order or
                  judgment which may be made or given in those proceedings.

         In furtherance of the foregoing the Borrower represents and warrants
         that this Agreement and the incurring by the Borrower of the Tranches
         are commercial rather than public or governmental acts and that the
         Borrower is not entitled to claim immunity from legal proceedings with
         respect to itself or any of its assets on the grounds of sovereignty or
         otherwise under any law or in any jurisdiction where an action may be
         brought for the enforcement of any of the obligations arising under or
         relating to this Agreement. To the extent that the Borrower or any of
         its assets has or hereafter may acquire any right to immunity from
         set-off, legal proceedings, attachment prior to judgment, other
         attachment or execution of judgment on the grounds of sovereignty or
         otherwise, the Borrower hereby irrevocably waives such rights to
         immunity in respect of its obligations arising under or relating to
         this Agreement.

40.      GOVERNING LAW

         This Agreement shall be governed by and construed in accordance with
         English law.

41.      THIRD PARTIES

         A person who is not a party to this Agreement has no right under the
         Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the
         benefit of any terms of this Agreement.

IN WITNESS WHEREOF the parties to this Agreement have caused this Agreement to
be duly executed on the date first written above.

<PAGE>   102
                                        99

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                                   SCHEDULE A

                                      BANKS

<TABLE>
<CAPTION>
                                                         TRANCHE A                TRANCHE B             ZLOTY
                                                         COMMITMENT               COMMITMENT            LIMIT
  BANK                                                   euro                     euro                  PLN
  ----                                                -----------------         ---------------       ---------------
  <S>                                                 <C>                       <C>                   <C>
  TRANCHE A BANKS

  Bank fur Arbeit und Wirtschaft
           Aktiengesellschaft                            E10,000,000.00
  Bayerische Landesbank Girozentrale                      37,500,000.00
  BRE Bank S.A.                                           16,000,000.00
  Deutsche Bank Luxembourg S.A.                           41,999,999.98
  Dresdner Bank Luxembourg S.A.                           51,999,999.98
  Industriebank von Japan (Deutschland)
  Aktiengesellschaft                                      16,666,666.68
  Kreditanstalt fur Wiederaufbau                          70,000,000.00
  Mizuho Bank Nederland NV                                33,333,333.36
  Westdeutsche Landesbank Girozentrale,
           London Branch                                  15,000,000.00

  Total Tranche A Commitments:                          E292,500,000.00

  TRANCHE B BANKS

  Bankael Slaski Spolka Akcyjna                                                E12,500,000.00      PLN48,505,000.00
  Bank Zachodni, S.A.                                                           18,333,333.00         71,140,665.00
  Bayerische Landesbank Girozentrale                                            12,500,000.00         48,505,000.00
  BIG Bank GDANSKI S.A.                                                         25,000,000.00         97,010,000.00
  Citibank (Poland) S.A.                                                        25,000,000.00         97,010,000.00
  Deutsche Bank Polska S.A.                                                     10,000,000.00         38,804,000.00
  European Bank for Reconstruction and
           Development                                                          75,000,000.00        291,030,000.00
  ING Bank N.V., Warsaw Branch                                                  12,500,000.00         48,505,000.00
  Kredyt Bank S.A.                                                              10,000,000.00         38,804,000.00
  LG PetroBank S.A.                                                              5,000,000.00         19,402,000.00
  Powszechny Bank Kredytowy S.A. w Warszawie                                    20,000,000.00         77,608,000.00
  Wielkopolski Bank Kredytowy S.A.                                              31,666,667.00        122,879,335.00

  Total Tranche B Commitments:                                                E257,500,000.00     PLN999,203,000.00
</TABLE>

<PAGE>   103

                                        100

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                                   SCHEDULE B

                                   GUARANTORS

PTC International Finance B.V.

PTC International Finance (Holding) B.V.

PTC International Finance II S.A.

<PAGE>   104
                                        101

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                                   SCHEDULE C

                          FORM OF TRANSFER CERTIFICATE

DATED [      ]

BETWEEN

(1)      [         ] (the "TRANSFEROR") of [          ]; and

(2)      [         ] (the "TRANSFEREE") of [          ].

                       POLSKA TELEFONIA CYFROWA SP. Z O.O.
            euro550,000,000 CREDIT AGREEMENT DATED -20 FEBRUARY, 2001

NOW IT IS HEREBY AGREED as follows:

1.       DEFINITIONS AND INTERPRETATIONS

1.1      Definitions

         "CREDIT AGREEMENT" means the facility agreement dated 20 February, 2001
         between Polska Telefonia Cyfrowa Sp. z o.o., the Guarantors as defined
         therein, the Arrangers as defined therein, the Banks as defined
         therein, Deutsche Bank AG London, Deutsche Bank Polska S.A., Dresdner
         Bank Luxembourg, S.A. and The European Bank for Reconstruction and
         Development as Lead Arrangers, Deutsche Bank Luxembourg, S.A., as
         Agent, and Deutsche Bank Polska S.A., as Security Agent.

         "EFFECTIVE DATE" means [             ].

         "TRANSFERRED ADVANCES" means a principal amount of the following
         Utilisations:

         [describe Advances, amount, Interest Periods, Tranche etc].

         "TRANSFERRED COMMITMENT" means [so far as concerns Tranche A euro[ ]]
         and so far as concerns Tranche B, euro[ ]].

         [TRANSFERRED ZLOTY LIMIT" means [                       ].]

1.2      Interpretation

         In this Transfer Certificate terms defined in the Credit Agreement
         shall, unless otherwise defined herein or the context otherwise
         requires, have the same meaning.

2.       ASSIGNMENT AND TRANSFER

         With effect on and from the Effective Date:

         (a)      the Transferor hereby assigns and transfers to the Transferee
                  its rights to and obligations in relation to the Transferred
                  Advances, [and] the Transferred Commitments [and the
                  Transferred Zloty Limit]1 under the Credit Agreement together
                  with its obligations in relation to the Transferred
                  Commitments and all rights and benefits under the Senior
                  Finance Documents relevant thereto; and

1 N.B. -- Use only for Tranche B during Availability Period

<PAGE>   105
                                        102

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         (b)      the Transferee will become a party to the Collateral Sharing
                  Intercreditor Agreement as a Main Bank Finance Party.

3.       NOTICE OF TRANSFER

         The parties hereto agree that a notice of transfer in the form of the
         Annexure shall, following execution of this Agreement, be sent to the
         Borrower and the Agent.

4.       APPLICABLE LAW

         This Transfer Certificate shall be governed by and construed with
         English law.

5.       TRANSFEREE REPRESENTATIONS

         The Transferee hereby:

         (a)      represents to the Agent that on the Effective Date, in
                  relation to the Tranches, it is either:

                  (i)      not resident in the United Kingdom for United Kingdom
                           tax purposes; or

                  (ii)     a bank as defined in section 840A of the Income and
                           Corporation Taxes Act 1988 and resident in the United
                           Kingdom; and

                  beneficially entitled to the principal and interest payable by
                  the Agent to it under this Agreement and, if it is able to
                  make those representations on the Effective Date, shall
                  forthwith notify the Agent if either representation ceases to
                  be correct;

         (b)      confirms that it has received from the Transferor a copy of
                  the Credit Agreement together with such other documents and
                  information as it has requested in connection with this
                  Transfer Certificate;

         (c)      without affecting the responsibility of any Obligor for
                  information supplied by it or on its behalf in connection with
                  any Senior Finance Document, the Transferee confirms that it:

                  (i)      has made its own independent investigation and
                           assessment of the financial condition and affairs of
                           the Obligors and their related entities in connection
                           with its participation in the Credit Agreement and
                           has not relied exclusively on any information
                           provided to it by the Agent, the Security Agent, any
                           Lead Arranger or any Arranger in connection with any
                           Senior Finance Document; and

                  (ii)     will continue to make its own independent appraisal
                           of the creditworthiness of the Obligors and their
                           related entities while any amount is or may be
                           outstanding under the Senior Finance Documents or any
                           Commitment is in force; and

         (d)      represents and warrants to the Transferor and all other
                  parties to the Credit Agreement that it has the power to
                  become a party to the Credit Agreement and the Collateral
                  Sharing Intercreditor Agreement as a "Bank" and a "Main Bank
                  Finance Party", respectively, on the terms herein and therein
                  set out and has taken all necessary steps to authorise
                  execution and delivery of this Transfer Certificate.

6.       TRANSFEREE COVENANTS

         The Transferee hereby undertakes with the Transferor and all other
         parties to the Credit Agreement that:

<PAGE>   106
                                        103

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                  (a)      it will perform in accordance with its terms all
                           those obligations which, by the terms of the Credit
                           Agreement, will be assumed by it following delivery
                           of this Transfer Certificate to the Agent; and

                  (b)      it will comply with its obligations under the
                           Collateral Sharing Intercreditor Agreement as a Main
                           Bank Finance Party.

7.       EXCLUSION OF TRANSFEROR'S LIABILITIES

         Neither the Transferor nor any other Finance Party makes any
         representation or warranty or assumes any responsibility with respect
         to:

         (a)      the execution, genuineness, validity, enforceability or
                  sufficiency of any Senior Finance Document or any other
                  document;

         (b)      the collectability of amounts payable under any Senior Finance
                  Document; or

         (c)      the accuracy of any statements (whether written or oral) made
                  in or in connection with any Senior Finance Document.

8.       NOVATION

         Upon receipt of this Transfer Certificate by the Agent the Transferee
         will become a party to the Credit Agreement and the Collateral Sharing
         Intercreditor Agreement, on and with effect from the Effective Date in
         substitution for the Transferor with respect to those rights and
         obligations which by the terms of the Credit Agreement, the Collateral
         Sharing Intercreditor Agreement and this Transfer Certificate are
         assumed by the Transferee and the Transferor is accordingly released
         from all such obligations.

IN WITNESS whereof the parties hereto have entered into this Transfer
Certificate on the date stated at the head of this Transfer Certificate.

TRANSFEROR

[         ]

By:

TRANSFEREE

[         ]

By:

*[BORROWER
POLSKA TELEFONIA CYFROWA SP. Z O.O.

By:]

--------------
*        Required in the event of a transfer to Transferee that is not a Bank or
         an Affiliate of the Transferor; provided, however, that the Borrower's
         consent shall not be required if the Borrower fails to respond to a
         request for its consent within 10 Business Days after the date of this
         Transfer Certificate, the Borrower shall be deemed to have given its
         consent.

<PAGE>   107

                                      104

--------------------------------------------------------------------------------

[Without prejudice to the foregoing execution of this Transfer Certificate by
the parties hereto, [Name of Transferee] hereby expressly and specifically
confirms its agreement with the granting of jurisdiction to English courts
provided for in the Credit Agreement, the Collateral Sharing Intercreditor
Agreement and in any other Senior Finance Documents, for the purpose of Article
1 of the Protocol annexed to the Convention on the Jurisdiction and the
Enforcement of Judgments in Civil and Commercial Matters signed at Brussels on
27 September, 1968, as amended.

For [Name of Transferee]

By:________________________

Name:
Title:]**

--------------------------
**       Required in the event of a transfer to Transferee that is incorporated
         in Luxembourg.

<PAGE>   108

                                      105

--------------------------------------------------------------------------------

                                    ANNEXURE

                    NOTICE OF TRANSFER TO BORROWER AND AGENT

To:      POLSKA TELEFONIA CYFROWA SP. Z O.O. (the "BORROWER")

         DEUTSCHE BANK LUXEMBOURG, S.A.

         DEUTSCHE BANK POLSKA S.A.

[ ] (the "TRANSFEROR") and [ ] (the "TRANSFEREE") hereby give notice that
pursuant to the terms of a transfer certificate dated [ ], (the "TRANSFER
CERTIFICATE") a copy of which is enclosed, made between the Transferor and the
Transferee relating to a facility agreement dated 20 February, 2001 (the "CREDIT
AGREEMENT") between the Borrower, Deutsche Bank AG London Branch, Deutsche Bank
Polska S.A., Dresdner Bank Luxembourg, S.A. and The European Bank for
Reconstruction and Development as Lead Arrangers, the Arrangers named therein,
the Banks named therein, Deutsche Bank Luxembourg, S.A. as Agent, and Deutsche
Bank Polska S.A., as Security Agent, the Transferor has, with effect from [ ]
(the "EFFECTIVE DATE") effected the transfer stated in the Transfer Certificate.
The Transferee agrees, with effect from the Effective Date, to be bound by the
terms and conditions of the Senior Finance Documents as if it had been an
original party to the Credit Agreement as a Bank with a participation in the
Utilisations equal to the Transferred Advances, [and] with the Transferred
Commitments [and with the Zloty Limit2] stated in the Transfer Certificate.

Dated [                ]

By:

By:

---------------------------

2 N.B. -- Use only for Tranche B during Availability Period

<PAGE>   109

                                      106
--------------------------------------------------------------------------------

                                   SCHEDULE D

                               SECURITY DOCUMENTS

1.       The Asset Pledge.

2.       Registration of security over Intellectual Property Rights of the
         Borrower at the Patent Office in Poland.

3.       Pledge agreements in respect of the receivables of each of the Issuers
         and PTC International Finance (Holding) B.V. in the agreed form signed
         by relevant Issuer and PTC International Finance (Holding) B.V. in
         favour of Deutsche Bank Polska S.A. as Security Agent:

         (a)      Deed of Pledge of Accounts Receivable of PTC International
                  Finance (Holding) B.V. and PTC International Finance B.V.; and

         (b)      Deed of Pledge of Accounts Receivable of PTC International
                  Finance II S.A.

4.       Subordination Agreements in the agreed form:

         (a)      signed by the Borrower and PTC International Finance (Holding)
                  B.V. in favour of Deutsche Bank Polska S.A. as Security Agent;

         (b)      signed by PTC International Finance (Holding) B.V. and PTC
                  International Finance II S.A. in favour of Deutsche Bank
                  Polska S.A. as Security Agent; and

         (c)      signed by PTC International Finance B.V. and the Borrower in
                  favour of Deutsche Bank Polska S.A. as Security Agent.

5.       Pledge over the shares of each Issuer and PTC International Finance
         (Holding) B.V. in the agreed form executed by the Borrower in favour of
         Deutsche Bank Polska S.A. as Security Agent:

         (a)      Share Pledge Agreement over the shares of PTC International
                  Finance B.V. and PTC International Finance (Holding) B.V. from
                  the Borrower in favour of Deutsche Bank Polska S.A. and

         (b)      Share Pledge Agreement over the shares of PTC International
                  Finance II S.A. from PTC International Finance (Holding) B.V.
                  in favour of Deutsche Bank Polska S.A.

6.       A Pledge over cash in the agreed form in respect of the moneys held on
         bank accounts established after the date hereof in favour of Deutsche
         Bank Polska S.A. as Security Agent.

7.       Mortgages over any real property having a fair market value in excess
         of euro3,000,000 as determined by an independent market consultant
         approved by the Agent owned by the Borrower or any of its Subsidiaries
         in the agreed form.

8.       Ordinary Share Pledges.

9.       Registered Share Pledges.

10.      The Bank Account Side Letter.

<PAGE>   110
                                      107

--------------------------------------------------------------------------------

                                   SCHEDULE E

                        DOCUMENTARY CONDITIONS PRECEDENT

THE BORROWER

1.       Documents, dated no earlier than 30 days prior to the date of this
         Agreement, necessary for demonstrating the capability and authorisation
         of the Borrower to execute and perform this Agreement including:

         (a)      notarised copy of the Borrower's Limited Liability Company
                  Agreement;

         (b)      an original or notarised copy of the Borrower's extract from
                  the commercial register not older than one month; and

         (c)      originals or notarised copies of all other documents
                  demonstrating changes in any circumstances attested to by the
                  documents referred to in this paragraph if such circumstances
                  have any influence on the capability or authorisation of the
                  Borrower to execute or perform the Senior Finance Documents.

2.       (a)      A copy of a resolution of the management board of the Borrower
                  approving the terms of, and the transactions contemplated by,
                  the Senior Finance Documents.

         (b)      A copy of a resolution of the supervisory board of the
                  Borrower approving the terms of, and the transactions
                  contemplated by, the Senior Finance Documents.

