Document:

<PAGE>

                                                                   Exhibit 10.10

                                                                       Exhibit A

                             STOCKHOLDERS AGREEMENT

                  STOCKHOLDER AGREEMENT (the "Agreement"), dated as of August
25, 1998 by and among PCA INTERNATIONAL, INC., a North Carolina corporation (the
"Company"), JUPITER PARTNERS II L.P., a Delaware limited partnership
("Jupiter"), and the employee of the Company named on the signature page hereto
(the "Employee"). Capitalized terms used herein and not otherwise defined shall
have the meanings specified in Section 1.

                             W I T N E S S E T H :

                  WHEREAS, pursuant to that certain Stock Option Plan (1998) of
the Company (the "Plan"), the Company is granting to the Employee an option to
purchase shares of Common Stock, subject to the terms and conditions set forth
in the Plan and the related option agreement; and

                  WHEREAS, the parties hereto wish to provide for certain rights
and obligations with respect to the transfer, purchase and other rights
affecting the Common Stock.

                  NOW, THEREFORE, the parties hereto agree as follows:

                  Section 1. Certain Definitions. For the purposes of this
Agreement, the following terms and phrases have the following meanings:

                  "Affiliate" means, (i) with respect to any natural Person, the
spouse of such Person, either parent of such Person or of such Person's spouse,
any descendant of any such parent, or any relative of such Person who has the
same home as such Person, and (ii) with respect to any other Person, any other
Person directly or indirectly controlling, controlled by, or under common
control with, such Person. For purposes of this definition, the term "control"
(including, with correlative meanings, the terms "controlling," "controlled by"
and "under common control with"), as used with respect to any Person, shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise.

                  "Affiliated Transferee," with respect to the Principal
Stockholder, means (i) any Affiliate of the Principal Stockholder, (ii) any
employee or partner of the Principal Stockholder or (iii) any employee or
partner of any Affiliate of the Principal Stockholder.

                  "Board" means the Board of Directors of the Company.

<PAGE>
                                                                               2

                  "Change in Control" as used herein means any time when (i)
Jupiter has received cash proceeds from the sale of 50% or more of the Common
Stock purchased on the Effective Date, and (ii) the Company has not completed an
Initial Public Offering and is not public following the transaction by which
Jupiter sold its stake.

                  "Common Stock" means the shares of common stock, par value
$.20 per share, of the Company and any other shares into which such common stock
shall thereafter be changed by reason of a recapitalization, merger,
consolidation, split-up, combination, exchange of shares or the like.

                  "Drag-Along Right" shall have the meaning specified in Section
2.5.

                  "Effective Date" means August 25, 1998.

                  "Encumbrance" means any mortgage, lien, security interest,
pledge, claim, option, right of first refusal or other like encumbrance with
respect to any share of Common Stock, and "Encumber" shall have a correlative
meaning.

                  "Fair Market Value" of a share of Common Stock as of any
determination date shall be determined by the Committee (as defined in the Plan)
in its sole discretion (taking into consideration the lack of liquidity and
non-control nature of such share); provided, however, that in no event shall the
Fair Market Value of any share of Common Stock be less than its par value and;
provided, further, that if such determination date occurs at a time when the
Common Stock is publicly-traded following an Initial Public Offering, the Fair
Market Value of a share of Common Stock shall be the average of the last
reported sale prices of the Common Stock for the 30 consecutive days immediately
preceding the date on which such determination is to be made, as reported by
NASDAQ National Market System or a national securities exchange.

                  "Fully Diluted Shares" shall mean the total number of the
Company's outstanding shares of Common Stock on a fully diluted, fully converted
basis (assuming the exercise of all options and other securities convertible or
exchangeable into or exercisable for Common Stock).

                  "Initial Public Offering" means the first public offering of
Common Stock pursuant to an effective registration statement under the
Securities Act after the Effective Date which results in the listing of such
Common Stock on a national securities exchange or the quotation of such Common
Stock on NASDAQ National Market System.

                  "in-the-money," with respect to options or other securities
convertible into Common Stock, shall mean any options or other such securities
the Fair Market Value of whose underlying shares of Common Stock exceeds the
then applicable exercise price.

<PAGE>
                                                                               3

                  "Involuntary Transfer," with respect to any shares of Common
Stock, means any involuntary Transfer, proceeding or action (other than a
Transfer on the death of the Employee) by or in which the Employee (or his/her
Permitted Transferee) shall be deprived or divested of any right, title or
interest in or to any of his/her shares of Common Stock, including, without
limitation, any seizure under levy of attachment or execution, any Transfer in
connection with bankruptcy (whether pursuant to the filing of a voluntary or an
involuntary petition under any applicable bankruptcy law) or other court
proceeding to a debtor-in-possession, trustee in bankruptcy or receiver or other
officer or agency, any Transfer to a state or to a public officer or agency
pursuant to any statute pertaining to escheat or abandoned property, any
Transfer pursuant to a divorce action or any Transfer upon or occasioned by the
legal incompetence of the Employee (or his/her Permitted Transferee) or any
Transfer to a legal representative of the Employee (or his/her Permitted
Transferee).

                  "Notice" shall have the meaning specified in Section 2.4.

                  "Option Shares" shall mean any shares of Common Stock issued
to the Employee pursuant to the exercise of options granted under the Plan or
pursuant to the exercise of Roll-over Options.

                  "Option Share Purchase Offer" shall have the meaning specified
in Section 2.4.

                  "Permitted Transferee" means, with respect to the Employee,
(a) the spouse, parents, parents-in-law or siblings (by blood or adoption) of
the Employee or the lineal descendants (by blood or adoption) of the Employee or
the Employee's spouse, parents or siblings, (b) a trust, the beneficiaries of
which include only the Employee or such spouse, parents, or siblings (by blood
or adoption) of the Employee or the lineal descendants (by blood or adoption) of
the Employee or the Employee's spouse, parents or siblings, or a charitable
trust that is an Affiliate of the Employee or (c) upon the Employee's death or
disability, the executors, administrators, testamentary trustees, legatees,
beneficiaries or representatives of the Employee.

                  "Person" shall mean an individual, firm, corporation, limited
liability company, partnership, trust, incorporated or unincorporated
association, joint venture, joint stock company, government (or an agency or
political subdivision thereof) or other entity of any kind.

                  "Plan" shall have the meaning specified in the recitals to
this Agreement.

                  "Principal Stockholder" shall mean Jupiter and, where the
context refers to the ownership by the Principal Stockholder of Common Stock,
shall also mean its Affiliated Transferees who own Common Stock.

                  "Prospective Transferee" shall have the meaning specified in
Section 3.

<PAGE>
                                                                               4

                  "Roll-over Options" shall mean options held by the Employee
prior to the Effective Date that have been rolled over or retained by the
Employee.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Tag-Along Common Stock" shall have the meaning specified in
Section 2.4.

                  "Tag-Along Notice" shall have the meaning specified in Section
2.4.

                  "Tag-Along Right" shall have the meaning specified in Section
2.4.

                  "Transfer," with respect to any shares of Common Stock, means
any transfer, assignment, sale, gift, pledge, hypothecation or other disposition
of Common Stock or of all or part of the voting power (other than the granting
of a revocable proxy) associated with the Common Stock whatsoever, or any other
transfer of beneficial ownership of Common Stock, including, without limitation,
any Involuntary Transfer; and "Transferee" shall have a correlative meaning.

                  Section 2. Restrictions on Transfer.

                  2.1 Common Stock Subject To This Agreement. Unless otherwise
provided herein, all Option Shares hereafter acquired by any Employee or any
Transferee thereof (including any Person who acquires Option Shares by means of
an Involuntary Transfer) shall be subject to the terms of this Agreement.

                  2.2 General Restriction.

                           2.2.1 General. The Employee agrees that he/she will
not, directly or indirectly, make any Transfer of any Option Shares, except in
compliance with the Securities Act and this Agreement. The Employee further
agrees (i) that any direct or indirect Transfer of Option Shares will be made
only in compliance with Section 3 (Transferees Subject to Agreement), to the
extent applicable, (ii) to be bound by the provisions of Section 2.5 (Drag-Along
Right) with respect to his/her Option Shares, and (iii) that he/she shall not
Encumber his/her Option Shares without the consent of the Board. Any Transfer
effected, or purported or attempted to be effected, not in accordance with the
terms and conditions of this Agreement shall be void and of no effect. In
connection with any voided Transfer, the Company may hold and refuse to transfer
any Option Shares or certificate therefor tendered for transfer, in addition and
without prejudice to any and all other rights and remedies which may be
available.

                           2.2.2 Involuntary Transfer. Any Person who acquires
Option Shares from the Employee by means of an Involuntary Transfer shall be
deemed to have

<PAGE>
                                                                               5

become a party to this Agreement and shall be bound by the terms hereof;
provided, that prior to the Company transferring such Option Shares on its books
and records to such Person and prior to the exercise by such Person of any
rights hereunder, such Person shall have delivered an appropriate document, in
form and substance reasonably satisfactory to the Company, confirming that such
Person takes such shares subject to the terms and conditions of this Agreement,
and such Person thereupon shall be deemed to be a Permitted Transferee of the
Employee.

