<PAGE>

                                                                   EXHIBIT 10.13

[*]=CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETED ASTERISKS HAS BEEN OMITTED AND FILED SEPERATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS
AMENDED.

                                 CONFIDENTIAL

                        STRATEGIC INTERACTIVE SERVICES
                            AND MARKETING AGREEMENT

     This Strategic Interactive Services and Marketing Agreement (the
"Agreement"), effective as of June 12, 2000 (the "Effective Date"), is made and
entered into by and between America Online Latin America, Inc., a Delaware
corporation having its principal place of business at 6600 N. Andrews Avenue,
Suite 500, Fort Lauderdale, Florida 33309 ("AOLA"), herein represented by its
Chief Executive Officer, Mr. Charles Herington and AOLB Brasil Ltda., a
Brazilian limited liability quota company, with head offices in the city of Sao
Paulo, enrolled with the CNPJ no. 03.032.579/0001-62 ("AOLB"), herein
represented by its President, Mr. Manoel Amorim; and Banco Itau S.A., a
Brazilian bank, with head offices in the city of Sao Paulo, State of Sao Paulo,
at Rua Boa Vista 176, enrolled with the CNPJ No. 60.701.190/0001-04 ("Itau"),
herein represented by its President, Mr. Roberto Egydio Setubal and its
Executive Vice President, Mr. Milton Luis Ubach Monteiro (each a "Party" and
collectively the "Parties"). Capitalized terms used but not defined in the body
of this Agreement shall be as defined on Exhibit A attached hereto.

                                 INTRODUCTION

     WHEREAS, AOLA owns and licenses online information and communications
services, including the AOLB Service that is operated and distributed through
its subsidiary AOLB;

     WHEREAS, Itau owns, operates and distributes interactive Financial
Services, including a proprietary online banking service, and conducts such
Financial Services through many devices and technologies;

     WHEREAS, AOLA proposed that the Parties enter into the transactions
contemplated in this Agreement and the Related Agreements; and

     WHEREAS, Itau desires to have AOLB provide Itau's financial services
content to individuals through the AOLB Network and AOLB is willing to provide
such content through the AOLB Network, all in accordance with the terms and
conditions hereof;

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties hereby agree as
follows.

                                     TERMS

1.   CUSTOMIZATION, LAUNCH AND ROLL-OUT OF CO-BRANDED SERVICE
     --------------------------------------------------------

     1.1  In General. AOLB will create, at no cost to Itau, the Co-Branded
          ----------
          Service and the Customized Client for distribution in accordance with
          this Agreement. The customizations to be performed shall consist of
          the following initial customizations (the "Initial Deliverables"): (a)
          the Co-Branded Welcome Screen; (b) the Custom Toolbar Icon; (c) the
          Special Edition Finance Channel; (d) the Itau Window; and (e) links
          from the Itau Window and Itau Programmable
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          Area to the Itau Interactive Sites. AOLB shall host the Itau Online
          Area at no cost to Itau. The Initial Deliverables shall not include
          the programming of Content into the areas created as part of such
          customizations. AOLB shall be responsible for ensuring that during the
          Term the Co-Branded Service shall be identical in all material
          respects to the AOLB Service in terms of both technology and breadth
          of Content, except to the extent the Co-Branded Service is modified in
          accordance with this Agreement. Any upgrades to the AOLB Service
          technology shall be promptly implemented with respect to the Co-
          Branded Service, except to the extent such upgrade implementation is
          necessarily different as a result of modifications of the Co-Branded
          Service or the Customized Client (e.g., the Special Edition Finance
                                            ---
          Channel and the Custom Toolbar Icon) made in accordance with this
          Agreement. In the event any upgrade cannot be implemented as a result
          of the modifications to the Customized Client or the Co-Branded
          Service, AOLB shall use commercially reasonable efforts to promptly
          develop and implement on a priority basis a work around that permits
          the Co-Branded Service to receive the benefits of such upgrade. AOLB
          shall strive to make the Co-Branded Service substantially comparable
          in material respects with the America Online brand Internet access
          service offered in the United States, but Itau acknowledges that AOLB
          selects the Content and functionality it desires for use in the
          Territory and that certain Content and functionality may not be
          available on commercially reasonable terms in the Territory, and as a
          result, the Co-Branded Service shall differ from the comparable
          America Online brand Internet access service offered in the United
          States.

     1.2  Technical Operating Plan. The particular customizations to be
          ------------------------
          incorporated in the Co-Branded Service (including the Initial
          Deliverables) and the Customized Client shall be set forth in greater
          detail in a technical operating plan (the "Technical Operating Plan").
          The Technical Operating Plan shall be consistent with the technical
          operating guidelines attached hereto as Exhibit E and shall be
          developed and mutually agreed upon by AOLB and Itau as soon as
          commercially possible after the Effective Date, but in no event later
          than thirty (30) days after the Effective Date. The Technical
          Operating Plan shall also specify certain customizations to Itau's
          systems to facilitate the implementation of the Co-Branded Service and
          Customized Client and Itau's obligations with respect thereto. The
          Technical Operating Plan shall be reviewed biannually by the Technical
          Committee and updated by mutual written agreement of AOLB and Itau as
          appropriate.

     1.3  Timing for Initial Deliverables. AOLB shall develop the Initial
          -------------------------------
          Deliverables in accordance with the Technical Operating Plan. Each of
          AOLB and Itau agree to use all reasonable efforts to complete the
          customizations in the Technical Operating Plan for which such Party is
          responsible in order to remain on schedule with their target to
          conduct the Initial Launch of the Co-Branded Service in accordance
          with the Technical Operating Plan within six (6) months after the
          Effective Date, and each such Party shall bear its own expenses for
          performing such customizations. Each of AOLB and Itau shall have the
          right to test any customization provided by the other for conformance
          with the Technical Operating Plan and the terms of this Agreement.
          AOLB and Itau shall mutually agree upon appropriate testing
          procedures. In the event at any time either of such Parties is unable
          to provide a particular customization in the manner set forth in

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          the Technical Operating Plan, AOLB and Itau shall mutually agree upon
          on an alternative customization designed to provide the other of such
          Parties with comparable value.

     1.4  Launch and Rollout of Co-Branded Service.
          ----------------------------------------

          1.4.1  Rollout in the Initial Cities.
                 -----------------------------

                 (a)  In General. Within five (5) days after the Effective Date,
                      ----------
                      Itau shall provide AOLB with a list of the cities in which
                      Itau desires initially to offer the Co-Branded Service.
                      Such list shall include the Test Cities. Promptly
                      thereafter AOLB and Itau shall discuss and mutually agree
                      upon the final list of cities in which the Co-Branded
                      Service will initially be Launched (each an "Initial City"
                      and collectively the "Initial Cities"). The initial
                      Technical Operating Plan shall include a timeline
                      indicating when the Co-Branded Service shall be available
                      to Itau Customers in such Initial Cities (the "Launch
                      Schedule"). The Parties have agreed upon specifications
                      for AOLB's network capacity and other criteria attached
                      hereto as Exhibit G-1 (the "Launch Criteria") in the
                      Initial Cities. The Launch Criteria include the
                      connectivity test set forth on Exhibit G-2 (the
                      "Connectivity Test"). Itau shall conduct the Connectivity
                      Test in each Initial City and in the event Itau believes
                      the Connectivity Test has not been met in any such city,
                      AOLB and Itau shall promptly reperform such test.

                 (b)  Test Marketing Campaign. For the Initial Launch, Itau and
                      -----------------------
                      AOLB will conduct a limited test roll-out and marketing
                      campaign in a limited number of mutually agreed upon Test
                      Cities [*]for the purpose of measuring Itau Customer
                      response to Itau's marketing activities and determining
                      whether adjustments to such proposed Launch Schedule,
                      Launch Criteria or marketing activities are warranted. The
                      Parties intend to be ready to commence such test roll-out
                      and marketing campaign within [*] months after the
                      Effective Date. After such test AOLB and Itau shall agree
                      upon a final timeline for the Launch of the Co-Branded
                      Service in the Initial Cities and the implementation of
                      the marketing activities under the Marketing Plan, and
                      shall incorporate such timeline into the Technical
                      Operating Plan.

          1.4.2  Rollout in Additional Cities.
                 ----------------------------

                 During the Term, Itau shall notify AOLB of any cities (other
                 than the Initial Cities) in which it desires to offer the Co-
                 Branded Service (each new city, an "Additional City" and,
                 collectively, the "Additional Cities"). As part of the
                 Technical Operating Plan, and on an ongoing basis, AOLB and
                 Itau shall agree upon a plan for network expansion and roll-out
                 of the Co-Branded Service and the timing therefore, in the
                 Additional Cities ("Network Expansion Plan"). The Parties
                 intend that the roll-out and performance criteria for the
                 Additional Cities shall be reasonably comparable to the Launch
                 Criteria for the Initial Cities. Unless otherwise

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                 agreed by AOLB and Itau, the Connectivity Test will be used in
                 the Network Expansion Plan to determine whether the Co-Branded
                 Service and the local network to support it are ready for roll-
                 out in an Additional City. Itau shall conduct the Connectivity
                 Test in each Additional City in which AOLB and Itau agree to
                 Launch the Co-Branded Service and in the event Itau believes
                 the Connectivity Test has not been met in any such Additional
                 City, AOLB and Itau shall promptly reperform such test. All
                 such Connectivity Testing shall be completed within thirty (30)
                 days after Itau commences such testing. The Network Expansion
                 Plan shall provide sufficient time for the Connectivity Test to
                 be completed. AOLB shall also conduct the quality assurance
                 test set forth on Section 1 of Exhibit G-1 each time it
                 releases a new version of the Co-Branded Client.

     1.5  Remedies for Launch and Roll-Out Problems.
          -----------------------------------------

          1.5.1  Remedies for Launch Problems in the Test Cities. AOLB and Itau
                 -----------------------------------------------
                 shall work together to test the implementation of the roll-out
                 of the Co-Branded Service and shall mutually certify in writing
                 that the Launch Criteria have been met with respect to the Test
                 Cities. AOLB shall satisfy the Launch Criteria in all of the
                 Test Cities within 315 days after the Effective Date (the
                 "Termination Period"). Such Termination Period shall be
                 reasonably extended to the extent such delay is directly
                 attributable to the action or inaction of Itau or to a Force
                 Majeure Event (such period, an "Extension Period"). If AOLB and
                 Itau dispute certification, whether the Launch Criteria have
                 been satisfied in all of the Test Cities within the Termination
                 Period, whether an Extension Period is warranted, or the length
                 of such an Extension Period, then AOLB and Itau shall have the
                 right to refer any or all of the foregoing issues to Forty Five
                 Day Arbitration. In the event that either AOLB and Itau
                 mutually agree in writing, or a Forty Five Day Arbitration
                 ruling determines that AOLB failed to satisfy the Launch
                 Criteria in any of the Test Cities within the Termination
                 Period (including any Extension Period), then Itau may
                 terminate this Agreement upon written notice to AOLB within
                 fifteen days (15) after the date the written agreement or
                 arbitral ruling was rendered without payment of any amounts
                 hereunder. Any such written agreement must be signed by the
                 President of AOLB and a comparable officer of Itau to be
                 effective.

          1.5.2  Remedies for Roll-out Problems in Other Cities. In the event
                 ----------------------------------------------
                 that Itau believes that AOLB failed to roll-out the Co-Branded
                 Service in accordance with the Network Expansion Plan for the
                 Additional Cities, or to satisfy the Connectivity Test in the
                 Initial Cities other than the Test Cities, and as a direct
                 consequence of such failure Itau reasonably appears likely to
                 be unable to meet the Verified Member Reference Numbers or the
                 Total Verified Member Numbers (collectively, the "Member
                 Numbers"), at Itau's request within five (5) days after such
                 failure, the Technical Committee will meet to discuss the
                 matter. In the event the Technical Committee cannot agree on
                 whether such failure occurred, whether the time for achieving
                 such Member Numbers should be extended by a reasonable period
                 of time (a "Tolling Period"), or the

                                      -4-
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                 length of such Tolling Period within five (5) days after
                 referral of the matter to the Technical Committee, the matter
                 shall be escalated to the President of AOLB and a comparable
                 officer of Itau who shall in good faith attempt to reach
                 agreement on such Tolling Period. In the event that such
                 officers mutually agree on a Tolling Period, such agreement
                 shall be stated in writing and signed by such officers within
                 48 hours thereafter. In the event that such officers fail to
                 reach agreement within five (5) days after referral of the
                 issue to such officers, Itau shall have the right to refer to
                 Forty Five Day Arbitration within thirty (30) days thereafter,
                 the issues of: (a) whether AOLB failed to roll-out the Co-
                 Branded Service in the Additional Cities as per the Network
                 Expansion Plan; (b) whether AOLB failed to satisfy the
                 Connectivity Test in the Initial Cities (other than the Test
                 Cities); (c) whether as a direct consequence of either or both
                 of such failures Itau appears reasonably likely to be unable to
                 meet the Member Numbers and is thus entitled to a Tolling
                 Period; and (d) if such a Tolling Period is warranted, the
                 equitable length of such Tolling Period.

     1.6  Relationship with AOLB/Itau Subscribers.
          ---------------------------------------

          1.6.1  In General. The Co-Branded Service shall be provided to
                 AOLB/Itau Subscribers under the Terms of Service contract
                 between AOLB and each AOLB/Itau Subscriber, the current form of
                 which is attached hereto as Exhibit L. AOLB shall consider in
                 good faith any changes to the Terms of Services contract for
                 the Co-Branded Service reasonably requested by Itau. AOLB/Itau
                 Subscribers shall receive e-mail addresses in the form
                 screenname@aol.com. Itau acknowledges and agrees that AOLB uses
                 ------------------
                 a system to confirm mailing addresses and CPF numbers of
                 registering customers, and that, if AOLB reasonably believes an
                 AOLB/Itau Subscriber has entered a false address or CPF number
                 and neither such AOLB/Itau Subscriber nor Itau provides AOLB
                 with a correct address or CPF number within twenty-five (25)
                 days after registration despite electronic notice to Itau
                 within three (3) days of such discovery and commercially
                 reasonable efforts by AOLB to repeatedly notify such AOLB/Itau
                 Subscriber of the problem, AOLB may terminate such AOLB/Itau
                 Subscriber. AOLB shall use commercially reasonable efforts to
                 provide electronic notice to Itau of AOLB's intent to terminate
                 such AOLB/Itau Subscriber prior to such termination.

          1.6.2  Collection and Use of Member Information. Itau may collect AOLB
                 ----------------------------------------
                 Member screennames from public or private areas of the AOLB
                 Network, including through the Itau Online Area, provided that
                 Itau complies with the provisions of this Section 1.6.2. Itau
                 shall ensure that any survey, questionnaire or other means of
                 collecting AOLB Member names, screennames, addresses or other
                 identifying information ("Member Information") conducted via
                 the Co-Branded Service including requests directed to specific
                 AOLB Member screennames and automated methods of collecting
                 screennames (an "Information Request") complies with (i) all
                 applicable laws and regulations, (ii) AOLB's applicable Terms
                 of Service, and (iii) any privacy policies which have been
                 issued by AOLB in writing during the Term (the

                                      -5-
<PAGE>

                 "AOLB Privacy Policies"). Each Information Request shall
                 clearly and conspicuously specify to the AOLB Members at issue
                 the purpose for which Itau shall restrict use of the Member
                 Information collected through an Information Request. Except as
                 required by law, in no event shall Itau (i) provide Member
                 Information to any third party (except to the extent
                 specifically (a) permitted under the AOLB Privacy Policies or
                 (b) authorized by the AOLB Members in question) or (ii)
                 otherwise use any Member Information in violation of the terms
                 of this Agreement. This Section shall not limit Itau's rights
                 with respect to Member Information collected other than via the
                 Co-Branded Service or AOLB Network.

     1.7  Ownership and Use of Data.
          -------------------------

          1.7.1  Compliance with Laws and Privacy Policies. Each Party's use of
                 -----------------------------------------
                 any data relating to the AOLB/Itau. Subscribers gathered or
                 provided in connection with this Agreement shall be subject to
                 all applicable laws, rules and regulations and consistent with
                 such Party's privacy policies (including, without limitation,
                 Brazilian banking secrecy laws).

          1.7.2  Ownership of Data. As between AOLB and Itau, AOLB shall own all
                 -----------------
                 data related to use of the AOLB Service and the Co-Branded
                 Service by the AOLB/Itau Subscribers (e.g., traffic data) and
                                                       - -
                 Itau shall own all Customer Financial Data.

          1.7.3  Provision of Traffic Data. AOLB shall provide Itau with certain
                 -------------------------
                 mutually agreed upon aggregated traffic information collected
                 by AOLB regarding the Co-Branded Service and the usage of the
                 Itau Online Area.

          1.7.4  Additional Privacy and Security Requirements. AOLB understands
                 --------------------------------------------
                 the importance of respecting the privacy of AOLB/Itau
                 Subscribers. Accordingly, (a) AOLB shall not disclose any
                 personally identifying data about an AOLB/Itau Subscriber to a
                 third party (including AOLA's or AOLB's shareholders or
                 Affiliates), or any aggregated data relating exclusively to
                 AOLB/Itau Subscribers, other than aggregated traffic data and
                 data required to be disclosed by applicable law, rule or
                 regulation or by order of a court or other similar authority,
                 except as permitted by such AOLB/Itau Subscriber; (b) AOLB
                 shall not identify any individual subscriber to a third party
                 (including AOLA's or AOLB's shareholders or Affiliates) as an
                 AOLB/Itau Subscriber or a customer of Itau; (c) AOLB shall not
                 retain any AOLB/Itau Subscribers' passwords or account numbers
                 related to the Itau Online Area or Itau's Financial Services
                 other than on a transitory basis in connection with the
                 transmission of such passwords and account numbers during the
                 course of a single user initiated session or in a manner
                 otherwise agreed to by Itau; (d) the Technical Committee will
                 agree on appropriate technological measures designed to protect
                 the security of AOLB/Itau Subscribers' passwords and password
                 protected information used in connection with the Itau Online
                 Area; and (e) AOLB shall not review the contents of any e-mail
                 correspondence of any AOLB/Itau Subscriber unless authorized by
                 such AOLB/Itau Subscriber that is not addressed to

                                      -6-
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               AOLB or its Affiliates, except as required by law or in
               accordance with AOLB Privacy Policies. AOLB shall promptly
               respond to and use commercially reasonable efforts to correct any
               security concerns of which it is notified regarding the AOLB/Itau
               Subscribers' use of the Co-Branded Service.

     1.8  Co-Branded Welcome Screen. The Co-Branded Welcome Screen shall
          -------------------------
          initially be substantially similar to the screen shot attached hereto
          as Exhibit M. AOLB shall be responsible for programming the entire Co-
          Branded Welcome Screen and AOLB shall receive no payments from Itau
          therefor. The portion of such Co-Branded Welcome Screen allocated to
          Itau shall be referred to herein as the "Itau Programmable Area" and
          the portion allocated to AOLB shall be referred to herein as the "AOLB
          Programmable Area." AOLB and Itau intend to program the Co-Branded
          Welcome Screen in accordance with the following principles: (a) the
          Co-Branded Welcome Screen shall appear in front of the AOLB "Hoje"
          page on the Co-Branded Service; (b) the Co-Branded Welcome Screen's
          size should be as large as possible while still allowing the AOLB/Itau
          Subscriber to see and access the AOLB "Hoje" page; (c) the AOLB and
          Itau brands should be equally presented with equal emphasis on the Co-
          Branded Welcome Screen; (d) the Content of AOLB on the AOLB
          Programmable Area and the Content of Itau on the Itau Programmable
          Area will be easily distinguishable; (e) the proportion between the
          Itau Programmable Area and AOLB Programmable Area may be changed only
          when AOLB and Itau agree upon such change; (f) whenever AOLB or Itau
          has a larger presence on the Co-Branded Welcome Screen than the other
          in a calendar quarter, the other shall receive an equivalently larger
          presence in the next calendar quarter; (g) if AOLB agrees, Itau may
          use the area around the Co-Branded Welcome Screen that is not occupied
          by other windows to promote its brand; and (h) the Co-Branded Welcome
          Screen may be "minimized" by AOLB/Itau Subscribers, but may not be
          "closed." Market research will be conducted to evaluate the
          effectiveness and appeal of the Co-Branded Welcome Screen to AOLB/Itau
          Subscribers, and the costs of such market research shall be shared
          equally between AOLB and Itau. The Itau Programmable Area shall be
          programmed by AOLB and its designees exclusively with Financial
          Services Content and links to Financial Services Content selected by
          Itau in its sole discretion, including promotions for Itau and links
          to the Itau Interactive Sites. Such Content shall be provided and
          maintained by Itau in accordance with Articles 4 and 5. The AOLB
          Programmable Area shall be programmed and maintained by AOLB in its
          sole discretion and shall contain such promotions and links to Content
          and services available on the Co-Branded Service as determined by AOLB
          subject to the provisions of this Agreement.

     1.9  Advertising.
          -----------

          1.9.1  In General. Except as otherwise provided in this Agreement,
                 ----------
                 AOLB may market and promote Financial Services (including the
                 Financial Services of competitors of Itau) on the AOLB Service,
                 the Co-Branded Service and the rest of the AOLB Network.

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          1.9.2  Restrictions on Advertising on the Co-Branded Service.
                 -----------------------------------------------------

                 (a)     AOLB shall not display Advertisements for any third-
                         party Financial Institutions or third-party Financial
                         Services on the following pages and areas of the Co-
                         Branded Service: (i) the Co-Branded Welcome Screen;
                         (ii) the Special Edition Finance Channel; (iii) the
                         AOLB "Welcome" screen; (iv) the AOLB "Hoje" screen;

                 (b)     AOLB shall not display Advertisements for any third-
                         party Financial Institution(s) that are banks or any
                         products or services that are branded with the name of
                         any such Financial Institution(s) that are banks on the
                         following areas of the Co-Branded Service: (i) the
                         "Caixa Post Online" area (ii) the "Servico ao
                         Assinante" area (collectively, together with the pages
                         and areas set forth in (a) above, the "Covered Pages");

                 (c)     AOLB may display Advertisements for a third party
                         Financial Institution or for the Financial Services of
                         any third party on any pages of the Co-Branded Service
                         other than the Covered Pages;

                 (d)     In addition, within fifteen (15) days after the
                         Effective Date, Itau may provide AOLB with a list (the
                         "Restricted Advertising List") of up to five (5)
                         entities ("Restricted Advertisers") and up to five (5)
                         Content categories (e.g., pornography, weapons)
                         ("Restricted Content Catagories") which, in each case,
                         Itau reasonably believes their promotion or inclusion
                         on the Co-Branded Service would adversely affect Itau's
                         good reputation or business (e.g., an entity adverse to
                                                      - -
                         Itau in litigation). Such entities may not include an
                         AOLB Party or any of their Affiliates. AOLB shall not
                         include on the Covered Pages any Advertising for a
                         Restricted Advertiser or Content within a Restricted
                         Content Category. AOLB may include Content within a
                         Restricted Content Category or an Advertisement for a
                         Restricted Advertiser on any pages of the Co-Branded
                         Service other than the Covered Pages. Itau may amend
                         such Restricted Advertising List on a bi-annual basis
                         upon fifteen (15) days prior written notice to include
                         alternative entities or Content categories meeting the
                         criteria set forth above, provided however, that Itau
                         may not increase the total number of such entities or
                         Content categories. The provisions of this Section
                         1.9.2(d) shall not preclude any Advertising for an
                         entity or category pursuant to Agreements entered into
                         prior to the date such Restricted Advertising List is
                         amended to restrict Advertisements for such entity or
                         Content category; provided that, AOLB shall (i) use
                         commercially reasonable efforts to minimize the
                         prominence of such businesses or content of the Covered
                         Pages to the extent consistent with such agreements;
                         (ii) not renew or extend such agreements, or agree to
                         enlarge their scope, in a manner that conflicts with
                         Itau's rights under this Agreement; and (iii) terminate
                         such agreements to the extent they conflict with Itau's
                         rights hereunder at the earliest date AOLB can do so
                         without a penalty or loss of revenue; and

                 (e)     On the Co-Branded Service: (i) AOLB shall not include
                         any pop-up Advertisements that appear during the
                         initial log-on by the AOLB/Itau Subscriber (except pop-
                         up Advertisements

                                      -8-
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                         purchased by Itau); (ii) AOLB shall not include any
                         pop-up Advertisements that appear in front of or on
                         top of the Covered Pages or any pages of the Itau
                         Interactive Sites; (iii) AOLB shall not create
                         additional screens other than the password prompt
                         screen that appear during the initial log-on prior to
                         or simultaneous with the Co-Branded Welcome Screen, the
                         AOLB "Welcome" screen, or the AOLB "Hoje" screen,
                         without Itau's prior written consent. The foregoing
                         shall not preclude pop-ups and open windows regarding
                         Co-Branded Service features and functionality (e.g.,
                                                                        - -
                         buddy lists, AOLB search, instant messaging) and
                         noncommercial notices to customers, regardless of
                         whether such pop-ups appear on top of or in the area
                         surrounding the Covered Pages. Such noncommercial
                         notices may not include promotions for the products or
                         services of any Persons (including AOLA, and AOLB and
                         their respective Affiliates) other than pop-up
                         Advertisements for Itau, provided, however, that such
                         notices may include promotions or offers for products
                         or services of AOLA, AOLB, Itau and their respective
                         Affiliates which promotions or offers are for products
                         and services that do not require any additional payment
                         from a subscriber.

                    The limitations set forth in this Section 1.9.2 shall not in
                    any way limit the display of news and other Content feeds on
                    the Covered Pages. Upon receipt of notice of a violation of
                    the provisions of this Section 1.9.2, AOLB shall promptly
                    remove any Advertisement or Content in violation of this
                    Section 1.9.2. In the event that AOLB breaches the
                    provisions of this Section 1.9.2 and fails to cure such
                    breach within twenty-four hours after receipt of written
                    notice thereof, AOLB shall provide Itau, at no cost to Itau,
                    Advertising inventory on the Co-Branded Service, the AOLB
                    Service, or some combination thereof, comparable in value to
                    five times the value of the violating promotion it provided
                    to the other advertiser during the violation period based on
                    AOLB's standard rate card.

          1.9.3     Targeting of AOLB/Itau Subscribers.
                    ----------------------------------

                    (a)  AOLB shall not sell, nor authorize third parties to
                         sell, Advertisements targeted specifically to the Co-
                         Branded Service or the AOLB/Itau Subscribers (an
                         Advertisement appearing on the Co-Branded Service that
                         also appears on the AOLB Service shall be deemed not to
                         constitute a targeted Advertisement);

                    (b)  AOLB will not engage in, nor authorize any other third
                         party to engage in (or to use data collected from the
                         Itau Online Area or the Co-Branded Service to engage
                         in), online or offline marketing of third party
                         Financial Institutions or third party Financial
                         Services directly targeted to AOLB/Itau Subscribers.
                         The inclusion of Content related to Financial Services
                         or Financial Institutions on any pages of the Co-
                         Branded Service other than the Covered Pages shall not
                         constitute prohibited online marketing so long as such
                         Content also appears on the AOLB Service.

     1.10 Itau Online Area. Beginning on the Effective Date, AOLB in
          ----------------
          consultation with Itau shall develop the Itau Online Area in
          accordance with its standard design and content publishing guidelines.
          AOLB and Itau will cooperate to review, and

                                      -9-
<PAGE>

          to the extent Itau reasonably believes necessary, Itau may redesign,
          the Itau Interactive Sites to facilitate seamless integration and fast
          connections between the Co-Branded Service and the Itau Interactive
          Sites. The Itau Online Area shall include only Financial Services
          Content and links to Financial Services Content. The inclusion of any
          Content other than Financial Services Content and links to Financial
          Services Content in the Itau Online Area, (such as Content for social
          causes supported by Itau) shall be subject to AOLB's prior written
          approval. Content directly related to the sale of property repossessed
          by Itau shall be deemed to be Financial Services Content for purposes
          of this Section 1.10. No page of an Itau Interactive Site directly
          linked to from the Itau Online Area shall include any promotions for
          any Access Providers (including its branded products and services)
          other than AOLB, and Itau shall not directly link to an Interactive
          Site of an Access Provider from the Itau Online Area. Itau shall not
          include a link to any Access Provider on any page of any Linked
          Interactive Site that is an Itau Interactive Site that can be accessed
          within one "click" of the Itau Online Area. Except as otherwise
          provided in this Agreement, Itau may include any Advertisements
          (including for an ISP Product) of any Person (including an Access
          Provider) on the Itau Interactive Sites and Independent Financial
          Services Portal.

     1.11 Special Edition Finance Channel.
          -------------------------------

          1.11.1    In General. In accordance with the terms of this Agreement,
                    ----------
                    AOLB will develop a Special Edition Finance Channel to
                    replace the Standard Finance Channel on the Co-Branded
                    Service. The Special Edition Finance Channel will contain
                    certain editorial content and services that are different
                    than the finance channel generally available on the AOLB
                    Service (the "Standard Finance Channel"). The Content and
                    Advertisements included in the Special Edition Finance
                    Channel shall comply with the restrictions set forth in
                    Section 1.9 and, as provided herein, shall not include any
                    Content from a Restricted Content Category or Advertisements
                    from Restricted Advertisers. The Special Edition Finance
                    Channel shall not display any trademark, service mark, logo,
                    brand or indicia of source of any other Financial
                    Institution, except in news and other Content feeds. The
                    main screen of the Special Edition Finance Channel will look
                    substantially similar to the screen shot attached hereto as
                    Exhibit K, and all other screens of the Special Edition
                    Finance Channel shall be substantially similar to the
                    Standard Finance Channel; provided, however, that any
                    promotions that are provided pursuant to a separate
                    agreement between AOLB and Itau or its Affiliates shall
                    expire in accordance with the terms of such agreement (e.g.,
                                                                           - -
                    banner ads for Itau). The Parties shall work together to
                    determine what Content is included on the Special Edition
                    Finance Channel in accordance with Section 1.9 and this
                    Section 1.11, but the look and feel of the Special Edition
                    Finance Channel shall be determined by AOLB and shall be
                    substantially the same as the look and feel of the Standard
                    Finance Channel. AOLB shall, except as otherwise agreed by
                    AOLB and Itau: (a) in its discretion in accordance with this
                    Section 1.11, program the main screen of the Special Edition
                    Finance Channel primarily with Content used in the Standard
                    Finance Channel (excluding any Content prohibited pursuant
                    to Section 1.9), (b) promote Itau as an Anchor Tenant of the
                    Special Edition Finance Channel provided that such Anchor
                    Tenant button shall only link to Financial Services Content
                    and information of general interest and applicability
                    comparable to the Content provided by other Anchor Tenants,
                    (c) at Itau's option, instead of (b) above, in the event
                    Itau develops an Independent Financial Services Portal as
                    provided in Section 12.4.1, promote such Independent
                    Financial Services Portal as an Anchor Tenant of the Special
                    Edition Finance Channel and (d) program all of the buttons
                    (but in no event less than three buttons) in the Finance
                    Center (linking to Financial Services)

                                      -10-
<PAGE>

                    on the Special Edition Finance Channel to link to sites
                    selected by Itau, provided however, that such buttons shall
                    not link directly to an Interactive Site of an Access
                    Provider and the first page linked to from such button shall
                    not include a promotion for, or a link to a site of, an
                    Access Provider. AOLB and Itau shall regularly consult
                    regarding updating such links and the use of other Content
                    provided or available from Itau. No buttons on the Special
                    Edition Finance Channel shall directly link to Financial
                    Services or Financial Institutions other than Itau and, as
                    applicable, its designees.