         (c)      A copy of a resolution of the management board of the Borrower
                  to the effect that they have in good faith determined that any
                  encumbrance or restriction contained in the Subordination
                  Agreement dated as of 23rd November 1999 between PTC
                  International Finance (Holding) B.V. and PTC International
                  Finance II, S.A., as amended and re-executed as of the date
                  hereof, are no less favourable in any material respect, taken
                  as a whole, to the holders of each of: (i) the $253,203,000
                  10-3/4% senior subordinated guaranteed discount notes due 2007
                  issued by PTC International Finance B.V., (ii) the
                  $150,000,000 11-1/4% senior subordinated guaranteed notes due
                  2009 issued by PTC International Finance II S.A. and (iii) the
                  EURO 300,000,000 11-1/4% senior subordinated guaranteed notes
                  due 2009 issued by PTC International Finance II S.A. than
                  those encumbrances and restrictions contained in such
                  Subordination Agreement prior to such amendment and
                  re-execution, as required by Section 4.11(a)(v) of each of the
                  indentures referred to in clauses (a) and (f) of the High
                  Yield Debt Documents.

3.       A specimen of the signature of each person authorised to sign the
         Senior Finance Documents on behalf of the Borrower and to sign and/or
         despatch all documents and notices to be signed and/or despatched by
         the Borrower under or in connection with the Senior Finance Documents.

4.                (a) A certificate of a member of the management board of the
                  Borrower certifying that the incurrence of Utilisations will
                  be permitted in accordance with Sections 4.09 and 4.16 of each
                  of the indentures dated 23rd November, 1999 between PTC
                  International Finance II S.A., PTC International Finance
                  (Holding) B.V., the Borrower and State Street Bank and Trust
                  Company, as trustee (the "1999 INDENTURES") and the indenture
                  dated 1st July, 1997 between PTC International Finance B.V.,
                  the Borrower, and The Bank of New York as trustee (the "1997
                  INDENTURE").

         (b)      A certificate of an authorised signatory of the Borrower
                  certifying:

                  (i)      that each of PTC International Finance B.V., PTC
                           International Finance II S.A. and PTC International
                           Finance (Holding) B.V. is a "Restricted Subsidiary"
                           as defined in each of the 1999 Indentures and the
                           1997 Indenture; and

<PAGE>   111

                                      108

--------------------------------------------------------------------------------

                  (ii)     that each copy document delivered under paragraphs 1,
                           2 and 3 above is correct, complete and in full force
                           and effect as at a date no earlier than the date of
                           this Agreement.

PTC INTERNATIONAL FINANCE B.V.

5.       A copy of the constitutional documents of PTC International Finance
         B.V.

6.       A copy of a resolution of the board of directors of PTC International
         Finance B.V. approving the terms of, and the transactions contemplated
         by, the Senior Finance Documents to which it is a party.

7.       A specimen of the signature of each person authorised to sign the
         documents referred to in paragraph 6 above on behalf of PTC
         International Finance B.V. and to sign and/or despatch all documents
         and notices to be signed and/or despatched by PTC International Finance
         B.V. under or in connection with those documents.

8.       A certificate of an authorised signatory of PTC International B.V.
         certifying that each copy document delivered under paragraphs 5, 6 and
         7 above is correct, complete and in full force and effect as at a date
         no earlier than the date of this Agreement.

PTC INTERNATIONAL FINANCE II S.A.

9.       A copy of the constitutional documents of PTC International Finance II
         S.A.

10.      A copy of a resolution of the board of directors of PTC International
         Finance II S.A. approving the terms of, and the transactions
         contemplated by, the Senior Finance Documents to which it is a party.

11.      A specimen of the signature of each person authorised to sign the
         documents referred to in paragraph 10 above on behalf of PTC
         International Finance II S.A. and to sign and/or despatch all documents
         and notices to be signed and/or despatched by PTC International Finance
         II S.A. under or in connection with those documents.

12.      A certificate of an authorised signatory of PTC International Finance
         II S.A. certifying that each copy document delivered under paragraphs
         9, 10 and 11 above is correct, complete and in full force and effect as
         at a date no earlier than the date of this Agreement.

PTC INTERNATIONAL FINANCE (HOLDING) B.V.

13.      A copy of the constitutional documents of PTC International Finance
         (Holding) B.V.

14.      A copy of a resolution of the board of directors of PTC International
         Finance (Holding) B.V. approving the terms of, and the transactions
         contemplated by, the Senior Finance Documents to which it is a party.

15.      A specimen of the signature of each person authorised to sign the
         documents referred to in paragraph 14 above on behalf of PTC
         International Finance (Holding) B.V. and to sign and/or despatch all
         documents and notices to be signed and/or despatched by PTC
         International Finance (Holding) B.V. under or in connection with those
         documents.

16.      A certificate of an authorised signatory of PTC International Finance
         (Holding) B.V. certifying that each copy document delivered under
         paragraphs 13, 14 and 15 above is correct, complete and in full force
         and effect as at a date no earlier than the date of this Agreement.

MISCELLANEOUS

17.      Legal opinions from each of:

         (a)      Shearman & Sterling;

         (b)      Soltysinski, Kawecki & Szlezak;

         (c)      Nauta Dutilh; and

         (d)      Elvinger, Hoss & Prussen.

<PAGE>   112
                                      109

--------------------------------------------------------------------------------

18.      The Fee Letters duly executed in the agreed form.

19.      National Bank of Poland permit for the Borrower to borrow and repay
         Utilisations and all other amounts payable under the Senior Finance
         Documents in the currency in which they are due.

20.      The Business Plan in the agreed form.

21.      The Hedging Policy in the agreed form.

22.      Certified copies of the GSM Licence, the DCS-1800 Licence, the UMTS
         Licence and the supply agreements referred to in paragraphs (c), (d)
         and (e) of the definition of "Material Contracts" in Clause 1.1
         (Defined terms).

23.      Certified copies of the duly executed interconnection agreements with
         Telekomunikacja Polska Spo=ka Akcyjna, Polkomtel S.A. and PTK Centertel
         in form and substance reasonably satisfactory to the Agent.

24.      Evidence of the irrevocable acceptance of the person appointed as
         process agent under Clause 38.2 (Service of process) to act as agent
         for service of process.

25.      Execution of each Security Document listed in Schedule D by the
         Obligors party thereto other than (i) mortgages, (ii) the Ordinary
         Share Pledges, (iii) pledges over cash in respect of moneys held on
         bank accounts and (iv) the Registered Share Pledges which shall be in
         the agreed form.

26.      Collateral Sharing Intercreditor Agreement duly executed in the form
         set forth at Schedule M.

27.      A copy of any other governmental or other authorisation, approval or
         other document, opinion or assurance, including without limitation a
         document evidencing approval by the Shareholders, necessary or
         desirable in connection with the entry into and performance of, and the
         transactions contemplated by, any Senior Finance Document or for the
         validity and enforceability of any Senior Finance Document.

28.      [intentionally omitted]

29.      A search in respect of each member of the Group at the register of
         pledges maintained by the Warsaw court, the Central Registry of
         Treasury Pledges in Poland, the Commercial Register of the Chamber of
         Commerce and Industry of Amsterdam, and the Greffe de la 2e section du
         Tribunal d'Arrondissement de et a Luxembourg showing, inter alia, no
         Security Interests over any of its assets (other than any permitted
         under this Agreement) and no appointment of a receiver, liquidator or
         administrator or the presentation of any petition in respect of any of
         the same.

30.      Evidence that the insurances required to be taken out in accordance
         with Clause 19.23 (Insurance) of this Agreement have been taken out and
         are in full force and effect in the form of a confirmation in the
         agreed form from the relevant insurers.

31.      An instruction to the Agent that all fees payable in accordance with
         the Fee Letters and all other fees, costs and expenses (including,
         without limitation, legal fees and all costs of registration, property
         transfers, security or otherwise) details of which are known at the
         Signing Date may be deducted from the first Advance under this
         Agreement.

32.      Evidence reasonably satisfactory to the Agent that the facility
         agreement dated 17th December, 1997 between the Borrower, the arrangers
         named therein, the banks named therein, Citibank International plc as
         Facility A Agent and Security Agent, Citibank (Poland) S.A. as Facility
         B Agent and Security Agent and Citibank N.A. as Co-ordinator will be
         repaid and cancelled, all pledges of collateral thereunder will be
         promptly deleted from the register of pledges maintained by the Warsaw
         court and Citibank International plc as Facility A Agent and Citibank
         (Poland) S.A. as Facility B Agent will issue final and unconditional
         acknowledgements of discharge of all obligations secured by such
         pledges by way of a payoff letter in the agreed form and releases in
         the agreed form.

33.      A compliance certificate in the form set forth at Schedule J.

34.      The executed Side Letter from Elektrim S.A. to the Agent.

35.      A side letter from the Shareholders to the Agent, in the agreed form,
         providing that the Shareholders notify the Agent upon a pledge of the
         Shares by any Shareholders.

36.      Certified executed copies of each of the Supplemental Facility Senior
         Finance Documents.

<PAGE>   113

                                      110

--------------------------------------------------------------------------------

                                   SCHEDULE F

                           EXISTING SECURITY INTERESTS

<TABLE>
<CAPTION>
NAME OF COMPANY                  PROPERTY CHARGED                    DATE OF CREATION                          DESCRIPTION OF CHARGE
------------------------------------------------------------------------------------------------------------------------------------
<S>                              <C>                                 <C>                                       <C>

1.  Polska Telefonia Cyfrowa     Assets of Polska Telefonia          15 April 1998                                 Registered Pledge
    Sp. z o.o.                   Cyfrowa Sp. z o.o.
------------------------------------------------------------------------------------------------------------------------------------
                                 Shares and future shares in
2.  Elektrim S.A.                Polska Telefonia Cyfrowa            14 September 1998 (pledge over shares and     Registered Pledge
                                 Sp. z o.o.                          future shares)
------------------------------------------------------------------------------------------------------------------------------------
                                                                     21 April 1998 (pledge over shares)
                                                                     (on 12 June 2000  Elektrim  S.A. was entered
                                                                     as a pledgor in the Register of Pledges)
                                 Shares and future shares in
3.  BRE Bank S.A.                Polska Telefonia Cyfrowa                                                          Registered Pledge
                                 Sp. z o.o.
                                                                     13 May 1999 (pledge over future shares)
                                                                     (on 24 September 1999 Elektrim S.A.
                                                                     submitted an application to change the
                                                                     entry in the Register of Pledges)
------------------------------------------------------------------------------------------------------------------------------------
                                 Shares and future shares in         7 April 1998 (pledge over shares)
4.  Carcom Warszawa Sp. z o.o.   Polska Telefonia Cyfrowa                                                          Registered Pledge
                                 Sp. z o.o.                          29 May 1999 (pledge over future shares)

------------------------------------------------------------------------------------------------------------------------------------
                                 Shares and future shares in         Registered pledge agreement was signed on
5.  De Te Mobil                  Polska Telefonia Cyfrowa            30 January 1998 but the pledges have not      Registered Pledge
                                 Sp. z o.o.                          been registered yet
------------------------------------------------------------------------------------------------------------------------------------
                                 Shares and future shares in         Registered pledge agreement was signed on
6.  Elektrim Autoinvest S.A.     Polska Telefonia Cyfrowa            15 January 1998 but the pledges have not      Registered Pledge
                                 Sp. z o.o.                          been registered yet
------------------------------------------------------------------------------------------------------------------------------------
                                 Shares and future shares in
                                 Polska Telefonia Cyfrowa            The registered pledge agreement was signed
                                 Sp. z o.o.                          on 15 January 1998 but the pledge over
                                                                     shares has not been registered yet. On 24     Registered Pledge
                                                                     September 1999 Elektrim S.A. submitted an
7.  Kulczyk Holding S.A.                                             application to change the entry in the
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
NAME OF COMPANY                         PERSONS ENTITLED TO THE
                                                CHARGE

<S>                                  <C>
---------------------------------------------------------------
1.  Polska Telefonia Cyfrowa             Citibank (Poland) S.A.
    Sp. z o.o.
---------------------------------------------------------------
2.  Elektrim S.A.                        Citibank (Poland) S.A.
---------------------------------------------------------------
3.  BRE Bank S.A.                        Citibank (Poland) S.A.
---------------------------------------------------------------
4.  Carcom Warszawa Sp. z o.o.           Citibank (Poland) S.A.
---------------------------------------------------------------
5.  De Te Mobil                          Citibank (Poland) S.A.
---------------------------------------------------------------
6.  Elektrim Autoinvest S.A.             Citibank (Poland) S.A.
---------------------------------------------------------------
7.  Kulczyk Holding S.A.                 Citibank (Poland) S.A.
---------------------------------------------------------------
</TABLE>

<PAGE>   114
                                      111
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
NAME OF COMPANY                  PROPERTY CHARGED                    DATE OF CREATION                          DESCRIPTION OF CHARGE
------------------------------------------------------------------------------------------------------------------------------------
<S>                              <C>                                 <C>                                       <C>

                                                                     Register of Pledges.

                                                                     The pledge over future shares was
                                                                     registered  on 24 June 1998. On
                                                                     24 September 1999 Elektrim S.A.
                                                                     submitted an application to change
                                                                     the entry in the Register of Pledges.
------------------------------------------------------------------------------------------------------------------------------------
                                 Shares and future shares in         2 July 1998 (pledge over shares)
8.  Polpager Sp. z o.o.          Polska Telefonia Cyfrowa                                                          Registered Pledge
                                 Sp. z o.o.                          28 October 1998 (pledge over future shares)
------------------------------------------------------------------------------------------------------------------------------------
                                                                     16 March 1999 (pledge over shares)

                                                                     (On 24 September 1999 Elektrim S.A.
                                                                     submitted an application to change the
                                                                     entry in the Register of Pledges.)

                                 Shares and future shares in
9.  TUiR Warta S.A.              Polska Telefonia Cyfrowa                                                          Registered Pledge
                                 Sp. z o.o.                          6 January 1999 (pledge over new shares)
                                                                     (Elektrim  S.A.  was entered as a pledgor in
                                                                     the Register of Pledges)
------------------------------------------------------------------------------------------------------------------------------------
                                 Shares and future shares in         The registered pledge agreement was signed
10. Media One (US West           Polska Telefonia Cyfrowa            on 29 January 1998 but the pledges have not   Registered pledge
    International B.V.)          Sp. z o.o.                          been registered yet
                                                                     18 May 2000
------------------------------------------------------------------------------------------------------------------------------------
11. Drugi Polski Fundusz         Future shares in Polska             (On 24 September 1999 Elektrim S.A.
    Rozwoju BRE                  Telefonia Cyfrowa Sp. z o.o.        submitted an application to change the        Registered pledge
                                                                     entry in the Register of Pledges.)
------------------------------------------------------------------------------------------------------------------------------------
12. PTC International Finance    Present and future accounts         17.12.97                                      First priority
    B.V.                         receivable                                                                        right of pledge
------------------------------------------------------------------------------------------------------------------------------------
13. Polska Telefonia Cyfrowa     Present and future shares in PTC    17.12.97                                      First right
    Sp. z o.o.                   International Finance B.V.                                                        of pledge
------------------------------------------------------------------------------------------------------------------------------------
14. Polska Telefonia Cyfrowa
    Sp. z o.o. and               PTC Deposit moneys                  17.12.97                                      Charge and
    International Finance                                                                                          assignment
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
NAME OF COMPANY                         PERSONS ENTITLED TO THE
                                                CHARGE

<S>                                  <C>
---------------------------------------------------------------
8.  Polpager Sp. z o.o.                  Citibank (Poland) S.A.
---------------------------------------------------------------
9.  TUiR Warta S.A.                      Citibank (Poland) S.A.
---------------------------------------------------------------
10. Media One (US West                   Citibank (Poland) S.A.
    International B.V.)
---------------------------------------------------------------
11. Drugi Polski Fundusz                 Citibank (Poland) S.A.
    Rozwoju BRE
---------------------------------------------------------------
12. PTC International Finance            Citibank N.A.
    B.V.
---------------------------------------------------------------
13. Polska Telefonia Cyfrowa             Citibank N.A.
    Sp. z o.o.
---------------------------------------------------------------
14. Polska Telefonia Cyfrowa             Citibank N.A.
    Sp. z o.o. and
    International Finance
---------------------------------------------------------------
</TABLE>