                  2.3 Transfers of Option Shares.

                           2.3.1 The Employee agrees that he/she will not,
directly or indirectly, Transfer any Option Shares except, subject to compliance
with Section 3 (Transferees Subject to Agreement), (i) Transfers of Option
Shares pursuant to the procedures, and subject to the limitations, set forth in
Section 2.4 (Tag-Along Right) or Section 2.5 (Drag-Along Right), or (ii)
Transfers of Option Shares to the Company, or (iii) Transfers of Option Shares
to any Permitted Transferee of the Employee, or (iv) Transfers of Option Shares
to any Person pursuant to an Involuntary Transfer; provided that, in the case of
this clause (iv), such Person shall have delivered an appropriate document, in
form and substance reasonably satisfactory to the Company, confirming that such
Person takes such shares subject to the terms and conditions of this Agreement.

                           2.3.2 Notwithstanding the preceding paragraph,
the Employee may sell or transfer any Option Shares pursuant to the appropriate
provisions herein on the earlier of (i) Initial Public Offering of the Company's
Common Stock, or (ii) the date Jupiter owns less than 20% of the Common Stock it
held as of the Effective Date, or (iii) seven years and six months following the
date of grant of the option pursuant to which any Option Shares were issued. Any
sale made following an Initial Public Offering but prior to the occurrence of
the conditions set forth in (ii) or (iii) of the preceding sentence may be made
only in proportion to sales concurrently being made by Jupiter. For purposes of
this provision, proportionality will be measured by including all Option Shares
and Roll-over Options that are not subject to repurchase rights pursuant to
Section 2.6 and all options (other than Roll-over Options) that are exercisable
and in-the-money.

                           2.3.3 If the Company is not public and Jupiter owns
less than 20% of the Common Stock it held as of the Effective Date, Employee
sales are only subject to normal securities law limitations.

                           2.3.4 The Employee may not elect to sell Option
Shares that are still subject to the repurchase rights pursuant to Section 2.6.

                  2.4 Tag-Along Right. Other than in connection with the
exercise of the Drag-Along Right, in the event that the Principal Stockholder
shall receive a bona fide offer by a third party to purchase shares of Common
Stock (a "Purchase Offer") from it, the Principal Stockholder shall either
decline such Purchase Offer or, if the Principal Stockholder determines to
accept such Purchase Offer, then, prior to accepting any

<PAGE>
                                                                               6

Purchase Offer, arrange for the proposed purchaser to make, in addition to the
Purchase Offer, a bona fide offer to purchase, upon the same terms and
conditions as the Purchase Offer, from the Employee a proportional number of the
Employee's shares of Common Stock and then exercisable options (the "Option
Share Purchase Offer"). In the event an Option Share Purchase Offer is made, the
Principal Stockholder shall give the Employee written notice thereof (the
"Notice") specifying (i) the number of shares of Common Stock that the Employee
may sell, and (ii) the terms (including the price and the proposed date of
consummation thereof), of such Option Share Purchase Offer. Upon receipt of the
Notice, the Employee shall have the right (the "Tag-Along Right") to sell that
number of shares of Common Stock equal to (A) the product of (a) the total
number of shares of Common Stock proposed to be purchased in the Purchase Offer,
the Option Share Purchase Offer and similar offers being made to other
stockholders of the Company concurrently with the Purchase Offer, and (b) a
fraction, the numerator of which shall be the number of shares of Tag-Along
Common Stock (as defined below) owned by the Employee and the denominator of
which shall be the number of shares of Common Stock owned by the Principal
Stockholder plus the number of shares of Tag-Along Common Stock owned by all
stockholders electing to participate in such sale. For purposes of the
foregoing, "Tag-Along Common Stock" shall mean all shares of Common Stock and
Roll-over Options that are not subject to Repurchase Rights and all options that
are exercisable and in-the-money. The Tag-Along Right may be exercised by the
Employee by delivery, not later than 5 days after receipt of the Notice, of a
written notice (the "Tag-Along Notice") to the Company, which shall state the
maximum number of shares of Common Stock and options that the Employee wishes to
include in such sale to the purchaser. The Employee shall participate in any
purchase specified in the Notice on the terms set forth therein (or on terms no
less favorable to the Employee) and as provided in the Tag-Along Notice during
the 90-day period following the date of the Notice. Any purchases following such
90-day period shall require a new Notice. All Transfers made pursuant to this
Section 2.4 shall be subject to the provisions of Section 3 (Transferees Subject
to Agreement), if so requested by Jupiter. The provisions of this Section 2.4
shall terminate if the Principal Stockholder and its Affiliate Transferees own
less than 20% of the shares of Common Stock held by Jupiter on the Effective
Date.

                  2.5 Drag-Along Right. If the Principal Stockholder proposes to
make a bona fide sale of its shares of Common Stock to a third party
un-Affiliated with the Principal Stockholder (which may include another
stockholder of the Company) in an amount equal to at least 10% of the Fully
Diluted Shares (which amount shall be calculated based on the transaction in
question or series of transactions related thereto), the Principal Stockholder
shall have the right (the "Drag-Along Right"), exercisable upon 15 days' prior
written notice, to require the Employee to sell a corresponding percentage (as
the percentage being sold by the Principal Stockholder) of the number of shares
of Common Stock (or then exercisable options) held by the Employee to such third
party upon terms no less favorable to the Employee than those that apply to the
Principal Stockholder with respect to such third party sale (provided, that the
consideration payable to the Employee pursuant to the sale of a stock option
shall be the amount that would be payable for

<PAGE>
                                                                               7

Common Stock in such third party sale minus the exercise price of the option).
For purposes of calculating such corresponding percentage, there shall be
included in such calculation (i) shares of Common Stock issuable pursuant to
options which are then exercisable in accordance with the Plan that are
in-the-money, and (ii) shares of Common Stock. The Employee hereby agrees to
cooperate with the Principal Stockholder and to take any and all action
reasonably required in connection with the consummation of such third party
sale. Without limiting the foregoing, at the closing of any sale under this
Section 2.5, the Employee shall deliver certificates representing the shares of
Common Stock and agreements representing the options to be sold, duly endorsed
or assigned for transfer and accompanied by all requisite stock transfer taxes,
and the Employee shall represent and warrant that he/she is the beneficial owner
of such shares and options free and clear of any Encumbrances, with full
authority and power to transfer such shares. All Transfers made pursuant to this
Section 2.5 shall, if so requested by Jupiter, be subject to the provisions of
Section 3 (Transferees Subject to Agreement).

                  2.6 Repurchase Rights.

                  The Company, first, (for a period of 90 days) and Jupiter,
second, (for a period of an additional 90 days) have the right, but not the
obligation, to purchase Option Shares from the Employee under the following
circumstances at the prices outlined below:

        Event                                 Repurchase Right
        -----                                 ----------------
        Death or Disability                   No repurchase right
        Termination for Cause                 Lower of Cost or Fair Market Value
        Termination without Cause             Fair Market Value
        Resignation                           Lower of Cost or Fair Market Value

                  The Company may utilize either cash or, if constrained by
financing or other arrangements, a subordinated note (interest rate equals prime
rate; maturity equals 2 years) as consideration when exercising its repurchase
rights hereunder.

                  The percent of the Employee's Option Shares on which the
Company has a repurchase right under this Section in the cases of termination
without Cause and resignation is as follows (all dates are measured from the
Effective Date or, if later, the first date of employment of the Employee by the
Company):

<PAGE>
                                                                               8

        Event                                         Repurchase Percentage
        -----                                         ---------------------
        Before 1st anniversary                                     100%
        Between 1st and 2nd anniversary                            80%
        Between 2nd and 3rd anniversary                            60%
        Between 3rd and 4th anniversary                            40%
        Between 4th and 5th anniversary                            20%
        After 5th anniversary                                       0%

                  If the Employee is terminated for Cause or breaches any
non-compete agreement with the Company, the Repurchase Percentage for all
Options (except for Roll-over Options as to which this paragraph shall not
apply) shall be 100% at all times, including after the fifth anniversary.

                  The exercise of a repurchase right hereunder by either the
Company or Jupiter will not be subject to any Tag-Along Right or similar
provisions available to other Employee stockholders.

                  The repurchase rights shall terminate only upon a Change in
Control. Repurchase rights shall not apply to shares of Common Stock previously
sold subject to a Tag-Along Right or a Drag-Along Right.

                  The repurchase rights hereunder will apply to all Option
Shares.

                  Section 3. Transferees Subject to Agreement. The Employee
agrees that it will not make any Transfer (including, without limitation, to a
Permitted Transferee) unless, prior to the consummation of any such Transfer,
the Person to whom such Transfer will be made (a "Prospective Transferee")
executes and delivers to the Company an agreement, in form and substance
reasonably satisfactory to the Company, whereby such Prospective Transferee
confirms that it shall be subject to this Agreement.

