1 --------------------- ----------------- CUSIP No. 69830X108 13G PAGE 7 OF 9 PAGES --------------------- ----------------- EXHIBIT 1 TO SCHEDULE 13G FEBRUARY 13, 1997 MORGAN STANLEY GROUP INC. and MORGAN STANLEY & CO. INCORPORATED hereby agree that,...Schedule 13g • February 14th, 1997 • Morgan Stanley Group Inc /De/ • Security brokers, dealers & flotation companies