<PAGE>   115
                                      112
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
NAME OF COMPANY                  PROPERTY CHARGED                    DATE OF CREATION                          DESCRIPTION OF CHARGE
------------------------------------------------------------------------------------------------------------------------------------
<S>                              <C>                                 <C>                                     <C>

15. PTC International Finance    Accounts                            17.12.97                                  First right of pledge
    B.V.
------------------------------------------------------------------------------------------------------------------------------------
16. PTC International Finance    Present and future shares in PTC    23.11.99                                  Pledge
    (Holding) B.V.               International Finance II S.A.
------------------------------------------------------------------------------------------------------------------------------------
17. PTC International Finance    Present and future accounts         23.11.99                                  First priority right
    (Holding) B.V.               receivable                                                                    of pledge
------------------------------------------------------------------------------------------------------------------------------------
18. PTC International Finance    Receivables                         24.11.99                                  First priority right
    (Holding) B.V.                                                                                             of pledge
------------------------------------------------------------------------------------------------------------------------------------
19. PTC International Finance    All monies and present and future   24.11.99                                  Pledge
    II S.A.                      assets in the account
------------------------------------------------------------------------------------------------------------------------------------
20. PTC International Finance    Accounts receivable                 23.11.99                                  Pledge
    II S.A.
------------------------------------------------------------------------------------------------------------------------------------
21. Polska Telefonia Cyfrowa     Present and future shares in PTC    23.11.99                                  First priority right
    Sp. z o.o.                   International Finance (Holding)                                               of pledge
                                 B.V.
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
NAME OF COMPANY                         PERSONS ENTITLED TO THE
                                                CHARGE
<S>                                  <C>
---------------------------------------------------------------
15. PTC International Finance            Citibank N.A.
    B.V.
---------------------------------------------------------------
16. PTC International Finance            Citibank N.A.
    (Holding) B.V.
---------------------------------------------------------------
17. PTC International Finance            Citibank N.A.
    (Holding) B.V.
---------------------------------------------------------------
18. PTC International Finance            Citibank N.A.
    (Holding) B.V.
---------------------------------------------------------------
19. PTC International Finance            Citibank N.A.
    II S.A.
---------------------------------------------------------------
20. PTC International Finance            Citibank N.A.
    II S.A.
---------------------------------------------------------------
21. Polska Telefonia Cyfrowa             Citibank N.A.
    Sp. z o.o.
---------------------------------------------------------------
</TABLE>

<PAGE>   116

                                      113
--------------------------------------------------------------------------------

                                   SCHEDULE G

                              ADDITIONAL COSTS RATE

1.   The Additional Costs Rate shall be:

     for all Banks, the rate determined by the Agent to be equal to the
     arithmetic mean (rounded upwards, if necessary, to four decimal places) of
     the rates notified by each of the Banks in accordance with its respective
     status weighted in proportion to the percentage participation of that Bank
     in the related Advance to the Agent as the rate resulting from the
     application (as appropriate) of the following formulae:

          in relation to Sterling Advances:

                            XL + S(L-D) + (E x 0.01)
                            ------------------------
                                  100 - (X+S)

          in relation to other Advances:

                                   E x 0.01
                                   --------
                                      300

          where, in each case, on the day of application of a formula:

          X    is the percentage of Eligible Liabilities (in excess of any
               stated minimum) by reference to which that Bank is required under
               or pursuant to the Bank of England Act 1998 to maintain cash
               ratio deposits with the Bank of England;

          L    is the percentage rate of interest (excluding the Applicable
               Margin and any amounts compensated under the Additional Costs
               Rate) payable for the relevant Interest Period on the Advance;

          E    is the rate of charge being payable by that Bank to the Financial
               Services Authority ("FSA") pursuant to paragraph 2.02 or 2.03 (as
               the case may be) of the Fees Regulations (but where, for this
               purpose, the figures at paragraph 2.02(b) and 2.03(b) of the Fees
               Regulations shall be deemed to be zero) and expressed in pounds
               per (pound)1 million of the Fee Base of that Lender;

          S    is the level of interest bearing Special Deposits, expressed as a
               percentage of Eligible Liabilities, which that Bank is required
               to maintain by the Bank of England (or other United Kingdom
               governmental authorities or agencies); and

          D    is the percentage rate per annum payable by the Bank of England
               to that Bank on Special Deposits.

          (X, L, S and D shall be expressed in the formula as numbers and not as
          percentages. A negative result obtained from subtracting D from L
          shall be counted as zero).

2.   For the purposes of this Schedule G:-

     "ELIGIBLE LIABILITIES" and "SPECIAL DEPOSITS" have the meanings given to
     those terms under or pursuant to the Bank of England Act 1998 or by the
     Bank of England (as may be appropriate), on the day of the application of
     the formula;

     "FEE BASE" has the meaning given to that term for the purposes of, and
     shall be calculated in accordance with, the Fees Regulations;

--------------------------------------------------------------------------------
<PAGE>   117
                                      114
--------------------------------------------------------------------------------
     "FEES REGULATIONS" means, as appropriate, either:

     (a)  the Banking Supervision (Fees) Regulations 1998; or

     (b)  such regulations as from time to time may be in force, relating to the
          payment of fees for banking supervision in respect of periods
          subsequent to 31 March 1999.

3.   The Additional Costs Rate shall be calculated at or about 11.00 a.m. on the
     first day of each Interest Period and for the duration of such Interest
     Period and shall be payable on the date on which interest is payable in
     respect of the relevant Advance in accordance with the terms of this
     Agreement.

4.   Each Bank shall determine the Additional Costs Rate by application of the
     relevant formula set out in paragraph 1 above on the first day of each
     Interest Period and shall notify the Agent of such determination as soon as
     it has been made. Promptly upon receipt of notifications from each of the
     Banks, the Agent shall calculate the Additional Costs Rate for the purposes
     of this Agreement as a weighted average of the Banks' Additional Cost Rates
     (weighted in proportion to the percentage participation of each Bank in the
     relevant Advance) expressed as a percentage rate per annum.

5.   In the event that there is any change in applicable law or regulation, or
     the interpretation thereof, by any agency of any state, or in the nature of
     any request or requirement by the Financial Services Authority, the Bank of
     England, or other applicable banking or regulatory authority, the effect of
     which is to impose, modify or deem applicable any fees or any reserve,
     special deposit, liquidity or similar requirements against assets held by,
     or deposits in, or for the account of, or advances by the Banks, or in any
     other respect whatsoever, the Agent shall be entitled to vary the formula
     set forth in paragraph 1 above so as (but only so as) to restore the Banks'
     position - in terms of overall return to the Banks - to that which
     prevailed before such change became necessary. The Agent shall notify the
     Borrower of any such necessary variation to the formula and the formula, as
     so varied, shall be the formula for the purposes of this Agreement with
     effect from the date of notification.

--------------------------------------------------------------------------------
<PAGE>   118
                                      115
--------------------------------------------------------------------------------
                                   SCHEDULE H

                         FORM OF REQUEST FOR AN ADVANCE

To:      Deutsche Bank Luxembourg, S.A., as Agent.

From:    POLSKA TELEFONIA CYFROWA SP. Z O.O.

Date: [                             ]

POLSKA TELEFONIA CYFROWA SP. Z O.O.
euro550,000,000 FACILITY AGREEMENT DATED 20 FEBRUARY, 2001

1.   We wish to borrow an Advance as follows:-

     (a)  Tranche: [A/B]

     (b)  Utilisation Date: [               ]

     (c)  Currency/[Amount]: [              ]

     (d)  Interest Period: [                ]

     (e)  Payment instructions: [           ].

     (f)  [Original Euro Amount: [          ].]*

2.   We confirm that the Advance referred to in this Request will be repaid on
the date and in accordance with the terms set out in the Facility Agreement.

3.   We confirm that each condition specified in Clause 4.2 (Conditions
Precedent to each Utilisation) is satisfied on the date of this Request.

[4.  We confirm that the proceeds of the Advance referred to in this Request
will be used for the purpose set forth in Clause 3.1(d) (Purpose).]**

By:

POLSKA TELEFONIA CYFROWA SP. Z O.O.
Authorised Signatory

---------------------------------------
     *  Tranche A only
     ** Include when Agreement

--------------------------------------------------------------------------------
<PAGE>   119
                                      116
--------------------------------------------------------------------------------

                                   SCHEDULE I

                               ACCESSION DOCUMENT

THIS ACCESSION AGREEMENT is made [..                 ]

BETWEEN:-

(1)                                (No.    ) (the "NEW GUARANTOR");

(2)  POLSKA TELEFONIA CYFROWA SP. Z O.O., (No. ) (the "BORROWER");

(3)  DEUTSCHE BANK LUXEMBOURG, S.A. in its capacity as Agent under the Credit
     Agreement.

WHEREAS:-

(A)  This Agreement is entered into in connection with a facility agreement (the
     "CREDIT AGREEMENT") dated 20 February, 2001 and made between, inter alia,
     the Borrower, the Guarantors named therein, Deutsche Bank AG London,
     Deutsche Bank Polska S.A., Dresdner Bank Luxembourg, S.A. and The European
     Bank for Reconstruction and Development as Lead Arrangers, the Arrangers
     named therein, Deutsche Bank Luxembourg, S.A., as Agent, and Deutsche Bank
     Polska S.A., as Security Agent.

(B)  This Agreement has been entered into to record the admission of the New
     Guarantor as a Guarantor under the Credit Agreement.

NOW IT IS HEREBY AGREED AS FOLLOWS:-

1.   DEFINITIONS

     Terms defined in the Credit Agreement shall have the same meaning when used
     in this Agreement.

2.   ADMISSION OF NEW GUARANTOR

2.1  The New Guarantor agrees to become a Guarantor under the Credit Agreement
     and agrees to be bound by the terms of the Credit Agreement as if it had
     been named as a Guarantor thereunder.

2.2  The New Guarantor thereby confirms the appointment of the Borrower as its
     agent on the terms provided for in the Credit Agreement in relation to
     Obligors.

2.3  The New Guarantor confirms that its address details for notices the Credit
     Agreement are as follows:-

     Address:
     Facsimile:
     Telex:
     Attention of:

2.4  By their signature below the parties to this Agreement (other than the New
     Guarantor) confirm their acceptance of the New Guarantor as a Guarantor for
     the purpose of the Credit Agreement.

3.   GOVERNING LAW AND SUBMISSION TO JURISDICTION

     The provision of Clauses 38 (Jurisdiction), 39 (Waiver of Immunity) and 40
     (Governing Law) shall apply to this Accession Agreement as though set out
     in full herein, mutatis mutandis.

--------------------------------------------------------------------------------
<PAGE>   120
                                      117
--------------------------------------------------------------------------------

IN WITNESS whereof the parties have caused this Agreement to be duly executed on
the date first written above.

NEW GUARANTOR
[Name]

---------------------------
By:

BORROWER
POLSKA TELEFONIA CYFROWA SP. Z O.O.

---------------------------
By:

AGENT
DEUTSCHE BANK LUXEMBOURG, S.A.

---------------------------
By:

--------------------------------------------------------------------------------
<PAGE>   121
                                      118
--------------------------------------------------------------------------------

                                   SCHEDULE J

                         FORM OF COMPLIANCE CERTIFICATE

                          DATED AS OF _________________

     The undersigned hereby certifies that [s]he is a member of the management
board of Polska Telefonia Cyfrowa Sp. z o.o. (the "BORROWER") and that as such
[s]he is authorized to execute this certificate on behalf of the Borrower. With
reference to the facility agreement dated as of 20 February, 2001 (the "CREDIT
AGREEMENT"; terms defined therein and not otherwise defined herein being used
herein as therein defined) among the Borrower, the guarantors party thereto from
time to time, Deutsche Bank AG London, Deutsche Bank Polska S.A., Dresdner Bank
Luxembourg, S.A., and The European Bank for Reconstruction and Development as
Lead Arrangers, the Arrangers party thereto, Deutsche Bank Luxembourg, S.A. as
Agent, Deutsche Bank Polska S.A. as Security Agent and the Banks party thereto
from time to time, the undersigned further certifies, represents and warrants as
follows:

     (a)  attached to this Certificate as Annex A are the calculations necessary
          to confirm compliance with the covenants contained in Clauses 21.1,
          21.2 and 21.3 (Financial Undertakings) of the Credit Agreement as of
          _________________.

     (b)  the consolidated financial statements of the Borrower and its
          Subsidiaries (the "GROUP") for the quarterly period ended
          _______________ attached hereto as Annex B are complete and correct
          and present fairly, in accordance with the accounting standards set
          forth in Clause 19.7 (Accounting Standards) of the Credit Agreement,
          the financial position of the Group as at the end of such quarterly
          accounting period, and the results of operations and cash flows for
          such quarterly period, and for the elapsed portion of the fiscal year
          ended with the last day of such quarterly period; and

     (c)  no Default is outstanding.

                                        POLSKA TELEFONIA CYFROWA SP. Z O.O.

                                        By
                                           -------------------------------------
                                           Title

--------------------------------------------------------------------------------
<PAGE>   122
                                      119
--------------------------------------------------------------------------------

                        ANNEX A TO COMPLIANCE CERTIFICATE

                              SENIOR DEBT TO EBITDA

<TABLE>
<CAPTION>

<S>                                                                    <C>
RATIO PERIOD ENDED:
                                                                       ---------

Borrowings under any Senior Debt facility
Overdrafts
Mark-to-market value of Hedging Agreements in respect of
  Senior Debt
Negative mark-to-market value of Hedging Agreements in respect of
  Interest payments in relation to any Financial Indebtedness
    incurred pursuant to the High Yield Debt Documents
Finance Leases
QTE Lease obligations
Letters of credit and bank guarantees
Any other Senior Debt

TOTAL SENIOR DEBT

Net income before Extraordinary Items
Interest Payable
Income Taxes
Amortisation and depreciation
Consolidated losses arising as a result of having Financial
  Indebtedness in a currency which appreciated against the Zloty
  (without double-counting)

SUBTOTAL:
                                                                       ---------

Less:
Handset costs and other subscriber acquisition costs, whether or
  not capitalised, to the extent not already deducted in
  determining net income
Interest Receivable
Consolidated gains arising as a result of having Financial
  Indebtedness in a currency which depreciated against the Zloty
  (without double-counting)

SUBTOTAL:
                                                                       ---------

EBITDA FOR THE RATIO PERIOD

--------------------------------------------------------------------------------
Senior Debt to EBITDA ratio
--------------------------------------------------------------------------------
PERMITTED LEVEL (TO DEC 2003 -- NOT MORE THAN 4:1)                        4.00:1

IN COMPLIANCE ( YES / NO )
</TABLE>

--------------------------------------------------------------------------------
<PAGE>   123
                                      120
--------------------------------------------------------------------------------

                    EBITDA TO INTEREST EXPENSE ON SENIOR DEBT

Interest accrued on Senior Debt
less Interest Receivable
less unrealised foreign exchange losses to the extent included as Interest
plus unrealised foreign exchange gains to the extent deducted as Interest

INTEREST EXPENSE ON SENIOR DEBT

EBITDA FOR THE RATIO PERIOD

--------------------------------------------------------------------------------
EBITDA to Interest Expense on Senior Debt ratio
--------------------------------------------------------------------------------
PERMITTED LEVEL : (TO DEC 2002 -- NOT LESS THAN 2.5:1)                     2.5:1

IN COMPLIANCE ( YES / NO )

                    EBITDA TO INTEREST EXPENSE ON TOTAL DEBT

Interest accrued on all debt
less Interest Receivable
less Interest accrued covered by amounts deposited in escrow
less Interest accrued in respect of GSM Licence, DCS-1800 Licence and
  UMTS Licence indebtedness
less unrealised foreign exchange losses to the extent included as
  Interest
less Interest accrued in respect of QTE Leases covered by amounts
  deposited in escrow
plus unrealised foreign exchange gains to the extent included as
  Interest

INTEREST EXPENSE ON TOTAL DEBT

EBITDA FOR THE RATIO PERIOD

--------------------------------------------------------------------------------
EBITDA to Interest Expense on Total Debt ratio
--------------------------------------------------------------------------------
PERMITTED  LEVEL : (TO DEC 2001 -- NOT LESS THAN 1.5:1)                    1.5:1