                  Section 4.  Legends.

                  4.1 Each certificate evidencing Option Shares shall bear a
legend in substantially the following form:

         "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO REGISTRATION OF
         TRANSFER OF SUCH SECURITIES WILL BE MADE ON THE BOOKS OF THE ISSUER
         UNLESS SUCH TRANSFER IS MADE PURSUANT TO AN EFFECTIVE REGISTRATION
         STATEMENT UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM THE
         REGISTRATION REQUIREMENTS OF SUCH ACT. THE SECURITIES EVIDENCED BY THIS
         CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, ALL AS SET
         FORTH IN A

<PAGE>
                                                                               9

         STOCKHOLDERS AGREEMENT, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL
         EXECUTIVE OFFICES OF THE ISSUER."

                  Section 5. Miscellaneous.

                  5.1 Amendment. This Agreement cannot be amended orally, but
only by an agreement in writing signed by the Company, the Principal Stockholder
and the Employee, provided, that this Agreement can be amended without the
consent of the Employee if such amendment is approved by the holders of at least
50% of the shares of Common Stock held by the stockholders of the Company other
than the Principal Stockholder.

                  5.2 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NORTH CAROLINA.

                  5.3 Execution in Counterparts. This Agreement may be signed in
one or more counterparts, each of which shall be an original, but all of which
together shall constitute one instrument.

                  5.4 Notices. All communications provided for herein shall be
in writing and,

                           (i) if addressed to the Employee, shall be delivered
                  or mailed or to the Employee at his/her address in the
                  employment records of the Company or to such other address as
                  the Employee shall have notified the Company in writing, or

                           (ii) if addressed to the Company, shall be delivered
                  or mailed or telecopied to it at PCA International, Inc., 815
                  Matthews-Mint Hill Road, Matthews, North Carolina, 28105,
                  Attention: Chief Executive Officer, Telecopy: (704) 847-1548,
                  with a copy to the Principal Stockholder, c/o Jupiter Partners
                  II L.P., 30 Rockefeller Plaza, Suite 4525, New York, New York
                  10112, Attention: John A. Sprague, Telecopy: (212) 332-2829,
                  or to such other address as the Company or the Principal
                  Stockholder, as the case may be, shall have notified the
                  Employee in writing. Except as otherwise expressly provided
                  herein, any communication shall be deemed to have been given
                  when delivered (if delivered by hand or by reputable overnight
                  courier service), or if mailed, shall be deemed to have been
                  given three days after having been so mailed.

                  5.5 Entire Agreement. This Agreement (including the Exhibits
hereto) and the Agreements referred to herein embody the entire agreement and
understanding among the parties and supersede all prior agreements and
understandings relating to the subject matter hereof.

                  5.6 Copy of Agreement with Company. A counterpart of this
Agreement shall be filed with the Company at its principal office.

<PAGE>
                                                                              10

                  5.7 Specific Performance. The parties recognize that the
obligations imposed on them in this Agreement are special, unique and of
extraordinary character, and that in the event of breach by any party, damages
will be an insufficient remedy; consequently, it is agreed that the parties
hereto may have specific performance (in addition to damages) as a remedy for
the enforcement hereof, without proving damages. No party shall raise any
argument as to the sufficiency of money damages.

                  5.8 Stock Option. This Agreement relates only to shares of
Common Stock issued upon exercise of options and does not relate to the options
themselves, except as specifically provided herein.

                  IN WITNESS WHEREOF, the parties hereto have hereunder signed
their names or have caused this Agreement to be duly executed by their officers
thereunder duly authorized as of the date first above written.

                                        PCA INTERNATIONAL, INC.

                                        By:________________________________
                                                 Authorized Officer

                                        JUPITER PARTNERS II L.P.

                                        By: Ganymede II LLC, its General Partner

                                        By:_________________________________

                                        ____________________________________
                                                    Employee<PAGE>

                                                                   EXHIBIT 10.12

                                     PCA LLC
                                PCA Finance Corp.

                          11.875% Senior Notes due 2009

                      unconditionally guaranteed as to the
                         payment of principal, premium,
                             if any, and interest by

               the Guarantors listed on the signature pages hereof

                                   ----------

                               Purchase Agreement

                                                                   June 20, 2002

Goldman, Sachs & Co.,
Banc of America Securities LLC
c/o Goldman, Sachs & Co.
85 Broad Street
New York, New York  10004

Ladies and Gentlemen:

         PCA LLC, a Delaware limited liability company ("PCA"), and PCA Finance
Corp. ("PCA Finance" and, together with PCA, the "Companies") propose, subject
to the terms and conditions stated herein, to issue and sell to the Purchasers
named in Schedule I hereto (the "Purchasers") $165,000,000 aggregate principal
amount of 11.875% Senior Notes due 2009 of the Companies (the "Notes"). The
Notes will be entitled to the benefit of guarantees (the "Guarantees" and,
together with the Notes, the "Securities") by PCA International, Inc., a North
Carolina corporation ("Parent"), and the subsidiaries of PCA listed on the
signature pages hereof (the "Guarantors" and, together with the Companies, the
"Issuers").

         1. The Issuers, jointly and severally, represent and warrant to, and
agree with, the Purchasers that:

                  (a) A preliminary offering circular, dated June 10, 2002 (the
         "Preliminary Offering Circular"), and an offering circular, dated June
         20, 2002 (the "Offering Circular"), have been prepared in connection
         with the offering of the Securities. Any reference to the Preliminary
         Offering Circular or the Offering Circular shall be deemed to refer to
         and include any Additional Issuer Information (as defined in Section
         5(f)) furnished by the Issuers prior to the completion of the
         distribution of the Securities. The Preliminary Offering Circular and
         the Offering Circular and any amendments or supplements thereto did not
         and will not, as of their respective dates or as of the Time of
         Delivery, contain an untrue statement of a material fact or omit to
         state a material fact necessary in order to make the statements
         therein, in the light of the circumstances

<PAGE>

         under which they were made, not misleading; provided, however, that
         this representation and warranty shall not apply to any statements or
         omissions relating to a Purchaser made in reliance upon and in
         conformity with information furnished in writing to the Companies by
         such Purchaser through Goldman, Sachs & Co. expressly for use therein.

                  (b) Neither Parent nor any of its subsidiaries has sustained
         since the date of the latest audited financial statements included in
         the Offering Circular any loss or interference with its business from
         fire, explosion, flood or other calamity, whether or not covered by
         insurance, or from any labor dispute or court or governmental action,
         order or decree, otherwise than as set forth or contemplated in the
         Offering Circular; and, since the respective dates as of which
         information is given in the Offering Circular, there has not been any
         change in the capital stock or long-term debt of Parent or any of its
         subsidiaries or any material adverse change, or any development
         involving a prospective material adverse change, in or affecting the
         general affairs, management, financial position, shareholders' equity
         or results of operations of Parent and its subsidiaries, taken as a
         whole, otherwise than as set forth or contemplated in the Offering
         Circular.

                  (c) Parent and its subsidiaries have good and marketable title
         in fee simple to all real property and good and marketable title to all
         personal property owned by them, in each case free and clear of all
         liens, encumbrances and defects except such as are described in the
         Offering Circular or such as do not materially affect the value of such
         property and do not interfere with the use made and proposed to be made
         of such property by Parent and its subsidiaries; and any real property
         and buildings held under lease by Parent and its subsidiaries are held
         by them under valid, subsisting and enforceable leases with such
         exceptions as are not material and do not interfere with the use made
         and proposed to be made of such property and buildings by Parent and
         its subsidiaries.

                  (d) Parent and each of its subsidiaries has been duly
         incorporated or, in the case of subsidiaries that are not corporations,
         duly formed, and is validly existing in good standing under the laws of
         the jurisdiction of its incorporation or formation (to the extent the
         concept of good standing is applicable in the relevant jurisdiction),
         with corporate, limited liability company or limited partnership power
         and authority to own its properties and conduct its business as
         described in the Offering Circular, except for any failure to be in
         good standing or have such power and authority that would not,
         individually or in the aggregate, have a material adverse effect on the
         financial position, shareholders' equity, business prospects or results
         of operations of Parent and its subsidiaries, taken as a whole (a
         "Material Adverse Effect"). Parent and each of its subsidiaries has
         been duly qualified as a foreign corporation or partnership for the
         transaction of business and is in good standing under the laws of each
         other jurisdiction in which it owns or leases properties or conducts
         any business so as to require such qualification, except to the extent
         that the failure to be so qualified or to be in good standing would not
         have a Material Adverse Effect.