          1.11.2    Production. AOLB will be responsible for programming the
                    ----------
                    Special Edition Finance Channel in accordance with this
                    Agreement and will make available and train personnel to
                    perform such programming in accordance with the terms
                    hereof. AOLB agrees that in the event that a negative news
                    story derogatory of Itau is provided as a feed or headline
                    on the Co-Branded Service, at Itau's request, AOLB will
                    promptly distribute an Itau statement or press release
                    regarding such story or headline on the Co-Branded Service
                    in connection with such news story. AOL shall include
                    appropriate disclaimers on the Co-Branded Service indicating
                    that Content for the Co-Branded Service provided by third
                    parties is neither provided nor endorsed by Itau. The text
                    and location of such disclaimers shall be mutually agreed
                    upon.

          1.11.3    Payment of Costs. Itau shall pay AOLB's reasonable, actual
                    ------- -- -----
                    direct costs associated directly with creating, programming,
                    providing Content and maintaining the Special Edition
                    Finance Channel (the "Finance Channel Fee"), which payment
                    shall not exceed Brazilian Reais $150,000 per year (as
                    adjusted annually at the beginning of each calendar year for
                    inflation) without Itau's written approval, provided,
                    however that Itau shall not be responsible for any fees
                    attributable to Content used on both the Standard Finance
                    Channel and the Special Edition Finance Channel unless such
                    Content is acquired pursuant to new agreements entered into
                    after the Effective Date or renewals of agreements existing
                    as of the Effective Date. In the event that AOLB renews or
                    enters into new agreements for Content included on the
                    Special Edition Finance Channel, then as part of the Finance
                    Channel Fee Itau shall be responsible for paying a Content
                    fee equal to a percentage of AOLB's cost associated with
                    providing Content under such new or renewed agreements,
                    which percentage shall be based on the ratio of AOLB/Itau
                    Subscribers to all subscribers of the AOLB Service
                    (including for purposes of this Section 1.11.3, any other
                    Co-Branded versions of the AOLB Service offered in the
                    Territory). If such Content fees would result in exceeding
                    the cap on the Finance Channel Fee set forth above, AOLB
                    shall consult with Itau and provide Itau with such
                    information as necessary for Itau to determine the fees
                    associated with obtaining such Content for display on the
                    Special Edition Finance Channel. In the event Itau does not
                    approve payments in excess of the cap on the Finance Channel
                    Fee within a reasonable period of time after requested by
                    AOLB, AOLB shall have the right to not include such Content
                    in the Special Edition Finance Channel. Notwithstanding the
                    foregoing, AOLB will not withhold any Content from the
                    Special Edition Finance Channel that AOLB has the right to
                    distribute on the Special Edition Finance Channel without
                    paying any additional incremental costs. AOLB will use
                    commercially reasonable efforts to obtain the right to
                    distribute on the Special Edition Finance Channel all
                    Content included on the Standard Finance Channel for no
                    greater fee than the fee charged for the right to distribute
                    such Content on the Standard Finance Channel.

          1.11.4    Advertising. AOLB will have the exclusive right to sell
                    -----------
                    Advertisements on the Special Edition Finance Channel and
                    shall be entitled to retain one hundred percent (100%) of
                    the revenue received by AOLB or its agents from such
                    Advertisements. All such Advertising shall comply with the
                    requirements set forth in this Agreement.

                                      -11-
<PAGE>

     1.12 Performance Standards.
          ---------------------

          1.12.1    Tier 1 Failure. In the event Itau reasonably believes a Tier
                    --------------
                    1 Failure has occurred in a particular city after the Launch
                    of the Co-Branded Service in such city, Itau may provide
                    AOLB with written notice of such Tier 1 Failure. The
                    methodology for determining a Tier 1 Failure will be as
                    follows: Itau will [*] If in light of the results of these
                    tests Itau claims that there was a Tier 1 Failure, AOLB and
                    Itau will conduct system tests to validate or invalidate
                    this claim promptly, but in no event will such testing
                    commence more than ten (10) Business Days after receipt of
                    notice from Itau. If a Tier 1 Failure is determined, AOLB
                    shall use commercially reasonable efforts to resolve any
                    Tier 1 Failure promptly. If notwithstanding such efforts,
                    AOLB fails to cure such Tier 1 Failure within five (5) days
                    after receipt of such notice, then as its sole remedy for
                    such Tier 1 Failure, Itau shall have the right freely to
                    inform AOLB/Itau Subscribers in such city of means of
                    accessing Itau's interactive Financial Services and related
                    Content other than the Co-Branded Service by specifically
                    identifying the brands of other Access Providers until such
                    time as AOLB cures such Tier 1 Failure.

          1.12.2    Tier 2 Failure.
                    --------------

                    (a)  In the event Itau reasonably believes a Tier 2 Failure
                         has occurred in a particular city after the Launch of
                         the Co-Branded Service in such city, Itau may provide
                         AOLB with written notice of such Tier 2 Failure. The
                         methodology for determining a Tier 2 Failure will be as
                         follows: Itau will [*] If in light of the results of
                         these tests, Itau notifies AOLB that there was a Tier 2
                         Failure, AOLB and Itau will conduct tests to validate
                         or invalidate this claim promptly, but in no event will
                         such testing commence more than ten (10) Business Days
                         after receipt of such notice from Itau. If a Tier 2
                         Failure is determined, AOLB shall use commercially
                         reasonable efforts to promptly resolve such Tier 2
                         Failure. If notwithstanding such efforts, AOLB fails to
                         cure such Tier 2 Failure within fifteen (15) days after
                         receipt of such notice, then as its sole remedy for
                         such Tier 2 Failure, Itau shall be relieved of its
                         obligation not to market and otherwise promote Access
                         Providers and ISP Products in such city as set forth in
                         Section 2.3.1 of this Agreement until such time as AOLB
                         cures such Tier 2 Failure in such city.

                    (b)  In the event that a Tier 2 Failure has occurred and as
                         a direct consequence of such failure Itau reasonably
                         appears likely to be unable to meet the Member Numbers,
                         then, at Itau's request within ten (10) days after such
                         Tier 2 failure, the Technical Committee shall promptly
                         convene and discuss in good faith a Tolling Period. In
                         the event that the Technical Committee is unable to
                         reach agreement on such a Tolling Period within five
                         (5) days after the establishment of such failure, the
                         matter shall be escalated to the President of AOLB and
                         a comparable officer of Itau who shall, in good faith,
                         attempt to reach agreement on

                                     -12-
<PAGE>

                         such Tolling Period. In the event that despite such
                         good faith efforts such officers cannot reach agreement
                         on such a Tolling Period within five (5) days after the
                         referral of the issue to such officers, there shall be
                         no Tolling Period for such Tier 2 Failure and no Party
                         shall be entitled to refer such matter to an arbitrator
                         or court of competent jurisdiction. In the event that
                         the Technical Committee or such officers reach
                         agreement on a Tolling Period within such periods, such
                         agreement shall be reduced to writing and signed by the
                         President of AOLB and a comparable officer of Itau
                         within 48 hours thereafter and the Member Numbers shall
                         be tolled by such Tolling Period.

                                      -13-
<PAGE>

          1.12.3    Tier 3 Failure. In the event Itau reasonably believes a
                    --------------
                    material failure of the Co-Branded Service has occurred
                    which results in the Co-Branded Service being continuously
                    inaccessible to thirty-five (35%) percent of all AOLB
                    Service access lines at any time after the Launch of the Co-
                    Branded Service in the Initial Cities, Itau may notify AOLB
                    of such failure and upon receipt of such notice AOLB shall
                    promptly commence tracking and reporting on the
                    accessibility of the AOLB Service. If a Tier 3 Failure is
                    determined: (i) AOLB shall use commercially reasonable
                    efforts to resolve such failure; and (ii) Itau shall be
                    relieved of its obligation not to market or otherwise
                    promote ISP Products or Access Providers in the affected
                    Cities as set forth in Section 2.3.1 of this Agreement until
                    such time as AOLB cures such failure in the affected cities.
                    If the Co-Branded Service remains inaccessible to thirty-
                    five (35%) percent of all AOLB Service access lines for a
                    period of thirty (30) consecutive days other than as a
                    result of a Force Majeure Event, such failure shall be
                    deemed a "Tier 3 Failure." In the event Itau believes a Tier
                    3 Failure has occurred, at Itau's request, the Technical
                    Committee shall promptly convene within forty-eight (48)
                    hours after such request to determine whether a Tier 3
                    Failure has occurred. In the event the Technical Committee
                    is unable to reach agreement on whether a Tier 3 Failure has
                    occurred within five (5) days after referral of the matter
                    to the Technical Committee, the matter shall be escalated to
                    the President of AOLB and a comparable officer of Itau, who
                    shall in good faith attempt to reach agreement on whether a
                    Tier 3 Failure has occurred. In the event, such officers
                    cannot reach agreement on whether a Tier 3 Failure has
                    occurred, within five (5) days after the matter has been
                    referred to them, Itau may refer such matter to Forty Five
                    Day Arbitration, provided, however, that such referral must
                    occur within thirty (30) days after the alleged Tier 3
                    Failure. In the event that the Technical Committee or such
                    officers reach agreement on whether a Tier 3 Failure
                    occurred within such periods, such agreement shall be
                    reduced to writing and signed by the President of AOLB and a
                    comparable officer of Itau within 48 hours after such
                    agreement.

          1.12.4    Resolution of Disagreements. Except as otherwise provided in
                    ---------------------------
                    this Section 1.12 any disagreements regarding whether a Tier
                    1 Failure, Tier 2 Failure or Tier 3 Failure has occurred
                    shall be resolved by Forty Five Day Arbitration in
                    accordance with the procedures set forth in Section 13.4 of
                    this Agreement.

          1.12.5    Tracking and Reporting. The Technical Committee will
                    ----------------------
                    mutually agree upon (i) the type and frequency of an
                    appropriate set of reports to track the performance under
                    this Agreement; and (ii) procedures for tracking the
                    accessibility of the Co-Branded Service.

     1.13 E-mail Provision. Itau agrees that it will offer, on the Itau
          ----------------
          Interactive Sites, to each Itau Customer an e-mail address from AOLB
          as the means to receive communications from Itau. The name@aol.com (or
                                                                ------------
          such other domain name as mutually agreed by AOLB and Itau) assigned
          to Itau Customers will be the default e-mail address where Itau will
          send electronic bank correspondence to Itau Customers, unless
          requested otherwise by the Itau Customers. Subject to

                                      -14-
<PAGE>


          Section 1.9.3, AOLB can use the name@aol.com (or such other domain
                                          ------------
          name as mutually agreed) e-mail address to send promotional
          information to Itau Customers, which communications will be subject to
          the prior written approval of Itau, which such approval shall not be
          unreasonably delayed or withheld. Promptly after the Effective Date,
          Itau and AOLB will work to make the name@aol.com (or such other domain
                                              ------------
          name as mutually agreed) address and e-mail accessible on Itau's
          Interactive Sites, as the preferred way to receive e-mail from Itau.
          AOLB shall bear all reasonable actual direct costs incurred in
          connection with establishing such e-mail functionality. Nothing in
          this Section 1.13 shall obligate Itau to alter its corporate e-mail
          functionality or addresses.

     1.14 Billing.
          -------

          1.14.1    Development of Detailed Plan. As soon as commercially
                    ----------------------------
                    practicable after the Effective Date, but no later than
                    sixty (60) days thereafter, the Parties shall develop a
                    detailed plan for implementing the billing and customer
                    support obligations in accordance with the Technical
                    Operating Plan and Finance Plan.

          1.14.2    Billing Services. Except as provided below and subject to
                    ----------------
                    the Technical Operating Plan, Itau shall bill all AOLB/Itau
                    Subscribers (excluding those AOLB/Itau Subscribers that
                    elect other billing options as provided below) on behalf of
                    AOLB for all charges owed to AOLB related to such AOLB/Itau
                    Subscribers' use of the Co-Branded Service in excess of the
                    free hours ("Subscriber Fees"), and collect all amounts due
                    therefor (the "Billing Services"). Itau shall provide the
                    Billing Services for a fee equal to Itau's reasonable,
                    actual direct costs of performing such services (the
                    "Billing Services Fee") which Billing Services Fee shall be
                    no greater than the market price customarily charged by Itau
                    for comparable quantities of similar services and
                    competitive with the market prices of other providers for
                    similar services. As described in more detail in the
                    Technical Operating Plan, AOLB/Itau Subscribers may elect
                    billing options pursuant to which Persons other than Itau
                    provide billing services. With respect to AOLB/Itau
                    Subscribers for whom Itau provides billing services who fail
                    to timely pay some or all Subscriber Fees, Itau may elect
                    to: (a) terminate such AOLB/Itau Subscriber's account for
                    the Co-Branded Service within fifteen (15) days after the
                    date such late payment was due (provided that such AOLB/Itau
                    Subscriber may reactivate such account upon full payment of
                    all amounts owed within six (6) months of the date of such
                    termination), in which case Itau shall be responsible for
                    the Hours Payments with respect to such AOLB/Itau Subscriber
                    and AOLB shall be responsible for all other fees associated
                    with such subscribers' use of the Co-Branded Service or (b)
                    pay to AOLB the Subscriber Fees due from such AOLB/Itau
                    Subscriber until such time as Itau elects to terminate such
                    AOLB/Itau Subscriber in accordance with the Technical
                    Operating Plan and the Finance Plan. As part of the
                    Technical Operating Plan, the Parties shall develop a means
                    of coordinating with respect to terminating such AOLB/Itau
                    Subscribers or, at AOLB's option, converting such AOLB/Itau
                    Subscriber into a subscriber of the AOLB Service, in which

                                      -15-
<PAGE>

                    case such subscriber shall no longer be an AOLB/Itau
                    Subscriber and shall no longer access the Co-Branded Service
                    and Itau shall no longer pay any fees to AOLB for such
                    subscriber's use of the AOLB Service. The Parties shall
                    cooperate to design and develop a system that permits the
                    exchange of relevant data related to billing so that Itau
                    may bill such AOLB/Itau Subscribers using its existing
                    billing system (such billing system modified for the billing
                    of AOLB/Itau Subscribers, the "Billing System"). Itau shall
                    be responsible for ensuring that the Billing System complies
                    with all applicable laws related to billing consumers for
                    transactions of the type contemplated in this Agreement.
                    Each Party shall own all right, title and interest in and to
                    any software and other materials created by such Party with
                    respect to its systems.

     1.15 Customer Support. Subject to the allocation of responsibilities set
          ----------------
          forth in this Section 1.15, each of AOLB and Itau shall respond
          promptly and professionally to questions, comments, complaints and
          other reasonable requests regarding the Itau Online Area or the Co-
          Branded Service by AOLB/Itau Subscribers or at the request of the
          other Party and shall cooperate and assist the other in promptly
          answering the same. Pursuant to the Technical Operating Plan, AOLB
          shall operate a customer support call center and shall be responsible
          for responding to all questions related to the Co-Branded Service
          other than questions pertaining to the Licensed Content. Itau shall be
          responsible for responding to all questions related to the Licensed
          Content and the Financial Services available thereby, and AOLB as the
          primary recipient of customer support calls shall transfer all such
          calls regarding such questions to Itau. Each Party shall ensure that
          it has sufficient customer support services available to promptly
          respond to such questions. Itau may assume all customer support for
          the Co-Branded Service in accordance with the Finance Plan and the
          Technical Operating Plan.

     1.16 In-Kind Promotion. As part of the consideration for this Agreement,
          -----------------
          AOLB and Itau are providing each other with certain in-kind
          consideration in connection with the following activities: (a) AOLB is
          providing Itau with distribution and carriage, including with regard
          to the Special Edition Finance Channel, the Co-Branded Service and the
          Anchor Tenancy granted to Itau and (b) Itau is providing AOLB with
          certain brand co-marketing and promotion. AOLB and Itau shall use
          commercially reasonable efforts to identify and agree upon the value
          of such in-kind activities. In the event AOLB and Itau so identify and
          mutually agree upon an in-kind value that has been provided by each of
          AOLB and Itau to the other, a third party experienced in media
          valuation shall confirm such value at AOLB's expense. If AOLB and Itau
          so agree, AOLB and Itau shall invoice each other for this amount
          annually on each anniversary of the Effective Date; provided, however,
          that neither AOLB nor Itau shall be obligated to pay any amount in
          excess of the in-kind value of its activities. In the event that
          despite such commercially reasonable efforts and the escalation of the
          issue to the President of AOLB and a comparable officer of Itau, AOLB
          and Itau do not so agree, they shall not be entitled to invoice each
          other for any in-kind activities nor shall either be entitled to refer
          such matter to an arbitrator or court of competent jurisdiction.

                                     -16-
<PAGE>

2.   MARKETING OF CO-BRANDED SERVICE.

     2.1  Promotion of the Co-Branded Service.
          -----------------------------------

          2.1.1   Marketing Committee and Technical Committee. The Parties shall
                  -------------------------------------------
                  establish: (a) a marketing committee ("Marketing Committee")
                  to review the implementation of the Marketing Plan developed
                  pursuant to Section 2.1.2 below and (b) a technical committee
                  (the "Technical Committee") to oversee the implementation of
                  the technical and operational aspects of this Agreement
                  (including the development and rollout of new devices and
                  connectivity) and the obligations of the Parties set forth in
                  the Technical Operating Plan. The Marketing Committee and the
                  Technical Committee shall each consist of two representatives
                  of each of AOLB and Itau. The initial representatives shall be
                  designated by the Parties promptly after the Effective Date.
                  The Technical Committee representatives shall be appropriately
                  qualified and the Marketing Committee representatives shall be
                  senior officials of each Party. The Marketing Committee and
                  the Technical Committee shall each meet regularly, in no event
                  less than quarterly, at mutually agreed upon locations and
                  times. At each quarterly meeting, the Marketing Committee
                  shall review the effectiveness of the Marketing Plan and Itau
                  may accept the Marketing Committee's proposed recommendations
                  for modifications thereto. Each Party shall bear any costs it
                  incurs in connection with its participation on the Marketing
                  Committee and the Technical Committee.

          2.1.2   Marketing Activities. The Co-Branded Service shall be Co-
                  --------------------
                  Branded as determined by the Marketing Committee and, unless
                  otherwise mutually agreed, the branding for the Co-Branded
                  Service shall contain both the Itau and the America Online
                  brands. Itau's offering, marketing and promotion of the Co-
                  Branded Service and Customized Client shall be in accordance
                  with a marketing plan developed by Itau in its sole discretion
                  in consultation with the Marketing Committee as soon as
                  commercially practicable after the Effective Date but in no
                  event later than [*] days thereafter (the "Marketing
                  Plan"). The initial Marketing Plan shall describe Itau's
                  intended marketing efforts for the first Marketing Year. Each
                  Marketing Plan shall be reasonably consistent with the
                  Marketing Guidelines. The Marketing Plan shall some marketing
                  activities in each of the Initial Cities and any New Cities.
                  In each of the first five (5) Marketing Years, Itau shall
                  perform at least the Minimum Marketing Commitments. Without
                  limiting Itau's obligations hereunder, AOLB acknowledges that
                  Itau shall not be obligated to spend a particular amount of
                  money on, or commit a particular amount of resources for,
                  either specific or overall marketing activities hereunder
                  unless otherwise mutually agreed or specified in a Marketing
                  Plan. After the first anniversary of the Launch Date, the
                  Marketing Plan may be updated regularly by Itau in its
                  discretion, in consultation with the Marketing Committee to
                  reflect the marketing efforts Itau reasonably believes are
                  necessary to achieve the Verified Member Reference Numbers.
                  The Co-Branded Service shall be marketed and promoted as the
                  premier and the principal means of accessing Itau's
                  interactive Financial Services and

                                      -17-
<PAGE>

                  related Content by means of ISP Products. During the five (5)
                  year period beginning on the Launch Date, Itau shall engage in
                  a commercially reasonable level of marketing that Itau
                  reasonably believes is sufficient to meet the Verified Member
                  Reference Numbers. After such five (5) year period Itau shall
                  engage in a commercially reasonable level of marketing. Itau
                  shall use commercially reasonable efforts to provide the
                  Customized Client primarily to Itau Customers and, in the
                  absence of approval from AOLB, such approval not to be
                  unreasonably withheld, Itau shall not (a) acquire or use third
                  party databases or mailing lists of non-Itau Customers for the
                  specific purpose of distributing Customized Clients or
                  marketing or otherwise promoting the Co-Branded Service or (b)
                  engage in any marketing efforts for the Co-Branded Service not
                  designed to benefit Itau Customers or reasonably targeted
                  towards increasing the use of Itau's Financial Services by
                  Itau and non-Itau Customers or increasing the amount of
                  customers of Itau. This Section shall not prohibit Itau from
                  purchasing general online or offline media advertisements
                  promoting the Co-Branded Service or from using mass marketing
                  techniques or third party databases to promote its Financial
                  Services to non-Itau Customers, or from mentioning the Co-
                  Branded Service in such advertisements, but Itau shall not
                  distribute Customized Clients in connection with such
                  promotion without AOLB's prior consent. Itau shall pay all
                  expenses related to Itau's marketing and promotion of the Co-
                  Branded Service and Customized Client and shall pay AOLB for
                  AOLB's reasonable direct costs of providing and delivering all
                  marketing materials requested by Itau (except to the extent
                  expressly provided otherwise in Section 2.2). AOLB and Itau
                  will discuss and agree upon measures to facilitate the
                  migration of members of the AOLB Service who are Itau
                  Customers to become AOLB/Itau Subscribers. Itau acknowledges
                  that a primary means for accomplishing such migration shall be
                  through promotion on the AOLB Service purchased by Itau.

     2.1.3        Benefits for Itau Customers. In order to encourage Itau
                  ---------------------------
                  Customers to register for the Co-Branded Service, Itau shall
                  provide to approved Itau Customers that register for the Co-
                  Branded Service an amount of free hours determined by Itau in
                  its reasonable discretion subject to this Section 2.1.3. As
                  part of the registration process set forth in the Technical
                  Operating Plan, promptly after each Itau Customer registers
                  for the Co-Branded Service, Itau shall notify AOLB whether
                  such customer is approved by Itau for free hours (an "Approved
                  Subscriber"). If such Itau Customer is an Approved Subscriber,
                  such customer shall become an AOLB/Itau Subscriber. If such
                  Itau Customer is not an Approved Subscriber, such Itau
                  Customer shall not receive the Co-Branded Service or become an
                  AOLB/Itau Subscriber, but AOLB may provide such Customer the
                  opportunity to register for the AOLB Service. During the first
                  five (5) years of the Term, Itau shall provide each Approved
                  Subscriber a minimum of one free hour per month of access and
                  use of the Co-Branded Service. Thereafter, AOLB and Itau shall
                  mutually agree on the minimum number of free hours to be
                  provided to future Approved Subscribers, provided that, in the
                  event that AOLB and Itau do not so agree, the maximum number
                  of free hours Itau

                                      -18-
<PAGE>

                  shall be required to offer future Approved Subscribers shall
                  be one-half hour per month. Subject to the foregoing minimum
                  numbers of hours and the Finance Plan, Itau shall provide each
                  Approved Subscriber with such number of free hour(s) per month
                  as determined by Itau. Itau may offer such Approved Subscriber
                  additional hours on the Co-Branded Service, in Itau's sole
                  discretion, at a discount provided that Itau pays the fees
                  required in Section 2.1.4. Itau may increase or reduce the
                  number of hours it provides to an Approved Subscriber at any
                  time, such change to be effective upon the commencement of
                  such Approved Subscriber's next billing cycle; provided that
                  (i) if such change will decrease the number of hours provided
                  to more than 10% of the Upsold Subscribers in any six (6)
                  month period, AOLB and Itau must mutually agree on such change
                  before Itau may implement such change with respect to such
                  Upsold Subscribers, and (ii) if such change will decrease the
                  number of hours provided to more than 10% of the Approved
                  Subscribers who are not Upsold Subscribers in any six (6)
                  month period, Itau shall provide to AOLB written notice sixty
                  (60) days before it may implement such change with respect to
                  such Approved Subscribers. For each Approved Subscriber who is
                  an Upsold Subscriber, Itau shall either provide the number of
                  free hour(s) determined by Itau with respect to the payment
                  plan selected by such Upsold Subscriber or offer a discounted
                  package, all as provided in the Finance Plan.

          2.1.4   Payment For Free Hours for AOLB/Itau Subscribers. Each month
                  ------------------------------------------------
                  (other than the first month of any free trial period) for each
                  AOLB/Itau Subscriber whether or not an Upsold Subscriber, Itau
                  shall pay to AOLB the amounts (the "Hours Payments") set forth
                  in a finance plan agreed between the Parties (the "Finance
                  Plan"), which Finance Plan shall be consistent with the
                  guidelines attached hereto as Exhibit F. The amount Itau shall
                  pay for each free hour (or fraction thereof) provided to
                  AOLB/Itau Subscribers, or for each discounted hour (or
                  fraction thereof) provided to AOLB/Itau Subscribers, and the
                  amount for each AOLB/Itau Subscriber that is inactive shall be
                  as set forth in the Finance Plan. The Finance Plan will also
                  contain the methodology for calculating costs for free hours
                  for ISP Products not available from AOLB as of the Effective
                  Date. The Finance Plan shall be reviewed biannually by the
                  Technical Committee and updated as appropriate by mutual
                  agreement of AOLB and Itau in writing signed by authorized
                  officers of AOLB and Itau of a vice president level. In the
                  event the Technical Committee is unable to reach agreement on
                  any such updates, either AOLB or Itau may escalate the issue
                  to the President of AOLB and a comparable officer of Itau who
                  shall in good faith attempt to reach agreement on such
                  updates. In the event such officers cannot reach agreement,
                  the then-current Finance Plan or guidelines in Exhibit F, as
                  the case may be, shall remain in effect.

          2.1.5   Trial Period for Itau Customers. Itau Customers who register
                  -------------------------------
                  for the Co-Branded Service shall be offered a free trial
                  period as set forth in the Finance Plan. At all times during
                  the Term, Itau Customers that register for the Co-Branded
                  Service shall receive the benefit of any more favorable then-
                  available free trial period offers from AOLB (e.g., first six
                                                                - -
                  months free to customers of a particular Financial Institution
                  or other

                                      -19-
<PAGE>

                  Person) other than offers extended by AOLB (alone or in
                  conjunction with other Persons other than Financial
                  Institutions) to classes of consumers based on their social
                  needs or charitable purpose, such as schools, school children,
                  handicapped consumers and underprivileged consumers. AOLB
                  shall use commercially reasonable efforts to prevent
                  terminated AOLB/Itau Subscribers from registering for a free
                  offer for the AOLB Service within twelve (12) months after the
                  date of termination for each such AOLB/Itau Subscriber. In the
                  event that Itau desires not to provide free hours to a non-
                  Itau Customer that registers for the Co-Branded Service, Itau
                  shall notify AOLB, no later than one month after such Person's
                  registration for the Co-Branded Service. Such Persons shall
                  have the option to: (i) become AOLB Members of the AOLB
                  Service, in which case such Person shall not be an AOLB/Itau
                  Subscriber; or (ii) terminate his or her subscription to the
                  Co-Branded Service.

          2.1.6   Joint Marketing of Co-Branded Service. AOLB may include Itau
                  -------------------------------------
                  in marketing the Co-Branded Service and the AOLB Service to
                  entities entering marketing agreements with AOLB in the
                  Territory where (i) AOLB reasonably believes that Itau can add
                  value to such relationship and Itau agrees to offer such
                  value, or (ii) Itau has an existing business relationship with
                  such entity, and such entity desires Itau's participation in
                  such relationship. AOLB will in its discretion identify such
                  opportunities during the quarterly meetings of the Management
                  Committee as well as on an ad hoc basis. Except as provided in
                  Sections 1.9 and 6.1 and elsewhere in this Agreement, nothing
                  in this Agreement shall restrict AOLB's right, at its expense
                  to use the AOLB Programmable Space and to conduct a reasonable
                  number of online marketing campaigns to encourage AOLB/Itau
                  Subscribers to use more than the free hours allocated to such
                  AOLB/Itau Subscribers by Itau, and AOLB shall consult with
                  Itau prior to conducting any offline campaign specifically for
                  such purpose.

2.2  Itau Distribution of Customized Client.
     --------------------------------------

          Subject to Article 6, Itau shall distribute CD-ROMs containing the
          Customized Client in accordance with the Marketing Plan and this
          Agreement.  Itau shall use commercially reasonable efforts to
          distribute such CD-ROMs primarily to Itau Customers.  Itau shall pay
          AOLB for all expenses related to production and delivery of the CD-
          ROMs containing the Customized Client requested by Itau, except that
          AOLB shall provide the first three (3) million CD-ROMs containing the
          Customized Client at its expense (not including any packaging, kits or
          marketing materials).  The final marketing materials and kits
          containing the CD-ROMs will be mutually agreed upon in accordance with
          Section 6.1.  Neither AOLB nor Itau shall unreasonably withhold its
          approval of such materials or kits.  AOLB shall charge Itau its
          reasonable, actual direct cost of producing and delivering CD-ROMs.
          At Itau's option, AOLB shall provide Itau with a goldmaster CD-ROM
          with the then-current version of the Customized Client and Itau may
          reproduce the CD-ROMs on its own for the sole purpose of distributing
          such CD-ROMs in accordance with this Agreement.  AOLB shall use
          commercially reasonable efforts to provide Itau with requested CD-ROMs
          within

                                      -20-
<PAGE>

          thirty (30) days of receiving a written order for such CD-ROMs
          from Itau; provided, however, that AOLB shall have no obligation to
          fulfill any orders for CD-ROMs until ninety (90) days after the date
          AOLB has completed the Initial Deliverables.  Itau acknowledges and
          agrees that AOLB requires at least thirty (30) days to complete the
          preparation and delivery of CD-ROMs containing the Customized Client.
          If AOLB fails to deliver to Itau the numbers of CD-ROMs reasonably
          requested by Itau in accordance with the Marketing Plan within sixty
          (60) days after such CD-ROMs are requested in writing by Itau: (a) if
          as a direct consequence of such failure Itau reasonably appears likely
          to be unable to meet the Minimum Marketing Commitments during such
          Marketing Year then, at Itau's request within fifteen (15) days after
          the date of such failure, the Marketing Committee will meet to agree
          upon a reasonable reduction in the Minimum Marketing Commitments for
          such Marketing Year reflecting the extent to which Itau is precluded
          from meeting such Minimum Marketing Commitments as a direct
          consequence of such failure; and, in addition, (b) if as a direct
          consequence of such failure to deliver CD-ROMs Itau reasonably appears
          likely to be unable to satisfy the Member Numbers, then, at Itau's
          request within fifteen (15) days after the date of such failure, the
          Marketing Committee will meet to agree upon a reasonable Tolling
          Period for achieving such Member Numbers.  In the event the Marketing
          Committee is unable to reach agreement on whether such a reduction
          and/or tolling is warranted and/or the extent of such reduction or
          duration of such Tolling Period within fifteen (15) days after the
          referral of the issue to the Marketing Committee, either Party may
          refer such disagreement for resolution to Forty Five Day Arbitration
          within thirty (30) days thereafter.