IN COMPLIANCE ( YES / NO )

--------------------------------------------------------------------------------
<PAGE>   124
                                      121
--------------------------------------------------------------------------------

                                   SCHEDULE K

      EXISTING FINANCIAL INDEBTEDNESS OF THE BORROWER AND ITS SUBSIDIARIES

<TABLE>
<CAPTION>

---------------------------------------------------------------------------------------------------------------

                                                                          DEBT CERTIFICATE
                          DEBT ISSUER/             DESCRIPTION OF          NUMBER/FACILITY
GRANTOR/COUNTERPARTY        BORROWER                INDEBTEDNESS          AGREEMENT NUMBER   FINAL MATURITY
---------------------------------------------------------------------------------------------------------------
<S>                     <C>                    <C>                      <C>                  <C>
N/A                     PTC International      10 3/4% Senior           N/A                  July 1, 2007
                        Finance B.V.           Subordinated Guaranteed
                                               Discount Notes
---------------------------------------------------------------------------------------------------------------
N/A                     PTC International      11 1/4% Senior           N/A                  December 1, 2009
                        Finance II S.A.        Subordinated Guaranteed
                                               Discount Notes
---------------------------------------------------------------------------------------------------------------
Mahler                  PTC Sp. z o.o.         Finance lease of         N/A (Finance Lease   March, 2012
                                               headquarters             Agreement of
                                                                        23 April 1997
---------------------------------------------------------------------------------------------------------------
Ministry of             PTC Sp. z o.o.         Licence GSM 900 - the    2/96/GSM2            March 31, 2001
Communications                                 remaining instalment
---------------------------------------------------------------------------------------------------------------
Ministry of             PTC Sp. z o.o.         Licence GSM 1800 -       498/99               September 30,
Communications                                 remaining instalments                         2002
---------------------------------------------------------------------------------------------------------------
Ministry of             PTC Sp. z o.o.         Licence UMTS             2/UMTS issued        September 30,
Communications                                                          December 20, 2000    2022
---------------------------------------------------------------------------------------------------------------
*BRE BANK SA            PTC Sp. z o.o.         Overdraft limit          02/162/98/Z/VV       N/A
---------------------------------------------------------------------------------------------------------------
*CITIBANK (Poland) SA   PTC Sp. z o.o.         Overdraft & Guarantee    Framework Agreement  N/A
                                               Limit                    No. 145/98
---------------------------------------------------------------------------------------------------------------
*CITIBANK (Poland) SA   PTC Sp. z o.o.         Credit Card Limit        Agreement of         N/A
                                                                        April, 2000
---------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>

---------------------------------------------
        OUTSTANDING
      PRINCIPAL AMOUNT
   AS OF 31 DECEMBER 2000
  /NEGATIVE MARK-TO-MARKET
   VALUE AS OF 31 DECEMBER
            2000              FACILITY LIMIT
---------------------------------------------
<S>                         <C>
USD 253 million at final    N/A
maturity
---------------------------------------------
Euro 300 million and        N/A
USD 150 million at final
maturity
---------------------------------------------
USD 53.6 million (value     N/A
of future lease payments
as of 31 December 2000)
---------------------------------------------
Euro 56 100 000             N/A
---------------------------------------------
Euro 33 431 000             N/A
---------------------------------------------
Euro 650 000 000            N/A
---------------------------------------------
PLN 25 950 222.67           PLN  30 000 000
---------------------------------------------
Guarantee: PLN 6 303        DEM  11 350 000
159.65 as of 31 December
2000
Overdraft: PLN 10 392
199.26 as of 31 December
2000
---------------------------------------------
97 675.09 PLN as of         PLN 1 338 000
31 December 2000
---------------------------------------------

</TABLE>

--------------------------------------------------------------------------------
<PAGE>   125
                                      122
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

---------------------------------------------------------------------------------------------------------------

                                                                          DEBT CERTIFICATE
                          DEBT ISSUER/             DESCRIPTION OF          NUMBER/FACILITY
GRANTOR/COUNTERPARTY        BORROWER                INDEBTEDNESS          AGREEMENT NUMBER   FINAL MATURITY
---------------------------------------------------------------------------------------------------------------
<S>                     <C>                    <C>                      <C>                  <C>
*ING BARINGS            PTC Sp. z o.o.         Guarantee Limit          N/A                  N/A

---------------------------------------------------------------------------------------------------------------
*Deutsche Bank Polska   PTC Sp. z o.o.         Short Term Facility      N/A                  N/A
S.A.                                           Limit

---------------------------------------------------------------------------------------------------------------
ING Barings             PTC Sp. z o.o.         Guarantee issued in      GO/03337             January 31, 2001
                                               favour of Mahler Sp.
                                               z o.o. with respect to
                                               finance lease payments
---------------------------------------------------------------------------------------------------------------
N/A                     PTC Sp. z o.o.         Unconditional Guarantee  N/A                  July 1, 2007
                                               issued in favour of
                                               holders of 10 3/4 %
                                               Senior Subordinated
                                               Guaranteed Discount
                                               Notes
---------------------------------------------------------------------------------------------------------------
N/A                     PTC Sp. z o.o.         Unconditional  and       N/A                  December 1, 2009
                                               Irrevocable Guarantee
                                               issued in favour of
                                               holders of 11 1/4%
                                               Senior Subordinated
                                               Guaranteed Discount
                                               Notes
---------------------------------------------------------------------------------------------------------------
Citibank                PTC Sp. z o.o.         NDF Buy EUR 10 000       N/A                  April 2, 2001
                                               000.00
---------------------------------------------------------------------------------------------------------------
                        PTC Sp. z o.o.         NDF Buy EUR 10 000       N/A                  April 2, 2001
Citibank                                       000.00
---------------------------------------------------------------------------------------------------------------
                        PTC Sp. z o.o.         NDF Buy EUR 10 000       N/A                  April 2, 2001
ING                                            000.00
---------------------------------------------------------------------------------------------------------------
                        PTC Sp. z o.o.         NDF Buy EUR 10 000       N/A                  April 2, 2001
Citibank                                       000.00
---------------------------------------------------------------------------------------------------------------
ING                     PTC Sp. z o.o.         NDF Buy EUR 10 000       N/A                  April 2, 2001
                                               000.00
---------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>

---------------------------------------------
        OUTSTANDING
      PRINCIPAL AMOUNT
   AS OF 31 DECEMBER 2000
  /NEGATIVE MARK-TO-MARKET
   VALUE AS OF 31 DECEMBER
            2000              FACILITY LIMIT
---------------------------------------------
<S>                         <C>
6 413 055.10 PLN as of      USD 3 500 000
31 December 2000
---------------------------------------------
N/A                         Euro 5 000 000,
                            out of which
                            Euro 2 000 000
                            represents
                            overdraft limit
---------------------------------------------
PLN4,950,664.28             N/A
---------------------------------------------
USD 253 million             N/A
---------------------------------------------
Euro 300 million and USD    N/A
---------------------------------------------
PLN  5 404 500.00           N/A
---------------------------------------------
PLN 5 397 500.00            N/A
---------------------------------------------
PLN  5 396 500.00           N/A
---------------------------------------------

</TABLE>

--------------------------------------------------------------------------------
<PAGE>   126
                                      123
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

---------------------------------------------------------------------------------------------------------------

                                                                          DEBT CERTIFICATE
                          DEBT ISSUER/             DESCRIPTION OF          NUMBER/FACILITY
GRANTOR/COUNTERPARTY        BORROWER                INDEBTEDNESS          AGREEMENT NUMBER   FINAL MATURITY
---------------------------------------------------------------------------------------------------------------
<S>                     <C>                    <C>                      <C>                  <C>
---------------------------------------------------------------------------------------------------------------
Citibank                PTC Sp. z o.o.         NDF Buy EUR 10 000       N/A                  April 2, 2001
                                               000.00
---------------------------------------------------------------------------------------------------------------
ING                     PTC Sp. z o.o.         NDF Buy EUR 10 000       N/A                  April 2, 2001
                                               000.00
---------------------------------------------------------------------------------------------------------------
Merrill Lynch           PTC Sp. z o.o.         NDF Buy EUR 6 100        N/A                  April 2, 2001
                                               000.00
---------------------------------------------------------------------------------------------------------------
Citibank                PTC Sp. z o.o.         Forward Buy EUR 16       N/A                  June 1, 2001
                                               875 000.00 (SWAP)
---------------------------------------------------------------------------------------------------------------
ING                     PTC Sp. z o.o.         Forward Buy EUR 8        N/A                  June 1, 2001
                                               437 500.00 (SWAP)
---------------------------------------------------------------------------------------------------------------

</TABLE>

<TABLE>
<CAPTION>

---------------------------------------------
        OUTSTANDING
      PRINCIPAL AMOUNT
   AS OF 31 DECEMBER 2000
  /NEGATIVE MARK-TO-MARKET
   VALUE AS OF 31 DECEMBER
            2000              FACILITY LIMIT
---------------------------------------------
<S>                         <C>
PLN 5 408 500.00            N/A
---------------------------------------------
PLN 5 436 500.00            N/A
---------------------------------------------
PLN 2 983 815.00            N/A
---------------------------------------------
PLN 11 107 125.00           N/A
---------------------------------------------
PLN 4 738 078.13            N/A
---------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
<PAGE>   127
                                      124
--------------------------------------------------------------------------------

                                   SCHEDULE L

                           EXISTING HEDGING AGREEMENTS

ISDA Agreements concluded with:
Dresdner Bank AG dated 19 September 2000;
Merrill Lynch Capital Services, INC dated 15 March 2000;
ABN AMRO Bank NV dated 15 March 2000; and
Citibank NA dated 5 May 2000.

Quasi ISDA Agreements concluded with Polish banks :
BRE Bank SA dated 22 March 2000;
Citibank (Poland) SA dated 6 March 2000; and
ING Bank NV (Oddzial Warszawa) dated 6 March 2000.

Other hedging agreements concluded with Polish banks:
ABN AMRO Bank (Polska) SA dated 15 March 2000.

--------------------------------------------------------------------------------
<PAGE>   128
                                      125
--------------------------------------------------------------------------------

                                   SCHEDULE M
                   COLLATERAL SHARING INTERCREDITOR AGREEMENT

THIS COLLATERAL SHARING INTERCREDITOR AGREEMENT (this "AGREEMENT") is made
on _____________.

BETWEEN:

(1)  The Finance Parties listed in Schedule I hereto; and

(2)  DEUTSCHE BANK POLSKA S.A., as Group Security Agent for the Finance Parties
     (each as defined below).

WHEREAS:

     A. POLSKA TELEFONIA CYFROWA SP. Z O.O., a company registered in the
Commercial Register of the District Court in Warsaw under number 45740 (the
"COMPANY") has entered into (a) that certain euro550,000,000 Facility Agreement
dated on or about 16 February, 2001 (the "MAIN FACILITY AGREEMENT") between (i)
the Company, as Borrower, (ii) the other Obligors (as defined below) party
thereto, as Guarantors, (iii) the Banks referred to therein, (iv) Deutsche Bank
AG London, Deutsche Bank Polska S.A., Dresdner Bank Luxembourg S.A. and the
European Bank for Reconstruction and Development, as Lead Arrangers, (v)
Deutsche Bank Luxembourg S.A., as Agent, and (vi) Deutsche Bank Polska S.A., as
Security Agent, and (b) that certain EURO 100,000,000 Facility Agreement dated
on or about 16 February, 2001 (the "SUPPLEMENTAL FACILITY AGREEMENT") between
(i) the Company, as Borrower, (ii) the other Obligors party thereto, as
Guarantors, (iii) the Banks referred to therein, (iv) Deutsche Bank AG London,
Deutsche Bank Polska S.A. and Dresdner Bank Luxembourg S.A., as Lead Arrangers,
(v) Deutsche Bank Luxembourg S.A., as Agent, and (vi) Deutsche Bank Polska S.A.,
as Security Agent.

     B. In connection with the Main Facility Agreement, each of the Obligors
granted to the Main Bank Finance Parties (as defined below) a security interest
in all of its rights, title and interest in the Security (as defined below), for
the purpose, among other things, of securing and providing for the repayment of
all amounts owing from time to time under or in connection with the Main
Facility Agreement.

     C. In connection with the Supplemental Facility Agreement, each of the
Obligors granted to the Supplemental Bank Finance Parties (as defined below) a
security interest in all of its rights, title and interest in the Security, for
the purpose, among other things, of securing and providing for the repayment of
all amounts owing from time to time under or in connection with the Supplemental
Facility Agreement.

     D. It is anticipated that the Company and the other Obligors may incur
additional financial indebtedness to third parties, and to the extent that such
additional financial indebtedness is Additional Secured Indebtedness (as defined
below), the lenders of such Additional Secured Indebtedness will share in the
Security.

     E. It is further anticipated that the Company and the other Obligors may,
from time to time, enter into certain interest rate and/or currency swap
agreements with certain Main Bank Finance Parties or Supplemental Bank Finance
Parties or their respective affiliates (such Main Bank Finance Parties,
Supplemental Bank Finance Parties and affiliates being, collectively, the
"HEDGING BANKS"), and to the extent that such swap agreements are Secured Swap
Agreements (as defined below) the relevant Hedging Banks will share in the
Security.

     F. In order to determine the rights and responsibilities of the Main Bank
Finance Parties, the Supplemental Bank Finance Parties, the Secured Swap Finance
Parties (as defined below), the Additional Finance Parties (as defined below),
the Representatives (as defined below) and the Group Security Agent with respect
to the Security, and in consideration therefor, the parties have entered into
this Agreement.
--------------------------------------------------------------------------------
<PAGE>   129
                                      126
--------------------------------------------------------------------------------

IT IS AGREED as follows:

1.   INTERPRETATION

1.1  Definitions: In this Agreement, unless the context otherwise requires, the
     following expressions have the following meanings:

     "AGENTS" means (a) the Agent (as defined in the Main Facility Agreement),
     (b) the Agent (as defined in the Supplemental Facility Agreement), (c) the
     person(s), if any, designated to act as facility agent, administrative
     agent or paying agent or in a similar capacity under the Additional Secured
     Indebtedness Finance Documents and (d) the person(s), if any, designated to
     act as facility agent, administrative agent or paying agent or in a similar
     capacity under the Secured Swap Finance Documents.

     "AGENT'S SPOT RATE OF EXCHANGE" means:

     (a)  when converting an amount into Euro, the Group Security Agent's spot
          rate of exchange for the purchase of Euro in the Brussels foreign
          exchange market with the relevant currency at or about 11.00 a.m.
          (Brussels time) on a particular day; and

     (b)  when converting an amount of Euro into any other currency, the Group
          Security Agent's spot rate of exchange for the purchase of such other
          currency in the Brussels foreign exchange market with Euro at or about
          11.00 a.m. (Brussels time) on a particular day.

     "BUSINESS DAY" means a day (other than a Saturday, Sunday or public
     holiday) which is a day on which banks are open for business in London,
     Luxembourg and Warsaw.

     "DEFAULT" means any event of default under any Finance Document, and any
     event which with the giving of notice or the lapse of time, or both, or the
     making of any determination or the fulfilment of any condition provided for
     in the relevant agreement would constitute such an event of default.

     "FINANCE DOCUMENTS" means:

     (a)  when designated "MAIN BANK", the Senior Finance Documents as defined
          in the Main Facility Agreement;

     (b)  when designated "SUPPLEMENTAL BANK", the Senior Finance Documents as
          defined in the Supplemental Facility Agreement;

     (c)  when designated "ADDITIONAL SECURED INDEBTEDNESS", the agreements and
          instruments for the time being evidencing the Additional Secured
          Indebtedness and governing the terms thereof;

     (d)  when designated "SECURED SWAP", the Secured Swap Agreements and the
          other agreements and instruments for the time being entered into in
          connection therewith and governing the terms thereof; and

     (e)  without any such designation, the Main Bank Finance Documents, the
          Supplemental Bank Finance Documents, the Additional Secured
          Indebtedness Finance Documents and the Secured Swap Finance Documents.