                  (e) Each of Parent and PCA has an authorized capitalization as
         set forth in the Offering Circular under the caption "Capitalization",
         and all of the issued shares

                                       2

<PAGE>

         of capital stock of Parent have been duly and validly authorized and
         issued and are fully paid and non-assessable. All of the issued shares
         of capital stock, partnership interests or limited liability company
         interests of PCA and each of its subsidiaries have been duly and
         validly authorized and issued, are fully paid and non-assessable
         (except for partnership interests of general partners) and, except as
         set forth in the Offering Circular and except for one share of each of
         PCA of Mexico, S.A. de C.V. and American Studios de Mexico, S.A. de
         C.V. which, in each case, is owned by third parties due to requirements
         of Mexican law, are owned directly or indirectly by Parent (in the case
         of PCA) or PCA (in the case of each of PCA's subsidiaries), free and
         clear of all liens, encumbrances, equities or claims. Except as set
         forth in the Offering Circular, the Companies have no direct or
         indirect subsidiaries other than the Guarantors and dormant
         subsidiaries that have no operations or assets, and the Companies do
         not own, directly or indirectly, any equity or ownership interest in
         any entity other than their respective subsidiaries.

                  (f) The Securities have been duly authorized by the Issuers
         and, when duly executed and authenticated in accordance with the
         provisions of the Indenture and delivered to and paid for by the
         Purchasers in accordance with the terms of this Agreement, will
         constitute valid and legally binding obligations of the Issuers
         entitled to the benefits provided by the indenture to be dated as of
         June 27, 2002 (the "Indenture") among the Issuers and The Bank of New
         York, as trustee (the "Trustee"), under which they are to be issued and
         enforceable against the Issuers in accordance with their terms, subject
         to the effects of bankruptcy, insolvency, fraudulent conveyance,
         reorganization, moratorium and other similar laws relating to or
         affecting creditors' rights generally and to general principles of
         equity (whether considered in a proceeding in equity or at law). The
         Indenture has been duly authorized by the Issuers and, when executed
         and delivered by the Issuers, the Indenture will constitute a valid and
         legally binding obligation of the Issuers, enforceable against the
         Issuers in accordance with its terms, subject to the effects of
         bankruptcy, insolvency, fraudulent conveyance, reorganization,
         moratorium and other similar laws relating to or affecting creditors'
         rights generally and to general principles of equity (whether
         considered in a proceeding in equity or at law). The Securities and the
         Indenture will conform to the descriptions thereof in the Offering
         Circular in all material respects.

                  (g) The Exchange and Registration Rights Agreement, dated the
         date hereof, among the Issuers and the Purchasers (the "Exchange and
         Registration Rights Agreement") has been duly authorized, executed and
         delivered by each of the Issuers and constitutes a valid and legally
         binding obligation of each of the Issuers, enforceable in accordance
         with its terms, subject to the effects of bankruptcy, insolvency,
         fraudulent conveyance, reorganization, moratorium and other similar
         laws relating to or affecting creditors' rights generally and to
         general principles of equity (whether considered in a proceeding in
         equity or at law) and except as rights of indemnification and
         contribution may be limited under applicable law.

                  (h) None of the transactions contemplated by this Agreement
         (including, without limitation, the use of the proceeds from the sale
         of the Securities) will violate or result in a violation of Section 7
         of the United States Securities Exchange Act of 1934, as amended (the
         "Exchange Act"), or any regulation promulgated thereunder,

                                       3

<PAGE>

         including, without limitation, Regulations T, U and X of the Board of
         Governors of the Federal Reserve System.

                  (i) Prior to the date hereof, neither Parent nor any of its
         affiliates has taken any action which is designed to or which has
         constituted or which might have been expected to cause or result in
         stabilization or manipulation of the price of any security of any
         Issuer in connection with the offering of the Securities.

                  (j) The issue and sale of the Securities and the compliance by
         the Issuers with all of the provisions of the Securities, the
         Indenture, the Exchange and Registration Rights Agreement and this
         Agreement and the consummation of the transactions herein and therein
         contemplated will not (i) conflict with or result in a breach or
         violation of any of the terms or provisions of, or constitute a default
         under, any indenture, mortgage, deed of trust, loan agreement or other
         agreement or instrument to which Parent or any of its subsidiaries is a
         party or by which Parent or any of its subsidiaries is bound or to
         which any of the property or assets of Parent or any of its
         subsidiaries is subject, (ii) violate any provision of the certificate
         of incorporation or by-laws or similar governing document of Parent or
         any of its subsidiaries or (iii) violate any statute or any order, rule
         or regulation of any court or governmental agency or body having
         jurisdiction over Parent or any of its subsidiaries or any of their
         properties, except in the case of clause (i) or (iii) for any such
         conflict, breach, violation or default which would not have a Material
         Adverse Effect or adversely affect the ability of the Issuers to
         consummate the transactions contemplated hereby. No consent, approval,
         authorization, order, registration or qualification of or with any such
         court or governmental agency or body is required for the issue and sale
         of the Securities or the consummation by the Issuers of the
         transactions contemplated by this Agreement, the Exchange and
         Registration Rights Agreement or the Indenture, except (x) in the case
         of performance of the Exchange and Registration Rights Agreement, for
         the filing of a registration statement by the Issuers with the
         Securities and Exchange Commission (the "Commission") pursuant to the
         United States Securities Act of 1933, as amended (the "Act"), (y) such
         consents, approvals, authorizations, registrations or qualifications as
         may be required under state securities or Blue Sky laws in connection
         with the purchase and distribution of the Securities by the Purchasers
         and (z) such consents, approvals, authorizations, orders, registrations
         and qualifications that will have been obtained at or prior to the Time
         of Delivery.

                  (k) Neither Parent nor any of its subsidiaries is (i) in
         violation of its certificate of incorporation or by-laws or, in the
         case of subsidiaries that are not corporations, other similar governing
         documents or (ii) in default in the performance or observance of any
         obligation, covenant or condition contained in any indenture, mortgage,
         deed of trust, loan agreement, lease or other agreement or instrument
         to which it is a party or by which it or any of its properties may be
         bound, except, in the case of this clause (ii), for any such violation
         or default which would not have a Material Adverse Effect or adversely
         affect the ability of the Issuers to consummate the transactions
         contemplated hereby.

                  (l) The statements set forth in the Offering Circular under
         the caption "Description of Notes," insofar as they purport to
         constitute a summary of the terms

                                       4

<PAGE>

         of the Securities and the Exchange and Registration Rights Agreement,
         and under the captions "Description of Certain Indebtedness," "Business
         -- Governmental Regulations," "Business -- Licenses, Trademarks and
         Patents," "Management -- Employment and Severance Arrangements,"
         "Management -- Management Stock Option Plan," "Certain Relationships
         and Related Party Transactions," "Certain U.S. Federal Income Tax
         Considerations" and "Underwriting," insofar as they purport to describe
         the provisions of the laws, documents and legal matters referred to
         therein, are accurate, complete and fair.

                  (m) Other than as set forth in the Offering Circular, there
         are no legal or governmental proceedings pending to which Parent or any
         of its subsidiaries is a party or of which any property of Parent or
         any of its subsidiaries is the subject, other than proceedings that
         could not reasonably be expected, individually or in the aggregate, to
         have a Material Adverse Effect. Other than as set forth in the Offering
         Circular, to the best of the Issuers' knowledge, no such proceedings
         are threatened or contemplated by governmental authorities or
         threatened by others.

                  (n) When the Securities are issued and delivered pursuant to
         this Agreement, the Securities will not be of the same class (within
         the meaning of Rule 144A under the Act) as securities of the Issuers
         which are listed on a national securities exchange registered under
         Section 6 of the Exchange Act or quoted in a U.S. automated
         inter-dealer quotation system.

                  (o) Neither Parent nor any of its subsidiaries is, nor after
         giving effect to the offering and sale of the Securities and the
         application of the proceeds thereof as described in Offering Circular
         will be, an "investment company", as such term is defined in the United
         States Investment Company Act of 1940, as amended (the "Investment
         Company Act").

                  (p) Neither the Companies nor any person acting on their
         behalf has offered or sold the Securities by means of any general
         solicitation or general advertising within the meaning of Rule 502(c)
         under the Act or, with respect to Securities sold outside the United
         States to non-U.S. persons (as defined in Rule 902 under the Act), by
         means of any directed selling efforts within the meaning of Rule 902
         under the Act, and the Companies, any affiliate of the Companies and
         any person acting on their behalf have complied with and will implement
         the "offering restrictions" within the meaning of such Rule 902;
         provided, however, that no representation or warranty is made as to any
         actions taken by or on behalf of the Purchasers.

                  (q) Within the preceding six months, neither the Companies nor
         any other person acting on behalf of the Companies has offered or sold
         to any person any Securities, or any securities of the same or a
         similar class as the Securities, other than
         Securities offered or sold to the Purchasers hereunder. The Companies
         will take reasonable precautions designed to ensure that any offer or
         sale, direct or indirect, in the United States or to any U.S. person
         (as defined in Rule 902 under the Act) of any Securities or any
         substantially similar security issued by the Companies, within six
         months subsequent to the date on which the distribution of the
         Securities has been completed (as notified to the Companies by Goldman,
         Sachs & Co.), is made under

                                       5

<PAGE>

         restrictions and other circumstances reasonably designed not to affect
         the status of the offer and sale of the Securities in the United States
         and to U.S. persons contemplated by this Agreement as transactions
         exempt from the registration provisions of the Act.