     2.3  Exclusivity Regarding Itau Marketing.
          ------------------------------------

          2.3.1   In General. Nothing in this Agreement shall limit the right of
                  ----------
                  Itau and its Affiliates to freely distribute their content and
                  services on ISP Products, including ISP Products of third
                  parties competitive with AOLB. Except as provided in this
                  Section 2.3 hereafter, within the Territory, Itau (including,
                  for all purposes of the remainder of this Section 2.3, its
                  Affiliates that are Financial Institutions) shall not: (a)
                  offer any ISP Product other than that of AOLB, (b) brand or
                  Co-Brand any ISP Product (other than AOLB's); or (c) (i)
                  license, authorize or affirmatively assist any Person
                  (including Itau's non-Financial Institution Affiliates) in
                  promoting any ISP Product (other than AOLB's), or (ii) market
                  or otherwise promote any ISP Product (other than AOLB's),
                  except to the extent necessary to inform Itau Customers that
                  Itau Financial Services Content is available on or through
                  such ISP Products. In the event that it is necessary to inform
                  Itau Customers that Itau Financial Services Content is
                  available on or through an ISP Product (other than AOLB's):
                  (i) Itau shall not mention any brand of an Access Provider
                  (other than AOLB) if it can inform Itau Customers of such
                  availability without mentioning any brand of such an Access
                  Provider (other than AOLB) (e.g., by mentioning only the type
                                              - -
                  of ISP Product), and (ii) such information and promotion shall
                  in any event be significantly less prominent and of
                  significantly more limited scope than Itau's promotion of the
                  Co-Branded Service. If Itau forms a Portal Entity, and such
                  Portal Entity is a non-Financial Institution Affiliate of
                  Itau, then Itau shall not license, authorize or otherwise
                  affirmatively

                                      -21-
<PAGE>

                  assist such Portal Entity in targeting any Advertisements for
                  any ISP Product directly to Itau Customers or AOLB/Itau
                  Subscribers. Notwithstanding anything contained herein, this
                  Section 2.3 applies only to products and services intended
                  primarily for individuals and shall not limit Itau's rights
                  with respect to the branding, Co-Branding, offering, marketing
                  or promoting of products and services for conducting business-
                  to-business transactions not involving individual consumers.
                  The Itau Service shall be treated the same as ISP Products for
                  purposes of subpart (c) of this Section 2.3.1 and other
                  related provisions thereto, provided, however, that for so
                  long as the Itau Service provides access controlled by Itau to
                  selected Internet sites on a single server or a limited (i.e.,
                  small) number of servers and the Itau Service does not provide
                  general access to the Internet network (e.g., without having
                  functionality where a user can access Internet sites, other
                  than those sites selected by Itau as provided above), Itau's
                  rights to inform Itau Customers that Itau Financial Services
                  Content is available on or through the Itau Service shall,
                  notwithstanding any other provision of this Agreement, include
                  the right to identify or describe how to join or subscribe to
                  the Itau Service, provided however, that all such information
                  and promotion of the Itau Service shall in any event be
                  significantly less prominent and of significantly more limited
                  scope than Itau's promotion of the Co-Branded Service. Itau's
                  offering, branding, Co-Branding, marketing and promotion of
                  Non-ISP Products with Access Providers shall be addressed on a
                  product-by-product basis as provided in Section 12.2. Nothing
                  in this Section 2.3 shall restrict Itau's ability to offer,
                  brand, Co-Brand, customize, market or promote Non-ISP Products
                  with any Person, including an Access Provider, and including
                  by mentioning the brand name of such Access Provider (e.g. a
                  Co-Branded Affinity Card or wallet technology), however (i)
                  any such activities regarding such Person's ISP Products shall
                  be fully subject to this Section 2.3; and (ii) Itau may not
                  combine a Non-ISP Product offering of an Access Provider
                  permitted pursuant to Section 12.2 with another Non-ISP
                  Product offering of an Access Provider for which Itau did not
                  approach AOLB as required in Section 12.2. Itau's ability to
                  execute an agreement with an Access Provider for the financing
                  of a general purpose device that is capable of connecting to
                  the Internet (e.g. a PC financing deal) shall be addressed in
                  accordance with Section 12. After complying with the
                  provisions of Section 12, Itau may execute an agreement with
                  such Access Provider in accordance with the following
                  terms:(i) any of such Access Provider's software installed on
                  such device shall be limited to the standard version of such
                  software; (ii) such offer shall be targeted to the general
                  marketplace and not to the customers of Itau; (iii) no free
                  hours may be directly targeted to Itau Customers; and (iv) the
                  brand name or logo of Itau shall be incorporated in any
                  Advertisements or other promotions for such offer in a less
                  prominent manner than the brand name or logo of the Access
                  Provider.

          2.3.2   New ISP Products.
                  ----------------

                  (a)    In General. It is the intention of AOLB and Itau to
                         ----------
                         create a Co-Branded version of all of the ISP Products
                         that AOLB offers in the Territory. During the Technical
                         Committee meetings, AOLB and Itau shall regularly
                         discuss: (i) the introduction of new ISP Products in
                         the Territory; and (ii) technological changes to then-
                         current ISP Products.

                                      -22-
<PAGE>

                  (b)    New ISP Products Offered by AOLB. On or before the date
                         --------------------------------
                         AOLB intends to make available a new ISP Product in the
                         Territory, AOLB shall offer Itau the opportunity to
                         create a Co-Branded version of such ISP Product by
                         calling a meeting of the Technical Committee and
                         presenting the request at such meeting. At such
                         meeting, AOLB shall advise Itau of the date that it
                         intends to introduce such ISP Product in the Territory.
                         Within two (2) weeks after such meeting, Itau will
                         notify AOLB whether it desires to commence offering a
                         Co-Branded version of such ISP Product in the
                         Territory, and on what date it intends to commence
                         marketing and promoting such ISP Product. If Itau
                         elects to offer a Co-Branded version of such ISP
                         Product in the Territory, then such Co-Branded version
                         shall be incorporated into this Agreement in accordance
                         with Section 2.3.2(d) below. If Itau either elects (a)
                         not to create a Co-Branded version of such ISP Product;
                         or (b) not to commence marketing and promotion of such
                         ISP Product within the Territory within the reasonable
                         time period for promotion requested by AOLB (which time
                         period shall not be less than nine (9) months, then
                         AOLB may market and otherwise promote such ISP Product
                         with other Financial Institutions in accordance with
                         Section 2.3.2(e) below.


                  (c)    New ISP Products Not Offered by AOLB. If: (i) (x) an
                         ------------------------------------
                         ISP Product is available in the Territory from third
                         parties and not from AOLB or (y) a third party has
                         approached Itau regarding its ISP Product that will be
                         available in the Territory in the near future and (ii)
                         it is important to Itau's core business to be able to
                         market and otherwise promote such ISP Product, then
                         Itau may request that AOLB offer such ISP Product by
                         calling a meeting of the Technical Committee and
                         presenting the request at such meeting. At such
                         meeting, Itau shall advise AOLB of the activities it
                         desires to engage in with respect to such ISP Product
                         and the date on which it wishes to commence such
                         activities. Within two (2) weeks after such meeting,
                         AOLB will notify Itau whether AOLB intends to offer
                         such ISP Product in the Territory, and on what date it
                         intends to commence offering such ISP Product. If AOLB
                         elects to offer such ISP Product in the Territory
                         within the reasonable time period requested by Itau
                         (which time period shall be no less than nine (9)
                         months except with respect to an ISP Product related to
                         televisions such as "Web TV," in which case such time
                         period shall be no less than twelve (12) months, then
                         such Co-Branded version of the ISP Product shall be
                         incorporated into this Agreement in accordance with
                         Section 2.3.2(d) below. If AOLB elects (a) not to offer
                         such ISP Product in the Territory, or (b) not to offer
                         such ISP Product in the Territory within the reasonable
                         time period requested by Itau, then Itau may market and
                         otherwise promote such ISP Product and the brand of
                         other Access Providers in accordance with Section
                         2.3.2(f) below.

                                      -23-
<PAGE>

                  (d)    Rights and Obligations of the Parties When Itau Elects
                         ------------------------------------------------------
                         to Offer a Co-Branded Version of a New AOLB ISP
                         -----------------------------------------------
                         Product. If Itau elects to create a Co-Branded version
                         -------
                         of an AOLB ISP Product in the Territory pursuant to
                         Section 2.3.2(b) or 2.3.2(c), Itau shall market and
                         promote such ISP Product under the terms and conditions
                         of this Agreement, to the extent applicable and, where
                         applicable, the terms "Co-Branded Service" and "AOLB
                         Service" shall be deemed to include such ISP Product,
                         provided, however that any assessments of comparability
                         between the Co-Branded Service and the AOLB Service
                         shall be made on an ISP Product-by-ISP Product basis.
                         To the extent the terms and conditions herein are
                         inapplicable, the Parties shall meet and in good faith
                         work to agree upon adjustments to such inapplicable
                         terms and conditions in a manner that is consistent
                         with and best reflects the spirit of the relationship
                         between the Parties under the Agreement. For the
                         avoidance of doubt, a Party's obligation under this
                         Section 2.3.2 and Sections 2.3.3 and 2.3.5 to discuss
                         certain subjects with another Party shall not include
                         an obligation to discuss with such other Party's
                         Affiliates. In the absence of such an agreement, either
                         AOLB or Itau may refer the issue of (i) the
                         applicability of the terms and conditions of this
                         Agreement to such ISP Product and, (ii) if such terms
                         and conditions are not applicable, equitable
                         adjustments to such terms and conditions, to nonbinding
                         mediation for resolution in accordance with Section
                         13.7. With respect to the Co-Branded version of such
                         ISP Product: (a) in no event shall AOLA or AOLB be
                         required to pay any additional amounts to Itau,
                         provided however, that AOLB shall perform at its
                         expense such initial Co-Branded customizations for the
                         Co-Branded version of such ISP Product as are mutually
                         agreed; (b) in no event shall Itau be obligated to
                         increase its marketing obligations hereunder; and (c)
                         in no event shall the Parties alter the amount of any
                         payments set forth in Section 11.2.5, or the Member
                         Numbers. Additionally, the Co-Branded version of such
                         ISP Product shall be substantially the same as AOLB's
                         generally available version of such ISP Product in
                         terms of both technology and breadth of Content, except
                         to the extent such Co-Branded ISP Product is modified
                         in accordance with this Agreement. If such new ISP
                         Product is a Free Internet Access Service in the
                         Territory, Itau shall not be obligated to pay any fee
                         in connection with Itau Customers' subscription to, or
                         use of, such ISP Product. When AOLB introduces the Co-
                         Branded version of such new ISP Product, Itau shall
                         market and promote such new ISP Product as the premier
                         and the principal means of accessing Itau's interactive
                         Financial Services and related Content through such ISP
                         Product in the Territory.

                  (e)    Rights and Obligations of the Parties When Itau Elects
                         ------------------------------------------------------
                         Not to Offer a Co-Branded Version of a New AOLB ISP
                         ---------------------------------------------------
                         Product. If Itau pursuant to Section 2.3.2(b) elects
                         -------
                         not to create a Co-Branded version of a new ISP Product
                         in the Territory or will

                                      -24-
<PAGE>

                  not commence marketing or promotion of a new ISP Product in
                  the Territory in the period of time reasonably requested by
                  AOLB (which time period shall be no less than nine (9) months
                  then, except as otherwise agreed by AOLB in writing, AOLB may
                  enter into any agreement with another Financial Institution
                  regarding such ISP Product, provided that such agreement
                  complies with the provisions of this Agreement.
                  Notwithstanding the foregoing, in the event that AOLB's only
                  reasonable option with respect to the offering, marketing or
                  promotion of such ISP Product with a Financial Institution in
                  the Territory is to enter into an agreement that would violate
                  the provisions of Section 7.1, then AOLB shall notify Itau in
                  writing of its intent to enter into such an agreement. AOLB
                  may not enter into any such agreement during the two-week
                  period immediately following Itau's receipt of such notice. If
                  during such two-week period, Itau notifies AOLB in writing
                  that it desires to create a Co-Branded version of such new ISP
                  Product in the Territory within the initial time period
                  requested by AOLB pursuant to Section 2.3.2(b), then the
                  Parties shall follow the procedures set forth in Section
                  2.3.2(d) hereof. Alternatively, if, during such two week
                  period, Itau: (a) fails to respond to AOLB's notice, or (b)
                  notifies AOLB in writing that it does not desire to create a
                  Co-Branded version of such new ISP Product in the Territory
                  within the initial time period requested by AOLB (which time
                  period shall be no less than nine (9) months), then AOLB may
                  immediately terminate its exclusivity obligations under
                  Sections 7.1 and 2.3 with respect to such ISP Product by
                  written notice to Itau at any time within thirty (30) days
                  thereafter, and may enter into such agreement with any
                  Financial Institution. If AOLB terminates its exclusivity
                  obligations in accordance with the foregoing, then Itau may,
                  at its option, by written notice to AOLB within thirty (30)
                  days after such termination, elect to: (i) terminate its
                  exclusivity obligations under Section 2.3 with respect to such
                  ISP Product, or (ii) terminate its exclusivity obligations
                  under Section 2.3 with respect to all current and future ISP
                  Products. If Itau elects to terminate all of its obligations
                  under Section 2.3 with respect to all current and future ISP
                  Products in the Territory, then AOLB may, at its option, by
                  written notice to Itau within thirty (30) days after such
                  termination: (x) terminate its exclusivity obligations under
                  Sections 2.3 and 7.1 with respect to all current and future
                  ISP Products in the Territory, or (y) terminate this Agreement
                  in its entirety. In the event Itau's election under this
                  Section is to terminate only its exclusivity obligations under
                  Section 2.3 with respect to such ISP Product in the Territory,
                  then AOLB shall not promote the version of the ISP Product
                  that it Co-Branded with a third party Financial Institution
                  unless it is promoting the Co-Branded Service, in which case
                  it will promote such other version less prominently than it
                  promotes the Co-Branded Service.

                                      -25-
<PAGE>

          (f)     Rights and Obligations of the Parties When AOLB Does Not Offer
                  --------------------------------------------------------------
                  a New ISP Product. If AOLB pursuant to Section 2.3.2(c) elects
                  -----------------
                  not to offer a particular new ISP Product in the Territory or
                  will not commence offering a new ISP Product in the Territory
                  in the period of time reasonably requested by Itau (which time
                  period shall be no less than nine (9) months, except as
                  otherwise agreed by Itau in writing, Itau may enter into any
                  agreement with another Access Provider regarding such ISP
                  Product, provided that such agreement complies with the
                  provisions of this Agreement. Notwithstanding the foregoing,
                  in the event that Itau's only reasonable option with respect
                  to distributing Content and Financial Services in the
                  Territory through such ISP Product with an Access Provider is
                  to enter into an agreement that would violate the provisions
                  of Section 2.3.1, then Itau shall notify AOLB in writing of
                  its intent to enter into such an agreement. Itau may not enter
                  into any such agreement during the two-week period immediately
                  following AOLB's receipt of such notice. If during such two-
                  week period, AOLB notifies Itau in writing that it desires to
                  offer such new ISP Product in the Territory within the initial
                  time period requested by Itau pursuant to Section 2.3.2(c),
                  then the Parties shall follow the procedures set forth in
                  Section 2.3.2(d) hereof. Alternatively, if, during such two
                  week period, AOLB: (a) fails to respond to Itau's notice, or
                  (b) notifies Itau in writing that it does not desire to offer
                  such new ISP Product in the Territory within the initial time
                  period requested by Itau, then Itau may immediately terminate
                  its exclusivity obligations under Section 2.3 with respect to
                  such ISP Product by written notice to AOLB at any time within
                  thirty (30) days thereafter, and may enter into such agreement
                  with any Access Provider. If Itau terminates its exclusivity
                  obligations in accordance with the foregoing, then AOLB may,
                  at its option, by written notice to Itau within thirty (30)
                  days after such termination, elect to: (i) terminate its
                  exclusivity obligations under Sections 2.3 and 7.1 with
                  respect to such ISP Product, or (ii) terminate its exclusivity
                  obligations under Sections 2.3 and 7.1 with respect to all
                  current and future ISP Products. If AOLB elects to terminate
                  all of its obligations under Section 2.3 and Section 7.1, then
                  Itau may, at its option, by written notice to AOLB within
                  thirty (30) days after such termination: (x) terminate its
                  exclusivity obligations under Section 2.3 with respect to all
                  current and future ISP Products, or (y) terminate this
                  Agreement in its entirety. In the event AOLB elects not to
                  terminate its obligations under Sections 2.3 and 7.1 or
                  terminates only such obligations with respect to such ISP
                  Product, Itau shall not promote such ISP Product in the
                  Territory in connection with such Access Provider as
                  prominently as it promotes the Co-Branded Service.

                                      -26-
<PAGE>

          2.3.3   Noncompetitive AOLB ISP Products.
                  --------------------------------

                  (a)  Review of Competitiveness. During the Term, the Technical
                       -------------------------
                       Committee shall regularly discuss the quality of the
                       technology used in the Co-Branded versions of the ISP
                       Products in the Territory. In the event that Itau
                       believes that (i) AOLB's technology with respect to any
                       such ISP Product in the Territory is not as a whole
                       competitive with similar ISP Products offered by third
                       parties, and (ii) AOLB or Itau is losing its market share
                       with respect to ISP Products or Financial Services,
                       respectively, relative to its five (5) largest
                       competitors in the Territory directly as a result of such
                       lack of competitiveness, the Technical Committee shall
                       discuss Itau's concerns and attempt to determine a
                       mutually agreeable means of addressing such concerns. In
                       the event that, notwithstanding such attempts, AOLB and
                       Itau cannot agree on such a means, Itau may refer the
                       matter to Forty-Five Day Arbitration. If either the
                       Technical Committee determines or Itau receives a final
                       arbitral ruling that (A) such AOLB ISP Product when
                       considered as a whole is not technologically competitive
                       with similar ISP Products offered by third parties and
                       (B) AOLB or Itau is losing its market share with respect
                       to ISP Products or Financial Services, respectively,
                       relative to its five (5) largest in the Territory
                       directly as a result of such lack of competitiveness,
                       then (b) AOLB and Itau shall within forty-eight hours
                       thereafter unless otherwise mutually agreed convene the
                       Technical Committee to discuss this matter. If during
                       such meeting, AOLB advises Itau that, within the
                       reasonable time period requested by Itau (which time
                       period shall be no less than nine (9) months): (i) it
                       will not modify such ISP Product in accordance with the
                       recommendations of the Technology Committee or the
                       arbitral ruling or (ii) it cannot develop or acquire such
                       competitive technology, then Itau may market and promote
                       versions of such third-party ISP Product in the Territory
                       in accordance with Section 2.3.3(b).

                  (b)  Rights With Respect to Non-Competitive Technology. If an
                       -------------------------------------------------
                       AOLB ISP Product is determined by the Technical Committee
                       or a final arbitral ruling not to be technologically
                       competitive as a whole pursuant to Section 2.3.3(a), and
                       AOLB elects not to cure the lack of competitiveness of
                       such ISP Product within the reasonable time period
                       requested by Itau (which time period shall be no less
                       than nine (9) months), except as otherwise agreed in
                       writing, Itau may enter into any agreement with another
                       Access Provider regarding such ISP Product, provided that
                       such agreement complies with the provisions of this
                       Agreement. Notwithstanding the foregoing, in the event
                       that Itau's only reasonable option with respect to
                       distributing Content and Financial Services through a
                       substantially similar third-party ISP Product is to enter
                       into an agreement that violates Section 2.3.1, then Itau
                       shall notify AOLB in writing of its intent to enter into
                       such an agreement. Itau may not enter into any such
                       agreement during the two-week period immediately
                       following

                                      -27-
<PAGE>

                       AOLB's receipt of such notice. If during such two-week
                       period, AOLB notifies Itau in writing that it desires to
                       cure the lack of competitiveness of such ISP Product
                       within the reasonable time period requested by Itau, AOLB
                       shall cure such lack of competitiveness and Itau shall
                       not enter any agreement that violates Section 2.3.
                       Alternatively, if, during such two-week period, AOLB (a)
                       fails to respond to Itau's notice, or (b) notifies Itau
                       in writing that it does not desire to cure such lack of
                       competitiveness within the initial time period requested
                       by Itau, then Itau may immediately terminate its
                       exclusivity obligations under Section 2.3.1 with respect
                       to such ISP Product by written notice to AOLB at any time
                       within thirty (30) days thereafter, and may enter into
                       such agreement with any Access Provider. If Itau
                       terminates its exclusivity obligations in accordance with
                       the foregoing, then AOLB may, at its option, by written
                       notice to Itau within thirty (30) days after such
                       termination, elect to (i) terminate its exclusivity
                       obligations under Sections 2.3 and 7.1 and with respect
                       to such ISP Product, or (ii) terminate its exclusivity
                       obligations under Sections 2.3 and 7.1 with respect to
                       all current and future ISP Products. If AOLB elects to
                       terminate all of its obligations under Sections 2.3 and
                       7.1, then Itau may, at its option, by written notice to
                       AOLB within thirty (30) days after such termination: (x)
                       terminate its exclusivity obligations under Sections 2.3
                       with respect to all current and future ISP Products, or
                       (y) terminate this Agreement in its entirety. In the
                       event AOLB elects not to terminate its obligations under
                       Sections 2.3 and 7.1 or terminates only such obligations
                       with respect to such ISP Product, Itau shall not promote
                       such ISP Product in connection with such Access Provider
                       as prominently as it promotes the Co-Branded Service.

                  (c)  PC Narrowband. Notwithstanding anything contained herein,
                       -------------
                       the provisions of this Section 2.3.3 shall not apply to
                       the Co-Branded Service for personal computers accessible
                       through narrowband connectivity during the first five (5)
                       years of the Term.

          2.3.4   Interpretation.
                  --------------

                  (a)  For purposes of this Agreement: (i) the term "promote"
                       (including any variations thereof) shall include any
                       activities and information that (a) are designed to or
                       have the effect of advancing or furthering recognition or
                       value associated with the brands associated with the
                       applicable ISP Product or (b) identify or describe how to
                       join or subscribe to an ISP Product offering, provided,
                       however, that (c) the use of a brand name shall not "per
                       se" be deemed to constitute promotion; (ii) the term
                       "inform" (including any variations thereof) shall mean
                       advertising or notifying individuals of the availability
                       of Itau's Financial Services by means of an ISP Product
                       (other than AOLB's) without (a) advancing or furthering
                       recognition or

                                      -28-
<PAGE>

                       value associated with the brands associated with the
                       applicable ISP Product or (b) identifying or describing
                       how to join or subscribe to an ISP Product offering
                       except as otherwise provided in Sections 2.3.1 or 2.3.2;
                       and (iii) identifying an ISP Product without identifying
                       any associated brand name or logo shall be deemed to
                       constitute "informing", however, the identification of
                       such ISP Product shall be less prominent than the
                       promotion of the Co-Branded Service.

                  (b)  The Parties acknowledge that the following activities are
                       examples of activities permitted hereunder: (i) Itau may
                       promote the URL's for the Itau Interactive Sites and the
                       availability of Itau's products and services at such URL
                       without limitation; (ii) Itau may sponsor, or permit its
                       Content and services to be used in connection with (e.g.,
                                                                           - -
                       sponsored by Itau), a channel or area offered on a portal
                       and may advertise such sponsorships including by placing
                       an advertisement stating, for example, that the "Yahoo
                       Finance Channel is Sponsored by Itau and is available at
                       www.yahoo.com," so long as the advertisement does not
                       also specify any ISP Product or the brand name or logo of
                       an Access Provider (e.g., access Yahoo via UOL); (iii) in
                                           - -
                       the event that it is necessary to identify the brand name
                       of an Access Provider or ISP Product in order to inform
                       Customers of the availability of Itau's Content and
                       services on a particular ISP Product, Itau may identify
                       such brand name in connection with such ISP Product for
                       so long as it remains necessary; and (iv) Itau may
                       respond to an unsolicited customer inquiry and in such
                       response may inform of a brand name of an Access Provider
                       or ISP Product to the extent necessary or expressly
                       requested. For purposes of this Agreement brand names
                       shall be deemed not to include logos.

          2.3.5   Acquired ISP Products. In the event that an AOLB Party
                  ---------------------
                  acquires any Access Provider which offers, provides or
                  operates one or more ISP Products offered in the Territory,
                  such AOLB Party shall offer Itau the opportunity to Co-Brand
                  such acquired ISP Product(s) offered in the Territory (if AOLB
                  intends to continue offering such ISP Product(s)) at the
                  earlier of (i) six (6) months after such AOLB Party completes
                  the acquisition of such Access Provider, and (ii) such time as
                  such AOLB Party determines its strategy with respect to such
                  acquired ISP Product(s), including whether or not it will
                  winddown or terminate such ISP Product; provided, however,
                  that to the extent one or more of such ISP Product(s) were
                  requested by Itau pursuant to Section 2.3.2(c) and AOLB
                  elected to offer such ISP Product in the Territory within the
                  reasonable time period requested by Itau, the opportunity to
                  Co-Brand such ISP Product(s) shall be offered to Itau promptly
                  after such AOLB Party completes the acquisition of such Access
                  Provider, but in no event later than the date AOLB agreed to
                  offer such ISP Product in the Territory pursuant to Section
                  2.3.2(c). Within two (2) weeks after such offer, Itau will
                  notify AOLB whether it desires to commence offering a Co-
                  Branded version of such ISP Product in the Territory, and on
                  what date it intends to commence marketing and promoting such
                  ISP Product. In the event that Itau agrees to Co-Brand such
                  ISP Product, then such Co-Branded version shall be
                  incorporated into this Agreement in

                                      -29-
<PAGE>

                  accordance with Section 2.3.2(d). If Itau elects not to create
                  a Co-Branded version of such ISP Product, then AOLB may market
                  and otherwise promote such ISP Product with other Financial
                  Institutions in accordance with Section 2.3.2(e).

2.4  Restrictions on Equity Investments. During the Term, Itau shall not acquire
     ----------------------------------
     Voting Control of, or a twenty percent (20%) or more Equity Interest in,
     any Access Provider in the Territory or an entity set forth on Exhibit H
     (an "AOLB Designated Entity"). The foregoing sentence shall not preclude
     Itau from acquiring Voting Control of or more than a twenty percent (20%)
     Equity Interest in a Portal Entity unless and until such Portal Entity or
     such Independent Financial Services Portal is or becomes an Access
     Provider, in which case Itau shall be required to come into compliance with
     the provisions of this Section 2.4 within six (6) months after such Portal
     Entity or Independent Financial Services Portal becomes an Access Provider.
     AOLB may amend Exhibit H on a bi-annual basis upon fifteen (15) days prior
     written notice, so long as the total number of entities listed on Exhibit H
     does not exceed five (5) and such list only includes Horizontal Portals. In
     addition, such entities may not include Itau or any of its Affiliates. The
     provisions of this Section 2.4 shall not preclude Itau from maintaining
     Voting Control or retaining any Equity Interest in any Person, provided
     that such Voting Control or Equity Interest was acquired prior to the date
     Exhibit H is amended to restrict Itau's Equity Interest in such Person.
     This Section 2.4 shall not preclude Itau from acquiring Voting Control of
     or any level of Equity Interest in any Person that owns or controls such an
     Access Provider or AOLB Designated Entity so long as the assets of such
     Access Provider or AOLB Designated Entity do not comprise more than twenty
     percent (20%) of the assets of such Person. In the event Itau has or
     acquires Voting Control or Equity Interests in any Person that owns or
     controls such an Access Provider or AOLB Designated Entity in violation of
     this Section 2.4 or otherwise ends up in violation of this Section as a
     result of a recapitalization, stock repurchase, reverse stock split or
     other similar transaction not within the control of Itau, Itau shall have
     six (6) months from such date to come into compliance with the provisions
     of this Section 2.4 with respect to such Person. Itau shall have six (6)
     months from the Effective Date to come into compliance with this Section
     2.4 with respect to any Voting Control or Equity Interests held as of the
     Effective Date. Any such noncompliance during such six (6) month periods
     shall not be a breach of this Section 2.4.

2.5  Acquisitions. In the event Itau acquires an entity that has entered an
     ------------
     agreement, contract or other arrangement ("Competing Arrangement")
     inconsistent with Itau's obligations under Section 2.3, Itau promptly shall
     meet with AOLB to discuss such Competing Arrangement and agree upon means
     to minimize the effects of such Competing Arrangement on Itau's ability to
     fulfill the intent and spirit of this Agreement, and unless the Parties
     agree otherwise, Itau shall: (a) not renew or extend such Competing
     Arrangement, or agree to enlarge its scope; (b) terminate such Competing
     Arrangement at the earliest date Itau can do so without a penalty; (c)
     cease and desist from any activities in connection with such Competing
     Arrangement that are inconsistent with Section 2.3 and not required by such
     Competing Arrangement; and (d) to the maximum extent possible under such
     Competing Arrangement, use commercially reasonable efforts to bring such
     entity's operations into compliance with Section 2.3, such as by migrating
     Itau Customers from the ISP Product that is the subject of such

                                      -30-
<PAGE>

          Competing Arrangement to an AOLB/Itau Co-Branded version of such ISP
          Product at the earliest possible date given such Competing
          Arrangement.

3.   LICENSE
     -------

     3.1  License to AOLB. During the Term, Itau hereby grants AOLB and its
          ---------------
          Affiliates a worldwide, nonexclusive, nonassignable license (a) to
          use, reproduce, display, adapt, store, perform, distribute, transmit
          the Itau Online Area and the Licensed Content (or any portion thereof)
          through the AOLB Network or the Co-Branded Service as appropriate
          solely in connection with this Agreement, (b) to link to the Itau
          Interactive Sites and other Linked Interactive Sites (or any portion
          thereof) as appropriate solely in connection with this Agreement and,
          (c) to the extent necessary or appropriate for the delivery of the
          Itau Interactive Site and Linked Interactive Sites to AOLB/Itau
          Subscribers, to reproduce, display, adapt, store, perform, distribute
          and transmit the Itau Interactive Sites and Linked Interactive Sites
          (or any portion thereof) in the ordinary course of operation of the
          AOLB Network or the Co-Branded Service.

     3.2  AOLB Tools. AOLA and AOLB hereby grant Itau a non-exclusive, non-
          ----------
          assignable, royalty-free license during the Term to use publishing
          tools, (which are then generally made available by AOLB to its
          interactive content providers,) solely in connection with this
          Agreement. Itau recognizes that (i) AOLB provides all such publishing
          tools on an "as is" basis, without warranties of any kind, and (ii)
          AOLB may withdraw or modify its publishing tools at any time,
          provided, however, that, in the event Itau requires alternative
          proprietary AOLB tools to perform its obligations under this
          Agreement, AOLB shall make such alternative tools available on a
          royalty-free basis.