     "FINANCE PARTIES" means:

     (a)  when designated "MAIN BANK", the Finance Parties (as defined in the
          Main Facility Agreement) that have executed this Agreement or acceded
          to this Agreement pursuant to a Transfer Certificate (as defined in
          the Main Facility Agreement) or by executing, together with the Group
          Security Agent, a Finance Party Accession Agreement;

--------------------------------------------------------------------------------
<PAGE>   130
                                      127
--------------------------------------------------------------------------------

     (b)  when designated "SUPPLEMENTAL BANK", the Finance Parties (as defined
          in the Supplemental Facility Agreement) that have executed this
          Agreement or acceded to this Agreement pursuant to a Transfer
          Certificate (as defined in the Supplemental Facility Agreement) or by
          executing, together with the Group Security Agent, a Finance Party
          Accession Agreement;

     (c)  when designated "ADDITIONAL", the lenders from time to time (and/or
          their agent(s)) under the Additional Secured Indebtedness Finance
          Documents that have acceded to this Agreement by executing, together
          with the Group Security Agent, a Finance Party Accession Agreement;

     (d)  when designated "SECURED SWAP", the Hedging Banks from time to time
          (and/or their agent(s)) that enter into Secured Swap Agreements with
          the Company in their capacity as swap counterparties under the Secured
          Swap Agreements and that have acceded to this Agreement by executing,
          together with the Group Security Agent, a Finance Party Accession
          Agreement; and

     (e)  without any such designation, the Main Bank Finance Parties, the
          Supplemental Bank Finance Parties, the Additional Finance Parties and
          the Secured Swap Finance Parties.

     "FINANCE PARTY ACCESSION AGREEMENT" means an accession agreement
     substantially in the form set out in Schedule II hereto.

     "GROUP" means the Company and its subsidiaries.

     "GROUP SECURITY AGENT" means Deutsche Bank Polska S.A. acting in its
     capacity as trustee and/or agent in relation to the Security Documents and
     in relation to this Agreement on behalf of the Finance Parties, or such
     other person as may from time to time be appointed pursuant to Clause 8.9.

     "INDEBTEDNESS" means:

     (a)  when designated "MAIN BANK", all Obligations now or hereafter due,
          owing or incurred to the Main Bank Finance Parties (or any of them) by
          any Obligor under or in respect of the Main Bank Finance Documents (or
          any of them);

     (b)  when designated "SUPPLEMENTAL BANK", all Obligations now or hereafter
          due, owing or incurred to the Supplemental Bank Finance Parties (or
          any of them) by any Obligor under or in respect of the Supplemental
          Bank Finance Documents (or any of them);

     (c)  when designated "ADDITIONAL SECURED", all Obligations now or hereafter
          due, owing or incurred to the Additional Finance Parties (or any of
          them) by any Obligor under or in respect of indebtedness incurred
          pursuant to and in accordance with Clause 19.26(a)(v)(A)(y) or
          19.26(a)(vi)(B)(x) of the Main Facility Agreement and Clause
          19.26(a)(v)(A)(y) or 19.26(a)(vi)(B)(x) of the Supplemental Facility
          Agreement and secured by Security Interests permitted pursuant to, and
          granted in accordance with, Clause 19.8(b)(vi) of the Main Facility
          Agreement and Clause 19.8(b)(vi) of the Supplemental Facility
          Agreement;

     (d)  when designated "SECURED SWAP" all Obligations now or hereafter due,
          owing or incurred to the Secured Swap Finance Parties (or any of them)
          by any Obligor under or in respect of Secured Swap Agreements or under
          or in respect of Secured Swap Finance Documents in connection
          therewith; and

     (e)  without any such designation, the Main Bank Indebtedness and/or the
          Supplemental Bank Indebtedness and/or the Additional Secured
          Indebtedness and/or the Secured Swap Indebtedness, as the context
          requires.

--------------------------------------------------------------------------------
<PAGE>   131
                                      128
--------------------------------------------------------------------------------

     "MAJORITY FINANCE PARTIES" means, at any time, the Finance Parties whose
     Proportionate Interests aggregate at least fifty-one per cent (51%) of all
     the Proportionate Interests.

     "NET SWAP AMOUNTS" means, at any time, (a) with respect to a Secured Swap
     Finance Party, the net amount (if any) owing by any Obligor under all
     Secured Swap Agreements with that Secured Swap Finance Party which have
     been terminated at such time, and (b) with respect to all Secured Swap
     Finance Parties, the sum of the Net Swap Amounts for all Secured Swap
     Finance Parties (and, for the avoidance of doubt, the parties confirm that
     the Net Swap Amounts for all Secured Swap Finance Parties is not reduced by
     any net amount owed by a Secured Swap Finance Party to any Obligor under
     the Secured Swap Agreements with that Secured Swap Finance Party), as such
     "Net Swap Amounts" are calculated by the Group Security Agent (any such
     calculation being conclusive, absent manifest error).

     "OBLIGATIONS" means, with respect to any person, all liabilities and
     obligations in any currency of such person of any kind, including, without
     limitation, any liability of such person on any claim, whether or not the
     right of any creditor to payment in respect of such claim is reduced to
     judgment, liquidated, unliquidated, fixed, contingent, matured, disputed,
     stayed or otherwise affected by any bankruptcy or insolvency or similar
     proceeding. Without limiting the generality of the foregoing, the
     Obligations of any Obligor under the Finance Documents include, without
     limitation, the obligation to pay principal, interest, reimbursement
     obligations, letter of credit commissions, charges, expenses, fees,
     attorney's fees and disbursements, indemnity and other amounts payable by
     such Obligor under any Finance Document or any extensions or renewals
     thereof, whether or not owed alone or jointly with any other person,
     whether owed as principal or surety, whether current or otherwise and
     whether or not from time to time decreased or extinguished and later
     increased, created or incurred, and all or any portion of such obligations
     or liabilities that are paid, to the extent all or any part of such payment
     is avoided or recovered directly or indirectly from the Group Security
     Agent or any Finance Party as a preference, invalid transfer or otherwise.

     "OBLIGORS" means the Company and each other member of the Group which has
     undertaken (or in the future undertakes) Obligations to a Finance Party
     pursuant to one or more of the Finance Documents.

     "PROPORTIONATE INTEREST" of a Finance Party means, as of any time at which
     such interest shall be determined, a fraction, the numerator of which is
     the Obligations representing outstanding principal, actual, but not
     contingent, reimbursement obligations in respect of letters of credit
     and/or bank guarantees and Net Swap Amounts owing to such Finance Party at
     such time, and the denominator of which is the aggregate Obligations
     representing outstanding principal, actual, but not contingent,
     reimbursement obligations in respect of letters of credit and/or bank
     guarantees and Net Swap Amounts owing to all Finance Parties at such time.
     Any Obligations denominated in a currency other than Euros will, for the
     purposes of this definition, be translated into Euros at the Agent's Spot
     Rate of Exchange on the Business Day prior to the date on which the
     Proportionate Interests are to be determined.

     "REPRESENTATIVES" means (a) the Security Agent (as defined in the Main
     Facility Agreement), (b) the Security Agent (as defined in the Supplemental
     Facility Agreement), (c) the person(s) designated as agent and/or trustee
     with respect to security under the Additional Secured Indebtedness Finance
     Documents, provided if at any time an Additional Finance Party shall not
     have appointed an agent and/or trustee, the Additional Finance Party shall
     be the Representative for itself, and (d) the persons(s) designated as
     agent and/or trustee with respect to security under the Secured Swap
     Finance Documents, provided if at any time a Secured Swap Finance Party
     shall not have appointed an agent and/or trustee, the Secured Swap Finance
     Party shall be the Representative for itself.

     "SECURED SWAP AGREEMENT" means any interest rate or foreign exchange
     hedging agreement or arrangement entered into in accordance with Clause
     19.14(a) of the Main Facility Agreement and Clause 19.14(a) of the
     Supplemental Facility Agreement and secured by Security Interests permitted
     pursuant to, and granted in accordance with, Clauses 19.14(c) and
     19.8(b)(ii) of the Main Facility Agreement and Clauses 19.14(c) and
     19.8(b)(ii) of the Supplemental Facility Agreement.

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     "SECURITY" means any property or assets in which a Security Interest is
     granted in accordance with the terms of the Security Documents.

     "SECURITY DOCUMENTS" means (a) the Security Documents (as defined in the
     Main Facility Agreement), (b) the Security Documents (as defined in the
     Supplemental Facility Agreement), and (c) all other documents creating,
     evidencing or granting a Security Interest in favour of the Finance Parties
     (or any of them) in respect of the Obligations of any Obligor under the
     Finance Documents (or any of them). For the avoidance of doubt, "SECURITY
     DOCUMENTS" shall not include any guarantee from an affiliate of a Finance
     Party.

     "SECURITY INTEREST" means any mortgage, pledge, lien, charge, assignment
     for the purpose of providing security, hypothecation or other security
     interest.

     "TRANSFEROR" has the meaning assigned to it in Clause 5.1.

     "TRANSFEREE" has the meaning assigned to it in Clause 5.1.

1.2  Construction: In this Agreement, unless the context otherwise requires:

     (a)  a reference to any party hereto is, where relevant, deemed to be a
          reference to or to include, as appropriate, that party's respective
          permitted assignees, transferees and successors in title;

     (b)  references to Clauses, and Schedules are references to, respectively,
          clauses of and schedules to this Agreement and references to this
          Agreement include the Schedules;

     (c)  a reference to (or to any specified provision of ) any agreement, deed
          or other instrument is to be construed as a reference to that
          agreement, deed or other instrument or that provision as amended to
          date and as from time to time amended, varied, supplemented, restated
          or novated but excluding for this purpose any amendment, variation,
          supplement or modification which is contrary to any provision of this
          Agreement;

     (d)  a reference to a statute or statutory instrument is to be construed as
          a reference to that statute or statutory instrument as the same may
          have been, or may from time to time hereafter be, amended or
          re-enacted;

     (e)  a time of day is a reference to London time;

     (f)  the index to and the headings in this Agreement are inserted for
          convenience only and are to be ignored in construing this Agreement;

     (g)  words importing the plural shall include the singular and vice versa;

     (h)  a "person" includes any person, firm, company, corporation,
          government, state or agency of a state or any other undertaking
          (within the meaning of Section 259(1) of the Companies Act 1985) or
          other entity or association (whether or not having separate legal
          personality), or any two or more of the foregoing;

     (i)  "subsidiary" means, with respect to any person, any corporation or
          other person more than fifty per cent. (50%) of whose securities or
          other ownership interests having ordinary voting power for the
          election of directors or similar representatives (other than
          securities having such power only by reason of the happening of a
          contingency) are, as of the date of determination thereof, directly or
          indirectly owned by such person or one or more of such person's
          subsidiaries; and

     (j)  "affiliate" means in relation to any person (i) any person (other than
          a subsidiary) which, directly or indirectly, is in control of, is
          controlled by, or is under common control with such person, or (ii)
          any person who is a director or officer (A) of such person, (B) of any
          subsidiary of such person or (C) of any person described in Clause (i)
          above.
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2.   PURPOSE AND RANKING

2.1  Purpose: The principal purpose of this Agreement is that:

     (a)  each Finance Party holding Security shall hold it for the benefit of
          the Group Security Agent and all the Finance Parties, pro rata in
          accordance with their respective Proportionate Interests from time to
          time; and

     (b)  enforcement of the Security or amendment to Finance Documents
          adversely affecting the Security shall only be undertaken with the
          consent of the Majority Finance Parties.

2.2  No Prohibition of Finance Parties: Except as expressly provided to the
     contrary in this Agreement or any Finance Document to which it is a party,
     any Finance Party may:

     (a)  demand or receive payment, prepayment or repayment of, or any
          distribution in respect of (or on account of), any of the Indebtedness
          in cash or in kind or apply any money or property in discharge of any
          Indebtedness;

     (b)  discharge any of the Indebtedness by set-off or any right of
          combination of accounts;

     (c)  subject to Clause 2.3, amend, vary, waive or release any term of any
          of the Finance Documents of which it is the holder or to which it is a
          party, provided that any amendment or variation of the Additional
          Secured Indebtedness Finance Documents or Secured Swap Finance
          Documents not permitted by the provisions of the Main Bank Finance
          Documents or the Supplemental Bank Finance Documents as in effect on
          the date hereof shall result in the termination of all further rights
          and claims of the relevant Additional Finance Parties (in the case of
          such an amendment or variation to an Additional Secured Indebtedness
          Finance Document) or of the relevant Secured Swap Finance Parties (in
          the case of such an amendment or variation to a Secured Swap Finance
          Document);

     (d)  accelerate any of the Indebtedness or otherwise declare any of the
          Indebtedness owing to it payable on a Default or otherwise;

     (e)  enforce the Indebtedness owing to it by execution or otherwise;

     (f)  petition for (or vote in favour of any resolution for) or initiate or
          participate in or support or take any steps with a view to any
          insolvency, liquidation, reorganisation, administration or dissolution
          proceedings, or any voluntary arrangement or assignment for the
          benefit of creditors or any similar proceedings involving the
          Obligors, whether by petition, convening a meeting, voting for a
          resolution or otherwise; or

     (g)  otherwise exercise any rights or pursue any remedy for the recovery of
          any of the Indebtedness or in respect of any breach of covenant,
          misrepresentation or non-observance of any provision of any of the
          Finance Documents evidencing or governing Indebtedness owing to it.

2.3  Limitations on Amendments to Finance Documents: No amendment, variation,
     waiver or consent given under or in connection with the Finance Documents
     shall:

     (a)  adversely affect the Security or the rights, preferences or priorities
          of the Finance Parties under this Agreement;

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     (b)  release, invalidate or impair any of the Security, or cause or permit
          the Security to constitute security for less than all of the relevant
          category of Indebtedness arising under or in connection with the
          Finance Documents; or

     (c)  increase the principal amount of the Indebtedness, except as permitted
          by the Main Facility Agreement and the Supplemental Facility
          Agreement;

     unless in each case such amendment, variation, waiver or consent is
     approved by the Group Security Agent, acting on the instructions of all of
     the Finance Parties.

3.   HOLDING OF SECURITY

     Where any Security conferred by the Security Documents is held by one
     Finance Party as trustee for the benefit of itself and other Finance
     Parties, it shall be so held on a pari passu basis, pro rata in accordance
     with the respective Proportionate Interests of the relevant Finance Parties
     from time to time.

4.   ENFORCEMENT OF SECURITY

4.1  Actions of Security Agent and Representatives:

     (a)  For so long as this Agreement shall be in effect, subject to Clause
          2.3, (i) the Group Security Agent shall act in relation to the
          Security Documents solely in accordance with the instructions of the
          Majority Finance Parties and (ii) each Representative shall act in
          relation to the Security Documents solely in accordance with the
          instructions of the Group Security Agent (acting on the instructions
          of the Majority Finance Parties).

     (b)  Without limiting the generality of the foregoing, each Finance Party
          agrees that, so long as this Agreement shall be in effect, subject to
          Clause 2.3, the Majority Finance Parties shall have the sole and
          exclusive right to direct the Group Security Agent, and the Group
          Security Agent (acting on the instructions of the Majority Finance
          Parties) shall have the sole and exclusive right to direct each
          Representative, in the administration and enforcement of all matters
          in respect of the Security, including the right to direct the sale,
          transfer, lease or other disposition of any Security, the foreclosure
          or forbearance from foreclosure in respect of any Security and the
          acceptance of Security in full or partial satisfaction of any amount
          outstanding in respect of any Indebtedness.

     (c)  Except as otherwise specified herein, each Representative and each
          other Finance Party agrees not to ask, demand, sue for or otherwise
          exercise any right or remedy in respect of the Security, or take or
          receive from any Obligor or any other person, directly or indirectly,
          in cash or other property, whether pursuant to any judicial or
          non-judicial enforcement, collection, execution, levy or foreclosure
          proceedings or otherwise, including by deed in lieu of foreclosure,
          any Security or any part thereof or interest therein.

4.2  Assistance: Each Representative and each other Finance Party shall execute
     or procure the execution of and deliver to the Group Security Agent such
     powers of attorney, proxies, authorisations, assignments or other
     instruments as may be reasonably requested by the Group Security Agent to
     file any claims or take any action or institute any proceedings that the
     Group Security Agent may deem reasonably necessary or desirable for the
     collection of any of the Security or otherwise to enforce the rights of the
     Group Security Agent or any Representative or any other Finance Party with
     respect to any of the Security.