                  (r) Neither the Companies nor any of their affiliates does
         business with the government of Cuba or with any person or affiliate
         located in Cuba within the meaning of Section 517.075, Florida
         Statutes.

                  (s) The financial statements included in the Offering Circular
         present fairly, in all material respects, the financial position of
         Parent and PCA and its consolidated subsidiaries as of the dates shown
         and their results of operations, changes in shareholders' equity and
         cash flows for the periods shown, and such financial statements have
         been prepared in conformity with the generally accepted accounting
         principles in the United States applied on a consistent basis. The
         information set forth under the captions "Offering Circular Summary--
         Summary Consolidated Financial and Operating Data" and "Selected
         Historical Consolidated Financial and Operating Data" included in the
         Offering Circular fairly presents, in all material respects, the
         information set forth therein on a basis consistent with that of the
         audited financial statements of Parent. The ratios of earnings to fixed
         charges set forth in the Offering Circular under the captions "Offering
         Circular Summary-Summary Consolidated Financial and Operating Data" and
         "Selected Historical Consolidated Financial and Operating Data" have
         been calculated in compliance with item 503(d) of Regulation S-K.

                  (t) Each of Deloitte & Touche LLP and KPMG LLP, who have
         certified certain financial statements of Parent and its subsidiaries,
         are independent public accountants as required by the Act and the rules
         and regulations of the Commission thereunder.

                  (u) Parent and its subsidiaries possess all licenses, permits,
         certificates, consents, orders, approvals and other authorizations
         from, and have made all declarations and filings with, all federal,
         state, local and other governmental authorities, and all courts and
         other tribunals, presently required or necessary to own or lease, as
         the case may be, and to operate their respective properties and to
         carry on their respective businesses as now or proposed to be conducted
         as set forth in the Offering Circular ("Permits"), except where the
         failure to obtain such Permits (by possession, declaration or filing)
         would not, individually or in the aggregate, have a Material Adverse
         Effect.

                  (v) Except as described in the Offering Circular or as would
         not, individually or in the aggregate, have a Material Adverse Effect,
         (A) Parent and each of its subsidiaries is in compliance with and not
         subject to any known liability under applicable Environmental Laws (as
         defined below), (B) Parent and each of its subsidiaries has made all
         filings and provided all notices required under any applicable
         Environmental Law, and has, and is in compliance with, all Permits
         required under any applicable Environmental Laws and each of them is in
         full force and effect, (C) there is no civil, criminal or
         administrative action, suit, demand, claim, hearing, notice of
         violation or, to the best knowledge of the Issuers, investigation,
         proceeding, notice or demand

                                       6

<PAGE>

         letter or request for information pending or, to the best knowledge of
         the Issuers, threatened against Parent or any of its subsidiaries under
         any Environmental Law, (D) no lien, charge, encumbrance or restriction
         has been recorded under any Environmental Law with respect to any
         assets, facility or property owned, operated, leased or controlled by
         Parent or any of its subsidiaries, (E) none of Parent or any of its
         subsidiaries has received notice that it has been identified as a
         potentially responsible party under the Comprehensive Environmental
         Response, Compensation and Liability Act of 1980, as amended
         ("CERCLA"), or any comparable state law and (F) except as disclosed in
         or contemplated by the Offering Circular, no property or facility of
         Parent or any of its subsidiaries is (i) listed or, to the best
         knowledge of the Issuers, proposed for listing on the National
         Priorities List under CERCLA or (ii) listed in the Comprehensive
         Environmental Response, Compensation and Liability Information System
         List promulgated pursuant to CERCLA, or on any comparable list
         maintained by any state or local governmental authority.

                  For purposes of this Agreement, "Environmental Laws" means the
         common law and all applicable federal, provincial, state and local laws
         or regulations, codes, orders, decrees, judgments or injunctions
         issued, promulgated, approved or entered thereunder, relating to
         pollution or protection of public or employee health and safety or the
         environment, including, without limitation, laws relating to (i)
         emissions, discharges, releases or threatened releases of hazardous
         materials into the environment (including, without limitation, ambient
         air, surface water, groundwater, land surface or subsurface strata),
         (ii) the manufacture, processing, distribution, use, generation,
         treatment, storage, disposal, transport or handling of hazardous
         materials, and (iii) underground and aboveground storage tanks and
         related piping, and emissions, discharges, releases or threatened
         releases therefrom.

                  (w) There is no strike or material labor dispute, slowdown or
         work stoppage with the employees of Parent or any of its subsidiaries
         which is pending or, to the best knowledge of the Companies,
         threatened.

                  (x) Each of Parent and its subsidiaries carries insurance
         (including self-insurance, if any) in such amounts and covering such
         risks as in its reasonable determination is adequate for the conduct of
         its business and the value of its properties.

                  (y) Except as described in the Offering Circular, neither
         Parent nor any of its subsidiaries has incurred any liability for any
         prohibited transaction or accum lated funding deficiency or any
         complete or partial withdrawal liability with respect to any pension,
         profit sharing or other plan which is subject to the Employee
         Retirement Income Security Act of 1974, as amended ("ERISA"), to which
         Parent or any of its subsidiaries makes or ever has made a contribution
         and in which any employee of Parent or any such subsidiary is or has
         ever been a participant, which would, individually or in the aggregate,
         have a Material Adverse Effect. With respect to such plans, each of
         Parent and its subsidiaries is in compliance in all respects with all
         applicable provisions of ERISA, except where the failure to so comply
         would not, individually or in the aggregate, have a Material Adverse
         Effect.

                                       7

<PAGE>

                  (z) Assuming that the representations and warranties of the
         Purchasers contained in Section 3 and Annex I are true and correct and
         that each Purchaser complies with its agreements contained in Section 3
         and Annex I, it is not necessary in connection with the offer, sale and
         delivery of the Securities to the Purchasers or the reoffer and resale
         by the Purchasers in the manner contemplated by this Agreement and the
         Offering Circular to register the Securities under the Act or to
         qualify the Indenture in respect of the Securities under the United
         States Trust Indenture Act of 1939, as amended (the "Trust Indenture
         Act").

                  (aa) The representations and warranties in the purchase
         agreement(s) relating to the senior subordinated discount notes of
         Parent being issued at the Time of Delivery (the "Parent Senior
         Subordinated Notes") and the senior subordinated notes of PCA being
         issued at the Time of Delivery (the "Opco Senior Subordinated Notes")
         and in the new credit facility being entered into at the Time of
         Delivery (the "New Credit Facility") are true and correct.

                  2. Subject to the terms and conditions herein set forth, the
Companies agree to issue and sell to each of the Purchasers, and each of the
Purchasers agrees, severally and not jointly, to purchase from the Companies, at
a purchase price of 95.218% of the principal amount thereof, plus accrued
interest, if any, from June 27, 2002 to the Time of Delivery (as defined below),
the principal amount of Securities set forth opposite the name of such Purchaser
in Schedule I hereto.

                  3. Upon the authorization by you of the release of the
Securities, the several Purchasers propose to offer the Securities for resale
upon the terms and conditions set forth in this Agreement and the Offering
Circular and each Purchaser hereby represents and warrants to, and agrees with,
the Companies that:

                  (a) It has solicited offers from and offered the Securities
         only to, and will solicit offers from or offer, sell and deliver the
         Securities only to: (i) persons who it reasonably believes are
         "qualified institutional buyers" ("QIBs") within the meaning of Rule
         144A under the Act in transactions meeting the requirements of Rule
         144A or (ii) upon the terms and conditions set forth in Annex I to this
         Agreement.

                  (b) It is an institutional "accredited investor" within the
         meaning of Rule 501(a)(1), (2), (3) or (7) under the Act.

                  (c) It has not solicited offers or offered the Securities by,
         and will not solicit offers or offer or sell the Securities by, any
         form of general solicitation or general advertising, including but not
         limited to the methods described in Rule 502(c) under the Act.

                  4. (a) The Securities to be purchased by each Purchaser
hereunder, in definitive form, and in such authorized denominations and
registered in such names as Goldman, Sachs & Co. may request upon at least
forty-eight hours' prior notice to the Companies, shall be delivered by or on
behalf of the Companies to Goldman, Sachs & Co., through the facilities of The
Depository Trust Company ("DTC"), for the account of such Purchaser, against
payment by or on behalf of such Purchaser of the purchase price therefor by

                                       8

<PAGE>

wire transfer, payable to the order of the Companies in Federal (same day)
funds. The Companies will cause the certificates representing the Securities to
be made available for checking and packaging at least twenty-four hours prior to
the Time of Delivery at the office of DTC or its designated custodian (the
"Designated Office"). The Securities to be purchased by each Purchaser hereunder
will be represented by one or more definitive global Securities in book-entry
form which will be deposited by or on behalf of the Companies with DTC or its
designated custodian. The Companies will deliver the Securities to Goldman,
Sachs & Co. by causing DTC to credit the Securities to the account of Goldman,
Sachs & Co. at DTC. The time and date of such delivery and payment shall be
10:00 a.m., New York City time, on June 27, 2002 or such other time and date as
Goldman, Sachs & Co. and the Companies may agree upon in writing. Such time and
date are herein called the "Time of Delivery".