     3.3  License to Itau. In the event AOLB and Itau agree to include links
          ---------------
          from the Itau Interactive Sites to publicly available pages within the
          AOLB Network, AOLB hereby grants to Itau the right to link to such
          pages (or any portion thereof) as appropriate solely in connection
          with this Agreement.

     3.4  Duty to Inform. Each Party shall use commercially reasonable efforts
          --------------
          to promptly inform the other of any information related to the Itau
          Online Area, the Linked Interactive Sites, the Co-Branded Service or
          this Agreement that it becomes aware has led or is reasonably likely
          to lead to a claim, demand or liability of or against another Party
          and/or its respective Affiliates by any third party.


4.   MANAGEMENT
     ----------

     4.1  Management Committee. A "Management Committee," comprised of
          --------------------
          representatives of AOLB and Itau shall meet on a quarterly basis
          during the Term to review the commercial relationship under this
          Agreement between the Parties, including without limitation to: (i)
          discuss the findings of the Marketing Committee and the Technical
          Committee and any issues raised by such Committees, (ii) discuss
          opportunities and future cooperation on projects; (iii) discuss
          opportunities to co-market to potential special projects; and

                                      -31-
<PAGE>

          (iv) discuss different plans and packages of free hours that Itau
          will offer to Itau Customers.

     4.2  Management of Itau Online Area. Itau shall review, delete, edit,
          ------------------------------
          create, update and otherwise manage the Licensed Content and all
          Content available on or through (a) the Linked Interactive Sites that
          are Itau Interactive Sites or (b) those portions of the Itau Online
          Area programmed by Itau. To the extent Itau programs any portion of
          the Itau Online Area, such portion shall be programmed in accordance
          with the terms of this Agreement and any reasonable generally
          applicable guidelines and service standards for interactive content
          providers published by AOLA or AOLB and provided to Itau or made
          available on the Co-Branded Service except to the extent such
          guidelines or standards conflict with the provisions of this Agreement
          or otherwise materially adversely affect Itau's rights hereunder. Itau
          shall use commercially reasonable efforts to ensure that Content
          included within the Linked Interactive Sites that are Itau Interactive
          Sites and the Itau Online Area (on the areas that Itau programs
          therein) is reasonably current, accurate and well-organized. Neither
          AOLA nor AOLB shall have any obligations with respect to the Licensed
          Content available on or through the Itau Online Area and any Linked
          Interactive Sites, including, but not limited to, any duty to review
          or monitor any such Content. AOLB shall have the right to remove or
          deactivate any links to the Linked Interactive Sites, and to remove
          (or direct Itau to remove) any Content from the Itau Online Area,
          which, as reasonably determined by AOLB: (i) violates the Terms of
          Service, (ii) violates the AOLB Privacy Policies, or (iii) violates
          any applicable law, rule or regulation; provided that AOLB shall use
          commercially reasonable efforts to notify Itau in advance of such
          deactivation or removal, except in circumstances which by their nature
          require more immediate action.

     4.3  Editorial Control of Content and Services. Except as expressly
          -----------------------------------------
          provided otherwise in this Agreement: (a) AOLB will have complete
          editorial and commercial control of the Co-Branded Service (except
          with respect to those areas of the Itau Online Area programmed by
          Itau, the Linked Interactive Sites and the Covered Pages) and the AOLB
          Service, and (b) Itau will have complete editorial and commercial
          control of the Itau Interactive Sites, and the portions of the Itau
          Online Area programmed by Itau. Itau will have the exclusive use of
          the Keyword "Itau" throughout the Co-Branded Service and AOLB Service
          which will link to the Itau Online Area or a page of an Itau
          Interactive Site (or, if mutually agreed by AOLB and Itau, another
          location) provided that such linked to page does not include any
          promotions for an Access Provider. Itau acknowledges that its
          utilization of a Keyword will not create in it, nor will it represent
          it has, any right, title or interest in or to such Keyword, other than
          the right, title and interest Itau holds in Itau's trademarks
          independent of the Keyword.

     4.4  Overhead Accounts. Itau shall be granted a reasonable number of
          -----------------
          "overhead accounts" for the Co-Branded Service for the exclusive
          purpose of enabling it and its agents to facilitate the cooperation
          between the Parties. An overhead account is an account for access to
          the Co-Branded Service made available to Itau by AOLB on a free basis
          subject to the provisions of and for the purposes set forth in this
          Section 4.4. Itau shall be responsible for the actions taken under or
          through its overhead accounts, which actions are subject to the Terms
          of Service

                                      -32-
<PAGE>

          and shall pay for any surcharges, including, without limitation,
          premium charges, transaction charges and applicable communication
          surcharges, incurred by any overhead account issued to Itau, but Itau
          shall not be liable for charges incurred by any overhead account
          relating to AOLB's standard subscription and usage charges. Upon the
          termination of this Agreement, all overhead accounts, related screen
          names and any associated usage credits or similar rights shall
          automatically terminate. Neither AOLA nor AOLB shall have any
          liability for loss of any data or Content related to any overhead
          account or its proper termination. Individuals using the Co-Branded
          Service through an overhead account shall not be counted as Verified
          Members for purposes of this Agreement.

5.   PRODUCTION, TRAINING AND SUPPORT
     --------------------------------

     5.1  Production Work. In the event that Itau requests AOLB's
          ---------------
          production assistance in connection with: (a) maintenance of the Itau
          Online Area once AOLB has provided to Itau the tools necessary to
          perform such maintenance; (b) a major redesign of or addition to the
          features or functionality of the Itau Online Area (e.g., a change to
                                                             - -
          an existing screen format or construction of a new custom form); (c)
          development work requested by Itau or; (d) construction and
          maintenance of an advertising, sponsorship or promotional area or
          online "store," other than as contemplated herein, Itau shall work
          with AOLB to develop detailed written specifications for the requested
          production assistance (the "Specs"). Following receipt of the final
          Specs, AOLB shall notify Itau of: (i) AOLB's availability to perform
          the requested production work; (ii) the proposed fee or fee structure
          based on AOLB's reasonable, actual direct cost, if any, for the
          requested production and maintenance work; and (iii) the estimated
          schedule for such development work. To the extent the Parties reach
          agreement regarding implementation of agreed-upon Specs, such
          agreement shall be reflected in a separate work order signed by the
          Parties.

     5.2  Training and Support Programs. Itau may register for standard training
          -----------------------------
          programs that AOLB offers regarding design, development and management
          of Itau Online Areas, including, without limitation, training programs
          regarding AOLB's chat management and publishing tools programs. Itau
          shall be responsible for paying travel and lodging costs associated
          with its participation in any AOLB training programs.


6.   PROMOTIONAL MATERIALS; TRADEMARKS
     ---------------------------------

     6.1  Promotional Materials/Press Releases. Itau on the one hand and the
          ------------------------------------
          AOLB Parties on the other, shall upon the reasonable request of such
          other Party, submit for such other Party's prior written approval,
          which shall not be unreasonably withheld or delayed, any marketing,
          advertising, press releases or other promotional materials related to
          the Co-Branded Service, the Itau Online Area, and/or referencing such
          other Party and/or its trade names, trademarks and service marks (the
          "Promotional Materials"); provided, however, that any Party's factual
          reference to the existence of a business relationship among the
          Parties shall not require the approval of any other Party. Once
          approved, the

                                      -33-
<PAGE>

          Promotional Materials may be used by a Party and its Affiliates for
          the purpose of promoting the Itau Online Area and the Content
          contained therein and the Co-Branded Services in accordance with this
          Agreement and reused for such purposes until such approval is
          withdrawn with reasonable prior notice. In the event such approval is
          withdrawn, existing inventories of Promotional Materials may be
          depleted unless such materials are inconsistent with the terms of this
          Agreement.

     6.2  Trademark License. In designing and implementing the Promotional
          -----------------
          Materials and subject to the other provisions contained herein, Itau
          shall be entitled to use the AOLB Marks; and AOLA, AOLB and their
          respective Affiliates shall be entitled to use the Itau Marks;
          provided that such Party or Affiliate: (i) does not create a unitary
          composite mark involving a Mark of the other Party without the prior
          written approval of such other Party and (ii) displays symbols and
          notices clearly and sufficiently indicating the trademark status and
          ownership of the other Party's Marks in accordance with applicable
          trademark law and practice. Each Party may at any time add additional
          trade names, trademarks and/or service marks to its Marks, and to the
          extent the Parties agree to Co-Brand or jointly offer any additional
          product or service the trade names, trademarks and/or service marks of
          each Party used to identify such product or service shall be deemed to
          be added to its Marks for purposes of this Agreement.

     6.3  Rights.  Each Party acknowledges that its utilization of another
          ------
          Party's Marks will not create in it, nor will it represent it has, any
          right, title or interest in or to such Marks other than the licenses
          expressly granted herein. Each Party agrees not to do anything
          contesting or interfering with the trademark rights of another Party.

     6.4  Quality Standards. Each Party agrees that the nature and quality of
          -----------------
          its products and services supplied in connection with another Party's
          Marks shall conform to reasonable quality standards communicated in
          writing by such other Party for use of its trademarks. Each Party
          agrees to supply such other Party, upon request, with a reasonable
          number of samples of any Promotional Materials publicly disseminated
          by such Party which utilize such other Party's Marks. Each Party shall
          comply with all applicable laws, rules and regulations and obtain any
          required government approvals or enter into any required registered
          user agreements pertaining to use of another Party's Marks.

     6.5  Infringement Proceedings. Each Party agrees to promptly notify each
          ------------------------
          other Party of any unauthorized use of such other Party's Marks of
          which it has actual knowledge. Each Party shall have the sole right
          and discretion to bring proceedings alleging infringement of its Marks
          or unfair competition related thereto; provided, however, that each
          Party agrees to provide the other Parties, at such other Parties'
          expense, with its reasonable cooperation and assistance with respect
          to any such infringement proceedings to the extent such proceedings
          arise out or of relate to this Agreement.

7.   AOLA/AOLB EXClUSIVITY
     ---------------------

     7.1  In General. Each of AOLA and AOLB (and, for the purposes of this
          ----------
          Article 7, Sections 2.3.2, 2.3.3 and 2.3.5 all references to AOLA and
          AOLB shall be

                                      -34-
<PAGE>

          deemed to include any Affiliates which they directly or indirectly
          control or, in the case of AOLB only, are under common control with,
          but not in any circumstances America Online, Inc.), hereby agrees that
          within the Territory: (a) it shall not Co-Brand an ISP Product with a
          Financial Institution or create any new or special brand for an ISP
          Product for a Financial Institution; (b) it shall not customize an ISP
          Product for a Financial Institution in substantially the same manner
          as all of the customizations performed hereunder; (c) it shall not
          offer an ISP Product identified by a special brand designed primarily
          for use by one or more Financial Institutions for the provision of
          Financial Services (e.g., "Banknet"); (d) it shall not enter into an
                              - -
          agreement with a Financial Institution for the acquisition of
          subscribers to the AOLB Service pursuant to which it offers such
          Financial Institution's customers discounted or free hours for more
          than twelve (12) months, except with respect to an ISP Product for
          which no hourly usage fee is charged; (e) during the period commencing
          on the Launch Date and continuing for six (6) months after the Launch
          Date, it shall not enter any agreements with Financial Institutions
          for the acquisition of such Financial Institution's customers as
          subscribers to the AOLB Service; (f) if either AOLA or AOLB enters
          into an agreement with a Financial Institution to develop, operate
          and/or take and Equity Interest in an Independent Financial Services
          Portal as permitted under Section 12.4.3, it shall not target any
          Advertisements for such Independent Financial Services Portal to Itau
          Customers or AOLB/Itau Subscribers; and (g) except with respect to an
          ISP Product for which no hourly usage fee is charged, it may not enter
          into an agreement or series of agreements for the acquisition of
          subscribers to the AOLB Service permitted under (d) above with the
          same Person or pursuant to which a promotion involving free or
          discounted hours is offered to such third party's subscribers in the
          Territory on a more frequent basis than as set forth in the following
          schedule:

<TABLE>
<CAPTION>
          ---------------------------------------------------------------------
           Number Of Months That A Free        Time That Must Lapse Before
            Hours or Discounted Hours          AOLB May Offer Same Party
            Promotion Is Offered In The       Another Promotion Involving Free
                     Territory                   Time On The AOLB Service
                                                    ("Waiting Period")
          ---------------------------------------------------------------------
          <S>                                 <C>
                       1 month                          3 months
          ---------------------------------------------------------------------
                       2 months                         3 months
          ---------------------------------------------------------------------
                       3 months                         4 months
          ---------------------------------------------------------------------
                       4 months                         5 months
          ---------------------------------------------------------------------
                       5 months                         6 months
          ---------------------------------------------------------------------
                    or more months                  The same number of
                                                    months after the duration
                                                    of the free offer.
          ---------------------------------------------------------------------
</TABLE>

          AOLB shall use commercially reasonable efforts to prevent subscribers
          who have received free hours on the AOLB Service from signing up for
          another offer (other than a Free Internet Access Service) providing
          additional free hours on the AOLB Service within six months
          thereafter. Notwithstanding anything contained herein, this Article 7
          and Sections 2.3.2 and 2.3.3 apply only to products and services
          intended primarily for individuals and shall not limit

                                      -35-
<PAGE>

          AOLA's or AOLB's rights with respect to products and services for
          conducting business-to-business transactions not involving individual
          consumers. Notwithstanding this Section 7.1, AOLB shall be permitted
          to use marketing and promotional materials (including CD-ROMs) which
          include the trademarks, tradenames, brand names, service marks or
          logos of AOLB Parties and Financial Institutions in conjunction with
          promotions permitted under (d) and (g) above at any time after the
          first six (6) months after the Launch Date, provided, however, that
                                                      --------  -------
          (i) such promotions must be directly targeted to the Financial
          Institution's customers; (ii) AOLB shall not advertise or market such
          offering in off-line mass media not directly targeted to such
          Financial Institutions' customers (e.g., on television, on the radio,
                                             - -
          in newspapers, or in magazines); and (iii) AOLB shall be permitted to
          advertise and market such promotion online, through in-store
          promotions in the branches of such Financial Institutions, on the
          packaging of the products themselves (e.g., via stickers on the
                                                - -
          packaging of the CD-ROM kit with the brand of the Financial
          Institution) and in any other media directly targeted to such
          Financial Institution's customers. In the event AOLB conducts a
          promotion in the Territory pursuant to (d) or (g) above at any time
          after the first six (6) months after the Launch Date, AOLB shall have
          the right to continue to deplete any reasonable inventories of such
          marketing and promotional materials (including CD-ROMs) after the
          expiration of the twelve (12) month period, for a reasonable time
          period after the expiration of the promotion, not to exceed two (2)
          months, provided, however, that: (i) such inventories may not exceed
          ten percent (10%) of the total inventory used in conjunction with such
          promotion; (ii) neither AOLA nor AOLB may produce any more CD-ROMs
          after the expiration of the twelve month period and (iii) the Waiting
          Period with respect such Person shall be extended by 1.5 months for
          each month after the permitted twelve (12) month period that such
          promotion continues. The period during which AOLB is depleting such
          inventories by distributing them in the marketplace as permitted
          hereunder shall be considered part of the time period for the
          promotion. AOLA's and AOLB's offering, branding, Co-Branding,
          customizing, marketing and promotion of Non-ISP Products with
          Financial Institutions shall be addressed on a product-by-product
          basis as provided in Section 12.1. Nothing in this Section 7.1 or
          Section 2.3, shall restrict AOLA or AOLB's ability to offer, brand,
          Co-Brand, customize, market or promote Non-ISP Products with any
          Person, including a Financial Institution, and including by
          mentioning the brand name of such Financial Institution (e.g. a
                                                                   - -
          Co-Branded


          Affinity Card, wallet technology), however (i) any such activities
          regarding ISP Products with such Financial Institutions shall be fully
          subject to this Section 7.1 and Section 2.3 and (ii) neither AOLA nor
          AOLB may combine a Non-ISP Product offering with a Financial
          Institution permitted pursuant to Section 12.1 with another Non-ISP
          Product offering of a Financial Institution for which AOLA or AOLB did
          not approach Itau as required in Section 12.1. Features and
          functionality offered as part of the AOLB Network shall be deemed to
          be Non-ISP Products unless and until such feature or functionality
          itself provides access to the Internet. AOLA and AOLB's ability to
          execute an agreement with a Financial Institution for the financing of
          a general purpose device that is capable of connecting to the Internet
          (e.g. a PC financing deal) shall be addressed in accordance with
          Article 12. After complying with the provisions of Article 12, AOLA
          and/or AOLB may execute an agreement with such Financial Institution
          in accordance with the following terms: (i) any of AOLB's software
          installed on such device shall be limited to a version of its client
          software not customized for the Financial Institution; (ii) such offer
          shall be targeted to the general marketplace and not to the customers
          of such Financial Institution; (iii) no free hours may be directly
          targeted to such Financial Institution's customers; and (iv) the brand
          name or logo of the Financial Institution shall be incorporated in any
          Advertisements or other promotions for such offer in a less prominent
          manner than the brand name or logo of AOLA and AOLB.

                                      -36-
<PAGE>

     7.2  Restrictions on Equity Investments. During the Term, neither AOLA nor
          ----------------------------------
          AOLB shall acquire Voting Control of, or a twenty percent (20%) or
          more Equity Interest in any Financial Institution operating in the
          Territory (a "Brazilian Financial Institution"). The foregoing
          sentence shall not preclude AOLA or AOLB from acquiring Voting Control
          of or more than a twenty percent (20%) Equity Interest in a Portal
          Entity unless and until such Portal Entity or such Independent
          Financial Services Portal is or becomes a Brazilian Financial
          Institution, in which case AOLA and AOLB shall be required to come
          into compliance with the provisions of this Section 7.2 within six (6)
          months after such Portal Entity or Independent Financial Services
          Portal receives a license as a Financial Institution in the Territory
          from the Brazilian Central Bank, SUSEP or CVM, as the case may be.
          This Section 7.2 shall not preclude AOLA or AOLB from acquiring Voting
          Control of or any level of Equity Interest in any Person that owns or
          controls a Brazilian Financial Institution (e.g., a regional bank
          holding company) so long
                                 - -
          as the assets of the Brazilian Financial Institution do not comprise
          more than twenty percent (20%) of the assets of such Person. In the
          event AOLA or AOLB has or acquires Voting Control or Equity Interests
          in any entity that owns or controls a Brazilian Financial Institution
          in violation of this Section 7.2 or otherwise ends up in violation of
          this Section as a result of a recapitalization, stock repurchase,
          reverse stock split or other similar transactions not within the
          control of AOLA or AOLB, AOLA and AOLB shall have six (6) months from
          such date to come into compliance with the provisions of this Section
          7.2 with respect to such Person. AOLA and AOLB shall have six (6)
          months from the Effective Date to come into compliance with this
          Section 7.2 with respect to any Voting Control or Equity Interests
          held as of the Effective Date. Any such noncompliance during such six
          (6) month periods shall not be a breach of this Section 7.2.

     7.3  Competing Arrangements. In the event AOLA or AOLB acquires an entity
          ----------------------
          that has entered Competing Arrangement inconsistent with its
          obligations under this Article 7 or Section 2.3.2 or 2.3.3, AOLA or
          AOLB, as the case may be, promptly shall meet with Itau to discuss
          such Competing Arrangement and agree upon means to minimize the
          effects of such Competing Arrangement on AOLA's or AOLB's ability to
          fulfill the intent and spirit of this Agreement, and unless the
          Parties agree otherwise, AOLA or AOLB, as the case may be, shall (a)
          not renew or extend such Competing Arrangement, or agree to enlarge
          its scope; (b) terminate such Competing Arrangement at the earliest
          date AOLA or AOLB can do so without a penalty; (c) cease and desist
          from any activities in connection with such Competing Arrangement that
          are inconsistent with this Article 7 or Section 2.3.2 or 2.3.3 and not
          required by such Competing Arrangement; and (d) to the maximum extent
          possible under such Competing Arrangement, use commercially reasonable
          efforts to bring such entity's operations into compliance with this
          Article 7 and Section 2.3.2 or 2.3.3, such as by migrating users from
          the ISP Product that is the subject of such Competing Arrangement to
          an AOLB/Itau Co-Branded version of such ISP Product at the earliest
          possible date given such Competing Arrangement.

8.   VERIFIED MEMBERS AND REVENUES.
     -----------------------------

     8.1  Verified Member Reference Numbers.
          ---------------------------------

          For purposes of this Agreement, the following shall constitute the
          "Verified

                                      -37-
<PAGE>

          Member Reference Numbers":

          ----------------------------------------------------------------------
            Anniversary Date            Verified Member Reference Numbers
          ----------------------------------------------------------------------

          First Anniversary Date      250,000 Verified Members
          ----------------------------------------------------------------------
          Second Anniversary Date     500,000 Verified Members
          ----------------------------------------------------------------------
          Third Anniversary Date      Weighted Revenue Percentage of 39%
          ----------------------------------------------------------------------
          Fourth Anniversary Date     2,000,000 Verified Members and Weighted
                                      Revenue Percentage of 46%
          ----------------------------------------------------------------------
          Fifth Anniversary Date      Weighted Revenue Percentage of 56%
          ----------------------------------------------------------------------

     8.2  Reimbursement for Failure to Achieve Verified Member Reference
          --------------------------------------------------------------
          Numbers.
          -------

          8.2.1  In General. The Parties acknowledge that the totality of their
                 ----------
                 rights and obligations under the Related Agreements, including
                 the number of Shares issued to Itau on the Effective Date, were
                 determined based on acquiring a certain amount of subscribers
                 and revenue, and that the failure to achieve those amounts
                 would, unless rectified, result in AOLA and AOLB receiving less
                 value from the Related Agreements than contemplated by the
                 Parties. Accordingly, in the event of such a failure, AOLA
                 shall be entitled to receive from Itau Reference Payments as
                 provided in this Article 8 and elsewhere in this Agreement.

          8.2.2  Reference Payments.
                 ------------------

                 (a)  For purposes of this Agreement, there shall be computed a
                      "Reference Payment" as of each of the first five (5)
                      Anniversary Dates. The amount of any Reference Payment as
                      of a particular Anniversary Date shall be: (i) the Payment
                      Amount multiplied by the Minimum Aggregate Percentage set
                      forth below for such Anniversary Date, less (ii) the sum
                      of (x) the aggregate percentages earned pursuant to the
                      Earned Percentage Schedule set forth in Exhibit I on or
                      prior to such Anniversary Date multiplied by the Payment
                      Amount, plus (y) all Reference Payments previously made.

                 (b)  The Minimum Aggregate Percentage for any Anniversary Date
                      shall be:

                      -----------------------------------------------
                         Anniversary Date         Minimum Aggregate
                                                       Percentage
                      -----------------------------------------------
                       First Anniversary Date              2%
                      -----------------------------------------------
                       Second Anniversary Date             6%
                      -----------------------------------------------
                       Third Anniversary Date              8%
                      -----------------------------------------------
                       Fourth Anniversary Date            11%
                      -----------------------------------------------

                                      -38-
<PAGE>

                      -----------------------------------------------
                       Fifth Anniversary Date           12%
                      -----------------------------------------------

     8.2.3  Initial Computation of Reference Payment.
            -------------------------------------------

            (a)  Within thirty (30) days after each of the first five (5)
                 Anniversary Dates, AOLA and AOLB shall compute the Reference
                 Payment in accordance with this Section 8.2, and shall send
                 written notice (a "Notice of Reference Payment") to Itau by
                 facsimile setting forth such computation. If the computed
                 Reference Payment as of a particular Anniversary Date is
                 greater than zero, Itau shall pay the amount of such Reference
                 Payment in cash to AOLA or AOLB (as designated by AOLA in its
                 sole discretion) in accordance with the terms of this Section
                 8.2.3. If the Reference Payment as of a particular Anniversary
                 Date is less than or equal to zero, Itau shall have no
                 obligation to pay such Reference Payment to AOLA or AOLB as of
                 such Anniversary Date.

            (b)  If the Notice of Reference Payment states that no Reference
                 Payment is due from Itau, then AOLA, AOLB and Itau shall
                 jointly execute and deliver to the Escrow Agent a Note Release
                 Certificate (as defined in the Escrow Agreement) instructing
                 the Escrow Agent to release to Itau the Reference Payment Notes
                 (as defined in the Escrow Agreement) applicable to such
                 Anniversary Date.

            (c)  If the Notice of Reference Payment states that a Reference
                 Payment is due from Itau, then, unless Itau shall dispute the
                 Reference Payment in accordance with Section 8.2.4, Itau shall
                 pay the Reference Payment to AOLA or AOLB (as designated by
                 AOLA in its discretion) in cash no later than the date that is
                 ten (10) Business Days after receipt by Itau of such Notice of
                 Reference Payment. Upon such payment, AOLA, AOLB and Itau shall
                 jointly execute and deliver to the Escrow Agent a Note Release
                 Certificate instructing the Escrow Agent to release to Itau the
                 Reference Payment Notes applicable to such Anniversary Date.

     8.2.4  Disputes Regarding Reference Payment.
            ------------------------------------

            (a)  If Itau receives a Notice of Reference Payment stating that a
                 Reference Payment is due, and it either disputes the amount of
                 the Reference Payment or fails to pay the full amount of such
                 Reference Payment in cash to AOLA or AOLB (as designated by
                 AOLA in its sole discretion) within ten (10) Business Days of
                 the receipt by Itau of such Notice of Reference Payment, then:

                 (1)  In the case where Itau disputes the amount of the
                      Reference Payment, Itau shall, within ten (10) days of
                      receipt of such Notice of Reference Payment, deliver
                      written notification to AOLA, AOLB and the Auditor

                                      -39-
<PAGE>

                      selected in accordance with Section 8.2.6 that a dispute
                      exists with respect to such Reference Payment; or

                 (2)  In the case where Itau fails to pay the full amount of
                      such Reference Payment in cash to AOLA or AOLB within ten
                      (10) Business Days of the receipt of a Notice of Reference
                      Payments, AOLA and AOLB shall deliver written notification
                      to Itau and the Auditor selected in accordance with
                      Section 8.2.6 that a dispute exists with respect to such
                      Reference Payment.

            (b)  Upon receipt of a notice stating that a dispute exists, the
                 Auditor shall immediately commence an Audit in accordance with
                 this Section 8.2 with respect to the Reference Payment in
                 dispute. The Audit shall be completed no later than thirty (30)
                 days after receipt of such notice by the Auditor.

            (c)  At the conclusion of the Audit, the Auditor shall prepare,
                 complete and sign two (2) original Audit Certificates
                 (Reference Payments) in the form attached to the Escrow
                 Agreement. The amount of the Reference Payment set forth in the
                 Audit Certificate (Reference Payments) shall be the amount
                 computed by the Auditor pursuant to the Audit. The Auditor
                 shall immediately deliver one of such Audit Certificates
                 (Reference Payments) to AOLA and AOLB and one to Itau,
                 provided, however, that:

                 (1)  If the Auditor is unable to complete the Audit because of
                      the failure of AOLA and AOLB to provide information
                      sufficient to enable the Auditor to compute the applicable
                      Reference Payment, the Auditor shall not issue an Audit
                      Certificate (Reference Payments) until such time as AOLA
                      and AOLB shall provide such information; or

                 (2)  If the Auditor is unable to complete the Audit because of
                      the failure of Itau to provide information sufficient to
                      enable the Auditor to compute the applicable Reference
                      Payment, the amount of such Reference Payment shall be
                      deemed to be the amount claimed by AOLA and AOLB in the
                      Notice of Reference Payment. The Auditor shall prepare,
                      complete and sign two (2) original Audit Certificates
                      (Reference Payments) in the form attached to the Escrow
                      Agreement. The amount of the computed Reference Payment in
                      such Audit Certificates (Reference Payments) shall be
                      equal to the amount claimed by AOLA and AOLB in the Notice
                      of Reference Payment. The Auditor shall immediately
                      deliver one of such Audit Certificates (Reference
                      Payments) to AOLA and AOLB and one to Itau. AOLA and AOLB
                      shall be entitled to deliver such Audit Certificate
                      (Reference

                                      -40-
<PAGE>

                              Payments) to the Escrow Agent for the purpose of
                              releasing the Reference Payment Notes from escrow
                              in accordance with the terms of the Escrow
                              Agreement.

                    (d)  In the case of an Audit Certificate (Reference
                         Payments) that computes a Reference Payment as of the
                         first Anniversary Date or as of the second Anniversary
                         Date:

                         (1)  If such Audit Certificate (Reference Payments)
                              states that the Reference Payment is less than the
                              amount set forth in the Notice of Reference
                              Payment, then, within ten (10) days of receipt of
                              such Audit Certificate (Reference Payments), AOLA
                              and AOLB shall determine whether to seek
                              Methodology Arbitration in accordance with Section
                              8.2.5 hereof.

                              (A)  If AOLA and AOLB do not seek Methodology
                                   Arbitration within ten (10) days of receipt
                                   of such Audit Certificate (Reference
                                   Payments), and such Audit Certificate
                                   (Reference Payments) states that the
                                   Reference Payment is less than or equal to
                                   zero, then AOLA, AOLB and Itau shall jointly
                                   execute and deliver to the Escrow Agent a
                                   Note Release Certificate instructing the
                                   Escrow Agent to release to Itau the Reference
                                   Payment Notes applicable to such Anniversary
                                   Date.

                              (B)  If AOLA and AOLB seek Methodology Arbitration
                                   within ten (10) days of receipt of such Audit
                                   Certificate (Reference Payments), then, upon
                                   receipt of the decision of the arbitrator,
                                   the Auditor shall re-issue an Audit
                                   Certificate (Reference Payments) in
                                   accordance with the arbitrator's decision as
                                   provided in Section 8.2.5 and shall deliver
                                   an original of such re-issued Audit
                                   Certificate (Reference Payments) to AOLA,
                                   AOLB and Itau.

                              (C)  If the re-issued Audit Certificate (Reference
                                   Payments) states that the Reference Payment
                                   is less than or equal to zero, then AOLA,
                                   AOLB and Itau shall jointly execute and
                                   deliver to the Escrow Agent a Note Release
                                   Certificate instructing the Escrow Agent to
                                   release to Itau the Reference Payment Notes
                                   applicable to such Anniversary Date.

                              (D)  If the re-issued Audit Certificate (Reference
                                   Payments) states that the Reference Payment
                                   is greater than zero, then Itau shall pay the

                                      -41-
<PAGE>

                                   Reference Payment to AOLA or AOLB (as
                                   designated by AOLA in its sole discretion) in
                                   cash no later than the date that is ten (10)
                                   Business Days after receipt by Itau of such
                                   re-issued Audit Certificate (Reference
                                   Payments). Upon such payment, AOLA, AOLB and
                                   Itau shall jointly execute and deliver to the
                                   Escrow Agent a Note Release Certificate
                                   instructing the Escrow Agent to release to
                                   Itau the Reference Payment Notes applicable
                                   to such Anniversary Date. If Itau fails to
                                   make such payment to AOLA or AOLB (as
                                   designated by AOLA in its sole discretion),
                                   AOLA and AOLB shall be entitled to deliver
                                   the re-issued Audit Certificate (Reference
                                   Payments) to the Escrow Agent for the purpose
                                   of releasing the applicable Reference Payment
                                   Notes from escrow in accordance with the
                                   terms of the Escrow Agreement.