4.3  Turnover: All payments or distributions upon or with respect to the
     Security that are received by any Representative or any other Finance Party
     other than pursuant to Clause 5 shall be received in trust for the benefit
     of the Group Security Agent and the Finance Parties, shall be segregated
     from other funds and property held by such Representative or such other
     Finance Party, as the case may be, and shall forthwith be

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     paid over to the Group Security Agent in the same form as so received (with
     any necessary endorsement) to be held as part of the Security and applied
     and distributed in accordance with Clause 5.

4.4  Inconsistency: In the event that the terms of any Security Document or any
     terms relating to Security contained in any other Finance Document are
     inconsistent with the terms of this Agreement, the terms of this Agreement
     shall be controlling.

5.   PROPORTIONATE DIVISION OF PROCEEDS

     Any and all proceeds of the Security received by the Group Security Agent
     shall be applied as follows:

          First, to the reimbursement of the Group Security Agent and each
          Representative for all of the amounts advanced by it to preserve,
          maintain and protect the Security in the event of a Default by any
          Obligor under the Finance Documents;

          Second, to the reimbursement of the Group Security Agent and each
          Representative for all amounts expended by it in obtaining and
          disposing of the Security (including, without limitation, reasonable
          legal fees, trustees' fees and other expenses of collection and
          enforcement of remedies);

          Third, in payment of any unpaid fees, costs and expenses of the Agents
          (in their respective capacities as Agents) under the Finance Documents
          (including, without limitation, amounts advanced by any Agent on
          behalf of any other Finance Party under the Finance Documents);

          Fourth, in payment to the Finance Parties of Obligations of the
          Obligors (or any of them) under the Finance Documents (or any of them)
          in respect of interest and fees then due and payable;

          Fifth, in payment to the Finance Parties of Obligations of the
          Obligors (or any of them) under the Finance Documents (or any of them)
          in respect of reimbursement obligations in respect of letters of
          credit and/or bank guarantees, principal and Net Swap Payments then
          due and payable;

          Sixth, in payment to the Finance Parties of all other undischarged
          Obligations of the Obligors (or any of them) under the Finance
          Documents (or any of them);

          Seventh, if any of the Obligations in respect of the Indebtedness
          shall remain outstanding or may thereafter mature or accrue, any and
          all surplus proceeds shall be held by the Group Security Agent, in a
          market rate interest bearing account, to secure such Obligations
          accruing thereafter and such proceeds shall be deemed to be Security
          hereunder; and

          Eighth, any surplus remaining shall be allocated to the payment of the
          person or persons legally entitled thereto;

     provided, however, that to the extent such proceeds are insufficient to
     reimburse all of the Obligations and other amounts afforded a particular
     priority as set forth above, such proceeds shall be distributed to the
     Finance Parties pro rata based on such Obligations and other amounts owing
     to such Finance Parties, respectively.

6.   ADDITIONAL PARTIES

6.1  Assignment and Transfers by the Finance Parties:

     (a)  A Finance Party, or any successor or assign of such party (in this
          capacity the "TRANSFEROR") may assign or otherwise transfer all or any
          part of its rights and/or obligations under this Agreement to any
          person (a "TRANSFEREE") to whom a Transferor is permitted to assign or
          otherwise transfer
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          rights and/or obligations under and in accordance with the Main Bank
          Finance Documents, the Supplemental Bank Finance Documents, the
          Secured Swap Finance Documents or the Additional Secured Indebtedness
          Finance Documents (as the case may be).

     (b)  Such assignment or transfer will become effective upon execution by
          the Group Security Agent of a Finance Party Accession Agreement (in
          substantially the form of Schedule II hereto) or, in the case of a
          Transferee that is or is to be a Main Bank Finance Party or
          Supplemental Bank Finance Party, a Transfer Certificate (as defined in
          the Main Facility Agreement or the Supplemental Facility Agreement, as
          the case may be), in either case, duly completed, executed and
          delivered to the Group Security Agent by or on behalf of such
          Transferee pursuant to which the Transferee agrees to be bound by all
          of the terms of this Agreement as if it had originally been party to
          this Agreement as a Main Bank Finance Party, a Supplemental Bank
          Finance Party, a Secured Swap Finance Party or an Additional Finance
          Party (as the case may be) (including, for the avoidance of doubt,
          appointing the Group Security Agent as security agent and trustee
          under the Security Documents) and, to the extent permitted by
          applicable law and the Finance Documents, the Representative of the
          Transferee may execute a Finance Party Accession Agreement on behalf
          of the Transferee.

6.2  Accession of Finance Parties:

     (a)  Each Additional Finance Party shall accede to the rights and
          obligations specified for Additional Finance Parties herein by duly
          completing, executing and delivering to the Group Security Agent a
          Finance Party Accession Agreement pursuant to which the Additional
          Finance Party agrees to be bound by all the terms of this Agreement as
          if it had originally been party to this Agreement as an Additional
          Finance Party and, to the extent permitted by applicable law and the
          Additional Secured Indebtedness Finance Documents, and if the Group
          Security Agent is satisfied it is authorised to do so, the
          Representative of an Additional Finance Party may execute a Finance
          Party Accession Agreement on behalf of an Additional Finance Party
          (including, for the avoidance of doubt, appointing the Group Security
          Agent as security agent and trustee under the relevant Security
          Documents). Such accession will become effective upon execution by the
          Group Security Agent of such Finance Party Accession Agreement.

     (b)  Each Secured Swap Finance Party shall accede to the rights and
          obligations of a Secured Swap Finance Party herein by duly completing,
          executing and delivering to the Group Security Agent a Finance Party
          Accession Agreement pursuant to which the Secured Swap Finance Party
          agrees to be bound by all the terms of this Agreement, in its capacity
          as a Secured Swap Finance Party, as if it had originally been party to
          this Agreement as a Secured Swap Finance Party and, to the extend
          permitted by applicable law and the Secured Swap Finance Documents,
          and if the Group Security Agent is satisfied it is authorised to do
          so, the Representative of a Secured Swap Finance Party may execute a
          Finance Party Accession Agreement on behalf of a Secured Swap Finance
          Party (including, for the avoidance of doubt, appointing the Group
          Security Agent as security agent and trustee under the relevant
          Secured Documents).

6.3  Group Security Agent:

     (a)  Each of the parties to this Agreement (other than the relevant new
          Transferee, Secured Swap Finance Party or Additional Finance Party)
          hereby irrevocably authorises the Group Security Agent to execute on
          its behalf any Finance Party Accession Agreement which has been duly
          completed, executed and delivered on behalf of a Transferee, a Secured
          Swap Finance Party or an Additional Finance Party.

     (b)  The Group Security Agent will promptly execute any properly completed
          Finance Party Accession Agreement delivered to it.

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     (c)  The Group Security Agent will promptly notify the Representatives of
          the receipt and execution by it on their behalf of any Finance Party
          Accession Agreement.

6.4  Benefit of Agreement: This Agreement will be binding upon, and ensure for
     the benefit of, each party to it and its or any subsequent successor or
     assign.

7.   REPRESENTATION AND WARRANTIES

     Each party to this Agreement (other than the EBRD) hereby represents and
     warrants to and for the benefit of each of the other parties to this
     Agreement that it has all necessary consents, approvals, authorisations and
     legal capacity to enter into this Agreement and the other Finance Documents
     to which it is party and all necessary corporate, shareholder and other
     action has been taken to ensure that this Agreement and the other Finance
     Documents to which it is a party has been validly entered into by it and
     creates legal, valid, binding and enforceable obligations upon it.

8.   INFORMATION AND COOPERATION

8.1  Default: Upon any party hereto receiving notice of the occurrence of a
     Default, such party will promptly notify the other Representatives and/or
     Group Security Agent, as the case may be, in writing of such Default.

8.2  Waiver of Defaults: Upon the waiver or remedy of a Default in accordance
     with the Finance Documents, the relevant Representative will promptly
     notify the Representatives and/or Group Security Agent, as the case may be,
     in writing of such waiver or remedy.

8.3  Consultation: The Group Security Agent shall, so far as practicable in the
     circumstances from time to time, consult with the Representatives:

     (a)  before taking any formal steps to exercise any remedy against any
          member of the Group; and

     (b)  generally with regard to significant matters affecting the rights of
          the parties as regulated by this Agreement;

     but nothing in this Clause 8.3 or elsewhere in this Agreement will
     invalidate or otherwise affect any action or step taken in accordance with
     this Agreement but without such consultation.

8.4  Notification of Breach: Each party to this Agreement will notify the Group
     Security Agent of any breach of the provisions of this Agreement promptly
     upon such party becoming aware of such breach.

8.5  Other Information: Each Representative and each other Finance Party shall
     furnish to the Group Security Agent such information relating to the
     Obligations owing to the Finance Parties as the Group Security Agent shall
     reasonably request.

9.   APPOINTMENT AND DUTIES OF THE GROUP SECURITY AGENT

9.1  Appointment and duties of the Group Security Agent:

     (a)  Deutsche Bank Polska S.A. is hereby appointed as Group Security Agent
          to act as agent and security trustee for the purpose of the Security
          Documents and this Agreement and is hereby irrevocably authorised to
          exercise such rights, powers and discretions as are specifically
          delegated to it by the terms of the Security Documents and this
          Agreement, together with all such rights, powers and discretions as
          are incidental thereto, and to give a good discharge for any moneys
          payable under the Security Documents.
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     (b)  The Group Security Agent shall not have, nor be deemed to have,
          assumed any obligations to, or trust or fiduciary relationship with,
          any party to this Agreement or any Finance Party other than those for
          which specific provision is made by the Security Documents entered
          into by it and this Agreement.

     (c)  The Group Security Agent shall not be or be deemed to be agent or
          trustee for any party to this Agreement other than the Finance
          Parties.

9.2  The Group Security Agent's Duties: The Group Security Agent shall:

     (a)  promptly send to the Representatives details of each communication
          received by it under this Agreement or under the Security Documents;

     (b)  promptly send to each Representative a copy of any legal opinion
          delivered to it under this Agreement or any of the Security Documents
          and of any document or information received by it pursuant to this
          Agreement or any of the Security Documents;

     (c)  act in accordance with any written instructions given by the Majority
          Finance Parties in accordance with this Agreement;

     (d)  have only those duties, obligations and responsibilities expressly
          specified in the Security Documents or this Agreement; and

     (e)  promptly notify each Representative of the occurrence of any Default
          on becoming aware of it.

9.3  The Group Security Agent's Rights: Subject to the provisions of this
     Agreement, the Group Security Agent may:

     (a)  perform any of its duties, obligations and responsibilities under the
          Security Documents or this Agreement by or through its personnel,
          delegates or agents selected by it with reasonable care (on the basis
          that the Group Security Agent may extend the benefit of any indemnity
          received by it hereunder to its personnel, delegates or agents);

     (b)  refrain from exercising any right, power or discretion vested in it
          under the Security Documents or this Agreement until it, where so
          required hereunder, has received instructions in accordance with this
          Agreement;

     (c)  refrain from doing anything which would or might in its reasonable
          opinion be contrary to any law, directive or judgment of any court of
          any applicable jurisdiction or otherwise render it liable to any
          person and may do anything which is in its opinion necessary to comply
          with any such law, directive or judgment;

     (d)  assume that no Default has occurred unless an officer of the Group
          Security Agent, while active on the account of the Company, acquires
          actual knowledge to the contrary;

     (e)  refrain from taking any step (or further step) to protect or enforce
          the rights of any Finance Party under any of the Security Documents or
          this Agreement until it has been indemnified and/or secured to its
          satisfaction against any costs, losses, expenses or liabilities
          (including legal fees) which it would or might sustain or incur as a
          result;

     (f)  rely on any communication or document reasonably believed by it to be
          genuine and correct and assume it to have been communicated or signed
          by the person by whom it purports to be communicated and signed;

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     (g)  rely as to any matter of fact which might reasonably be expected to be
          within the knowledge of any person on a statement by or on behalf of
          such person;

     (h)  obtain and pay for such legal or other expert advice or services as
          may be reasonably necessary or desirable in connection with the
          fulfillment of its duties hereunder and rely on any such advice;

     (i)  accept without enquiry such title as an Obligor may have to any asset
          or assets intended to be the subject of the security created by the
          Security Documents; and

     (j)  hold or deposit any title deeds, Security Documents or any other
          documents in connection with any of the assets charged by the Security
          Documents with any reputable bankers or banking company or any company
          whose business includes undertaking the safe custody of deeds or
          documents or with any reputable lawyer or firm of lawyers and it shall
          not be responsible for or be required to insure against any loss
          incurred in connection with any such holding or deposit and it may pay
          all sums required to be paid on account or in respect of any such
          deposit.

9.4  Exoneration of the Group Security Agent: Neither the Group Security Agent
     nor any of its personnel or agents:

     (a)  shall be responsible for the adequacy, accuracy or completeness of any
          representation, warranty, statement or information in the Security
          Documents or this Agreement or any notice or other document delivered
          under the Security Documents or this Agreement by or against the
          parties other than the Group Security Agent;

     (b)  shall be responsible for the execution, delivery, validity, legality,
          adequacy, enforceability or admissibility in evidence of any of the
          Security Documents or this Agreement by the parties other than the
          Group Security Agent;

     (c)  shall be obliged to enquire as to the occurrence or continuation of a
          Default or as to the accuracy or completeness of any representation or
          warranty made by any person;

     (d)  shall be responsible for any failure of any Obligor or any of the
          Finance Parties duly and punctually to observe and perform their
          respective obligations under the Security Documents or this Agreement;

     (e)  shall be responsible for the consequences of relying on the advice of
          any professional advisers selected by any of them in connection with
          the Security Documents or this Agreement;

     (f)  shall be liable for acting (or refraining from acting) in what it
          believes in good faith to be in the best interests of the Finance
          Parties or any of them in circumstances where it has been unable, or
          it is not practicable, to obtain instructions in accordance with this
          Agreement; or

     (g)  shall be liable for anything done or not done by it under or in
          connection with the Security Documents or this Agreement in each case,
          save in the case of its own negligence or willful misconduct.

9.5  The Group Security Agent as Finance Party:

     (a)  For so long as it is a Finance Party in a capacity other than as Group
          Security Agent, the Group Security Agent shall have the same rights,
          powers and obligations under the Finance Documents as any other
          Finance Party and may exercise those rights and powers as if it were
          not also acting as Group Security Agent.

     (b)  The Group Security Agent may:

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          (i)  retain for its own benefit and without liability to account any
               fee or other sum receivable by it for its own account; and

          (ii) accept deposits from, lend money to, provide any advisory, trust
               or other services to or engage in any kind of banking or other
               business with any party to this Agreement or any subsidiary or
               any party (and, in each case, may do so without liability to
               account).

9.6  Communications and Information:

     (a)  The Group Security Agent will not be obligated to transmit to the
          Finance Parties any information in any way relating to the Security
          Documents or this Agreement which the Group Security Agent may have
          acquired otherwise than in its capacity as Group Security Agent.
          Notwithstanding anything to the contrary expressed or implied herein,
          the Group Security Agent shall not as between itself and the Finance
          Parties be bound to disclose to any Finance Party or other person any
          information, disclosure of which might in the opinion of the Group
          Security Agent result in a breach of any law or directive or be
          otherwise actionable at the suit of any person.

     (b)  In acting as Group Security Agent for the Finance Parties or any of
          them, the Group Security Agent's banking division shall be treated as
          a separate entity from any other of its divisions (or similar unit of
          the Group Security Agent in any subsequent re-organisation) or
          affiliates (the "OTHER DIVISIONS") and, in the event that any of the
          Other Divisions should act for the Company or any other member of the
          Group in a corporate finance or other advisory capacity ("ADVISORY
          CAPACITY"), any information given by the Company or any other member
          of the Group to one of the Other Divisions is to be treated as
          confidential and will not be available to the Finance Parties or the
          banking division of the Group Security Agent without the consent of
          the Company, provided that:

          (i)  the consent of the Company shall not be required in relation to
               any information which the Group Security Agent in its discretion
               determines relates to a Default or in respect of which the
               Finance Parties to which such information is disclosed have given
               a confidentiality undertaking in a form satisfactory to the Group
               Security Agent and the relevant member of the Group acting
               reasonably; and

          (ii) if representatives or employees of the Group Security Agent
               receive information in relation to a Default whilst acting in an
               Advisory Capacity, they will not be obligated to disclose such
               information to representatives or employees of the Group Security
               Agent in their capacity as Group Security Agent or to any of the
               Finance Parties if to do so would breach any rule or regulation
               or fiduciary duty imposed upon such persons.