                  (b) The documents to be delivered at the Time of Delivery by
or on behalf of the parties hereto pursuant to Section 7 hereof, including the
cross-receipt for the Securities and any additional documents requested by the
Purchasers pursuant to Section 7(h) hereof, will be delivered at such time and
date at the offices of Cahill Gordon & Reindel, 80 Pine Street, New York, New
York (the "Closing Location"), and the Securities will be delivered at the
Designated Office, all at the Time of Delivery. A meeting will be held at the
Closing Location at 12:00 p.m., New York City time, on the New York Business Day
next preceding the Time of Delivery, at which meeting the final drafts of the
documents to be delivered pursuant to the preceding sentence will be available
for review by the parties hereto. For the purposes of this Section 4, "New York
Business Day" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking institutions in New York are generally
authorized or obligated by law or executive order to close.

                  5. The Issuers, jointly and severally, agree with each of the
         Purchasers:

                  (a) To prepare the Offering Circular in a form approved by
         you; to make no amendment or any supplement to the Offering Circular
         which shall be disapproved by you promptly after reasonable notice by
         the Companies of their proposed amendment or supplement; and to furnish
         you with copies thereof.

                  (b) Promptly from time to time to take such action as you may
         reasonably request to qualify the Securities for offering and sale
         under the securities laws of such jurisdictions as you may reasonably
         request and to comply with such laws so as to permit the continuance of
         sales and dealings therein in such jurisdictions for as long as may be
         necessary to complete the distribution of the Securities; provided,
         however, that in connection therewith no Issuer shall be required to
         qualify as a foreign corporation or a dealer in securities or to file a
         general consent to service of process in any jurisdiction or subject
         itself to taxation in any such jurisdiction if it is not so subject.

                  (c) To furnish each of the Purchasers with two copies of the
         Offering Circular and each amendment or supplement thereto signed by an
         authorized officer of the Companies with the independent accountants'
         report(s) in the Offering Circular, and any amendment or supplement
         containing amendments to the financial statements covered by such
         report(s), signed by the accountants, and additional con-

                                       9

<PAGE>

         formed copies thereof in such quantities as you may from time to time
         reasonably request, and if, at any time prior to the expiration of nine
         months after the date of the Offering Circular, any event shall have
         occurred as a result of which the Offering Circular as then amended or
         supplemented would include an untrue statement of a material fact or
         omit to state any material fact necessary in order to make the
         statements therein, in the light of the circumstances under which they
         were made when such Offering Circular is delivered, not misleading, or,
         if for any other reason it shall be necessary or legally advisable in
         the opinion of counsel during such same period to amend or supplement
         the Offering Circular, to notify you and upon your request to prepare
         and furnish without charge to each Purchaser and to any dealer in
         securities as many copies as you may from time to time reasonably
         request of an amended Offering Circular or a supplement to the Offering
         Circular which will correct such statement or omission or effect such
         compliance.

                  (d) During the period beginning from the date hereof and
         continuing until the date six months after the Time of Delivery, not to
         offer, sell, contract to sell or otherwise dispose of, except as
         provided hereunder, any securities of any Issuer that are substantially
         similar to the Securities.

                  (e) Not to be or become, at any time prior to the expiration
         of three years after the Time of Delivery, an open-end investment
         company, unit investment trust, closed-end investment company or
         face-amount certificate company that is or is required to be registered
         under Section 8 of the Investment Company Act.

                  (f) At any time when the Companies are not subject to Section
         13 or 15(d) of the Exchange Act, for the benefit of holders from time
         to time of Securities, to furnish at its expense, upon request, to
         holders of Securities and prospective purchasers of Securities
         information (the "Additional Issuer Information") satisfying the
         requirements of subsection (d)(4)(i) of Rule 144A under the Act.

                  (g) To use its best efforts to cause the Securities to be
         eligible for the PORTAL trading system of the National Association of
         Securities Dealers, Inc.

                  (h) During a period of five years from the date of the
         Offering Circular, to deliver to you (i) as soon as they are available,
         copies of any reports and financial statements furnished to or filed
         with the Commission or any securities exchange on which the Securities
         or any class of securities of either of the Companies is listed; and
         (ii) such additional information furnished by the Companies to the
         Trustee or to the holders of the Securities pursuant to the Indenture
         or the Trust Indenture Act.

                  (i) The Companies will not, and will not permit any of their
         "affiliates" (as defined in Rule 144 under the Act) to, resell any of
         the Securities which constitute "restricted securities" under Rule 144
         that have been reacquired by any of them.

                  (j) To use the net proceeds received from the sale of the
         Securities pursuant to this Agreement in the manner specified in the
         Offering Circular under the caption "Use of Proceeds."

                                       10

<PAGE>

                           (k) To continue to use all commercially reasonable
                  efforts to cause all assets (including contracts) of Parent to
                  be transferred or assigned to PCA as soon as practicable.

                  6. The Issuers, jointly and severally, covenant and agree with
         the several Purchasers to pay or cause to be paid the following: (i)
         the fees, disbursements and expenses of the Issuers' counsel and
         accountants in connection with the issue of the Securities and all
         other expenses in connection with the preparation, printing and filing
         of the Preliminary Offering Circular and the Offering Circular and any
         amendments and supplements thereto and the mailing and delivering of
         copies thereof to the Purchasers and dealers; (ii) all expenses in
         connection with the qualification of the Securities for offering and
         sale under state securities laws as provided in Section 5(b) hereof,
         including the reasonable fees and disbursements of counsel for the
         Purchasers in connection with such qualification and in connection with
         the Blue Sky and legal investment surveys; (iii) any fees charged by
         securities rating services for rating the Securities; (iv) the cost of
         preparing the Securities; (v) the fees and expenses of the Trustee and
         any agent of the Trustee and the fees and disbursements of counsel for
         the Trustee in connection with the Indenture and the Securities; (vi)
         any cost incurred in connection with the designation of the Securities
         for trading in PORTAL; (vii) the reasonable cost of printing or
         producing this Agreement, the Indenture, the Blue Sky and Legal
         Investment Memoranda, closing documents (including any compilations
         thereof) and any other documents in connection with the offering
         purchase, sale and delivery of the Securities; and (viii) all other
         costs and expenses incident to the performance of their obligations
         hereunder which are not otherwise specifically provided for in this
         Section. It is understood, however, that, except as provided in this
         Section, and Sections 8 and 11 hereof, the Purchasers will pay all of
         their own costs and expenses, including the fees of their counsel,
         transfer taxes on resale of any of the Securities by them, and any
         advertising expenses connected with any offers they may make.

                  7. The obligations of the Purchasers hereunder shall be
         subject, in their discretion, to the condition that all representations
         and warranties and other statements of the Issuers herein are, at and
         as of the Time of Delivery, true and correct, the condition that the
         Issuers shall have performed all of their obligations hereunder
         theretofore to be performed, and the following additional conditions:

                           (a) Cahill Gordon & Reindel, counsel for the
                  Purchasers, shall have furnished to you its opinion or
                  opinions, dated the Time of Delivery, with respect to such
                  matters as you may reasonably request, and such counsel shall
                  have received such papers and information as they may
                  reasonably request to enable them to pass upon such matters.

                           (b) At the Time of Delivery:

                                    (i) Paul, Weiss, Rifkind, Wharton &
                  Garrison, counsel for the Issuers, shall have furnished to you
                  its written opinion, dated the Time of Delivery, in the form
                  attached hereto as Annex III-A;

                                       11

<PAGE>

                                    (ii) Robinson, Bradshaw & Hinson, P.A.,
                  special North Carolina counsel for the Issuers, shall have
                  furnished to you its written opinion, dated the Time of
                  Delivery, in the form attached hereto as Annex III-B;

                                    (iii) J. Robert Wren, legal counsel of the
                  Issuers, shall have furnished to you his written opinion,
                  dated the Time of Delivery, in the form attached hereto as
                  Annex III-C;

                                    (iv) Thompson & Knight LLP, special Texas
                  counsel for the Issuers, shall have furnished to you its
                  written opinion, dated the Time of Delivery, in the form
                  attached hereto as Annex III-D; and

                  (v) The Purchasers shall have received a copy of each legal
         opinion delivered in connection with the issuance of the Parent Senior
         Subordinated Notes, the Opco Senior Subordinated Notes and the New
         Credit Facility, and letters entitling the Purchasers to rely on each
         such opinion as if such opinion were addressed to the Purchasers.

                  (c) On the date of the Offering Circular prior to the
         execution of this Agreement, and also at the Time of Delivery, Deloitte
         & Touche LLP shall have furnished to you letters, dated the respective
         dates of delivery thereof, substantially in the form attached hereto as
         Annex II, and otherwise satisfactory in form and substance to you. On
         the date of the Offering Circular prior to the execution of this
         Agreement, KPMG LLP shall have furnished to you a letter, dated the
         date of delivery thereof, to the effect of the statements set forth in
         paragraphs (i) and (ii) of Annex II and otherwise satisfactory in form
         and substance to you.