                         (2)  If such Audit Certificate (Reference Payments)
                              states that the Reference Payment is greater than
                              zero, then, within ten (10) days of receipt of
                              such Audit Certificate (Reference Payments), Itau
                              shall determine whether to seek Methodology
                              Arbitration in accordance with Section 8.2.5
                              hereof; provided, however, Itau shall not be
                              entitled to seek Methodology Arbitration if such
                              Audit Certificate (Reference Payments) was issued
                              pursuant to Section 8.2.4(c)(2) hereof on account
                              of the failure of Itau to provide information
                              sufficient to enable the Auditor to compute the
                              applicable Reference Payment.

                              (A)  If Itau does not seek Methodology Arbitration
                                   within ten (10) days of receipt of such Audit
                                   Certificate (Reference Payments), then Itau
                                   shall pay the Reference Payment to AOLA or
                                   AOLB (as designated by AOLA in its sole
                                   discretion) in cash no later than the date
                                   that is ten (10) Business Days after receipt
                                   by Itau of such Audit Certificate (Reference
                                   Payments). Upon such payment, AOLA, AOLB and
                                   Itau shall jointly execute and deliver to the
                                   Escrow Agent a Note Release Certificate
                                   instructing the Escrow Agent to release to
                                   Itau the Reference Payment Notes applicable
                                   to such Anniversary Date. If Itau fails to
                                   make such payment to AOLA or AOLB, in AOLA's
                                   discretion, AOLA and AOLB shall be entitled
                                   to deliver the Audit Certificate (Reference
                                   Payments) to the Escrow Agent for the purpose
                                   of releasing the applicable

                                      -42-
<PAGE>

                                   Reference Payment Notes from escrow in
                                   accordance with the terms of the Escrow
                                   Agreement.

                              (B)  If Itau seeks Methodology Arbitration within
                                   ten (10) days of receipt of such Audit
                                   Certificate (Reference Payments), then, upon
                                   receipt of the decision of the arbitrator,
                                   the Auditor shall re-issue an Audit
                                   Certificate (Reference Payments) in
                                   accordance with the arbitrator's decision as
                                   provided in Section 8.2.5 and shall deliver
                                   an original of such re-issued Audit
                                   Certificate (Reference Payments) to AOLA,
                                   AOLB and Itau.

                              (C)  If the re-issued Audit Certificate (Reference
                                   Payments) states that the Reference Payment
                                   is less than or equal to zero, then AOLA,
                                   AOLB and Itau shall jointly execute and
                                   deliver to the Escrow Agent a Note Release
                                   Certificate instructing the Escrow Agent to
                                   release to Itau the Reference Payment Notes
                                   applicable to such Anniversary Date.

                              (D)  If the re-issued Audit Certificate (Reference
                                   Payments) states that the Reference Payment
                                   is greater than zero, then Itau shall pay the
                                   Reference Payment to AOLA or AOLB (as
                                   designated by AOLA in its sole discretion) in
                                   cash no later than the date that is ten (10)
                                   Business Days after receipt by Itau of such
                                   re-issued Audit Certificate (Reference
                                   Payments). Upon such payment, AOLA, AOLB and
                                   Itau shall jointly execute and deliver to the
                                   Escrow Agent a Note Release Certificate
                                   instructing the Escrow Agent to release to
                                   Itau the Reference Payment Notes applicable
                                   to such Anniversary Date. If Itau fails to
                                   make such payment to AOLA or AOLB (as
                                   designated by AOLA in its sole discretion),
                                   AOLA and AOLB shall be entitled to deliver
                                   the re-issued Audit Certificate (Reference
                                   Payments) to the Escrow Agent for the purpose
                                   of releasing the applicable Reference Payment
                                   Notes from escrow in accordance with the
                                   terms of the Escrow Agreement.

                    (e)  In the case of an Audit Certificate (Reference
                         Payments) that computes a Reference Payment after the
                         second Anniversary Date:

                                      -43-
<PAGE>

                         (1)  If such Audit Certificate (Reference Payments)
                              states that the Reference Payment is less than or
                              equal to zero, then AOLA, AOLB and Itau shall
                              jointly execute and deliver to the Escrow Agent a
                              Note Release Certificate instructing the Escrow
                              Agent to release to Itau the Reference Payment
                              Notes applicable to such Anniversary Date.

                         (2)  If such Audit Certificate (Reference Payments)
                              states that the Reference Payment is greater than
                              zero, then Itau shall pay the Reference Payment to
                              AOLA or AOLB (as designated by AOLA in its sole
                              discretion), in cash no later than the date that
                              is ten (10) Business Days after receipt by Itau of
                              such Audit Certificate (Reference Payments). Upon
                              such payment, AOLA, AOLB and Itau shall jointly
                              execute and deliver to the Escrow Agent a Note
                              Release Certificate instructing the Escrow Agent
                              to release to Itau the Reference Payment Notes
                              applicable to such Anniversary Date. If Itau fails
                              to pay such Reference Payment to AOLA or AOLB (as
                              designated by AOLA in its sole discretion), within
                              ten (10) Business Days of the receipt of such
                              Audit Certificate (Reference Payments), then AOLA
                              and AOLB shall be entitled to deliver such Audit
                              Certificate (Reference Payments) to the Escrow
                              Agent for the purpose of releasing a Reference
                              Payment Note from escrow in accordance with the
                              terms of the Escrow Agreement.

             8.2.5  Methodology Arbitration.
                    -----------------------

                    (a)  If the Auditor has issued an Audit Certificate
                         (Reference Payments) with respect to the computation of
                         a Reference Payment as of the first Anniversary Date or
                         as of the second Anniversary Date, and either AOLA,
                         AOLB or Itau disputes such Reference Payment computed
                         by the Auditor, such Party may seek arbitration of such
                         dispute ("Methodology Arbitration"), which arbitration
                         shall be limited solely to a determination by the
                         arbitrator as to whether or not the Auditor has
                         utilized an appropriate methodology in computing the
                         Reference Payment in accordance with this Agreement;
                         provided, however, Itau shall not be entitled to seek
                         --------  -------
                         Methodology Arbitration with respect to an Audit
                         Certificate (Reference Payments) if such Audit
                         Certificate (Reference Payments) states that Itau has
                         failed to provide information sufficient to enable the
                         Auditor to compute the applicable Reference Payment.
                         The arbitrator shall not consider any other issues or
                         claims during such arbitration, including, without
                         limitation, any claims that a Party has breached or
                         violated other provisions of this Agreement, or that a
                         Party has defenses,

                                      -44-
<PAGE>

                         claims, counterclaims, offsets or setoffs under any
                         other provision of this Agreement.

                    (b)  Arbitration pursuant to this Section 8.2.5 shall be
                         Forty-Five Day Arbitration. The arbitrator's decision
                         shall be delivered to AOLA, AOLB, Itau and the Auditor.

                    (c)  Upon receipt of the arbitrator's decision, the Auditor
                         shall re-issue an Audit Certificate (Reference
                         Payments) to AOLA, AOLB and Itau in accordance with the
                         following procedure: (i) if the arbitrator's decision
                         concludes that the Auditor has utilized an appropriate
                         methodology in computing the Reference Payment in
                         accordance with this Agreement, the Auditor shall
                         prepare a new Audit Certificate (Reference Payments)
                         and shall deliver an original of such Audit Certificate
                         (Reference Payments) within three days to each of AOLA,
                         AOLB and Itau; or (ii) if the arbitrator's decision
                         concludes that the Auditor has not utilized an
                         appropriate methodology in computing the Reference
                         Payment in accordance with this Agreement, the Auditor
                         shall re-compute the Reference Payment in accordance
                         with the arbitrator's decision within thirty (30) days
                         of the date of issuance of such decision, and shall
                         deliver an original Audit Certificate (Reference
                         Payments) to each of AOLA, AOLB and Itau.

             8.2.6  Audit.
                    -----

                    (a)  For purposes of this Agreement, AOLA, AOLB and Itau
                         shall mutually agree upon an auditor (the "Auditor") no
                         later than six (6) months prior to each Anniversary
                         Date. In the event that AOLA, AOLB and Itau do not
                         mutually agree upon an Auditor by such date, on or
                         before the date that is five (5) months prior to such
                         Anniversary Date AOLA and AOLB shall, by written notice
                         to Itau, nominate an independent auditing firm to be
                         the Auditor and Itau shall, by written notice to AOLA
                         and AOLB, nominate an independent auditing firm to be
                         the Auditor; provided that, if either AOLA and AOLB, or
                         Itau, shall fail to make such written nomination on or
                         before the date that is five (5) months prior to such
                         Anniversary Date, then the Auditor shall be the firm
                         nominated by the other party. Any firm nominated to be
                         the Auditor shall (i) be one of the so-called "Big-5"
                         accounting firms (or their successors), (ii) shall not
                         have been retained or employed by AOLA, AOLB or Itau
                         during the past year, and (iii) is not at the time of
                         such nomination retained or employed by a competitor of
                         AOLA, AOLB, or Itau; provided, however, a firm that is
                         retained or employed by a competitor of AOLA, AOLB or
                         Itau may be nominated if there are no other firms that
                         satisfy (i) and (ii) of this sentence. If a written
                         nomination is made by AOLA and AOLB, and a written
                         nomination is also made by Itau, both in accordance
                         with this Section 8.2.6(a), the Auditor shall be
                         selected from such

                                      -45-
<PAGE>

                         nominated firms by random drawing within ten (10) days
                         after the date that is five (5) months prior to such
                         Anniversary Date. The selected firm shall be required
                         to execute an agreement acknowledging the terms and
                         provisions of this Agreement and shall agree to conduct
                         all Audits (as defined below) in accordance with the
                         terms and provisions of this Agreement, whereupon such
                         firm shall be appointed the Auditor hereunder, and
                         shall be authorized and obligated to carry out the
                         tasks of the Auditor pursuant to this Agreement.

                    (b)  In the event that the Auditor fails to deliver an Audit
                         Certificate as required by the terms of this Agreement,
                         AOLA, AOLB or Itau, upon written notice to the other
                         parties and to the Auditor, shall have the right to
                         seek to replace such Auditor with a new Auditor. Upon
                         receipt of such a notice, AOLA, AOLB and Itau shall
                         immediately confer and shall mutually agree upon a new
                         Auditor within thirty (30) days of receipt of such
                         notice. In the event that AOLA, AOLB and Itau do not
                         mutually agree upon a new Auditor by such date, within
                         thirty (30) days thereafter AOLA and AOLB shall, by
                         written notice to Itau, nominate an independent
                         auditing firm to be the Auditor and Itau shall, by
                         written notice to AOLA and AOLB, nominate an
                         independent auditing firm to be the Auditor; provided
                         that, if either AOLA and AOLB, or Itau, shall fail to
                         make such written nomination on or before such date,
                         then the Auditor shall be the firm nominated by the
                         other party. Any firm nominated to be the Auditor shall
                         (i) be one of the so-called "Big-5" accounting firms
                         (or their successors), (ii) shall not have been
                         retained or employed by AOLA, AOLB or Itau during the
                         past year, and (iii) is not at the time of such
                         nomination retained or employed by a competitor of
                         AOLA, AOLB, or Itau; provided, however, a firm that is
                         retained or employed by a competitor of AOLA, AOLB or
                         Itau may be nominated if there are no other firms that
                         satisfy (i) and (ii) of this sentence. If a written
                         nomination is made by AOLA and AOLB, and a written
                         nomination is also made by Itau, both in accordance
                         with this Section 8.2.6(b), the Auditor shall be
                         selected from such nominated firms by random drawing
                         within ten (10) days after such nominations are made.
                         The selected firm shall be required to execute an
                         agreement acknowledging the terms and provisions of
                         this Agreement and shall agree to conduct all Audits
                         (as defined below) in accordance with the terms and
                         provisions of this Agreement, whereupon such firm shall
                         be appointed the Auditor hereunder, and shall be
                         authorized and obligated to carry out the tasks of the
                         Auditor pursuant to this Agreement, including, without
                         limitation, delivering any overdue Audit Certificates
                         within thirty (30) days of such Auditor's appointment.

                    (c)  When requested in accordance with the terms of this
                         Agreement, the Auditor shall be authorized to conduct
                         one of the following types of audits (each, an "Audit")
                         under this Agreement: (i) an

                                      -46-
<PAGE>

                         audit to determine the amount, if any, of any Reference
                         Payment, including the completion of an Audit
                         Certificate (Reference Payments) in the form attached
                         to the Escrow Agreement certifying as to such results,
                         and (ii) an audit to determine whether or not the
                         Caymans Financial Test has been satisfied as of a
                         particular date, including the completion of an Audit
                         Certificate (Caymans Financial Test) in the form
                         attached to the Escrow Agreement certifying as to such
                         determination. When conducting an Audit, the Auditor
                         shall verify the information provided to it by the
                         Parties, to the extent practicable under the
                         circumstances, including, without limitation, the time
                         available for making its determination as provided in
                         this Agreement.

                    (d)  Before issuing any Audit Certificate (Reference
                         Payments) which states that a Party has failed to
                         provide sufficient information to enable the Auditor to
                         compute a Reference Payment, the Auditor shall confer
                         with such Party and shall afford such Party a
                         reasonable opportunity to provide such information.

                    (e)  The Auditor shall not conduct an Audit concerning
                         Reference Payments with respect to any time period, and
                         shall not issue an Audit Certificate (Reference
                         Payments) relating to any time period, if the duration
                         of such time period is the subject of pending Forty-
                         Five Day Arbitration or if, as a result of a decision
                         rendered pursuant to such Forty-Five Day Arbitration,
                         such time period has been tolled and has not yet
                         expired; provided, however, upon the expiration of any
                                  --------  -------
                         such arbitration or tolling period, the Auditor shall
                         immediately conduct such Audit in accordance with the
                         terms of this Agreement.

             8.3    Special Rules in the Event of Pendency of Arbitral
                    Proceedings.

                    If an arbitral proceeding is commenced in which Itau claims
                    that a Material AOLB Breach has occurred and, during the
                    pendency of such arbitral proceeding, any Reference Payment
                    becomes due, then the following shall apply in lieu of any
                    inconsistent provisions of this Agreement:

                    (a)  Whenever a Reference Payment is required to be
                         determined during the pendency of an arbitration
                         relating to, or arising out of, an alleged Material
                         AOLB Breach, such determination shall also include a
                         determination of that portion of such Reference
                         Payment, if any, equal to the Type I Pro Rata Reference
                         Payment that would be due in the event that it is
                         determined that a Material AOLB Breach has occurred
                         (the "Pre-Breach Reference Payment") and that portion
                         of such Reference Payment equal to the difference
                         between such Reference Payment and the Pre-Breach
                         Reference Payment (the "Post-Breach Reference
                         Payment").

                    (b)  If, during the pendency of an arbitration relating to,
                         or arising out of, an alleged Material AOLB Breach, a
                         Reference Payment becomes due and

                                      -47-
<PAGE>

                         payable hereunder, Itau shall pay to AOLA and AOLB (as
                         designated by AOLA in its sole discretion) in cash that
                         portion of such Reference Payment equal to the Pre-
                         Breach Reference Payment. The making of such payment
                         shall not entitle Itau to a release of any Reference
                         Payment Note held in escrow pursuant to the terms of
                         the Escrow Agreement.

                    (c)  If Itau pays the Pre-Breach Reference Payment as
                         required by Section 8.3(b) above, Itau shall not be
                         required to pay that portion of such Reference Payment
                         equal to the Post-Breach Reference Payment unless and
                         until the arbitrator determines that a Material AOLB
                         Breach has not occurred or, if a Material AOLB has
                         occurred, Itau elects pursuant to Section 11.2.3 to
                         continue this Agreement, whereupon Itau shall have ten
                         (10) Business Days from the later of (i) the date of
                         receipt of such arbitrator's decision, and (ii) the
                         date of such election under Section 11.2.3, to pay the
                         amount of such Post-Breach Reference Payment in full in
                         cash to AOLA or AOLB (as designated by AOLA in its sole
                         discretion).

                         (1)  If (i) the Post-Breach Reference Payment becomes
                              due and payable in accordance with Section 8.3(c)
                              above, and (ii) Itau fails to make such payment,
                              then AOLA and AOLB shall be entitled to deliver to
                              the Escrow Agent a Certificate of Release of
                              Reference Payment Note (in the form attached to
                              the Escrow Agreement) for the purpose of releasing
                              the applicable Reference Payment Note to AOLA and
                              AOLB. In such event, (i) the amount that AOLA or
                              AOLB may collect under such Reference Payment Note
                              shall be limited to the amount of the Post-Breach
                              Reference Payment, and (ii) Itau shall be entitled
                              to exercise its rights of substitution in
                              accordance with Section 9.1.5(a).

                    (d)  If Itau fails to pay the Pre-Breach Reference Payment
                         as required by Section 8.3(b) above:

                         (1)  The amount of any applicable Reference Payment
                              shall be calculated as if no Material AOLB Breach
                              had been alleged or had occurred, and (ii) nothing
                              contained in this Section 8.3 shall delay or
                              affect the issuance of an Audit Certificate
                              (Reference Payment) pursuant to the provisions of
                              Sections 8.2.4, 8.2.5 and 8.2.6 hereof for the
                              purpose of releasing the applicable Reference
                              Payment Note from escrow in accordance with the
                              terms of the Escrow Agreement.

                         (2)  In lieu of the procedure contained in Section
                              9.1.5(a), in the event that the Escrow Agent
                              delivers a Reference Payment Note to AOLA and AOLB
                              pursuant to the Escrow Agreement (a "Released
                              Reference Payment Note") on account of the failure
                              by Itau to pay the Pre-Breach Reference Payment as
                              required by Section 8.3(b) above, then Itau shall
                              be entitled to substitute two (2) new promissory
                              notes (each, a "Substituted Reference Payment
                              Note") for the Released Reference Payment Note.
                              Both Substituted Reference Payment Notes shall be
                              identical in all



                                      -48-
<PAGE>

                    respects to the Released Reference Payment Note except that
                    one of the Substituted Reference Payment Notes shall have a
                    stated principal amount equal to the Pre-Breach Reference
                    Payment, and one Substituted Reference Payment Note shall
                    have a stated principal amount equal to the Post-Breach
                    Reference Payment. Itau shall not be entitled to exercise
                    its option to substitute any Substituted Reference Payment
                    Notes in accordance with the terms of this subsection unless
                    Itau shall, within five (5) days of the delivery by the
                    Escrow Agent of the Released Reference Payment Note to AOLA
                    and AOLB, deliver to AOLA and AOLB by hand delivery or by
                    reputable overnight mail (i) both of the Substituted
                    Reference Payment Notes, and (ii) a signed Certificate of
                    Deposit of Post-Breach Reference Payment Note (in the form
                    attached to the Escrow Agreement). Upon receipt of such
                    Substituted Reference Payment Notes and such signed
                    Certificate of Deposit of Post-Breach Reference Payment
                    Note, AOLA and AOLB shall simultaneously deliver the
                    Released Reference Payment Note to Itau by hand delivery or
                    by reputable overnight mail service, and (ii) AOLA and AOLB
                    shall simultaneously deliver the Substituted Reference
                    Payment Note having a stated principal balance equal to the
                    Post-Breach Reference Payment, along with the completed
                    Certificate of Deposit of Post-Breach Reference Payment
                    Note, to the Escrow Agent by hand delivery or by reputable
                    overnight mail service. Such Substituted Reference Payment
                    Notes, collectively, shall, for all purposes of this
                    Agreement and the Escrow Agreement, be deemed to be the
                    Reference Payment Note (Brazil) or Reference Payment Note
                    (Caymans), as the case may be, for which such Substituted
                    Reference Payment Notes were substituted in accordance with
                    the terms of this subsection.

               (3)  If a Substituted Reference Payment Note is delivered to the
                    Escrow Agent in accordance with Section 8.3(d)(2) above,
                    such Note shall be held in escrow by the Escrow Agent until
                    the arbitrator determines whether a Material AOLB Breach has
                    occurred.

                    (A)  If the arbitrator determines that a Material AOLB
                         Breach has occurred, and if Itau does not elect to
                         continue this Agreement in accordance with Section
                         11.2.3 hereof, Itau shall be entitled to receive such
                         Substituted Reference Payment Note, and AOLA, AOLB and
                                                           =
                         Itau shall jointly execute a Note Release Certificate
                         directing the Escrow Agent to release such Substituted
                         Reference Payment Note to Itau.

                    (B)  If the arbitrator determines that a Material AOLB
                         Breach has not occurred, or if the arbitrator
                         determines that a Material AOLB Breach has occurred but
                         Itau elects to continue this Agreement in accordance
                         with Section 11.2.3 hereof, then Itau shall have ten
                         (10) Business Days

                                      -49-
<PAGE>

                         from the date of receipt of such arbitrator's decision
                         to pay the amount of such Substituted Reference Payment
                         Note in full in cash to AOLA or AOLB (as designated by
                         AOLA in its sole discretion). If Itau fails to make
                         such payment, then AOLA and AOLB shall be entitled to
                         deliver to the Escrow Agent a Certificate of Release of
                         Reference Payment Note (in the form attached to the
                         Escrow Agreement) for the purpose of releasing such
                         Substituted Reference Payment Note to AOLA and AOLB.

          (e)  All payments made by Itau to AOLA or AOLB on account of any
               Reference Payment shall be applied first to satisfy that portion
               constituting the Pre-Breach Reference Payment and then to satisfy
               that portion constituting the Post-Breach Reference Payment.

          (f)  Except as otherwise expressly provided herein, the rights and
               obligations of the Parties with respect to any Reference Payment
               shall continue in full force and effect in accordance with the
               provisions of this Section 8, and the rights and obligations of
               the Parties with respect to Reference Payments shall apply to
               Pre-Breach Reference Payments with the same force and effect.

     8.4  Termination of Exclusivity.
          --------------------------

          If by any of the first four Anniversary Dates, Itau does not acquire
          the number of Verified Members set forth in the table below (the
          "Total Verified Member Numbers") then the AOLB Parties may by written
          notice to Itau within sixty (60) days after such Anniversary Date
          elect to release the AOLB Parties from their obligations under Section
          7.1 and 2.3 and Itau from its obligations under Section 2.3.

          ------------------------------------------------------------------
          Anniversary Date               Total Cumulative Verified
                                         Members
          ------------------------------------------------------------------
           First Anniversary Date          100,000
          ------------------------------------------------------------------
           Second Anniversary Date         200,000
          ------------------------------------------------------------------
           Third Anniversary Date          300,000
          ------------------------------------------------------------------
           Fourth Anniversary Date         450,000
          ------------------------------------------------------------------

          If AOLA or AOLB elects to relieve the Parties of their exclusivity
          obligations, Itau in its sole discretion may terminate this Agreement
          by written notice to AOLA and AOLB within thirty (30) days after
          receipt of such notice from AOLA or AOLB.

                                      -50-
<PAGE>

9.   ESCROW ARRANGEMENT AND CAYMANS FINANCIAL TEST.
     ---------------------------------------------

     9.1  Escrow Arrangement.
          ------------------

          9.1.1  In General. Upon the satisfaction of the closing conditions set
                 forth in the Stock Subscription Agreement, Itau, AOLA, AOLB and
                 The Bank of New York (the "Escrow Agent") shall enter into an
                 Escrow Agreement substantially in the form attached hereto as
                 Exhibit N (the "Escrow Agreement"), pursuant to which Itau will
                 place in escrow the Reference Payment Notes (Brazil), the
                 Reference Payment Notes (Caymans), the Termination Fee Notes
                 (Brazil) and the Termination Fee Notes (Caymans) (as such terms
                 are defined in the Escrow Agreement) (collectively, the
                 "Notes"), which Notes shall be released by the Escrow Agent
                 only upon the occurrence of certain conditions provided
                 therein.

          9.1.2  Issuance and Delivery of Notes.
                 -------------------------------
                 (a)     Simultaneously with the execution of the Escrow
                         Agreement, Itau will issue and deliver the Reference
                         Payment Notes (Brazil) and the Termination Fee Notes
                         (Brazil), and the Grand Caymans branch of Itau shall
                         issue and deliver the Reference Payment Notes (Caymans)
                         and the Termination Fee Notes (Caymans), to the Escrow
                         Agent pursuant to the Escrow Agreement.

                 (b)     Each of AOLA and AOLB expressly acknowledges and agrees
                         that each Reference Payment Note (Brazil) and each
                         Reference Payment Note (Caymans) corresponding to a
                         given Anniversary Date evidences the Reference Payment
                         that may be due as of such Anniversary Date and which
                         is computed in accordance with the provisions of
                         Article 8 hereof. Payment to AOLA or AOLB of all or any
                         portion of such Reference Payment, or all or any
                         portion of the amounts due under the corresponding
                         Reference Payment Note (Brazil) or Reference Payment
                         Note (Caymans), shall be a pro tanto discharge of the
                         corresponding obligations of Itau for such Reference
                         Payment and of Itau and Itaucorp under such Reference
                         Payment Note (Brazil) and Reference Payment Note
                         (Caymans), as applicable.

                 (c)     Each of AOLA and AOLB expressly acknowledges and agrees
                         that each Termination Fee Note (Brazil) and each
                         Termination Fee Note (Caymans) corresponding to a given
                         Anniversary Date evidences the Termination Fee that may
                         be due as of such Anniversary Date. Payment to AOLA or
                         AOLB of all or any portion of such Termination Fee, or
                         all or any portion of the amounts due under the
                         corresponding Termination Fee Note (Brazil) or
                         Termination Fee Note (Caymans), shall be a pro tanto
                         discharge of the corresponding obligations of Itau for
                         such Termination Fee and of Itau and Itaucorp under
                         such Termination Fee Note (Brazil) and Termination Fee
                         Note (Caymans), as applicable.

                                      -51-
<PAGE>

          9.1.3  Amounts Realizable Under Notes.
                 ------------------------------

                 (a)     Each of AOLA and AOLB expressly acknowledges and agrees
                         that, notwithstanding the stated principal amount of
                         any Reference Payment Note (Brazil) or any Reference
                         Payment Note (Caymans) corresponding to a particular
                         Anniversary Date, AOLA and AOLB shall only be entitled
                         to collect the amount of the actual Reference Payment
                         determined as of such Anniversary Date in accordance
                         with Article 8 hereof.

                 (b)     Each of AOLA and AOLB expressly acknowledges and agrees
                         that, notwithstanding the stated principal amount of
                         any Termination Fee Note (Brazil) or any Termination
                         Fee Note (Caymans) corresponding to a particular
                         Anniversary Date, AOLA and AOLB shall only be entitled
                         to collect the amount of the actual Termination Fee
                         computed under this Agreement.

                 (c)     Neither AOLA nor AOLB shall knowingly or willfully
                         collect more under a Reference Payment Note or a
                         Termination Fee Note than they are entitled to collect
                         in accordance with the terms of this Agreement. If AOLA
                         or AOLB knowingly or willfully collects any such excess
                         amount, AOLA and AOLB shall, within ten (10) Business
                         Days of the date that they first have knowledge that
                         they have received such excess, pay such excess to
                         Itau, together with interest at a rate per annum equal
                         to the lesser of 9% and the maximum rate permitted by
                         law. The rights of Itau under this Section 9.1.3(c)
                         shall be in addition to any and all other rights Itau
                         may have under any applicable law on account of AOLA's
                         or AOLB's knowing or willful collection of such excess
                         amount.

          9.1.4  Launch Date Certificate.
                 -----------------------

                 AOLA, AOLB and Itau agree that, upon a determination under this
                 Agreement of the Launch Date, they will jointly execute and
                 deliver to the Escrow Agent a Launch Date Certificate in the
                 form attached to the Escrow Agreement.

          9.1.5  Substitution of Reference Payment Notes.
                 ---------------------------------------

                 (a)     Subject to the provisions of Section 8.3(b), in the
                         event that (i) the Escrow Agent delivers one of the
                         Reference Payment Notes (Brazil) or the Reference
                         Payment Notes (Caymans) to AOLA or AOLB pursuant to the
                         Escrow Agreement (a "Released Reference Payment Note")
                         on account of the determination of a Reference Payment
                         pursuant to Section 8 hereof, and (ii) the actual
                         Reference Payment determined pursuant to Section 8
                         hereof is less than the stated principal amount of the
                         Released Reference Payment Note evidencing the
                         obligation to pay such Reference Payment, then Itau
                         shall be entitled to substitute a new promissory note
                         (a "Substituted


                                      -52-
<PAGE>

                         Reference Payment Note") for the Released Reference
                         Payment Note. The Substituted Reference Payment Note
                         shall be identical in all respects to the Released
                         Reference Payment Note except that the Substituted
                         Reference Payment Note shall have a stated principal
                         amount equal to such Reference Payment. Itau shall not
                         be entitled to exercise its option to substitute a
                         Substituted Reference Payment Note in accordance with
                         the terms of this subsection unless Itau shall deliver
                         such Substituted Reference Payment Note to AOLA and
                         AOLB by hand delivery or by reputable overnight mail
                         service within five (5) days of the delivery by the
                         Escrow Agent of the Released Reference Payment Note to
                         AOLA and AOLB. Upon receipt of a Substituted Reference
                         Payment Note by AOLA and AOLB, (i) AOLA and AOLB shall
                         simultaneously deliver the Released Reference Payment
                         Note to Itau by hand delivery or by reputable overnight
                         mail service, and (ii) such Substituted Reference
                         Payment Note shall, for all purposes of this Agreement
                         and the Escrow Agreement, be deemed to be the Reference
                         Payment Note (Brazil) or Reference Payment Note
                         (Caymans), as the case may be, for which such
                         Substituted Reference Payment Note was substituted in
                         accordance with the terms of this subsection.

                 (b)     In the event that (i) the Escrow Agent delivers any one
                         or more of the Reference Payment Notes (Brazil) or the
                         Reference Payment Notes (Caymans) to AOLA or AOLB
                         pursuant to the Escrow Agreement (collectively, the
                         "Released Acceleration Payment Notes") on account of
                         the determination of an Acceleration Payment, and (ii)
                         the actual Acceleration Payment is less than the
                         aggregate stated principal amounts of all of the
                         Released Acceleration Payment Notes evidencing the
                         obligation to pay such Acceleration Payment, then Itau
                         shall be entitled to substitute one new promissory note
                         for all of the Released Acceleration Payment Notes (the
                         "Substituted Acceleration Payment Note"). The
                         Substituted Acceleration Payment Note shall be
                         identical in all respects to the Released Acceleration
                         Payment Notes except that the Substituted Acceleration
                         Payment Note shall have a stated principal amount equal
                         to such Acceleration Payment. Itau shall not be
                         entitled to exercise its option to substitute a
                         Substituted Acceleration Payment Note in accordance
                         with the terms of this subsection unless Itau shall
                         deliver such Substituted Acceleration Payment Note to
                         AOLA and AOLB by hand delivery or by reputable
                         overnight mail service within five (5) days of the
                         delivery by the Escrow Agent of the Released
                         Acceleration Payment Notes to AOLA and AOLB. Upon
                         receipt of a Substituted Acceleration Payment Note by
                         AOLA and AOLB, (i) AOLA and AOLB shall simultaneously
                         deliver all of the Released Acceleration Payment Notes
                         to Itau by hand delivery or by reputable overnight mail
                         service, and (ii) such Substituted Acceleration Payment
                         Note shall, for all purposes of this Agreement and the
                         Escrow Agreement, be deemed to be the Reference Payment
                         Notes (Brazil)

                                      -53-
<PAGE>

                         or the Reference Payment Notes (Caymans), as the case
                         may be, for which such Substituted Acceleration Payment
                         Note was substituted in accordance with the terms of
                         this subsection.