9.7  Non-Reliance on the Group Security Agent: Each Finance Party will be solely
     responsible for making its own independent investigation and appraisal of
     the business, operations, financial condition, creditworthiness, status and
     affairs of the Company and each other member of the Group and has not
     relied, and will not at any time rely on the Group Security Agent:

     (a)  to provide it with any information relating to the business,
          operations, financial condition, creditworthiness, status and affairs
          of the Company or any other member of the Group (other than as is
          explicitly required by Clause 8.2); or

     (b)  to check or enquire into the adequacy or completeness of any
          information provided by an Obligor under or in connection with any of
          the Security Documents or this Agreement (whether or not such
          information has been or is at any time circulated to it by the Group
          Security Agent); or

     (c)  to assess or keep under review the business, operations, financial
          condition, creditworthiness, status or affairs of the Company or any
          other member of the Group.

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<PAGE>   141
                                      138
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9.8  Indemnity to the Group Security Agent: Each Finance Party shall on demand
     indemnify the Group Security Agent against its Proportionate Interest of
     any cost, loss, expense or liability sustained or incurred by the Group
     Security Agent in complying with any instructions from the Finance Parties
     or otherwise sustained or incurred by it in its capacity as Group Security
     Agent for the Finance Parties under or in connection with the Security
     Documents or this Agreement or in the performance of its duties,
     obligations and responsibilities under the Security Documents or this
     Agreement, except to the extent sustained or incurred as a result of the
     negligence or wilful misconduct of the Group Security Agent or any of its
     personnel.

9.9  Resignation of the Group Security Agent: Appointment of a successor:

     (a)  The Group Security Agent may, subject to Clause 9.9(d) below, resign
          its appointment at any time by giving 30 days' notice to the
          Representatives and the Company.

     (b)  The Group Security Agent may be removed by the Majority Finance
          Parties at any time.

     (c)  A successor Group Security Agent shall be selected:

          (i)   by the retiring Group Security Agent nominating one of its
                affiliates as successor Group Security Agent in its notice of
                resignation; or

          (ii)  if the retiring Group Security Agent makes no such nomination,
                by the Majority Finance Parties nominating one of the Finance
                Parties as successor Group Security Agent (following
                consultation with the Company); or

          (iii) if the Majority Finance Parties have failed to nominate a
                successor Group Security Agent within 30 days after the date of
                the retiring Group Security Agent's notice of resignation, by
                the retiring Group Security Agent (following consultation with
                the Company) nominating a financial institution of good standing
                to be the successor Group Security Agent.

     (d)  The resignation of the retiring Group Security Agent and the
          appointment of the successor Group Security Agent will (subject as
          provided in Clause 9.9(g) below) become effective upon the successor
          Group Security Agent accepting its appointment as Group Security Agent
          in writing at which time:

          (i)   the successor Group Security Agent will become bound by all the
                obligations of the Group Security Agent and become entitled to
                all the rights, privileges, powers, authorities and discretions
                of the Group Security Agent hereunder;

          (ii)  the agency of the retiring Group Security Agent will terminate
                but without prejudice to any rights or liabilities which the
                retiring Group Security Agent may have accrued or incurred prior
                to the termination of its agency; and

          (iii) the retiring Group Security Agent will be discharged from any
                further liability or obligation under or in connection with the
                Security Documents or this Agreement.

     (e)  The retiring Group Security Agent will co-operate with the successor
          Group Security Agent in order to ensure that its functions are
          transferred to the successor Group Security Agent and will promptly
          make available to the successor Group Security Agent such documents
          and records as have been maintained in connection with this Agreement
          in order that the successor Group Security Agent is able to discharge
          its functions.

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<PAGE>   142
                                      139
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     (f)  The provisions of this Agreement will continue in effect for the
          benefit of any retiring Group Security Agent in respect of any action
          taken or omitted to be taken by it or any event occurring before the
          termination of its agency.

     (g)  The Group Security Agent's resignation shall not take effect until all
          necessary agreements and documents have been entered into in order to
          substitute its successor as holder of the Security Documents and each
          other party agrees to promptly enter into any documents reasonably
          required for this purpose.

9.10 Role of the Group Security Agent: The Group Security Agent shall hold the
     benefit of the Security Documents to which it is party as agent and trustee
     for itself and the Finance Parties and apply all payments and other
     benefits received by it by reason thereof, or otherwise realised
     thereunder, in accordance with this Agreement.

9.11 Change of Office of the Group Security Agent: The Group Security Agent may
     at any time and from time to time in its sole discretion by written notice
     to the Company and each of the other Finance Parties designate a different
     office in Poland from which its duties as Group Security Agent will
     thereafter be performed.

9.12 Luxembourg Security: Notwithstanding anything to the contrary contained in
     any Finance Document, with respect to any Security located in Luxembourg or
     subject to a Security Document governed by Luxembourg law, the
     Representative acting as security agent under any Security Document shall
     be the Group Security Agent.

10.  NOTICE

10.1 Communications in Writing: Any communication to be made under or in
     connection with this Agreement shall be made in writing and, unless
     otherwise stated, may be made by fax or letter or (to the extent that the
     relevant party has specified such address pursuant to Clause 10.2 by
     e-mail.

10.2 Addresses:

     (a)  The address and fax number, and (if so specified) e-mail address, and,
          where appropriate, web site (and the department or officer, if any,
          for whose attention the communication is to be made) of each party for
          any communication or document to be made or delivered under or in
          connection with this Agreement is:

          (i)   in the case of the Company, that identified with its name below;

          (ii)  in the case of each Finance Party or any other Obligor, that
                notified in writing to the Group Security Agent on or prior to
                the date on which it becomes a party; and

          (iii) in the case of the Group Security Agent, that identified with
                its name below,

          or any substitute address, fax number, e-mail address, web site or
          department or officer, or initial e-mail address as the party may
          notify to the Group Security Agent (or the Group Security Agent may
          notify to the other parties, if a change is made by the Group Security
          Agent) by not less than five Business Days' written notice.

     (b)  The address, facsimile number and e-mail address of the Group Security
          Agent are:

          Deutsche Bank Polska S.A.
          Plac Grzybowski 12/14/16
          00-104 Warszawa

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<PAGE>   143
                                      140
--------------------------------------------------------------------------------

          Poland
          Tel:              +48 22 6525203
          Facsimile:        +48 22 6240418
          Email:            ewa.skomorowska@db.com
          Attn:             Ewa Skomorowska (Collateral Unit)

     or such other as the Group Security Agent may notify to the other parties
     by not less than five Business Days' notice.

10.3 Delivery:

     (a)  Subject to subclause (b) below, any communication or document made or
          delivered by one person to another under or in connection with this
          Agreement will only be effective:

          (i)   if by way of fax or e-mail, when received in legible form; or

          (ii)  if by way of letter, when it has been left at the relevant
                address or five Business Days after being deposited in the post
                postage prepaid in an envelope addressed to it at that address;
                or

          (iii) where reference in such communication is to a web site, when the
                delivery of the letter, fax or, as the case may be e-mail
                referring the addressee to such web site is effective;

          and, if a particular department or officer is specified as part of its
          address details provided under Clause 10.2, if addressed to that
          department or officer.

     (b)  Any communication or document to be made or delivered to the Group
          Security Agent will be effective only when actually received by such
          person.

     (c)  All notices to an Obligor in relation to the Security, the Security
          Documents or the enforcement thereof shall be sent through the Group
          Security Agent.

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<PAGE>   144
                                      141
--------------------------------------------------------------------------------

10.4 Notification of address, fax number and e-mail address: Promptly upon
     receipt of notification of an address, fax number or (as the case may be)
     e-mail or change of address, fax number or e-mail pursuant to Clause 10.2
     or changing its own address, fax number or e-mail, the Group Security Agent
     shall notify the other parties.

11.  NO IMPLIED WAIVERS

11.1 No Waiver: No failure or delay by any of the Finance Parties in exercising
     any right, power or privilege under this Agreement shall operate as a
     waiver thereof nor shall any single or partial exercise or any right, power
     or privilege preclude any other or further exercise thereof or the exercise
     of any other right, power or privilege.

11.2 Cumulative Rights: The rights and remedies of the Finance Parties provided
     in this Agreement are cumulative and not exclusive of any rights or
     remedies provided by law.

11.3 Waiver in writing: A waiver given or consent granted by the Finance Parties
     under this Agreement will be effective only if given in writing and then
     only in the instance and for the purpose for which it is given.

12.  INVALIDITY OF ANY PROVISION

     If any provision of this Agreement is or becomes invalid, illegal or
     unenforceable in any respect under any law, the validity, legality and
     enforceability of the remaining provisions will not be affected or impaired
     in any way.

13.  TERMINATION

     This Agreement shall terminate upon the latest to occur of (a) the payment
     in full in cash of the Indebtedness, (b) the termination of the
     commitments, if any, under the Finance Documents and (c) the expiration or
     termination of the Secured Swap Finance Documents; provided that Clauses 9
     and 15 shall survive any such termination.

14.  LANGUAGE

     (a)  Any notice given under or in connection with this Agreement shall be
          in English.

     (b)  All other documents provided under or in connection with this
          Agreement shall be:

          (i)  in English; or

          (ii) if not in English, accompanied by a certified English translation
               and, in this case, the English translation shall prevail unless
               the document is a statutory or other official document.

     (c)  Counterparts of this Agreement shall be executed in both the English
          and the Polish languages. In the event of any inconsistency between
          the English text and the Polish text, the English text shall prevail.

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<PAGE>   145
                                      142
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15.  GOVERNING LAW AND ARBITRATION

15.1 Governing Law: This Agreement shall be governed by and construed in all
     respects in accordance with English law.

15.2 Arbitration

     Subject to Clause 15.3, any dispute, controversy or claim arising out of or
     in connection with this Agreement, including any question regarding the
     existence, validity, interpretation, breach or termination of this
     Agreement (a "DISPUTE") shall be finally resolved in accordance with the
     UNCITRAL Arbitration Rules as at present in force. The arbitral tribunal
     shall consist of a sole arbitrator (the "TRIBUNAL"). The appointing
     authority shall be the London Court of International Arbitration. The place
     of arbitration shall be London, England and the language shall be English.
     Any award of the sole arbitrator shall be binding from the day it is made
     and the parties hereby waive any rights to refer any question of law and
     any right of appeal on the law and/or merits to any court. The Tribunal
     shall not be authorised to take or provide, and the parties hereto other
     than the EBRD shall not be authorised to seek from any judicial authority,
     any interim measures of protection or pre-award relief against the EBRD,
     any provisions of the UNCITRAL Arbitration Rules notwithstanding. The
     Tribunal shall have authority to consider and include in any proceeding,
     decision or award any further dispute properly brought before it by the
     EBRD (but no other party) insofar as such dispute arises out of this
     Agreement, but, subject to the foregoing, no other parties or other
     disputes shall be included in, or consolidated with, the arbitral
     proceedings.

15.3 Submission

     Notwithstanding Clause 15.2, a party may, subject to Clause 15.5, before
     taking a substantive step in any arbitration proceedings, refer a Dispute
     exclusively to the courts of England and each party to this Agreement
     hereby submits to the jurisdiction of such courts. However, such submission
     to the jurisdiction of the English courts will only be effective, in so far
     as EBRD is concerned, if EBRD's consent, pursuant to Clause 15.5, is
     obtained prior to the commencement of any such action.

15.4 Forum Conveniens and Enforcement Abroad

     All parties to this Agreement:

     (a)  waive objection to the English courts on grounds of inconvenient forum
          or otherwise as regards proceedings in connection with this Agreement;
          and

     (b)  agree that a judgment or order of an English court in connection with
          this Agreement is conclusive and binding on it and may be enforced
          against it in the courts of any other jurisdiction.

15.5 EBRD Consent

     Notwithstanding Clause 15.3, no Dispute may be referred to the courts of
     England by any party to this Agreement on behalf of or involving or
     including EBRD without the prior written consent of EBRD.

15.6 Non-waiver

     Nothing in this Agreement shall be construed as a waiver, renunciation or
     other modification of any immunities, privileges or exemptions of the EBRD
     accorded under the Agreement Establishing the European Bank for
     Reconstruction and Development, international convention or any applicable
     law.

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<PAGE>   146
                                      143
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16.  COUNTERPARTS

     This Agreement may be executed in any number of counterparts and all of
     such counterparts taken together shall be deemed to constitute one and the
     same instrument.

17.  AMENDMENTS TO THIS AGREEMENT

     This Agreement may be amended by a written instrument signed by the Finance
     Parties or, to the extent signature by a Representative is capable of
     binding the relevant Finance Parties, their respective Representatives.

18.  THIRD PARTIES

     A person who is not a party to this Agreement has no right under the
     Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the
     benefit of any terms of this Agreement.

     IN WITNESS WHEREOF this Agreement has been duly executed by each of the
     parties hereto the day and year first above written.

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<PAGE>   147
                                      144
--------------------------------------------------------------------------------

                                   SCHEDULE I

                                 FINANCE PARTIES

Deutsche Bank Luxembourg S.A., as facility agent under the Main Facility
Agreement

Deutsche Bank Polska S.A., as security agent under the Main Facility Agreement

Banks under the Main Facility Agreement

     Bank fur Arbeit und Wirtschaft Aktiengesellschaft

     Bank Slaski Spolka Akcyjna

     Bank Zachodni, S.A.

     Bayerische Landesbank Girozentrale

     BIG Bank GDANSKI S.A.

     BRE Bank S.A.

     Citibank (Poland) S.A.

     Deutsche Bank Luxembourg S.A.

     Deutsche Bank Polska S.A.

     Dresdner Bank Luxembourg S.A.

     The European Bank for Reconstruction and Development

     Industriebank von Japan (Deutschland) Aktiengesellschaft

     ING Bank N.V., Warsaw Branch

     Kreditanstalt fur Wiederaufbau

     Kredyt Bank S.A.

     LG PetroBank S.A.

     Mizuho Bank Nederland NV

     Powszechny Bank Kredytowy S.A. w Warszawie

     Westdeutsche Landesbank Girozentrale, London Branch

     Wielkopolski Bank Kreditowy S.A.

Deutsche Bank Luxembourg S.A., as facility agent under the Supplemental Facility
Agreement

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<PAGE>   148
                                      145
--------------------------------------------------------------------------------

Deutsche Bank Polska S.A., as security agent under the Supplemental Facility
Agreement

Banks under the Supplemental Facility Agreement

     Deutsche Bank Luxembourg S.A.

     Deutsche Bank Polska S.A.

     Dresdner Bank Luxembourg S.A.

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<PAGE>   149
                                      146
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                                   SCHEDULE II

                        FINANCE PARTY ACCESSION AGREEMENT

THIS AGREEMENT is made on

BETWEEN:

(1)  [          ] (the "NEW FINANCE PARTY") and

(2)  DEUTSCHE BANK POLSKA S.A., in its capacity as Group Security Agent under
     the Intercreditor Agreement.

RECITAL:

     (A)  This Agreement is supplemental to a Collateral Sharing Intercreditor
          Agreement dated __ February, 2001 (the "INTERCREDITOR AGREEMENT")
          between, amongst others, Polska Telefonia Cyfrowa Sp. z o.o. and
          Deutsche Bank Polska S.A. as Group Security Agent.

     (B)  This Agreement has been entered into to record the accession of the
          New Finance Party as a [Main Bank Finance Party] [Supplemental Bank
          Finance Party] [Additional Finance Party][Secured Swap Finance Party]
          under the Intercreditor Agreement pursuant to the provisions of Clause
          [5.1]/[5.2] thereof.

NOW THIS AGREEMENT WITNESSES as follows:

1.   DEFINITIONS

     Terms defined in the Intercreditor Agreement shall have the same meaning
     when used in this Agreement.