                  (d) (i) Neither Parent nor any of its subsidiaries shall have
         sustained since the date of the latest audited financial statements
         included in the Offering Circular any loss or interference with its
         business from fire, explosion, flood or other calamity, whether or not
         covered by insurance, or from any labor dispute or court or
         governmental action, order or decree, otherwise than as set forth or
         contemplated in the Offering Circular, and (ii) since the respective
         dates as of which information is given in the Offering Circular there
         shall not have been any change in the capital stock or long-term debt
         of Parent or any of its subsidiaries or any change, or any development
         involving a prospective change, in or affecting the general affairs,
         management, financial position, shareholders' equity or results of
         operations of Parent and its subsidiaries, otherwise than as set forth
         or contemplated in the Offering Circular, the effect of which, in any
         such case described in clause (i) or (ii), is in the judgment of
         Goldman, Sachs & Co. so material and adverse as to make it
         impracticable or inadvisable to proceed with the offering or the
         delivery of the Securities on the terms and in the manner contemplated
         in this Agreement and in the Offering Circular.

                  (e) On or after the date hereof (i) no downgrading shall have
         occurred in the rating accorded any debt or preferred stock of Parent
         or any of its subsidiaries by any "nationally recognized statistical
         rating organization", as that term is defined by the Commission for
         purposes of Rule 436(g)(2) under the Act, and (ii) no such organization
         shall have publicly announced that it has under surveillance or review,
         with

                                       12

<PAGE>

         possible negative implications, its rating of any debt or preferred
         stock of Parent or any of its subsidiaries.

                  (f) On or after the date hereof there shall not have occurred
         any of the following: (i) a suspension or material limitation in
         trading in securities generally on the New York Stock Exchange, Nasdaq
         or in the over-the-counter market; (ii) a general moratorium on
         commercial banking activities declared by either Federal or New York
         State authorities or a material disruption in commercial banking or
         securities settlement or clearance service in the United States; (iii)
         the outbreak or escalation of hostilities involving the United States
         or the declaration by the United States of a national emergency or war
         or (iv) the occurrence of any other calamity or crisis or any change in
         financial, political or economic conditions in the United States or
         elsewhere, if the effect of any such event specified in clause (iii) or
         (iv) in the judgment of Goldman, Sachs & Co. makes it impracticable or
         inadvisable to proceed with the sale or the delivery of the Securities
         on the terms and in the manner contemplated in this Agreement and in
         the Offering Circular.

                  (g) The Securities have been designated for trading on PORTAL.

                  (h) The Companies shall have furnished or caused to be
         furnished to you at the Time of Delivery a certificate of the Chief
         Executive Officer and the Chief Financial Officer of the Companies
         satisfactory to you as to the accuracy of the representations and
         warranties of the Issuers herein at and as of such Time of Delivery, as
         to the performance by the Issuers of all of their obligations hereunder
         to be performed at or prior to such Time of Delivery, as to the matters
         set forth in subsections (d) and (e) of this Section and as to such
         other matters as you may reasonably request.

                  (i) Since the date hereof, the Companies shall not have made
         any amendment or supplement to the Offering Circular other than any
         such amendment or supplement which has been provided to the Purchasers
         and to which the Purchasers have not objected.

                  (j) As of the Time of Delivery, Parent shall have repaid all
         loans outstanding under and terminated all commitments pursuant to the
         Bridge Loan Agreement dated as of August 25, 1998 among Parent, as
         borrower, the guarantors listed on the signature pages thereto, the
         lenders named therein and NationsBridge, L.L.C., as administrative
         agent, as amended.

                  (k) As of the Time of Delivery, Parent shall have repaid all
         loans outstanding under and terminated all commitments pursuant to the
         Credit Agreement dated as of August 25, 1998 among Parent, as borrower,
         the guarantors party thereto, the lenders party thereto and
         NationsBank, N.A., as agent, as amended.

                  (l) As of the Time of Delivery, PCA shall have entered into
         the New Credit Facility, on the terms set forth in the Offering
         Circular and have satisfied all conditions precedent to borrowing
         thereunder.

                                       13

<PAGE>

                  (m) As of the Time of Delivery, the Purchasers shall have
         received the Exchange and Registration Rights Agreement executed by the
         Issuers and such agreement shall be in full force and effect at all
         times from and after the Time of Delivery.

                  (n) As of the Time of Delivery, Parent and the Issuers shall
         have consummated the transactions described in the Offering Circular
         under the caption "Offering Circular Summary-The Transactions" on the
         terms set forth therein.

                  (o) As of the Time of Delivery, all conditions precedent
         relating to the issuance and sale of the Parent Senior Subordinated
         Notes and the Opco Senior Subordinated Notes shall be satisfied and the
         consummation thereof shall have occurred prior to, or shall occur
         substantially simultaneous with, the issuance of the Notes.

                  8. (a) The Issuers, jointly and severally, will indemnify and
hold harmless each Purchaser against any losses, claims, damages or liabilities,
joint or several, to which such Purchaser may become subject, under the Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon an untrue statement or alleged
untrue statement of a material fact contained in any Preliminary Offering
Circular or the Offering Circular, or any amendment or supplement thereto, or
arise out of or are based upon the omission or alleged omission to state therein
a material fact necessary to make the statements therein not misleading, and
will reimburse each Purchaser for any legal or other expenses reasonably
incurred by such Purchaser in connection with investigating or defending any
such action or claim as such expenses are incurred; provided, however, that the
Issuers shall not be liable to any Purchaser in any such case to the extent that
any such loss, claim, damage or liability arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission
related to such Purchaser and made in any Preliminary Offering Circular or the
Offering Circular or any such amendment or supplement in reliance upon and in
conformity with written information furnished to the Companies by such Purchaser
through Goldman, Sachs & Co. expressly for use therein.

                  (b) Each Purchaser will indemnify and hold harmless each
Issuer against any losses, claims, damages or liabilities to which such Issuer
may become subject, under the Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact
contained in any Preliminary Offering Circular or the Offering Circular, or any
amendment or supplement thereto, or arise out of or are based upon the omission
or alleged omission to state therein a material fact or necessary to make the
statements therein not misleading, in each case to the extent, but only to the
extent, that such untrue statement or alleged untrue statement or omission or
alleged omission related to such Purchaser and was made in any Preliminary
Offering Circular or the Offering Circular or any such amendment or supplement
in reliance upon and in conformity with written information furnished to the
Companies by such Purchaser through Goldman, Sachs & Co. expressly for use
therein; and will reimburse each Issuer for any legal or other expenses
reasonably incurred by such Issuer in connection with investigating or defending
any such action or claim as such expenses are incurred.

                                       14

<PAGE>

                  (c) Promptly after receipt by an indemnified party under
subsection (a) or (b) above of notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the
indemnifying party under such subsection, notify the indemnifying party in
writing of the commencement thereof; but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to
any indemnified party otherwise than under such subsection. In case any such
action shall be brought against any indemnified party and it shall notify the
indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate therein and, to the extent that it shall wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the indemnifying
party), and, after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof, the indemnifying party shall
not be liable to such indemnified party under such subsection for any legal
expenses of other counsel or any other expenses, in each case subsequently
incurred by such indemnified party, in connection with the defense thereof other
than reasonable costs of investigation. It is understood that the indemnifying
party shall not, in respect of the legal expenses of any indemnified party in
connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees and expenses of more than one separate firm
(in addition to any local counsel) for all such indemnified parties and that all
such reasonable fees and expenses shall be reimbursed as they are incurred upon
presentation of a statement or statements thereof in reasonable detail and
subject to an undertaking to return such amounts if it is determined that such
party is not entitled to indemnification under this Agreement in respect of such
matter. In the event that the indemnifying party does not elect to assume the
defense in such proceeding or proceedings, such firm shall be designated in
writing by Goldman Sachs & Co., in the case of parties indemnified pursuant to
Section 8(a), and by the Issuers, in the case of parties indemnified pursuant to
Section 8(b). The indemnifying party shall not be liable for any settlement of
any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying
party agrees to indemnify the indemnified party from and against any loss or
liability covered by Section 8(a) or 8(b), as applicable, by reason of such
settlement or judgment. No indemnifying party shall, without the written consent
of the indemnified party, effect the settlement or compromise of, or consent to
the entry of any judgment with respect to, any pending or threatened action or
claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i)
includes an unconditional release of the indemnified party from all liability
arising out of such action or claim and (ii) does not include a statement as to,
or an admission of, fault, culpability or a failure to act, by or on behalf of
any indemnified party.