          9.1.6  Substitution of Termination Fee Note. In the event that (i) the
                 ------------------------------------
                 Escrow Agent delivers any of the Termination Fee Notes (Brazil)
                 or the Termination Fee Notes (Caymans) to AOLA or AOLB pursuant
                 to the Escrow Agreement (a "Released Termination Fee Note"),
                 and (ii) the actual Termination Fee is less than the stated
                 principal amount of the Released Termination Fee Note
                 evidencing the obligation to pay such Termination Fee, then
                 Itau shall be entitled to substitute a new promissory note (a
                 "Substituted Termination Fee Note") for the Released
                 Termination Fee Note. The Substituted Termination Fee Note
                 shall be identical in all respects to the Released Termination
                 Fee Note except that the Substituted Termination Fee Note shall
                 have a stated principal amount equal to such computed
                 Termination Fee. Itau shall not be entitled to exercise its
                 option to substitute a Substituted Termination Fee Note in
                 accordance with the terms of this subsection unless Itau shall
                 deliver such Substituted Termination Fee Note to AOLA and AOLB
                 by hand delivery or by reputable overnight mail service within
                 five (5) days of the delivery by the Escrow Agent of the
                 Released Termination Fee Note to AOLA and AOLB. Upon receipt of
                 a Substituted Termination Fee Note by AOLA and AOLB, AOLA and
                 AOLB shall simultaneously deliver the Released Termination Fee
                 Note to Itau by hand delivery or by reputable overnight mail
                 service, and (ii) such Substituted Termination Fee Note shall,
                 for all purposes of this Agreement and the Escrow Agreement, be
                 deemed to be the Termination Fee Note (Brazil) or Termination
                 Fee Note (Caymans), as the case may be, for which such
                 Substituted Termination Fee Note was substituted in accordance
                 with the terms of this subsection.

          9.1.7  Prohibition Against Simultaneous Possession of Notes.
                 ----------------------------------------------------

                 (a)     Each of AOLA and AOLB expressly acknowledges and agrees
                         that they will not simultaneously have possession of a
                         Reference Payment Note (Brazil) and a Reference Payment
                         Note (Caymans) corresponding to the same Anniversary
                         Date.

                 (b)     Each of AOLA and AOLB further expressly acknowledges
                         and agrees that they will not simultaneously have
                         possession of a Termination Fee Note (Brazil) and a
                         Termination Fee Note (Caymans).

          9.1.8  Release of Note Upon Full Payment.
                 ---------------------------------

                 (a)     If AOLA and AOLB shall have possession of a Reference
                         Payment Note (Brazil) or a Reference Payment Note
                         (Caymans) with respect to a particular Anniversary
                         Date, and the amount of the Reference Payment owing as
                         of such Anniversary Date evidenced by such Note is paid
                         in full, AOLA and AOLB shall (i) return such Note in
                         their possession to Itau, and (ii) jointly

                                      -54-
<PAGE>

                         execute with Itau a Note Release Certificate
                         instructing the Escrow Agent to release from escrow and
                         deliver to Itau the Reference Payment Note in the
                         custody of the Escrow Agent that evidences the
                         obligation to pay such Reference Payment.

                 (b)     If AOLA and AOLB shall have possession of a Termination
                         Fee Note (Brazil) or a Termination Fee Note (Caymans),
                         and the amount of the Termination Fee evidenced by such
                         Note is paid in full, AOLA and AOLB shall (i) return
                         such Note in their possession to Itau, and (ii) jointly
                         execute with Itau a Note Release Certificate
                         instructing the Escrow Agent to release from escrow and
                         deliver to Itau the Termination Fee Note in the custody
                         of the Escrow Agent that evidences the obligation to
                         pay such Termination Fee.

          9.1.9  Acknowledgement of Validity and Enforceability of Notes.  Itau
                 -------------------------------------------------------
                 expressly acknowledges and agrees that all of the Reference
                 Payment Notes (Brazil) and all of the Termination Fee Notes
                 (Brazil) are valid and enforceable promissory notes under the
                 laws of Brazil, and Itau hereby waives any right to dispute the
                 validity or enforceability of such Notes under the laws of
                 Brazil. Itau further expressly acknowledges and agrees that all
                 of the Reference Payment Notes (Caymans) and all of the
                 Termination Fee Notes (Caymans) are valid and enforceable
                 promissory notes under the laws of the Caymans Islands, and
                 Itau hereby waives any right to dispute the validity or
                 enforceability of such Notes under the laws of the Caymans
                 Islands.

          9.1.10 Terms of Escrow. AOLA, AOLB and Itau expressly acknowledge and
                 ---------------
                 agree that the Notes shall only be released from the escrow
                 created by the Escrow Agreement upon the terms and conditions
                 contained in the Escrow Agreement. If any conflicts arise
                 between the terms of this Agreement and the terms of the Escrow
                 Agreement with respect to the subject matter of the Escrow
                 Agreement, the terms of the Escrow Agreement shall control.

          9.1.11 Release of Notes Does Not Constitute Payment. Notwithstanding
                 --------------------------------------------
                 anything to the contrary contained in this Agreement, the
                 obligation of Itau to pay all Reference Payments and the
                 Termination Fee in full in cash shall not be satisfied or
                 discharged merely by the release of any of the Notes from
                 escrow pursuant to the terms of the Escrow Agreement. Itau
                 acknowledges and agrees that the Notes evidence its obligation
                 to pay Reference Payments and the Termination Fee, that such
                 Notes are a vehicle by which AOLA and AOLB may seek to enforce
                 such obligations of Itau, and that such obligations shall not
                 be deemed to be satisfied or discharged until AOLA and AOLB
                 receive full payment of such obligations in cash.

                                      -55-
<PAGE>

     9.2  Non-Impairment of Arbitration Rights; Overpayments or Underpayments.
          ----------------------------------------------------------------------

          9.2.1  Non-Impairment of Arbitration Rights. In addition to all other
                 ------------------------------------
                 rights of the Parties under Articles 8 and 11, AOLA, AOLB and
                 Itau shall be entitled to arbitration under Article 13 of any
                 dispute in respect of the calculation of any amounts due from
                 any Party under this Agreement, including, without limitation,
                 Termination Fees, Acceleration Payments, and Reference
                 Payments; provided, however, the commencement of such
                           --------  -------
                 arbitration shall not delay or affect (i) the rights of
                 any Party to deliver to the Escrow Agent an Audit Certificate
                 (Reference Payments), an Audit Certificate (Caymans Financial
                 Test) or an arbitration award or decision that would result in
                 the release of any of the Notes at the times and in the manner
                 permitted by the provisions of this Agreement, and (ii) the
                 obligations of the Escrow Agent to release any Notes from
                 escrow or otherwise comply with the terms of the Escrow
                 Agreement.

          9.2.2  Overpayments. In the event that (i) any Party commences an
                 ------------
                 arbitration with respect to the computation of amounts owing
                 under this Agreement, and (ii) it is determined by the
                 arbitrator that a Party (the "Overpaid Party") has been paid or
                 has collected from a Party (the "Overpaying Party") more than
                 the amount that is actually owed to the Overpaid Party, then,
                 within ten (10) Business Days of receipt of such arbitrator's
                 decision, the Overpaid Party shall be obligated to return such
                 excess to the Overpaying Party, together with interest on such
                 excess computed at the rate of the lower of 9% per annum
                 compounded monthly and the maximum rate permitted by law, with
                 such interest accruing from the date of receipt of such excess
                 by the Overpaid Party. The payment to, or collection by the
                 Overpaid Party of such excess amount shall not constitute a
                 breach or default by the Overpaid Party under this Agreement

          9.2.3  Underpayments. In the event that (i) any Party commences an
                 -------------
                 arbitration with respect to the computation of amounts owing
                 under this Agreement, and (ii) it is determined by the
                 arbitrator that a Party (the "Underpaid Party") has been paid
                 or has collected from a Party (the "Underpaying Party") less
                 than the amount that is actually owed to the Underpaid Party,
                 then, within ten (10) Business Days of receipt of such
                 arbitrator's decision, the Underpaying Party shall be obligated
                 to pay such deficiency to the Underpaid Party together with
                 interest on such deficiency computed at the rate of the lower
                 of 9% per annum compounded monthly and the maximum rate
                 permitted by law, with such interest accruing from the date
                 such deficiency was owed to the Underpaid Party. The failure
                 to pay such deficiency to the Underpaid Party prior to the date
                 that is ten (10) Business Days after receipt of the
                 arbitrator's decision shall not constitute a breach or default
                 by the Underpaying Party under this Agreement.

                                      -56-
<PAGE>

          9.3  Caymans Financial Test.
               ----------------------

               9.3.1   Definition of Caymans Financial Test.
                       ------------------------------------

                       At all times from and after the Launch Date through and
                       including the date of full payment of all Reference
                       Payments, Acceleration Payments and Termination Fees,
                       Itau shall comply with all of the following covenants
                       (collectively, the "Caymans Financial Test"):

                       (a)    As of any day, the Grand Caymans branch of Itau
                              shall maintain an excess of assets over all
                              liabilities of at least 125% of an amount (the
                              "CFT Amount") equal to the maximum amount of all
                              Reference Payments, Acceleration Payments and
                              Termination Fees that could become due and payable
                              from Itau to AOLA or AOLB from and after such day
                              pursuant to the terms of this Agreement.

                       (b)    The Grand Caymans branch of Itau shall maintain
                              its existence in the Cayman Islands and shall
                              maintain at least US$75,000,000 in cash, cash
                              equivalents (e.g., deposit accounts or
                              certificates of deposit) or marketable securities
                              in its own name, all of which shall be physically
                              located within the Caymans Islands, the United
                              States of America or in a country that is a member
                              of the Organisation for Economic Cooperation and
                              Development; provided, however; such minimum
                                           --------  -------
                              amount shall decrease by $3,750,000 on the
                              first day of each quarter of each of the first
                              five (5) Anniversary Years.

                       (c)    As of any day, Itau shall (i) maintain physical
                              possession of stock certificates in the Cayman
                              Islands representing at least three fourths of all
                              of the Shares that are subject, as of such day, to
                              the lock up provisions as provided in the
                              Registration Rights and Stockholders Agreement, or
                              (ii) if title to such stock has been transferred
                              to an unrelated financial institution pursuant to
                              a repurchase agreement whereby such financial
                              institution is obligated to resell such stock to
                              Itau, Itau's rights under such repurchase
                              agreement shall be subject to execution and levy,
                              directly or indirectly, pursuant to a Cayman
                              Islands judgment in a jurisdiction other than
                              Brazil; provided, however, that such stock may be
                                      --------  -------
                              transferred to an Affiliate of Itau organized
                              under the laws of any of the jurisdictions listed
                              on Exhibit O hereto (such list may be supplemented
                              from time to time with the consent of AOLA and
                              AOLB, such consent not to be unreasonably withheld
                              or delayed, it being understood and agreed that
                              AOLA and AOLB shall be required to give such
                              consent if the laws of a proposed supplemental
                              jurisdiction are such that it would not materially
                              impair AOLA's or AOLB's ability to execute on a
                              judgment, or exercise rights and remedies, against
                              such stock in such supplemental jurisdiction as
                              compared with the jurisdictions listed on Exhibit
                              O as of the date of this Agreement), if such
                              Affiliate first delivers a guaranty, collateral

                                      -57-
<PAGE>

                              or other security to AOLA and AOLB, in form and
                              substance reasonably satisfactory to AOLA and
                              AOLB, unconditionally guaranteeing or otherwise
                              securing full payment of all of the obligations of
                              Itau under this Agreement and the Notes.

               9.3.2   Provision of Relevant Information. Information necessary
                       ---------------------------------
                       to determine whether or not Itau satisfies the Caymans
                       Financial Test shall be provided to AOLA and AOLB as
                       follows:

                       (a)    Within thirty (30) days of the end of each of
                              Itau's fiscal quarters, Itau shall deliver a
                              certificate to AOLA and AOLB in the form of
                              Exhibit C attached hereto (a "Caymans Financial
                              Test Certificate"), signed by the President or
                              Chief Financial Officer of Itau, certifying that
                              Itau complies with all of the components of the
                              Caymans Financial Test.

                       (b)    As soon as available, but in no event later than
                              one hundred twenty (120) days after the end of
                              each of Itau's fiscal years, Itau shall provide to
                              AOLA and AOLB a copy of its audited financial
                              statements and the consolidating audited financial
                              statements of its branches located outside of
                              Brazil.

                       (c)    Within fifteen (15) days of receipt by Itau of a
                              written request made by AOLA and AOLB, Itau shall
                              deliver to AOLA and AOLB a Caymans Financial Test
                              Certificate, signed by the President or Chief
                              Financial Officer of Itau, certifying that Itau
                              complies with all of the components of the Caymans
                              Financial Test; provided, however, AOLA and AOLB
                                              --------  -------
                              shall be entitled to make such a request only once
                              each fiscal quarter.

               9.3.3   Failure to Satisfy Caymans Financial Test.
                       -----------------------------------------

                       (a)    If at any time AOLA and AOLB send written notice
                              to Itau that AOLA and AOLB contend that Itau has
                              failed to satisfy the Caymans Financial Test, Itau
                              shall be required within thirty (30) days of
                              receipt thereof, unless Itau disputes such
                              contention in accordance with Section 9.3.3(b)
                              below, to provide to AOLA and AOLB additional
                              guaranties, collateral or other security, in form
                              and substance reasonably satisfactory to AOLA and
                              AOLB, in the amount by which Itau has failed to
                              satisfy the Caymans Financial Test.

                       (b)    If Itau disputes a contention by AOLA and AOLB
                              that it has failed to satisfy the Caymans
                              Financial Test, such dispute shall be submitted to
                              the Auditor appointed pursuant to Section 8.2.6
                              hereof, who shall, within thirty (30) days of such
                              submission, determine whether or not the Caymans
                              Financial Test has been satisfied and shall report
                              such determination in writing to AOLA, AOLB and
                              Itau. If the Auditor determines that the Caymans
                              Financial Test has not been satisfied, the Auditor
                              shall also issue an original Audit Certificate
                              (Caymans Financial Test) to each of

                                      -58-
<PAGE>

                              AOLA, AOLB and Itau in the form attached to the
                              Escrow Agreement, including (i) a determination of
                              the maximum amount of all Reference Payments,
                              Acceleration Payments and Termination Fees that
                              could become due and payable from Itau to AOLA or
                              AOLB from and after the date of such Audit
                              Certificate (Caymans Financial Test), and (ii) an
                              identification of the largest Termination Fee Note
                              remaining in escrow at the time and the fewest
                              number of Reference Payment Notes remaining in
                              escrow at the time that, together, represent the
                              lowest principal amount necessary to cover such
                              Reference Payments, Acceleration Payments and
                              Termination Fees. Within ten (10) days of receipt
                              by Itau of such Audit Certificate (Caymans
                              Financial Test), Itau shall provide to AOLA and
                              AOLB additional guaranties, collateral or other
                              security, in form and substance reasonably
                              satisfactory to AOLA and AOLB, in the amount by
                              which Itau has failed to satisfy the Caymans
                              Financial Test. If Itau shall fail to provide such
                              additional guaranties, collateral or other
                              security, AOLA and AOLB shall be entitled to
                              deliver such Audit Certificate (Caymans Financial
                              Test) to the Escrow Agent for the purpose of
                              releasing to AOLA and AOLB (i) the largest
                              Termination Fee Note remaining in escrow at the
                              time, and (ii) the lowest principal amount of
                              Reference Payment Notes (Brazil) or Reference
                              Payment Notes (Caymans) necessary to cover the
                              maximum amount of all Reference Payments,
                              Acceleration Payments and Termination Fees that
                              could become due and payable from Itau to AOLA or
                              AOLB from and after such day pursuant to the terms
                              of this Agreement. If the Auditor determines that
                              the Caymans Financial Test has been satisfied, an
                              Audit Certificate (Caymans Financial Test) shall
                              not be issued by the Auditor.

                       (c)    If Itau offers to provide additional guaranties,
                              collateral or other security on account of a
                              failure to satisfy the Caymans Financial Test, but
                              AOLA and AOLB do not agree that the additional
                              guaranties, collateral or other security offered
                              by Itau are sufficient, such disagreement shall be
                              submitted to Forty-Five Day Arbitration. The
                              decision of the arbitrator shall be delivered to
                              AOLA, AOLB and Itau. If Itau does not comply with
                              the decision of such arbitrator within ten (10)
                              days of receipt thereof, AOLA and AOLB shall be
                              entitled to deliver the Audit Certificate (Caymans
                              Financial Test) to the Escrow Agent for the
                              purpose of releasing to AOLA and AOLB (i) the
                              largest Termination Fee Note remaining in escrow
                              at the time, and (ii) the lowest principal amount
                              of Reference Payment Notes (Brazil) or Reference
                              Payment Notes (Caymans) necessary to cover the
                              maximum amount of all Reference Payments,
                              Acceleration Payments and Termination Fees that
                              could become due and payable from Itau to AOLA or
                              AOLB from and after such day pursuant to the terms
                              of this Agreement.

                                      -59-
<PAGE>

                       (d)    In the event that (i) the Escrow Agent delivers
                              any one or more of the Notes to AOLA and AOLB
                              pursuant to the Escrow Agreement (collectively,
                              the "Released CFT Notes") on account of the
                              failure of Itau to comply with the Caymans
                              Financial Test, and (ii) the actual maximum amount
                              of all Reference Payments, Acceleration Payments
                              and Termination Fees that could be become due and
                              payable from Itau to AOLA or AOLB under the terms
                              of this Agreement is less than the aggregate
                              stated principal amounts of all of the Released
                              CFT Notes, then Itau shall be entitled to
                              substitute one new promissory note (the
                              "Substituted CFT Note") for all of the Released
                              CFT Notes. The Substituted CFT Note shall be
                              identical in all respects to the Released CFT
                              Notes except that the Substituted CFT Note shall
                              have a stated principal amount equal to the actual
                              maximum amount of all Reference Payments,
                              Acceleration Payments and Termination Fees that
                              could become due under the terms of this
                              Agreement. Itau shall not be entitled to exercise
                              its option to substitute a Substituted CFT Note in
                              accordance with the terms of this subsection
                              unless Itau shall deliver such Substituted CFT
                              Note to AOLA and AOLB by hand delivery or by
                              reputable overnight mail service within five (5)
                              days of the delivery by the Escrow Agent of the
                              Released CFT Notes to AOLA and AOLB. Upon receipt
                              of a Substituted CFT Note by AOLA and AOLB, (i)
                              AOLA and AOLB shall simultaneously deliver all of
                              the Released CFT Notes to Itau by hand delivery or
                              by reputable overnight mail service, and (ii) such
                              Substituted CFT Note shall, for all purposes of
                              this Agreement and the Escrow Agreement, be deemed
                              to be the Termination Fee Note (Brazil) or the
                              Termination Fee Note (Caymans), and the Reference
                              Payment Notes (Brazil) or the Reference Payment
                              Notes (Caymans), as the case may be, for which
                              such Substituted CFT Note was substituted in
                              accordance with the terms of this subsection.

                       (e)    The amount that AOLA and AOLB shall be entitled to
                              collect under either (i) the Reference Payment
                              Notes and the Termination Fee Note that were
                              released from escrow, or (ii) the Substituted CFT
                              Note, shall be limited to the CFT Amount,
                              notwithstanding the fact that the aggregate face
                              amounts of such notes may be greater.

                       (f)    After AOLA and AOLB have obtained possession of
                              any Released CFT Notes, Itau shall have thirty
                              (30) days in which to pay into an interest bearing
                              escrow account the CFT Amount (the "Cash Escrow")
                              pursuant to an escrow agreement that shall be
                              reasonably acceptable to AOLA, AOLB and Itau. The
                              escrow agent appointed pursuant to such escrow
                              agreement (the "Cash Escrow Agent") shall be a
                              United States bank or trust company with assets of
                              at least $50,000,000 and with a place of business
                              in New York, New York. Within ten (10) days after
                              payment of such amount into escrow, AOLA and AOLB
                              shall deliver the Released CFT Notes to Itau by
                              hand delivery or by reputable overnight mail

                                      -60-
<PAGE>

                              service, and AOLA, AOLB and Itau shall jointly
                              execute a Note Release Certificate (as defined in
                              the Escrow Agreement) instructing the Escrow Agent
                              to release to Itau all of the Notes remaining in
                              escrow.

                       (g)    If (i) the CFT Amount is not paid into escrow
                              pursuant to a mutually acceptable escrow agreement
                              among AOLA, AOLB and Itau within such thirty (30)
                              days, and (ii) AOLA and AOLB realize cash from the
                              collection of such Notes, such cash shall be paid
                              into the Cash Escrow and AOLA and AOLB shall act
                              as the Cash Escrow Agent in accordance with the
                              terms of this Section 9.3.3(h).

                              (1)  If Itau fails to pay Reference Payments,
                                   Acceleration Payments or the Termination Fee
                                   as required pursuant to this Agreement and
                                   such failure would have resulted in the
                                   release of one or more Reference Payment
                                   Notes or a Termination Fee Note from escrow
                                   in accordance with the terms of the Escrow
                                   Agreement, a portion of the Cash Escrow shall
                                   be released to AOLA and AOLB in an amount
                                   sufficient to satisfy Itau's obligation to
                                   make such payments. The establishment of the
                                   Cash Escrow shall not relieve Itau of its
                                   obligation in the first instance to pay all
                                   Reference Payments, Acceleration Payments and
                                   the Termination Fee as required by the terms
                                   of this Agreement.

                              (2)  At any time that the balance of the Cash
                                   Escrow exceeds the CFT Amount as of such
                                   time, the Cash Escrow Agent shall return such
                                   excess to Itau.

                              (3)  At any time that this Agreement is
                                   terminated, the Cash Escrow Agent shall
                                   return the entire balance of the Cash Escrow
                                   to Itau, provided, however, if, at the time
                                            --------  -------
                                   of such termination, the amount of any
                                   Reference Payments, Acceleration Payments or
                                   a Termination Fee for periods prior to such
                                   termination have not yet been determined in
                                   accordance with the terms of this Agreement,
                                   or, if determined, have not yet been paid by
                                   Itau, the Cash Escrow shall not be returned
                                   to Itau until such Reference Payments,
                                   Acceleration Payments and/or Termination Fee
                                   are determined or paid, as the case may be,
                                   at which time the amount of any unpaid
                                   Reference Payments, Acceleration Payments
                                   and/or Termination Fee shall be paid to AOLA
                                   or AOLB (as designated by AOLA in its sole
                                   discretion) from the Cash Escrow and the
                                   balance of the Cash Escrow shall be returned
                                   to Itau.

                       (h)    The Cash Escrow Agent shall deposit the Cash
                              Escrow into an interest bearing account; provided,
                              that, the Cash Escrow may be invested only in
                              certain types of investments that shall be

                                      -61-
<PAGE>

                              mutually agreed upon by AOLA, AOLB and Itau at the
                              time of the creation of the Cash Escrow, it being
                              understood and agreed that such types of
                              investments shall be those which will minimize the
                              risk of loss of the principal amount of the Cash
                              Escrow.

     10.  PAYMENTS AND REPORTING
          ----------------------

          10.1  Equity. As part of the transactions contemplated hereby and that
                ------
                certain Regulation S Stock Subscription Agreement, of even date
                herewith, Itau and Banco Banerj, S.A. ("Banerj"), an Affiliate
                of Itau (the "Subscription Agreement"), AOLA is to issue and
                sell to Itau and Banerj upon the consummation of the initial
                public offering (the "IPO") of AOLA's Class A Common Stock (the
                "Common Stock") the Shares at the Purchase Price.

          10.2  Payments.
                --------

                10.2.1   Subscriber Payments. Itau agrees to pay AOLB all
                         -------------------
                         Subscriber Fees collected by or on behalf of Itau or
                         its agents within three (3) Business Days after the day
                         on which such amounts are collected. AOLB and Itau
                         acknowledge that Itau's performance of billing services
                         pursuant to Section 1.14 shall be as an agent to AOLB
                         and that fees received by Itau from AOLB/Itau
                         Subscribers shall be paid to AOLB and considered
                         revenues to AOLB.

                10.2.2   Reference Payments.
                         ------------------

                         Except as otherwise provided in this Agreement and the
                         Related Agreements, all payments due from Itau
                         hereunder pursuant to Article 8 and 9 and any Reference
                         Payments and Pro-Rata Fees shall be made to AOLA or
                         AOLB (as designated by AOLA in its sole discretion), by
                         means of a wire transfer of United States dollars in
                         immediately available funds on or before the date due
                         to an account specified in writing by AOLA to Itau.

                10.2.3   Acceleration Payments.
                         ---------------------

                         (a)  In the event an Acceleration Payment is due to
                              AOLA or AOLB upon termination of this Agreement,
                              AOLA or AOLB may send a written notice to Itau
                              stating the amount of such Acceleration Payment
                              and Itau shall pay the full amount of the
                              Acceleration Payment in cash to AOLA or AOLB (as
                              designated by AOLA in its sole discretion) by
                              means of a wire transfer of United States Dollars
                              in immediately available funds within ten (10)
                              Business Days after the date such written notice
                              was sent to an account specified in writing by
                              AOLA to Itau. If Itau fails to make such payment
                              within such ten (10) Business Day period or if
                              Itau disputes the amount of the Acceleration
                              Payment claimed by AOLA or AOLB, the Acceleration
                              Payment, notwithstanding Section 13.5, shall be
                              determined as part of the arbitral proceeding
                              pursuant to Section 13.3 in which such termination
                              was awarded or, in the event there is no such
                              arbitral proceeding,

                                      -62-
<PAGE>

                              the determination of the Acceleration Payment may
                              be submitted to Forty-Five Day Arbitration
                              pursuant to Section 13.4 by any Party. Any such
                              dispute shall be waived if not claimed during any
                              arbitration relating to such termination. One copy
                              of the decision and award of the arbitrator shall
                              be delivered to AOLA and AOLB and one copy shall
                              be delivered to Itau.

                         (b)  If the arbitration award determines that the
                              Acceleration Payment is equal to or less than
                              zero, then AOLA, AOLB and Itau shall jointly
                              execute and deliver to the Escrow Agent a Note
                              Release Certificate instructing the Escrow Agent
                              to release to Itau all of the Reference Payment
                              Notes in accordance with the terms of the Escrow
                              Agreement.

                         (c)  If the arbitration award determines that the
                              Acceleration Payment is greater than zero, then
                              Itau shall pay the full amount of the Acceleration
                              Payment in cash to AOLA or AOLB (as designated by
                              AOLA in its sole discretion) within ten (10)
                              Business Days of receipt of such arbitration
                              award. If Itau fails to make such payment, AOLA
                              and AOLB shall be entitled to deliver such
                              arbitrator's award to the Escrow Agent for the
                              purpose of releasing the remaining Reference
                              Payment Notes from escrow in accordance with the
                              terms of the Escrow Agreement.

               10.2.4    Termination Fee.
                         ---------------

                         (a)  If Itau is required to pay a Termination Fee
                              pursuant to this Agreement, AOLA or AOLB may send
                              a written notice to Itau stating the amount of
                              such Termination Fee and Itau shall pay the full
                              amount of the Termination Fee calculated as
                              provided in this Agreement in cash to AOLA or AOLB
                              (as designated by AOLA in its sole discretion) by
                              means of a wire transfer of United States Dollars
                              in immediately available funds within ten (10)
                              Business Days after the date such written notice
                              was sent to an account specified in writing by
                              AOLA to Itau. If Itau fails to make such payment
                              within such ten (10) Business Day period or if
                              Itau disputes the amount of the Termination Fee
                              claimed by AOLA or AOLB, the amount of the
                              Termination Fee, notwithstanding Section 13.5,
                              shall be determined as part of the arbitral
                              proceeding pursuant to Section 13.3 in which such
                              termination was awarded or, in the event there is
                              no such arbitral proceeding, the determination of
                              the Termination Fee may be submitted to Forty-Five
                              Day Arbitration pursuant to Section 13.4 by any
                              Party. Any such dispute shall be waived if not
                              claimed during any arbitration relating to such
                              termination. One copy of the decision and award of
                              the arbitrator shall be delivered to AOLA and AOLB
                              and one copy shall be delivered to Itau. If Itau
                              fails to pay the Termination Fee determined by the
                              arbitrator, AOLA and AOLB shall be entitled to
                              deliver such arbitrator's award to the Escrow
                              Agent for the purpose of

                                      -63-
<PAGE>

                              releasing the applicable Termination Fee Note from
                              escrow in accordance with the terms of the Escrow
                              Agreement.

                         (b)  If such arbitration award determines a Termination
                              Fee of zero, then AOLA, AOLB and Itau shall
                              jointly execute and deliver to the Escrow Agent a
                              Note Release Certificate instructing the Escrow
                              Agent to release to Itau all of the Termination
                              Fee Notes in accordance with the terms of the
                              Escrow Agreement.

               10.2.5    Billing Service Fee, Finance Channel Fee and Other
                         --------------------------------------------------
                         Payments. Except as otherwise provided herein, all
                         --------
                         Billing Services Fees due from AOLB hereunder and any
                         other payments payable by AOLB or AOLA to Itau
                         hereunder shall be made to Itau by means of a wire
                         transfer of Brazilian Reais (or any successor official
                         Brazilian currency) in immediately available funds
                         within fifteen (15) Business Days after AOLB's receipt
                         of an invoice therefor. Except as otherwise provided
                         herein, all Finance Channel Fees due from Itau
                         hereunder and any other payments payable by Itau to
                         AOLA or AOLB hereunder (other than those set forth in
                         Section 10.2.1-10.2.4) shall be made to AOLB by means
                         of a wire transfer of Brazilian Reais (or any successor
                         official Brazilian currency) in immediately available
                         funds within fifteen (15) Business Days after AOLB's
                         receipt of an invoice therefor.

          10.3 Late Payments; Interest and Inflation. All payments not made on
               -------------------------------------
               or before the due date specified herein shall be subject to
               interest at the lower of the rate of nine percent (9%) per annum
               compounded monthly or the maximum amount permitted by law per
               annum until such payment is made in full including if such
               payments are delayed due to a Force Majeure Event. Furthermore,
               in case such payments not made on or before the due date
               specified herein, are required to be converted into Reais, for
               any reason whatsoever, then the same shall also be adjusted for
               inflation by the General Market Price Index variance supplied by
               the Fundacao Getulio Vargas (IGPM-FGV), or in case of its
               extinction, by a comparable index. Any interest and/or adjustment
               for inflation shall be accrued "pro rata temporis" from the
               respective due date specified herein, until the date of the
               effective payment.