2.   ACCESSION OF NEW [MAIN BANK FINANCE PARTY] [SUPPLEMENTAL BANK FINANCE
     PARTY] [ADDITIONAL FINANCE PARTY][SECURED SWAP FINANCE PARTY]

2.1  The New Finance Party hereby agrees to become, with immediate effect, a
     [Main Bank Finance Party] [Supplemental Bank Finance Party] [Additional
     Finance Party][Secured Swap Finance Party] and agrees to be bound by all of
     the terms of the Intercreditor Agreement as if it had originally been party
     thereto as a [Main Bank Finance Party] [Supplemental Bank Finance Party]
     [Additional Finance Party][Secured Swap Finance Party] thereunder
     including, for the avoidance of doubt, appointing the Group Security Agent
     as security agent and trustee under the relevant Security Documents.

2.2  The New Finance Party confirms that its address details for notices in
     relation to Clause 9 of the Intercreditor Agreement are as follows:

         Address:          o
         Facsimile:        o
         Email:            o
         Attention:        o

2.3  By its signature below, the Group Security Agent (for itself and on behalf
     of the Obligors and the Finance Parties) confirms the acceptances of the
     New Finance Party as a [Main Bank Finance Party] [Supplemental Bank Finance
     Party] [Additional Finance Party][Secured Swap Finance Party] for all
     purposes under the Intercreditor Agreement in accordance with Clause 5.3
     thereof.

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<PAGE>   150
                                      147
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3.   LAW

     This Agreement shall be governed and construed in all respects in
     accordance with English law.

4.   COUNTERPARTS

     The Agreement may be executed in any number of counterparts and all of such
     counterparts taken together shall be deemed to constitute one and the same
     instrument.

IN WITNESS whereof this Agreement has been duly executed the day and year first
above written.

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<PAGE>   151
                                      148
--------------------------------------------------------------------------------

                     SIGNATORIES TO THE ACCESSION AGREEMENT

The New [Main Bank Finance Party] [Supplemental Bank Finance Party] [Additional
Finance Party][Secured Swap Finance Party][Representative of such person]

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

The Group Security Agent

DEUTSCHE BANK POLSKA S.A.

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

[Without prejudice to the foregoing, execution of this Agreement by the parties
hereto, [Main Bank Finance Party] [Supplemental Bank Finance Party] [Additional
Finance Party][Secured Swap Finance Party][Representative of such person] hereby
expressly and specifically confirms its agreement with the granting of
jurisdiction to English courts provided for in this Agreement for the purpose of
Article 1 of the Protocol annexed to the Convention on the Jurisdiction and the
Enforcement of Judgments in Civil and Commercial Matters signed at Brussels on
27 September, 1968, as amended.]*

---------------
* required in the event that new party is incorporated in Luxembourg

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<PAGE>   152
                                      149
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GROUP SECURITY AGENT

DEUTSCHE BANK POLSKA S.A.

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

SECURITY AGENT FOR THE MAIN BANK FACILITY

DEUTSCHE BANK POLSKA S.A.
for itself and on behalf of the Banks

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

AGENT FOR THE MAIN BANK FACILITY

DEUTSCHE BANK LUXEMBOURG S.A.

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

SECURITY AGENT FOR THE SUPPLEMENTAL BANK FACILITY

DEUTSCHE BANK POLSKA S.A.
for itself and on behalf of the Banks

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

AGENT FOR THE SUPPLEMENTAL BANK FACILITY

DEUTSCHE BANK LUXEMBOURG S.A.

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

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<PAGE>   153
                                      150
--------------------------------------------------------------------------------

[AGENT FOR THE NEW FACILITY

NAME OF AGENT BANK

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

Without prejudice to the foregoing, execution of this Agreement by the parties
hereto, Deutsche Bank Luxembourg S.A. hereby expressly and specifically confirms
its agreement with the granting of jurisdiction to English courts provided for
in this Agreement for the purpose of Article 1 of the Protocol annexed to the
Convention on the Jurisdiction and the Enforcement of Judgments in Civil and
Commercial Matters signed at Brussels on 27 September, 1968, as amended.

For DEUTSCHE BANK LUXEMBOURG S.A.

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

Without prejudice to the foregoing, execution of this Agreement by the parties
hereto, Dresdner Bank Luxembourg S.A. hereby expressly and specifically confirms
its agreement with the granting of jurisdiction to English Courts provided for
in this Agreement for the purpose of Article 1 of the Protocol annexed to the
Convention on the Jurisdiction and the Enforcement of Judgments in Civil and
Commercial Matters signed at Brussels on 27 September, 1968, as amended. *

For DRESDNER BANK LUXEMBOURG S.A.

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

-----------------
* Repeat this specific acceptance of jurisdiction clause for any other party
  incorporated in Luxembourg.

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<PAGE>   154

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                        SIGNATORIES TO FACILITY AGREEMENT

BORROWER

POLSKA TELEFONIA CYFROWA SP. Z O. O.

By:           /s/ B. Kulakowski                       /s/ Wilhelm Stuckemann
   ---------------------------------------          ----------------------------
Name:    Boguslaw Kulakowski                        Wilhelm Stuckemann
Title:   Management Board Member                    Management Board Member

GUARANTORS

PTC International Finance B.V.

By:        /s/ N.S. van der Werff                     /s/ R.W.M. Kluitenberg
   ---------------------------------------          ----------------------------
Name:     N.S. van der Werff                        R.W.M. Kluitenberg
Title:   Managing Director                          Managing Director
         ABN AMRO Trust                             ABN AMRO Trust
         Company (Nederland) B.V.                   Company (Nederland) B.V.

PTC International Finance (Holding) B.V.

By:        /s/ N.S. van der Werff                     /s/ R.W.M. Kluitenberg
   ---------------------------------------          ----------------------------
Name:    N.S. van der Werff                         R.W.M. Kluitenberg
Title:   Managing Director                          Managing Director
         ABN AMRO Trust                             ABN AMRO Trust
         Company (Nederland) B.V.                   Company (Nederland) B.V.

PTC International Finance II S.A.

By:              /s/ G. Ludziak
   ---------------------------------------
Name:    Grzegorz Ludziak
Title:   Authorised Signatory

LEAD ARRANGERS

DEUTSCHE BANK AG LONDON, as Lead Arranger

By:        /s/ Martin Flaherty                        /s/ Alison Howe
   ---------------------------------------          ----------------------------
Name:    Martin Flaherty                            Alison Howe
Title:   Managing Director                          Associate

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<PAGE>   155

--------------------------------------------------------------------------------

DEUTSCHE BANK POLSKA, S.A., as Lead Arranger

By:           /s/ S. Szczurek                             /s/ Ch. Giessing
   ---------------------------------------          ----------------------------
Name:    Stan Szczurek                              Ch. Giessing
Title:   Prezes Zarzadu                             Head of Structured Finance

DRESDNER BANK LUXEMBOURG S.A., as Lead Arranger

By:              /s/ J. Bures                             /s/ J-M. Martin
   ---------------------------------------          ----------------------------
Name:    Jitka Bures                                J-M. Martin
Title:   Vice President                             First Vice President

EUROPEAN BANK FOR RECONSTRUCTION AND
  DEVELOPMENT, as Lead Arranger

By:             /s/ Izzet Guney
   ---------------------------------------
Name:    Izzet Guney
Title:   Director, TIMS

TRANCHE A BANKS

BANK FUR ARBEIT UND WIRTSCHAFT AKTIENGESELLSCHAFT

By:            /s/  Dr. Raffay                             /s/ Mr. Lobner
   ---------------------------------------          ----------------------------
Name:    Dr. Raffay                                 Mr. Lobner
Title:   Senior Vice President                      Commercial Mandatory

 BAYERISCHE LANDESBANK GIROZENTRALE

By:     Ulrich Mattonet                                   /s/ Uwe Flossman
   ---------------------------------------          ----------------------------
Name:    Ulrich Mattonet                            Uwe Flossman
Title:   Senior Vice President                      First Vice President

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<PAGE>   156

--------------------------------------------------------------------------------

BRE BANK S.A.

By:         /s/ E. Cumber                             /s/ R. Rynio
   ---------------------------------------          ----------------------------
Name:    Edmund Cumber                              Roman Rynio
Title:   Director                                   Deputy Director

DEUTSCHE BANK LUXEMBOURG S.A.

By:          /s/ Martin Flaherty                      /s/ Alison Howe
   ---------------------------------------          ----------------------------
Name:    Martin Flaherty                            Alison Howe
Title:   Authorised Signatory                       Authorised Signatory

DRESDNER BANK LUXEMBOURG S.A.

By:               /s/ J. Bures                        /s/ J-M. Martin
   ---------------------------------------          ----------------------------
Name:    Jitka Bures                                J-M. Martin
Title:   Vice President                             First Vice President

INDUSTRIEBANK VON JAPAN (DEUTSCHLAND) AKTIENGESELLSCHAFT

By:        /s/ V. Schlabrendorff                      /s/ T. Taguchi
   ---------------------------------------          ----------------------------
Name:    V. Schlabrendorff                          T. Taguchi
Title:   Member of Board of Directors               Senior General Manager

KREDITANSTALT FUR WIEDERAUFBAU

By:            /s/ Dr. Gebauer                        /s/ R. Prove
   ---------------------------------------          ----------------------------
Name:    Dr. Gebauer                                Reiner Prove
Title:   Vice President                             Senior Project Manager

MIZUHO BANK NEDERLAND NV

By:               /s/ T. Kondo                        /s/ Tetsuo Kamatsu
   ---------------------------------------          ----------------------------
Name:    Toyoji Kondo                               Tetsuo Kamatsu
Title:   Managing Director                          Deputy Managing Director

--------------------------------------------------------------------------------
<PAGE>   157

--------------------------------------------------------------------------------

WESTDEUTSCHE LANDESBANK GIROZENTRALE, LONDON BRANCH

By:             /s/ J. Brown                           /s/ P. Lowder
   ---------------------------------------          ----------------------------
Name:    Jutta Brown                                Paul Lowder
Title:   Manager                                    Associate Director

TRANCHE B BANKS

BANK SLASKI SPOLKA AKCYJNA

By:           /s/ J. Bartkiewicz                      /s/ G. Cywinski
   ---------------------------------------          ----------------------------
Name:    Jacek Bartkiewicz                          Grzegorz Cywinski
Title:   Executive Vice-President                   Executive Vice-President

BANK ZACHODNI, S.A.

By:         /s/ Deirdre Kirwan                         /s/ A. Walenska
   ---------------------------------------          ----------------------------
Name:    Deirdre Kirwan                             Anna Walenska
Title:   Director                                   Director

BAYERISCHE LANDESBANK GIROZENTRALE

By:                 M. Aumann                         /s/ Uwe Flossman
   ---------------------------------------          ----------------------------
Name:    Michaela Aumann                            Uwe Flossman
Title:   Senior Vice President                      First Vice President

BIG BANK GDANSKI S.A.

By:               /s/ J. Andrzejewicz                 /s/ T. Murat
   ---------------------------------------          ----------------------------
Name:    Jerzy Andrzejewicz                         Teresa Murat
Title:   Proxy                                      Proxy

--------------------------------------------------------------------------------
<PAGE>   158

--------------------------------------------------------------------------------

CITIBANK (POLAND) S.A.

By:            /s/ Dennis Evans                       /s/ P. Krasnowski
   ---------------------------------------          ----------------------------
Name:    Dennis Evans                               Piotr Krasnowski
Title:   Corporate Bank Head                        Vice President

DEUTSCHE BANK POLSKA S.A.

By:             /s/ S. Szczurek                       /s/ Ch. Giessing
   ---------------------------------------          ----------------------------
Name:    Stan Szczurek                              Ch. Giessing
Title:   Prezes Zarzadu                             Head of Structured Finance

EUROPEAN BANK FOR RECONSTRUCTION AND
DEVELOPMENT

By:            /s/ Izzet Guney
   ---------------------------------------
Name:    Izzet Guney
Title:   Director, TIMS

ING BANK N.V., WARSAW BRANCH

By:     /s/ Ewa Luniewska                              /s/ B. Lutik
   ---------------------------------------          ----------------------------
Name:    Ewa Luniewska                              Beata Lutik
Title:   Director                                   Director

KREDYT BANK S.A.

By:             /s/ K. Szyszko
   ---------------------------------------
Name:    Krzysztof Szyszko
Title:   Director of Project Finance Department

By:             /s/ H. Libura
   ---------------------------------------
Name:    Hanna Libura
Title:   Deputy Director of Project Finance Department

--------------------------------------------------------------------------------
<PAGE>   159

--------------------------------------------------------------------------------

LG PETROBANK S.A.

By:              /s/ L. Lukasik                        /s/ Mieczyslaw Muszynski
   ---------------------------------------          ----------------------------
Name:    Lnejan Lukasik                             Mieczyslaw Muszynski
Title:   Executive Vice President                   Director

POWSZECHNY BANK KREDYTOWY S.A. W WARSZAWIE

By:             /s/ M. Karolak                        /s/ M. Mroczek
   ---------------------------------------          ----------------------------
Name:    Monika Karolak                             Monika Mroczek
Title:   Plenipotentiary                            Plenipotentiary

WIELKOPOLSKI BANK KREDYTOWY S.A.

By:            /s/ Evin Cusack                         /s/ Martin Slattery
   ---------------------------------------          ----------------------------
Name:    Evin Cusack                                Martin Slattery
Title:   Director                                   Director

AGENT

DEUTSCHE BANK LUXEMBOURG S.A., as Agent

By:          /s/ Martin Flaherty                       /s/ Alison Howe
   ---------------------------------------          ----------------------------
Name:    Martin Flaherty                            Alison Howe
Title:   Authorised Signatory                       Authorised Signatory

--------------------------------------------------------------------------------
<PAGE>   160

--------------------------------------------------------------------------------

SECURITY AGENT

DEUTSCHE BANK POLSKA S.A., as Security Agent

By:             /s/ S. Szczurek                        /s/ Ch. Giessing
   ---------------------------------------          ----------------------------
Name:    Stan Szczurek                              Ch. Giessing
Title:   Prezes Zarzadu                             Head of Structured Finance

Without prejudice to the foregoing execution of this Agreement by the parties
hereto, PTC International Finance II S.A. hereby expressly and specifically
confirms its agreement with the granting of jurisdiction to English courts
provided for in this Agreement for the purpose of Article 1 of the Protocol
annexed to the Convention on the Jurisdiction and the Enforcement of Judgments
in Civil and Commercial Matters signed at Brussels on 27 September, 1968, as
amended.

For PTC INTERNATIONAL FINANCE II S.A.

By:              /s/ G. Ludziak
   ---------------------------------------
Name:    Grzegorz Ludziak
Title:   Authorised Signatory

Without prejudice to the foregoing execution of this Agreement by the parties
hereto, Deutsche Bank Luxembourg S.A. hereby expressly and specifically confirms
its agreement with the granting of jurisdiction to English courts provided for
in this Agreement for the purpose of Article 1 of the Protocol annexed to the
Convention on the Jurisdiction and the Enforcement of Judgments in Civil and
Commercial Matters signed at Brussels on 27 September, 1968, as amended.

For DEUTSCHE BANK LUXEMBOURG S.A.

By:            /s/ Martin Flaherty                     /s/ Alison Howe
   ---------------------------------------          ----------------------------
Name:    Martin Flaherty                            Alison Howe
Title:   Authorised Signatory                       Authorised Signatory

Without prejudice to the foregoing execution of this Agreement by the parties
hereto, Dresdner Bank Luxembourg S.A. hereby expressly and specifically confirms
its agreement with the granting of jurisdiction to English courts provided for
in this Agreement for the purpose of Article 1 of the Protocol annexed to the
Convention on the Jurisdiction and the Enforcement of Judgments in Civil and
Commercial Matters signed at Brussels on 27 September, 1968, as amended.

For DRESDNER BANK LUXEMBOURG S.A.

By:               /s/ J. Bures                         /s/ J-M. Martin
   ---------------------------------------          ----------------------------
Name:    Jitka Bures                                J-M. Martin
Title:   Vice President                             First Vice President

--------------------------------------------------------------------------------

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