                  (d) If the indemnification provided for in this Section 8 is
unavailable to or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above in respect of any losses, claims, damages or
liabilities (or actions in respect thereof) referred to therein, then each
indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities (or
actions in respect thereof) in such proportion as is appropriate to reflect the
relative benefits received by the Issuers on the one hand and the Purchasers on
the other from the offering of the Securities. If, however, the allocation
provided by the immediately preceding sentence is not per-

                                       15

<PAGE>

mitted by applicable law or if the indemnified party failed to give the notice
required under subsection (c) above, then each indemnifying party shall
contribute to such amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative benefits but also
the relative fault of the Issuers on the one hand and the Purchasers on the
other in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities (or actions in respect thereof), as well
as any other relevant equitable considerations. The relative benefits received
by the Issuers on the one hand and the Purchasers on the other shall be deemed
to be in the same proportion as the total net proceeds from the offering (before
deducting expenses) received by the Issuers bear to the total underwriting
discounts and commissions received by the Purchasers, in each case as set forth
in the Offering Circular. The relative fault shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Issuers on the one hand or the Purchasers
on the other and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Issuers
and the Purchasers agree that it would not be just and equitable if contribution
pursuant to this subsection (d) were determined by pro rata allocation (even if
the Purchasers were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable considerations
referred to above in this subsection (d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages or liabilities (or
actions in respect thereof) referred to above in this subsection (d) shall be
deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this subsection (d), no Purchaser
shall be required to contribute any amount in excess of the amount by which the
total price at which the Securities purchased by it and distributed to investors
were offered to investors exceeds the amount of any damages which such Purchaser
has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. The Purchasers' obligations in this
subsection (d) to contribute are several in proportion to their respective
purchase obligations and not joint.

                  (e) The obligations of the Issuers under this Section 8 shall
be in addition to any liability which the Issuers may otherwise have and shall
extend, upon the same terms and conditions, to each person, if any, who controls
any Purchaser within the meaning of the Act; and the obligations of the
Purchasers under this Section 8 shall be in addition to any liability which the
respective Purchasers may otherwise have and shall extend, upon the same terms
and conditions, to each officer and director of the Issuers and to each person,
if any, who controls the Issuers within the meaning of the Act.

                  9. (a) If any Purchaser shall default in its obligation to
purchase the Securities which it has agreed to purchase hereunder, you may in
your discretion arrange for you or another party or other parties to purchase
such Securities on the terms contained herein. If within thirty-six hours after
such default by any Purchaser you do not arrange for the purchase of such
Securities, then the Companies shall be entitled to a further period of
thirty-six hours within which to procure another party or other parties
satisfactory to you to purchase such Securities on such terms. In the event
that, within the respective prescribed periods, you notify the Companies that
you have so arranged for the purchase of such Securities, or the Companies
notify you that they have so arranged for the purchase of such Se-

                                       16

<PAGE>

         curities, you or the Companies shall have the right to postpone the
         Time of Delivery for a period of not more than seven days, in order to
         effect whatever changes may thereby be made necessary in the Offering
         Circular, or in any other documents or arrangements, and the Companies
         agree to prepare promptly any amendments to the Offering Circular which
         in your opinion may thereby be made necessary. The term "Purchaser" as
         used in this Agreement shall include any person substituted under this
         Section with like effect as if such person had originally been a party
         to this Agreement with respect to such Securities.

                  (b) If, after giving effect to any arrangements for the
         purchase of the Securities of a defaulting Purchaser or Purchasers by
         you and the Companies as provided in subsection (a) above, the
         aggregate principal amount of such Securities which remains unpurchased
         does not exceed one-eleventh of the aggregate principal amount of all
         the Securities, then the Companies shall have the right to require each
         non-defaulting Purchaser to purchase the principal amount of Securities
         which such Purchaser agreed to purchase hereunder and, in addition, to
         require each non-defaulting Purchaser to purchase its pro rata share
         (based on the principal amount of Securities which such Purchaser
         agreed to purchase hereunder) of the Securities of such defaulting
         Purchaser or Purchasers for which such arrangements have not been made;
         but nothing herein shall relieve a defaulting Purchaser from liability
         for its default.

                  (c) If, after giving effect to any arrangements for the
         purchase of the Securities of a defaulting Purchaser or Purchasers by
         you and the Companies as provided in subsection (a) above, the
         aggregate principal amount of Securities which remains unpurchased
         exceeds one-eleventh of the aggregate principal amount of all the
         Securities, or if the Companies shall not exercise the right described
         in subsection (b) above to require non-defaulting Purchasers to
         purchase Securities of a defaulting Purchaser or Purchasers, then this
         Agreement shall thereupon terminate, without liability on the part of
         any non-defaulting Purchaser or the Companies, except for the expenses
         to be borne by the Companies and the Purchasers as provided in Section
         6 hereof and the indemnity and contribution agreements in Section 8
         hereof; but nothing herein shall relieve a defaulting Purchaser from
         liability for its default.

                  10. The respective indemnities, agreements, representations,
         warranties and other statements of the Issuers and the several
         Purchasers, as set forth in this Agreement or made by or on behalf of
         them, respectively, pursuant to this Agreement, shall remain in full
         force and effect, regardless of any investigation (or any statement as
         to the results thereof) made by or on behalf of any Purchaser or any
         controlling person of any Purchaser, or any Issuer, or any officer or
         director or controlling person of any Issuer, and shall survive
         delivery of and payment for the Securities.

                  11. If for any reason, the Securities are not delivered by or
         on behalf of the Issuers as provided herein, the Issuers, jointly and
         severally, agree to reimburse the Purchasers for all out-of-pocket
         expenses, including fees and disbursements of counsel, reasonably
         incurred by the Purchasers in making preparations for the purchase,
         sale and delivery of the Securities, but the Issuers shall then be
         under no further liability to any Purchaser except as provided in
         Sections 6 and 8 hereof.

                                       17

<PAGE>

                  12. All statements, requests, notices and agreements hereunder
         shall be in writing, and if to the Purchasers shall be delivered or
         sent by mail, telex or facsimile transmission to you, Goldman, Sachs &
         Co., at 85 Broad Street, New York, New York 10004, Attention:
         Registration Department, with a copy to William M. Hartnett, Esq.,
         Cahill Gordon & Reindel, 80 Pine Street, New York, New York 10005; and
         if to the Issuers shall be delivered or sent by mail, telex or
         facsimile transmission to the address of the Companies set forth in the
         Offering Circular, Attention: Secretary, with a copy to Richard S.
         Borisoff, Esq., Paul, Weiss, Rifkind, Wharton & Garrison, 1285 Avenue
         of the Americas, New York, New York, 10019. Any such statements,
         requests, notices or agreements shall take effect upon receipt thereof.

                  13. This Agreement shall be binding upon, and inure solely to
         the benefit of, the Purchasers, the Issuers and, to the extent provided
         in Sections 8 and 10 hereof, the officers and directors of the Issuers
         and each person who controls any Issuer or any Purchaser, and their
         respective heirs, executors, administrators, successors and assigns,
         and no other person shall acquire or have any right under or by virtue
         of this Agreement. No purchaser of any of the Securities from any
         Purchaser shall be deemed a successor or assign by reason merely of
         such purchase.

                  14. Time shall be of the essence of this Agreement.

                  15. This Agreement shall be governed by and construed in
         accordance with the laws of the State of New York.

                  16. This Agreement may be executed by any one or more of the
         parties hereto in any number of counterparts, each of which shall be
         deemed to be an original, but all such respective counterparts shall
         together constitute one and the same instrument.

                                       18

<PAGE>

                  If the foregoing is in accordance with your understanding,
please sign and return to us eight counterparts hereof, and upon the acceptance
hereof by you this letter and such acceptance hereof shall constitute a binding
agreement between each of the Purchasers and each of the Issuers.

                             Very truly yours,

                             PCA LLC
                             PCA Finance Corp.

                             By:    /s/ Barry J. Feld
                                    --------------------------------------------
                                    Name:     Barry J. Feld
                                    Title:    President and CEO

                             Guarantors:

                             PCA International, Inc.
                             American Studios, Inc.

                             PCA National LLC

                             PCA Photo Corporation of Canada, Inc.
                             Photo Corporation of America

                             By:    /s/ Barry J. Feld
                                 -----------------------------------------------
                                 Name:     Barry J. Feld
                                 Title:    President and CEO

                             PCA National of Texas LP

                                 By:  PCA National LLC,
                                     its general partner

                                 By:  /s/ Barry J. Feld
                                     -------------------------------------------
                                     Name: Barry J. Feld
                                     Title: President and CEO

                                      S-1

<PAGE>

Accepted as of the date hereof:

Goldman, Sachs & Co.
Banc of America Securities LLC

By:  GOLDMAN, SACHS & Co.

/s/ Goldman, Sachs & Co.
------------------------------------
   (Goldman, Sachs & Co.)

                                      S-2

<PAGE>

                                   SCHEDULE I

                                                                    Principal
                                                                    Amount of
                                                                    Securities
                                                                       to be
                                           Purchaser                Purchased
                                           ---------                ---------

Goldman, Sachs & Co.                                              $107,250,000
Banc of America Securities LLC                                     $57,750,000

                                                             -------------------
                   Total                                          $165,000,000
                                                            ====================

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]