          10.4 Remission Abroad; Payment in Brazil.
               -----------------------------------

               If necessary, Itau shall, subject to all applicable laws, rules
               and regulations, use all reasonable efforts to obtain all
               necessary approvals to ensure that monies due by Itau to AOLA in
               United States dollars under this Agreement may be immediately
               remitted abroad. To the extent this Agreement requires Itau to
               pay AOLA or AOLB in United States dollars and payment in such
               currency is prohibited by law, rule or regulation in Brazil, Itau
               shall instead pay AOLB in Reais at the exchange rate set by Banco
               Central do Brasil - PTAX 0800 option 5 for the day such payment
               first becomes due and payable. Payments to AOLA under this
               Agreement shall be made to AOLA in a jurisdiction designated in
               its sole discretion.

                                      -64-
<PAGE>

          10.5 Reporting.
               ---------

          10.5.1    Promotional Commitments. Each of AOLB and Itau shall provide
                    -----------------------
                    the other with regular reports (no less frequently than
                    monthly) describing any promotional activities it has
                    undertaken pursuant to this Agreement. In reporting any
                    promotion, such Party shall describe the nature of
                    promotion, its duration and any other relevant information
                    regarding the promotion.

          10.5.2    Distribution. Itau shall provide AOLB with quarterly reports
                    ------------
                    setting forth (i) the total number of Customized Client CDs
                    distributed, and (ii) future forecasts regarding
                    distribution of Customized Client CDs and other relevant
                    information reasonably requested by AOLB.

          10.5.3    Verified Members Reporting. AOLB shall provide Itau with (i)
                    --------------------------
                    quarterly reports setting forth the total number of
                    AOLB/Itau Subscribers as of the end of such quarter and (ii)
                    within thirty (30) days after the each Anniversary Date a
                    report setting forth the aggregate number of Verified
                    Members on such Anniversary Date.

     10.6 Auditing Rights. Each Party shall maintain complete, clear and
          ---------------
          accurate records of all expenses, revenues, fees, transactions,
          performance tests and related documentation (including agreements) in
          connection with the performance of this Agreement ("Records"). All
          such Records shall be maintained for a minimum of five (5) years
          following termination of this Agreement. For the sole purpose of
          ensuring compliance with this Agreement, each Party shall have the
          right, at its expense, to direct an independent certified public
          accounting firm subject to strict confidentiality restrictions to
          conduct a reasonable and necessary copying and inspection of portions
          of the Records of another Party that are directly related to each
          Party's performance and amounts payable to the auditing Party pursuant
          to this Agreement. Any such audit may be conducted after ten (10)
          business days prior written notice and shall be conducted during
          normal business hours.

     10.7 Taxes. No taxes or imposts of any nature whatsoever (including without
          -----
          limitation income tax withheld at source) will levy on any payments
          due by any Party under this Agreement. It shall be the responsibility
          of the paying Party to ensure that no such taxes or imposts are levied
          and, if necessary, the paying Party shall gross up all amounts due to
          another Party so as to secure that the Party to whom such amounts are
          paid actually receives said amounts net of any taxes or imposts of any
          kind.

11.  TERM, RENEWAL AND TERMINATION
     -----------------------------

     11.1  Term; Renewal; Nonrenewal. Unless earlier terminated as set forth
           -------------------------
           herein, the term of this Agreement shall commence on the Effective
           Date and continue until the date ten (10) years from the Effective
           Date (the "Term"). AOLA, AOLB and Itau agree to meet no later than
           twelve (12) months before the expiration of the Term to negotiate
           equitable terms for renewing or extending this Agreement or the
           relationship among the Parties, provided however, that no Party shall
           be obligated to enter into any such extension or renewal. This
           Agreement only shall be extended by mutual agreement in writing of
           AOLA, AOLB and Itau. AOLA and AOLB shall be considered one Party for
           purposes of this Article 11.

                                      -65-
<PAGE>

     11.2  Termination for Material Breach.
           -------------------------------

           11.2.1  Notice and Cure Periods. In the event that an AOLB Party
                   -----------------------
                   commits a Material AOLB Exclusivity Breach or Itau commits a
                   Material Itau Breach, and such breaching Party (the
                   "Breaching Party") fails to cure such breach within thirty
                   (30) days or, in the case of a Material Exclusivity Breach,
                   within ninety (90) days (such periods, the "Cure Periods"),
                   after written notice thereof (a "Breach Notice"), from the
                   other Party (the "Notifying Party"), the Notifying Party
                   shall have the right to terminate this Agreement upon receipt
                   of an arbitral ruling confirming such uncured Material Breach
                   as provided in this Section 11.2. In the event that an AOLB
                   Party commits a Material AOLB Breach other than a Material
                   AOLB Exclusivity Breach, Itau shall have the right to
                   terminate this Agreement upon receipt of an arbitral ruling
                   confirming such Material Breach as provided in this Section
                   11.2. Stopping the violating conduct shall not "per se" be
                   deemed to constitute a cure for a Material Breach.

          11.2.2  Referral to Arbitration.
                  -----------------------

                  (a)  Except for a Material AOLB Breach other than a Material
                       AOLB Exclusivity Breach, beginning on the date of the
                       Breach Notice, any Party shall have the right to refer to
                       arbitration the issue of whether such a Material Breach
                       has occurred and to seek injunctive or other relief from
                       such breaching conduct. In the event such Material Breach
                       is cured during the applicable Cure Period, the Notifying
                       Party shall not be entitled to terminate this Agreement
                       or to receive the Termination Fee.

                  (b)  In the case of Material Exclusivity Breaches, if the
                       Breaching Party ceases the allegedly breaching activities
                       within ten (10) days after receipt of a Breach Notice,
                       the Breaching Party shall have the right to refer to
                       arbitration the issue of whether the activities at issue
                       violate the provisions of Section 2.3 and/or 7.1 hereof
                       as alleged, and if so, whether such breach has, or if
                       continued, would be reasonably likely to have a Material
                       Adverse Effect. If the arbitral decision holds either
                       that the allegedly breaching conduct does not constitute
                       a breach of Section 2.3 or 7.1, or that the breach does
                       not have and is not reasonably likely to have a Material
                       Adverse Effect, the allegedly Breaching Party may
                       recommence the allegedly breaching activities. If the
                       arbitral decision holds that the allegedly breaching
                       conduct (i) constitutes a breach of Section 2.3 or 7.1,
                       (ii) such conduct did not have a Material Adverse Effect,
                       and (iii) such conduct is reasonably likely to have a
                       Material Adverse Effect in the future, then so long as
                       the Breaching Party does not recommence any of the
                       breaching activities, the Notifying Party shall not be
                       entitled to terminate this Agreement. An arbitral
                       decision holding that the conduct constitutes a breach of
                       Section 2.3 or 7.1, but did not have and is not
                       reasonably likely to have a Material Adverse Effect shall
                       not

                                      -66-
<PAGE>

                       preclude the Notifying Party from subsequently
                       referring to arbitration the issue of whether the same
                       conduct has or is reasonably likely to have a Material
                       Adverse Effect or from receiving any applicable remedies
                       in the event such conduct is determined by an arbitrator
                       to have a Material Adverse Effect; provided, however, any
                       claim in such a subsequent arbitration that the same
                       conduct has or is reasonably likely to have a Material
                       Adverse Effect may only be brought in the event of a
                       substantial change in the facts and circumstances
                       initially referred to arbitration.

          11.2.3  Termination Rights, Termination Fees and Remedies for Material
                  --------------------------------------------------------------
                  Breaches.
                  --------

                  (a)  Termination Rights for Material Exclusivity Breaches.
                       ----------------------------------------------------
                       Upon receipt of an arbitral ruling affirming the
                       existence of a Material Exclusivity Breach that was not
                       cured during the applicable Cure Period, the Notifying
                       Party may at its option elect by written notice to the
                       Breaching Party within thirty (30) days after the date of
                       such ruling:

                       (1)  To terminate the Agreement which termination shall
                            be effective immediately upon receipt by the
                            Breaching Party of such written notice of
                            termination; or

                       (2)  To continue the Agreement, in which case the
                            Agreement shall remain in full force and effect
                            notwithstanding such final arbitral ruling, in which
                            case: (a) the Notifying Party may elect to continue
                            this Agreement notwithstanding such breach; and (b)
                            the Notifying Party may also elect by written notice
                            to the Breaching Party, within two (2) Business Days
                            after the award to be unilaterally relieved from the
                            exclusivity provisions hereunder. In the event a
                            Notifying Party elects (b) above, in the case of a
                            Material AOLB Exclusivity Breach, the provisions of
                            Section 2.3 shall no longer apply to Itau or its
                            Affiliates; and in the case of a Material Itau
                            Exclusivity Breach, the provisions of Section 7.1,
                            2.3.2 and 2.3.3 shall no longer apply to the AOLB
                            Parties or their Affiliates.

                       (3)  In the event that a Party chooses option (2) above,
                            the arbitral panel shall be reconvened fifteen (15)
                            days after the initial ruling affirming the
                            existence of the Material Exclusivity Breach and if
                            the Breaching Party fails to cure the breach within
                            ten (10) days after such ruling as determined by the
                            arbitral panel, the Notifying Party may by written
                            notice delivered within fifteen (15) days of the
                            expiration of such ten (10) day period terminate the
                            Agreement, effective immediately upon receipt by

                                      -67-
<PAGE>

                            the Breaching Party of such written notice of
                            termination.

                       (b)  Termination Rights for Other Material Breaches. Upon
                            ----------------------------------------------
                            receipt of an arbitral ruling affirming the
                            existence of a Material Breach (other than a
                            Material Exclusivity Breach) that was not cured
                            during the applicable Cure Period, the Notifying
                            Party may at its option elect by written notice to
                            the Breaching Party within thirty (30) days after
                            the date of such ruling:

                            (1)  To terminate the Agreement which termination
                                 shall be effective immediately upon receipt by
                                 the Breaching Party of such written notice of
                                 termination; or

                            (2)  To continue the Agreement, in which case the
                                 Agreement shall remain in full force and effect
                                 notwithstanding such final arbitral ruling, in
                                 which case the Notifying Party may elect to
                                 continue this Agreement notwithstanding such
                                 breach.

                            In the event that a Party chooses option (2) above,
                            the arbitral panel shall be reconvened fifteen (15)
                            days after the initial ruling affirming the
                            existence of the Material Breach and if the
                            Breaching Party fails to cure the breach within ten
                            (10) days after such ruling as determined by the
                            arbitral panel, the Notifying Party may by written
                            notice delivered within fifteen (15) days of the
                            expiration of such ten (10) day period terminate the
                            Agreement, effective immediately upon receipt by the
                            Breaching Party of such written notice of
                            termination.

                      (c)   Termination Fee. The Parties acknowledge that the
                            ---------------
                            totality of their rights and obligations under this
                            Agreement and the Related Agreements, including the
                            number of Shares granted to Itau, were determined
                            based on the assumption that AOLA and AOLB would
                            have the benefit of Itau's obligations under
                            Sections 2.3 and 2.1.3 throughout the Term and that
                            AOLA's and AOLB's failure to enjoy such benefit for
                            the Term would, unless rectified, result in AOLA and
                            AOLB receiving substantially less value from this
                            Agreement and the Related Agreements than
                            contemplated by the Parties. Accordingly, in the
                            event, AOLA or AOLB terminates the Agreement
                            pursuant to this Section 11.2 during the first five
                            Anniversary Years for a Material Itau Exclusivity
                            Breach or a Material Marketing Breach, to compensate
                            the AOLB Parties for such loss of value, Itau shall
                            pay to AOLA or AOLB, (as determined by AOLA in its
                            sole discretion), as the AOLB Parties' sole and
                            exclusive remedy for such Material Breach, the
                            Termination Fee. In the event, AOLA or AOLB
                            terminates the Agreement pursuant to this Section
                            11.2 after the first five Anniversary Years for a
                            Material Itau Exclusivity Breach or a Material
                            Marketing Breach, AOLA and AOLB shall be entitled to
                            any available

                                      -68-
<PAGE>

                            remedies at law or in equity. The Parties agree that
                            such Termination Fee is reasonable in light of the
                            damages the AOLB Parties would suffer in the event
                            the agreement is terminated due to a Material Itau
                            Exclusivity Breach or Material Marketing Breach
                            during the first five (5) Anniversary Years. Upon
                            termination of the Agreement and payment of such
                            Termination Fee (which Termination Fee shall be
                            reduced by the amount of any Reference Payments Itau
                            has paid to AOLA or AOLB for any Anniversary Date
                            occurring after the Breach Date), Itau shall be
                            relieved from the obligation to pay any Reference
                            Payments for Anniversary Dates which occur after the
                            Breach Date and Itau shall be required to pay a Type
                            I Pro-Rata Reference Payment for the Anniversary
                            Year in which the Breach Date occurs.



                       (d)  Remedies Upon Termination For Material Payment
                            ----------------------------------------------
                            Breaches. In the event the AOLB Parties terminate
                            --------
                            the Agreement pursuant to this Section 11.2 for a
                            Material Payment Breach, in addition to any amounts
                            due, or for which the payment obligation has accrued
                            prior to such Termination Date, as the AOLB Parties
                            sole and exclusive remedy for such Material Payment
                            Breach, the Type I Acceleration Payment shall become
                            immediately due and payable upon the Termination
                            Date. Upon termination of the Agreement and payment
                            of such Type I Acceleration Payment, Itau shall be
                            relieved from the obligation to pay any Reference
                            Payments for Anniversary Dates which occur after the
                            Breach Date.

                       (e)  Remedies Upon Termination for Material Launch
                            ---------------------------------------------
                            Failure. In the event Itau terminates the Agreement
                            -------
                            pursuant to Section 11.2 for a Material Launch
                            Failure as Itau's sole and exclusive remedy, Itau
                            shall be relieved of its obligation to pay (i) any
                            Reference Payments hereunder and (ii) any other fees
                            or other amounts which became due and for which the
                            payment obligation accrued after the Breach Date.

                       (f)  Remedies Upon Termination for Other Material AOLB
                            -------------------------------------------------
                            Breaches. In the event Itau terminates the Agreement
                            --------
                            pursuant to Section 11.2 for a Material AOLB Breach
                            (other than a Material Launch Failure) as Itau's
                            sole and exclusive remedy, Itau shall be relieved of
                            its obligation to pay any Reference Payments for
                            Anniversary Dates which occurred after the Breach
                            Date and Itau shall be required to pay a Type I Pro-
                            Rata Reference Payment for the Anniversary Year in
                            which the Breach Date occurred.

          11.3  Termination for Failure to Co-Brand a New ISP Product. AOLB
                -----------------------------------------------------
                shall have the right to terminate this Agreement as provided in
                Section 2.3.2(e). In the event that AOLB elects to terminate
                this Agreement pursuant to Section 2.3.2(e), as Itau's sole and
                exclusive remedy, Itau shall be relieved of its obligation to
                pay any Reference Payments for Anniversary Dates which occur
                after the

                                      -69-
<PAGE>

                Termination Date and Itau shall be required to pay a Type II
                Pro-Rata Reference Payment for the Anniversary Year in which the
                Termination Date occurs.

          11.4  Termination for Failure to Offer a New ISP Product. Itau shall
                --------------------------------------------------
                have the right to terminate this Agreement as provided in
                Section 2.3.2(f). In the event that Itau elects to terminate
                this Agreement pursuant to Section 2.3.2(f), as AOLA and AOLB's
                sole and exclusive remedy, the Type II Acceleration Payment
                shall become immediately due and payable upon the Termination
                Date. Upon payment of such Type II Acceleration Payment, Itau
                shall be relieved of its obligation to pay any Reference
                Payments for Anniversary Dates which occur after the Termination
                Date.

          11.5  Termination In Connection With Noncompetitive ISP Products. Itau
                ----------------------------------------------------------
                shall have the right to terminate this Agreement as provided in
                Section 2.3.3(b). In the event Itau elects to terminate this
                Agreement pursuant to Section 2.3.3(b), as AOLB's sole and
                exclusive remedy, the Type II Acceleration Payment shall become
                immediately due and payable upon the Termination Date. Upon
                payment of such Type II Acceleration Payment, Itau shall be
                relieved of its obligation to pay any Reference Payments for
                Anniversary Dates which occur after the Termination Date.


          11.6  Termination for Change of Control.
                ---------------------------------

                (a)    Upon consummation of an AOLA Change of Control, Itau
                       shall have the right, exercisable in its sole discretion
                       for thirty (30) days thereafter, to terminate this
                       Agreement immediately upon written notice to AOLA;
                       provided that, if such AOLA Change of Control occurs, and
                       the Successor is not described in clauses (i) or (ii) of
                       the second succeeding sentence, then such right shall be
                       exercisable by Itau for sixty (60) days after such AOLA
                       Change in Control. In the event Itau elects not to
                       terminate this Agreement upon an AOLA Change of Control,
                       then any successor-in-interest of AOLA or AOLB shall be
                       bound by and must consent in writing to be bound by the
                       provisions of this Agreement to the same extent as AOLA
                       or AOLB, as the case may be. In the event that Itau
                       elects to terminate this Agreement pursuant to this
                       Section 11.6(a), and any such Successor is (i) a
                       Financial Institution, or (ii) is a member of any Related
                       Group that includes any Financial Institution that is one
                       of the top twenty Financial Institutions in the Territory
                       (ranked by the aggregate assets within the Territory of
                       all members of a Group that are Financial Institutions as
                       of the latest date prior to the date AOLA Change in
                       Control as of which such information is available), then
                       as Itau's sole and exclusive remedy, Itau shall be
                       relieved of its obligation to pay any Reference Payments
                       for Anniversary Dates which occur after the Termination
                       Date and Itau shall be required to pay a Type II Pro-Rata
                       Reference Payment for the Anniversary Year in which the
                       Termination Date occurs. In the event that Itau elects to
                       terminate this Agreement pursuant this Section 11.6(a),
                       and such Successor is not described in clauses (i) or
                       (ii) of the immediately preceding sentence, then as
                       AOLB's sole and exclusive remedy, the Type II
                       Acceleration Payment shall become immediately due and
                       payable upon the Termination Date. Upon payment of such
                       Type II Acceleration Payment, Itau shall be relieved of
                       its obligation to pay any Reference Payments for
                       Anniversary Dates which occur after the Termination Date.

                                      -70-
<PAGE>

                (b)    Upon consummation of an Itau Change of Control, AOLA and
                       AOLB shall have the right, exercisable in its sole
                       discretion for thirty (30) days thereafter, to terminate
                       this Agreement immediately upon written notice to Itau;
                       provided that, if such Itau Change of Control occurs and
                       the Successor is not described in clauses (i) or (ii) of
                       the second succeeding sentence, then such right shall be
                       exercisable by AOLA and AOLB for sixty (60) days after
                       such Itau Change in Control. In the event neither AOLA
                       nor AOLB elects to terminate this Agreement upon an Itau
                       Change of Control, then any successor-in-interest of Itau
                       shall be bound by and must consent in writing to be bound
                       by the provisions of this Agreement to the same extent as
                       Itau. In the event that AOLB elects to terminate this
                       Agreement pursuant this Section 11.6(b), and such
                       Successor is (i) an Access Provider or a Designated
                       Entity as of such Termination Date, or (ii) is a member
                       of any Related Group that includes any Access Provider or
                       Designated Entity, then as AOLB's sole and exclusive
                       remedy, the Type II Acceleration Payment shall become
                       immediately due and payable upon the Termination Date. In
                       the event that AOLB elects to terminate this Agreement
                       pursuant this Section 11.6(b), and such Successor (i) is
                       not an Access Provider or a Designated Entity as of such
                       Termination Date and (ii) is not a member of any Related
                       Group that includes any Access Provider or Designated
                       Entity, then as Itau's sole and exclusive remedy, Itau
                       shall be relieved of its obligation to pay any Reference
                       Payments for Anniversary Dates which occur after the
                       Termination Date and Itau shall be required to pay a Type
                       II Pro-Rata Reference Payment for the Anniversary Year in
                       which the Termination Date occurs.

          11.7  Termination In Connection With Failure to Achieve Total Verified
                ----------------------------------------------------------------
                Member Numbers. Itau shall have the right to terminate this
                --------------
                Agreement as provided in Section 8.4. In the event Itau elects
                to terminate this Agreement pursuant to Section 8.4, as AOLA and
                AOLB's sole and exclusive remedy, the Type II Acceleration
                Payment shall become immediately due and payable upon the
                Termination Date. Upon payment of such Type II Acceleration
                Payment, Itau shall be relieved of its obligation to pay any
                Reference Payments for Anniversary Dates which occur after the
                Termination Date.

          11.8  Termination for Certain Equity Matters. If (i) the Subscription
                --------------------------------------
                Agreement is terminated at any time prior to the issuance of the
                Shares to the Purchasers (as that term is defined in the
                Subscription Agreement), or (ii) AOLA ceases to be a subject to
                the provisions of Section 13 of the Securities Exchange Act of
                1934, as amended (an "AOLA Privatization Event"), then AOLA and
                Itau shall negotiate in good faith for a period not to exceed
                thirty (30) days regarding modifications to this Agreement
                necessary or desirable to obtain for AOLA and Itau the benefits
                sought to be obtained hereby and by the Related Agreements in
                light of such changes. If the Parties are unable to reach
                agreement on such modifications, Itau shall have the right,
                exercisable in its sole discretion for thirty (30) days
                thereafter, to terminate this Agreement immediately upon written
                notice to AOLA thereof. In addition, if an AOLA Privatization
                Event occurs, Itau shall have the right to terminate this
                Agreement at any time after the end of the fifth Anniversary
                Year of this Agreement upon thirty (30) days prior written
                notice to AOLA and AOLB. In the event Itau elects to terminate
                this Agreement pursuant to (i) above, Itau shall be relieved of
                its obligation to pay any Reference Payments. In the event Itau
                elects to terminate this Agreement pursuant to this Section 11.8
                due to an AOLA Privatization Event, Itau shall be relieved of
                its obligation to pay any Reference Payments for Anniversary
                Dates which occur after the Termination Date and Itau shall be
                required to pay a Type II Pro-Rata

                                      -71-
<PAGE>

                Reference Payment for the Anniversary Year in which the
                Termination Date occurs. If the Termination Date for an AOLA
                Privatization Event occurs during the fourth or fifth
                Anniversary Year of this Agreement, in addition to the Type II
                Pro Rata Payment, Itau shall pay AOLB [*] within ten (10)
                Business Days after the Termination Date.

          11.9  Termination for Bankruptcy, Insolvency and Related Events.
                ---------------------------------------------------------

                This Agreement shall terminate automatically in the event Itau
                or AOLB: (a) becomes or is declared insolvent or bankrupt; (b)
                is the subject of any proceeding related to its liquidation or
                insolvency (whether voluntary or involuntary) which is not
                dismissed within ninety (90) calendar days; (c) makes an
                assignment for the benefit of creditors or (d) ceases to do
                business in the normal course. In the event AOLB terminates this
                Agreement pursuant to this Section 11.9, as AOLB's sole and
                exclusive remedy, the Type II Acceleration Payment shall become
                immediately due and payable. Upon payment of such Acceleration
                Payment, Itau shall be relieved of its obligation to pay any
                Reference Payments for Anniversary Dates which occur after the
                Termination Date. In the event Itau elects to terminate this
                Agreement pursuant to this Section 11.9, Itau shall be relieved
                of its obligation to pay any Reference Payments for Anniversary
                Dates which occur after the Termination Date and Itau shall be
                required to pay a Type II Pro-Rata Reference Payment for the
                Anniversary Year in which the Termination Date occurs.

          11.10 Survival. Except as otherwise expressly provided herein, all
                --------
                rights granted to and obligations undertaken by the Parties
                hereunder shall terminate immediately upon termination of this
                Agreement, except for this Section 11.10 and the following
                rights and obligations, which shall survive in accordance with
                their terms:

                (a)  The provisions of Sections 1.6.2, 1.7.1, 1.7.4, 8.2.3,
                     8.2.4, 8.2.5, 8.2.6, 9.1.2(b), 9.1.2(c), 9.1.3, 9.1.5,
                     9.1.6, 9.1.7, 9.1.8, 9.1.9, 9.1.11, 9.2, 9.3.3(f),
                     9,3.3(g), 9.3.3(h), 11.10, 11.11 and Article 13 of the body
                     of this Agreement;

                (b)  The obligation to pay AOLB any and all Subscriber Fees
                     collected by Itau, its agents or independent contractors;

                (c)  The obligation to pay any fees or other payments which
                     became due or for which the payment obligation accrued on
                     or prior to the Termination Date, except where this
                     Agreement expressly provides that such Party is relieved of
                     such payment obligations;

                (d)  Exhibit A; and

                (e)  In Exhibit B, Sections II, III, IV, V and VI.

                For purposes of this Section 11.10, any Termination Fee payable
                hereunder shall be deemed to accrue as of the Termination Date,
                and any Reference Payments shall be deemed to accrue as of the
                Anniversary Date with respect to which they are to be
                calculated, however, Pro-Rata Reference Payments and
                Acceleration

                                      -72-
<PAGE>

                Payments shall be deemed to accrue as of the Trigger Date
                applicable to such payments.

          11.11 Wind Down.
                ---------

                11.11.1  Co-Branded Service.
                         ------------------

                         Upon expiration or termination of this Agreement,
                         unless otherwise mutually agreed, AOLB shall continue
                         to make the Co-Branded Service available to AOLB/Itau
                         Subscribers as set forth in this Agreement and Itau
                         shall continue to pay the Hours Payment and the Finance
                         Channel Fee (in an amount not to exceed one-half of the
                         inflation-adjusted cap set forth in Section 1.11.3) for
                         a period of [*] after the termination of this
                         Agreement, AOLB and Itau shall mutually agree upon and
                         commence implementing a transition plan designed to
                         ensure an orderly transition of the AOLB/Itau
                         Subscribers from the Co-Branded Service and reduce
                         disruption to the AOLB/Itau Subscribers.

                11.11.2  Billing.
                         -------

                         Upon the expiration or termination of this Agreement,
                         AOLB may at its option provide AOLB/Itau Subscribers
                         with the AOLB Service instead of the Co-Branded
                         Service. AOLB and Itau shall, at AOLB's option, either
                         enter into an agreement under which Itau shall continue
                         to provide Billing Services for the AOLB/Itau
                         Subscribers on AOLB's behalf, or implement a plan under
                         which Itau shall migrate all such Billing Services to
                         AOLB or its designee within a period of one hundred
                         eighty (180) days, in which case AOLB shall continue to
                         pay Itau the Billing Services Fee during such 180-day
                         period.

                11.11.3  Informing AOLB/Itau Subscribers. Upon expiration or
                         -------------------------------
                         termination of this Agreement, AOLB agrees to: (a)
                         create a cul-de-sac screen in the AOLB Network
                         explaining the steps necessary to access Itau Financial
                         Services available at URL: www.Itau.com.br (or such
                         successor locator for Itau's home page as designated by
                         Itau provided that such domain name does not reference
                         another Access Provider or AOLB Designated Entity as of
                         the expiration or termination date) and promote for a
                         period of three (3) months after expiration or
                         termination of this Agreement such screen by means of a
                         link on the "Welcome" screen presented to AOLB/Itau
                         Subscribers after expiration or termination of this
                         Agreement, and (b) not deactivate the Custom Toolbar
                         Icon or the link from such icon to the location that
                         such icon linked to immediately prior to such
                         expiration or termination date (or such other location
                         as mutually agreed) for a period of six (6) months;
                         both (a) and (b) only as long as Itau does not offer,
                         market or otherwise promote on the page accessible at
                         such URL, the products or services of any other Access
                         Provider or AOLB Designated Entity as of the expiration
                         or termination date.

                11.11.4  Marketing Restrictions.
                         ----------------------

                         (a)  For a period of [*] after expiration or
                              termination of the Agreement, Itau agrees (i) not
                              specifically to target, or to

                                      -73-
<PAGE>

                              authorize or permit any third party to target, the
                              AOLB/Itau Subscribers or the AOLB Members in any
                              online or offline marketing or promotional
                              activities with respect to products and services
                              of Access Providers, AOLB Designated Entities as
                              of termination or expiration or ISP Products, (ii)
                              not to disparage AOLA or AOLB or otherwise make
                              statements directly comparing Itau's new access
                              program to the AOLB Service or Co-Branded Service;
                              and (iii) not to use the AOLB Network to
                              distribute, market or promote any ISP Products
                              except as provided below nor the AOLB Designated
                              Entities listed as of such expiration or
                              termination date, nor to authorize or permit any
                              third party to use the AOLB Network to distribute,
                              market or promote any ISP Products specifically
                              targeted to the AOLB/Itau Subscribers or AOLB
                              Members except with the express written permission
                              of AOLB. The following activities by Itau shall
                              not be considered violations of this Section: (a)
                              continuing to use an AOL.com domain name; (b)
                              sending e-mail to former AOLB/Itau Subscribers
                              that continue to maintain an AOL.com domain name,
                              provided that such e-mails comply with (i) and
                              (ii) above; (c) sending e-mails to former
                              AOLB/Itau Subscribers informing such individuals
                              of an ISP Product of which the Parties did not
                              agree to create a Co-Branded version of such ISP
                              Product pursuant to this Agreement, and (d)
                              including promotions for ISP Products and AOLB
                              Designated Entities on pages of the Itau
                              Interactive Sites other than those subject to
                              restrictions pursuant to Section 11.9.2.


                         (b)  For a period of [*] after expiration or
                              termination of the Agreement, AOLB agrees (i) not
                              specifically to target, or to authorize or permit
                              any third party to target, the AOLB/Itau
                              Subscribers in any online or offline marketing or
                              promotional activities with respect to (A)
                              Financial Services offered by third-parties or (B)
                              Financial Institutions, and (ii) not to disparage
                              Itau or otherwise make statements directly
                              comparing Itau's Financial Services with the
                              Financial Services of any new Financial
                              Institution partners.

               11.12  Release of Certain Notes From Escrow Upon Termination.
                      -----------------------------------------------------

                      In the event this Agreement is terminated pursuant to this
                      Section 11, there shall be released from escrow any Notes
                      evidencing obligations of Itau hereunder for which Itau
                      cannot be liable. AOLA, AOLB and Itau shall jointly
                      execute and deliver to the Escrow Agent a Note Release
                      Certificate in the form attached to the Escrow Agreement
                      directing that such Notes be released from escrow and
                      delivered to Itau.

                                      -74-
<PAGE>

12.  ADDITIONAL OPPORTUNITIES.

     12.1  Itau Opportunities.
           ------------------

           12.1.1  Brazilian Financial Services. AOLB and Itau shall meet and
                   ----------------------------
                   discuss reasonable terms under which, upon mutual agreement
                   of the Parties, AOLB may fulfill its corporate and general
                   administrative Financial Services needs in the Territory
                   (including the billing of all AOLB Members) from Itau, and
                   AOLB shall fulfill such Financial Services from Itau so long
                   as such Financial Services are available from Itau in the
                   manner required by AOLB and are competitively priced;
                   provided that the foregoing shall not require AOLB to
                   terminate any existing agreements for such Financial
                   Services.

           12.1.2  Online Promotions. From time to time during the Term, AOLB
                   -----------------
                   will offer Itau the opportunity, before it offers such
                   opportunity to a Financial Institution that is a bank (or any
                   other product or service that is branded with the name of any
                   such Financial Institution that is a bank), to engage in
                   special promotions in certain special temporary areas (not
                   existing channels or areas) created for the AOLB Service
                   (e.g., a carnival area) on agreeable terms and conditions for
                    - -
                   a mutually agreed fee, subject to any agreements existing as
                   of the Effective Date. The foregoing will not apply to the
                   renewal of any such areas. Itau acknowledges that certain
                   AOLB areas contain multiple promotions. AOLB and Itau shall
                   meet and discuss other opportunities such as sponsoring other
                   "channels" of the AOLB Service upon agreeable terms and
                   conditions.

           12.1.3  Future Opportunities. Except as provided in 12.1.2, if AOLA
                   --------------------
                   or AOLB desires to partner (including with respect to
                   offering, branding, Co-Branding, marketing or promoting Non-
                   ISP Products) with a Financial Institution other than Itau
                   with respect to Non-ISP Products in the Territory, except
                   marketing or promotion of the AOLB Service and/or AOLB
                   Network and Advertising on the AOLB Service and/or AOLB
                   Network, AOLA or AOLB, as the case may be, shall approach
                   Itau and discuss the opportunity for Itau to provide such
                   products or services (e.g., an electronic wallet, an
                                         - -
                   electronic credit card for making purchases on the Internet,
                   a Co-Branded credit card, a secure online payment system) on
                   mutually agreeable terms, subject to any agreements existing
                   as of the Effective Date. AOLA and AOLB shall not close any
                   such agreement with a third-party Financial Institution prior
                   to talking with Itau. In the event AOLA or AOLB enters into
                   an Agreement with another Financial Institution in the
                   Territory pursuant to this Section 12.1.3 regarding the
                   provision of a Non-ISP Product feature or functionality on
                   the AOLB Network, AOLA and AOLB may promote such feature or
                   functionality with or without the other Financial
                   Institution's brand name or logo: (a) in any manner online
                   other than on the Covered Pages, and (b) in offline media and
                   general advertisements and promotions for AOLA and AOLB
                   products and services, provided that any advertisements and
                   promotions by AOLA or AOLB primarily for such feature or
                   functionality may not include the other Financial
                   Institution's brand name or logo.

                                      -75-
<PAGE>

           12.1.4  Advertising Discount. AOLB shall extend to Itau a twenty
                   --------------------
                   percent (20%) discount off its standard rate card for
                   Advertising on the AOLB Service or Co-Branded Service for
                   Advertisements purchased after the Effective Date by Itau for
                   its products or services, provided that AOLB is not required
                   to pay any commission or provide any discount to any third
                   party retained by or on behalf of Itau with respect to the
                   sale of such Advertisements (e.g., an advertising agency).
                                                - -

     12.2  AOLB Opportunities.
           ------------------

           12.2.1  Future Opportunities. If Itau desires to partner (including
                   --------------------
                   with respect to offering, branding, Co-Branding, marketing or
                   promoting Non-ISP Products) with an Access Provider other
                   than AOLB with respect to Non-ISP Products in the Territory,
                   except (i) marketing or promotion of the Itau Interactive
                   Sites and Independent Financial Services Portal and
                   Advertising on the Itau Interactive Sites and the Independent
                   Financial Services Portal, and (ii) the provision of
                   Financial Services to an Access Provider, Itau shall approach
                   AOLB and discuss the opportunity for AOLB to provide such
                   products or services (e.g., search) on mutually agreeable
                                         - -
                   terms, subject to any agreements existing as of the Effective
                   Date. Itau shall not close any such agreement with a third-
                   party Access Provider prior to talking with AOLB.

           12.2.2  AOLB Opportunities. The Parties shall meet and discuss
                   ------------------
                   reasonable terms under which, upon mutual agreement of the
                   Parties, AOLB may: (i) provide Content to the Itau
                   Interactive Sites; (ii) develop a Co-Branded ATM; (iii)
                   develop a shopping site within the Itau Interactive Sites
                   with the following branding: "Itau Shopping powered by
                   America Online." The Parties shall also meet and discuss, and
                   may mutually agree upon, a means of giving AOLB traffic
                   credit for the use of the Itau Online Area and the Itau
                   Interactive Sites.

           12.2.3  Personal Computer Financing. Itau agrees to use all
                   ---------------------------
                   reasonable efforts to cause its Affiliate, Itautec, to offer
                   together with AOLB a competitive personal computer financing
                   arrangement to the market. The Parties shall meet and discuss
                   such relationship.

     12.3  Other Territories. The Parties shall meet and discuss entering a non-
           -----------------
           exclusive arrangement for [*] similar to the arrangement set forth in
           this Agreement but on terms to be mutually agreed upon, subject to
           any then-existing exclusive commitments of AOLB or AOLA.

     12.4  Financial Services Portal
           -------------------------

           12.4.1  Itau Right to Develop an Independent Financial Services
                   -------------------------------------------------------
                   Portal
                   ------
                   Itau shall have the right to pursue the development,
                   operation and promotion of an Independent Financial Services
                   Portal in the Territory, and Itau may operate such an
                   Independent Financial Services Portal through a separate
                   legal entity (a "Portal Entity"). Except as permitted under
                   this Section 12.4, neither AOLA nor AOLB may develop or
                   operate an Independent Financial Services Portal in the
                   Territory. Notwithstanding the foregoing, Itau acknowledges
                   and agrees that AOLB has a finance channel

                                      -76-
<PAGE>

                   on the AOLB Service and that AOLA and AOLB may continue to
                   operate, develop, advertise, promote and include content on
                   (including content of other Independent Financial Services
                   Portals and Portal Entities) such finance channel and
                   comparable areas on other AOL Network properties without
                   restriction due to this Section 12.4.1.

          12.4.2   AOLA and AOLB Option to Participate in such Independent
                   -------------------------------------------------------
                   Financial Services Portal.
                   -------------------------

                   (a)  In the event that Itau desires to Co-Brand or brand an
                        Independent Financial Services Portal in the Territory
                        with an AOLB Designated Entity (designated at the time
                        Itau desires to enter into such Co-Branding or branding
                        arrangement) or Access Provider, or offer any Equity
                        Interest in a Portal Entity to an AOLB Designated Entity
                        (designated at the time Itau desires to offer such
                        Equity Interest) or Access Provider, Itau shall first
                        notify AOLB in writing (such notice, a "Portal Notice")
                        and offer AOLB the right on reasonable terms to Co-Brand
                        or brand such Independent Financial Services Portal
                        and/or invest in such Portal Entity, as the case may be.
                        If AOLB and Itau after good faith negotiations are
                        unable to reach agreement on the terms of such
                        participation within thirty (30) days after the date of
                        such notice, during the one year period thereafter, Itau
                        may offer such opportunity to any AOLB Designated Entity
                        or Access Provider, provided, however, that the initial
                        offer made by Itau to such third party must be on terms
                        and conditions comparable to and no more favorable as a
                        whole than those offered to AOLB.

                   (b)  In the event that an Access Provider or Designated
                        Entity approaches Itau with an opportunity to Co-Brand,
                        brand or invest in an Independent Financial Services
                        Portal or Portal Entity, prior to entering into any such
                        agreement, Itau must first offer AOLB the opportunity to
                        Co-Brand, brand, and/or invest, as the case may be, on
                        the same terms as those offered by the Access Provider
                        or AOLB Designated Entity. AOLB must notify Itau within
                        ten (10) Business Days of receipt of written notice
                        setting forth the terms of the offer whether it wishes
                        to reject such offer, accept such offer, or make a
                        counter-proposal to Itau regarding such offer. If AOLB
                        notifies Itau that it does not desire to Co-Brand,
                        brand, and/or invest, as the case may be, on such terms,
                        or AOLB and Itau are unable to reach agreement on the
                        terms of such Co-Branding, Branding and/or investment
                        within thirty (30) days after the date of such notice,
                        during the one year period thereafter, Itau may enter
                        into an agreement with the AOLB Designated Entity or
                        Access Provider that made the initial proposal;
                        provided, however, that the agreement between Itau and
                        such Access Provider or Designated Entity shall be on
                        terms and conditions not materially more favorable as a
                        whole to such Access Provider or Designated Entity than
                        those offered to AOLB taking into account the relative
                        benefits provided and obligations incurred by the
                        Parties.

                                      -77-
<PAGE>

                   (c)  In the case of both (a) and (b) above, if Itau does not
                        enter such agreement within one year after the
                        expiration of the thirty (30) day periods set forth
                        above, then before entering into an agreement for the
                        Co-Branding or branding of an Independent Financial
                        Services Portal with an AOLB Designated Entity or Access
                        Provider, or offering any Equity Interest in a Portal
                        Entity to an AOLB Designated Entity or Access Provider,
                        Itau shall again provide AOLB with a Portal Notice and
                        comply with the provisions of this Section 12.4.2.


                   (d)  In the event that Itau and AOLB do not reach an
                        agreement and thereafter Itau enters into an agreement
                        for the branding or Co-Branding of an Independent
                        Financial Services Portal with an AOLB Designated Entity
                        or Access Provider, or the provision of an Equity
                        Interest in a Portal Entity to an AOLB Designated Entity
                        or Access Provider, in accordance with this Section
                        12.4.2 then (a) at Itau's request, AOLB shall promote
                        such Independent Financial Services Portal as an
                        Anchor Tenant of the Special Edition Finance Channel as
                        provided in Section 1.11.1 and (b) Itau shall ensure
                        that no Advertisements for any AOLB Designated Entity,
                        ISP Product or Access Provider appear within one click
                        of the Covered Pages.

              12.4.3  AOLA and AOLB Right to Develop an Independent Financial
                      -------------------------------------------------------
                      Services Portal.
                      ---------------
                      In the event that Itau enters into an agreement with an
                      AOLB Designated Entity or Access Provider with respect to
                      an Independent Financial Services Portal, then thereafter
                      notwithstanding this Section 12.4 the AOLB Parties may
                      freely develop and operate, themselves or with third
                      parties, including a Financial Institution, Independent
                      Financial Services Portals, and/or take Equity Interests
                      in any Portal Entity, and such Portal Entity and
                      Independent Financial Services Portal shall not be subject
                      to the terms of this Agreement other than this Section
                      12.4 and 7.2, provided, however, that neither AOLA nor
                      AOLB may directly link to such an Independent Financial
                      Services Portal from the Covered Pages.

      12.5    Non-Application to Affiliates. For the avoidance of doubt, except
              -----------------------------
              as expressly set forth in this Article 12, each Party's obligation
              under this Article 12 to discuss certain matters with another
              Party shall apply only to such other Party, and not to such other
              Party's Affiliates.

13.   Applicable Law; Arbitration; MEDIATION.
      --------------------------------------

      13.1  Applicable Law. This Agreement shall be governed by and construed
            --------------
            and interpreted in accordance with the law of the State of New
            York,. without reference to the conflict of laws provisions thereof
            except for N.Y. G.O.L. (S)(S) 5-1401 and 5-1402.

      13.2  Resolution of Disputes. Any dispute, controversy or claim arising
            ----------------------
            out of or relating to this Agreement, or the breach, termination or
            validity thereof ("Dispute"), shall be decided by arbitration
            administered by the American Arbitration Association ("AAA") in
            accordance with the International Arbitration

                                      -78-
<PAGE>

                 Rules of the AAA ("Rules"). For the purpose of any arbitration
                 held pursuant to this Article 13, the AOLB Parties shall act as
                 one Party and Banco Itau shall act as one Party for the purpose
                 of the appointment of arbitrators and for general conduct of
                 the arbitration. The arbitration shall be conducted in New York
                 in the English language and the award shall be rendered in New
                 York. Any judicial proceeding by a Party seeking to set aside,
                 vacate or modify an arbitral award issued hereunder shall be
                 filed in the United States District Court for the Southern
                 District of New York or the New York State Courts located in
                 New York, New York and shall be subject to the Federal
                 Arbitration Act, 9 U.S.C. secs. 1 et seq. The Parties hereto
                 consent to the exclusive jurisdiction of the aforesaid courts
                 for any judicial consideration of an arbitration award
                 hereunder. Each arbitration shall be commenced by, and on the
                 date of, the serving of a statement of claim by the claimant on
                 the respondent ("Commencement"). The claimant shall
                 simultaneously file such statement of claim with the AAA. The
                 arbitral award shall be final and binding and the prevailing
                 Party may enter such award in any court having jurisdiction.
                 The panel shall order all expenses and costs of an arbitration,
                 including reasonable counsel and consultant fees, to be paid by
                 the non-prevailing Party. In a proceeding in which both Parties
                 prevail on different issues in dispute, the panel shall provide
                 in its award for an apportionment of such expenses and costs
                 reasonably reflecting the relative significance of the issues
                 decided. Any disputes as to the reasonableness of counsel fees
                 or other expenses or costs of the prevailing Party shall be
                 decided by the same panel. The arbitral award shall incorporate
                 the amount of costs and fees to be paid by the non-prevailing
                 Party. By agreeing to arbitration, the Parties do not intend to
                 deprive any court of its jurisdiction to issue a pre-arbitral
                 injunction, pre-arbitral attachment, or other order in aid of
                 arbitration proceedings and the enforcement of any award.
                 Without prejudice to such provisional remedies as may be
                 available under the jurisdiction of a court, the arbitral
                 tribunal shall have full authority to grant provisional
                 remedies or to order any Party or Parties to request that a
                 court modify or vacate any temporary or preliminary relief
                 issued by that court, and to award damages for the failure of
                 any Party to comply with the arbitral tribunal's orders to that
                 effect. The Parties shall use commercially reasonable efforts
                 to facilitate the expeditious resolution of any Disputes.

           13.3  Arbitration Procedure. In addition to the provisions of Section
                 ---------------------
                 13.2, in respect to all arbitration proceedings hereunder other
                 than Forty Five Day Arbitration, the following schedule and
                 content of proceedings shall be applicable except when agreed
                 by the Parties otherwise or upon ruling by the tribunal upon
                 good cause shown by the tribunal or a Party (all time periods
                 set forth in this section are calendar days):

                 (a)   Within twenty (20) days after Commencement, the
                       respondent shall file with the AAA and serve on the
                       claimant a statement of defense and any counterclaim it
                       wishes to assert involving a Dispute under the Agreement,
                       subject to the limitations on joinder and consolidation
                       of claims provided in Section 13.5 herein.

                 (b)   Within five (5) days after Commencement, the Parties
                       shall request the AAA to provide a list of fifteen (15)
                       qualified arbitrators who have indicated availability to
                       sit as arbitrators on the schedule set forth herein and
                       their relevant biographical data. Within ten (10) days
                       after receipt of

                                      -79-
<PAGE>

                       such list, each Party shall return said list to the AAA
                       in which it shall have stricken five (5) of the
                       arbitrators and ranked the remaining arbitrators 1
                       through 10, 1 being the Party's first choice. Unless the
                       Parties agree to request an additional list from the AAA,
                       and thus to repeat the process with the same timing, the
                       AAA shall select three (3) arbitrators as promptly as
                       possible having the highest combined preference based
                       upon the rankings of the Parties. Upon written notice by
                       the AAA to the Parties of the arbitrators selected, the
                       panel shall be seated. The arbitrator who shall serve as
                       the chair of the tribunal shall not be a citizen or
                       permanent resident of the United States or Brazil.

                  (c)  Within forty (40) days after Commencement, the Parties
                       shall exchange requests for documents relevant to the
                       Dispute. Objections to said requests shall be submitted
                       to the panel within ten (10) days after receipt of such
                       requests and shall be ruled upon by the panel within
                       fifteen (15) days thereafter or within fifteen (15) days
                       after the panel is seated, whichever is later. All
                       requested documents shall be produced within thirty (30)
                       days after the document request or within ten (10) days
                       after receipt by the Parties of a ruling on the request.

                  (d)  Within ninety (90) days after the panel is seated, the
                       claimant shall submit to the AAA and serve upon the
                       respondent a brief of its factual and legal arguments
                       accompanied by copies of all documents it expects to
                       offer in evidence at the hearing and sworn witness
                       statements of all witnesses it will call at hearing,
                       which sworn witness statements shall serve as the direct
                       testimony of such witnesses. Within sixty (60) days after
                       receipt of the claimant's submissions, the respondent
                       shall submit and serve its brief, documents and sworn
                       witness statements. If respondent has filed
                       counterclaims, claimant shall have a further period of
                       fifteen (15) days to submit a brief, documents and sworn
                       witness statements in reply thereto. Upon leave of the
                       panel, a Party may offer additional evidence at hearing
                       for purposes of rebuttal and impeachment.

                  (e)  Within ten (10) days after all submissions under
                       subparagraph (d) are made, the Parties shall submit to
                       each other and the tribunal a list of the opposing
                       Party's expert witnesses it wishes to depose, which shall
                       be allowed as of right. Such depositions shall be limited
                       to no more than six hours per individual deposed. Within
                       thirty (30) days thereafter, all depositions shall be
                       completed.


                  (f)  Within thirty (30) days after the completion of
                       depositions (or if none are requested, within forty (40)
                       days after the submission of all briefs), the panel shall
                       conduct a hearing. Subject to objection being sustained
                       by the panel to any evidence contained in the witness
                       statements, the witness statements shall constitute the
                       direct testimony of the Parties, and all witnesses shall
                       be made available for cross-examination at the hearing.

                  (g)  Within thirty (30) days after the completion of the
                       hearing, the panel shall render its award accompanied by
                       a reasoned decision in writing.

                                      -80-
<PAGE>

           13.4  Forty Five Day Arbitration. In addition to the arbitration
                 --------------------------
                 provisions set forth in Section 13.2 above, in respect to any
                 Dispute as to which "Forty Five Day Arbitration" is called for
                 in this Agreement, the following specific schedule and content
                 of proceedings shall be adhered to by the Parties, unless
                 otherwise mutually agreed:

                 (a)   Within thirty (30) days after the execution of this
                       Agreement, the Parties shall pre-select a single
                       arbitrator to hear any such Dispute and at least two
                       additional back-up arbitrators who will, in the order
                       ranked by the Parties, serve if the first chosen
                       arbitrator is unable to serve on the schedule required
                       hereunder. If the Parties are unable to agree on the
                       arbitrators within said thirty (30) days, either or both
                       Parties shall immediately request the AAA to make such
                       selection after furnishing the Parties a list of no less
                       than ten (10) qualified arbitrators. The proposed
                       arbitrators shall not be citizens or permanent residents
                       of the United States or Brazil. Within ten (10) days
                       after receipt of such list, each Party shall return said
                       list to the AAA in which it shall have stricken three (3)
                       of the arbitrator candidates and ranked the remaining
                       arbitrator candidates remaining on the list 1 through 7,
                       1 being the Party's first choice. The AAA shall select
                       one arbitrator and two back-up arbitrators in order of
                       their combined ranking by the Parties. Upon selection,
                       the arbitrators shall be provided a copy of this
                       Agreement and other information either Party considers
                       useful to the arbitrator for purposes of being prepared
                       to consider such Dispute. As provided in Section 13.2,
                       the place of arbitration shall be New York and the award
                       shall be rendered in New York; however, the arbitrator
                       shall have discretion to hold evidentiary hearings in
                       Brazil or elsewhere where appropriate to expedite the
                       proceeding.

                  (b)  Immediately upon commencement, the party initiating the
                       arbitration shall contact the first ranking pre-selected
                       arbitrator and request their service on the schedule set
                       forth herein. In the event that person is not able to
                       commit to this schedule, the back-up arbitrators shall be
                       similarly contacted in their order of ranking. The first
                       arbitrator in the ranking to commit to the schedule shall
                       be the selected arbitrator. Within five (5) days after
                       the notice by either Party to the other Party and the
                       selected arbitrator of such a Dispute, the arbitrator
                       shall meet with the Parties and determine the information
                       to be provided by the Parties and the schedule upon which
                       the arbitration shall proceed; provided, however, that
                       such proceedings shall unless the Parties agree otherwise
                       be concluded and a final award rendered no more than
                       forty-five (45) days after the receipt by the Parties and
                       the selected arbitrator of the notice of the Dispute. An
                       award rendered hereunder shall be valid and binding
                       notwithstanding the failure of the arbitrator to render
                       the award within the schedule set forth herein or as
                       mutually amended by the Parties. The Parties specifically
                       agree not to move to set aside or refuse enforcement of
                       such award on the basis that it was not timely rendered
                       and irrevocably waive any right to do so.

            13.5  Joinder and Consolidation of Claims. In order to facilitate
                  -----------------------------------
                  the comprehensive resolution of related disputes, all claims
                  between any of the Parties to this

                                      -81-
<PAGE>

                  Agreement that arise out of the same facts and circumstances
                  and are arbitrable under this Agreement and/or any of the
                  Related Agreements, may be brought in a single arbitration.
                  Upon the request of any Party to an arbitration proceeding
                  constituted under this Agreement or any of the Related
                  Agreements, the arbitral tribunal shall consolidate the
                  arbitration proceeding with any other arbitration proceeding
                  involving any of the Parties hereto relating to this Agreement
                  and/or the Related Agreements if the arbitrators determine
                  that (i) there are issues of fact or law common to the
                  proceedings so that a consolidated proceeding would be more
                  efficient than separate proceedings, and (ii) no Party would
                  be unduly prejudiced as a result of such consolidation through
                  undue delay or otherwise. Unless mutually agreed by the
                  Parties, there shall be no joinder or consolidation of a
                  Dispute subject to Forty Five Day Arbitration with any other
                  Dispute (regardless of whether such other Dispute is also
                  subject to Forty Five Day Arbitration). In the event of
                  different rulings on consolidation by the arbitration tribunal
                  constituted hereunder and a tribunal constituted under the
                  Escrow Agreement, the ruling of the arbitration tribunal
                  constituted first in time shall control, and unless the
                  Parties otherwise agree, such arbitral tribunal shall serve as
                  the arbitral tribunal for any consolidated arbitration.

            13.6  Effect of Awards. In the case of all arbitration proceedings
                  ----------------
                  hereunder, the award of the single arbitrator or tribunal
                  shall be final and fully effective as between the Parties when
                  the award is issued to the Parties without regard to the
                  filing by any Party of judicial proceedings seeking to set
                  aside, vacate or modify the award. In the event that judicial
                  proceedings are filed as to any award and a final judicial
                  determination is made setting aside, vacating or modifying the
                  award, the Parties shall take all appropriate actions to
                  comply with such determination, including the revocation or
                  unwinding of any actions taken or restoration of any payments
                  made pursuant to the arbitral award with interest thereon at
                  the prevailing rate.

            13.7  Mediation. In the event any Party refers the issue of the
                  ---------
                  applicability of the terms and conditions of this Agreement to
                  such ISP Product to mediation as provided in Section 2.3.2(d),
                  prior to either Party commencing arbitration, the Parties
                  shall engage in nonbinding mediation with the assistance of a
                  mutually agreeable mediator knowledgeable about Internet-
                  related technologies for a period of no less than thirty (30)
                  days. If the Parties are unable to agree upon a mediator, such
                  mediator shall be selected by the AAA. The mediation shall be
                  conducted at a time and place mutually agreeable to the
                  Parties. No statements made by any Party or the mediator
                  during the mediation process shall be admissible in any
                  arbitration. In the event, notwithstanding such good faith
                  efforts, the Parties are unable to agree in writing on the
                  terms of a resolution within forty-five (45) days of the
                  receipt by a Party of notice of referral of the Dispute to
                  mediation, any Party may refer the issue to Forty-Five Day
                  Arbitration for resolution; however, the arbitrators shall
                  only have the right to decide the applicability of existing
                  terms of the Agreement to such ISP Product and may not impose
                  new terms.

            13.8  Performance During Dispute Resolution Proceedings. The Parties
                  -------------------------------------------------
                  shall continue to perform their obligations hereunder during
                  the pendency of any arbitral or mediation proceeding; and the
                  Parties shall pay each other for services

                                      -82-
<PAGE>

                  rendered and payment obligations that accrue during such
                  proceeding, except, as set forth in Section 8.3.

     14.   ADDITIONAL REGULATORY PROVISIONS
           --------------------------------

           14.1   Brazilian Bank Registration.   In the event AOLB believes it
                  ---------------------------
                  necessary to obtain any registration with the Brazilian
                  Central Bank in connection with the transactions contemplated
                  by this Agreement, Itau shall use commercially reasonable
                  efforts to cooperate and assist AOLB with such registration
                  and use commercially reasonable efforts to provide AOLB with
                  any information reasonably requested by AOLB or the Brazilian
                  Central Bank in connection with such registration.

           14.2   Brazilian Regulatory Authorities.  The Parties shall within
                  --------------------------------
                  fifteen (15) business days counted from the date hereof submit
                  the necessary data and applications related to the
                  transactions contemplated hereby and in the Related Agreements
                  to the competent antitrust authorities in Brazil. The Parties
                  shall mutually cooperate in good faith to timely provide all
                  data required by said authorities. All costs to file and
                  process the abovementioned applications, including filing and
                  attorneys' fees, shall be equally borne by the AOLB Parties
                  and Itau, provided that any fines levied shall be borne by the
                  Party responsible for the activities related to such fine.
                  Each Party shall use all reasonable efforts to cooperate with
                  Brazilian regulatory authorities in any investigation or
                  regulatory matters relating to the transactions contemplated
                  hereby, including in connection with any competition analysis,
                  and shall promptly and in good faith respond to any requests
                  from such regulatory authorities and make any filings or other
                  submissions to such regulatory authorities. Each Party shall
                  also notify the other Party of any such regulatory matters and
                  provide reasonable assistance to the other Party in connection
                  therewith. In the event any provision or aspect of this
                  Agreement is determined to be invalid or illegal (such
                  provision or aspect an "Invalid Provision"), the Agreement
                  shall remain in full force and effect but shall be modified to
                  remove such Invalid Provision, provided, however, that if the
                  removal of such Invalid Provision would materially affect the
                  rights or obligations of the Parties hereunder, the Agreement
                  shall be restructured by the Parties in a manner designed to
                  ensure that each of the Parties receives comparable benefits
                  and has comparable obligations as prior to the removal of such
                  Invalid Provision, and in the unlikely event that the
                  transaction contemplated by this Agreement is ultimately
                  rejected by the competent antitrust authorities, and the
                  Parties cannot despite good faith efforts find an alternative
                  legal form to work around the rejection, the transactions
                  contemplated herein and in the Related Agreements shall be
                  undone.

     15.  TERMS AND CONDITIONS. The terms and conditions set forth on Exhibit B
          --------------------
          attached hereto are hereby made a part of this Agreement.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                      -83-
<PAGE>

     IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of
the Effective Date.

<TABLE>
<S>                                          <C>
AOLB BRASIL LTDA.                            BANCO ITAU S.A.

By:  /s/ Manoel L.F. Amorim                    By:  /s/ Roberto Setubal
   ___________________________________            _________________________________________

Print Name:___________________________         Print Name:__________________________________

Title:                                         Title:  President and Chief Executive Officer
      ________________________________               _______________________________________

                                               By:  /s/ Milton L.U. Monteiro
                                                  __________________________________________

                                               Print Name:__________________________________

                                               Title:  Executive Vice President
                                                     _______________________________________
</TABLE>


AMERICA ONLINE LATIN AMERICA,
INC.

By:  /s/ Charles M. Herington
   ___________________________________

Print Name:___________________________

Title:________________________________


WITNESSES:

1.  /s/ John D. Gardiner
  ____________________________________
(Name and ID)

2.  /s/ Heli de Andrade
  ____________________________________
(Name and ID)

                                      -84-
<PAGE>

                                   EXHIBIT A
                                  DEFINITIONS

     The following definitions shall apply to this Agreement:

1.   "AAA" has the meaning set forth in Section 13.2.
      ---
2.   "Acceleration Payment" means an amount equal to the following:
      --------------------

          (a) if the Trigger Date is on or before the first Anniversary Date,
     the Payment Amount multiplied by the difference of 12% less the percentage
     earned under paragraph 1 of Exhibit I (where for the purposes of such
     calculation the term "Anniversary Date" shall mean the Trigger Date).

          (b) if the Trigger Date is after the first Anniversary Date and on or
     before the second Anniversary Date, (i) the Payment Amount multiplied by
     the result of (A) 12%, less (B) the percentage that was earned on the first
     Anniversary Date calculated under paragraph 1 of Exhibit I, less (C) the
     percentage earned under paragraph 2 of Exhibit I (where for the purposes of
     such calculation the term "Anniversary Date" shall mean the Trigger Date),
     less (ii) all Reference Payments previously made.

          (c) if the Trigger Date is after the second Anniversary Date and on or
     before the third Anniversary Date, (i) the Payment Amount multiplied by the
     result of (A) 12%, less (B) the sum of the percentages that were earned on
     the first and second Anniversary Dates calculated under paragraphs 1 and 2
     of Exhibit I, less (C) the percentage earned under paragraph 3 of Exhibit I
     (where for the purposes of such calculation: the term "Anniversary Date"
     shall mean the Trigger Date; the term "Third Anniversary Percentage" shall
     mean 0.4, multiplied by the number of days from the second Anniversary Date
     to and including the Trigger Date, divided by the number of days from the
     second Anniversary Date to and including the third Anniversary Date,
     multiplied by the result of (i) 5% less (ii) the Second Year Anticipation
     Percentage; and, in place of the twelve month period referenced therein the
     period beginning on the second Anniversary Date and ending on the Trigger
     Date shall be used), less (ii) all Reference Payments previously made.

          (d) if the Trigger Date is after the third Anniversary Date and on or
     before the fourth Anniversary Date, (i) the Payment Amount multiplied by
     the result of (A) 12%, less (B) the sum of the percentages that were earned
     on the first, second and third Anniversary Dates calculated under
     paragraphs 1 through 3 of Exhibit I, less (C) the percentage earned under
     paragraph 4 of Exhibit I (where for the purposes of such calculation: the
     term "Anniversary Date" shall mean the Trigger Date; the term "Fourth
     Anniversary Percentage" shall mean 0.4, multiplied by the number of days
     from the third Anniversary Date to and including the Trigger Date, divided
     by the number of days from the third Anniversary Date to and including the
     fourth Anniversary Date, multiplied by the result of (i) 5% less (ii) the
     Second Year Anticipation Percentage; and, in place of the twelve month
     period referenced therein the period beginning on the third Anniversary
     Date and ending on the Trigger Date shall be used), less (ii) all Reference
     Payments previously made.

          (e) if the Trigger Date is after the fourth Anniversary Date and on or
     before the fifth Anniversary Date, (i) the Payment Amount multiplied by the
     result of (A) 12%, less (B) the sum of the percentages that were earned on
     the first, second third and fourth Anniversary Dates calculated under
     paragraphs 1 through 4 of Exhibit I, less (C) the percentage earned under
     paragraph 5 of Exhibit I (where for the purposes of such calculation: the
     term "Anniversary Date" shall mean the Trigger Date; the term "Fourth
     Anniversary Amount" shall mean 0.2, multiplied

                                      A-1
<PAGE>

     by the number of days from the fourth Anniversary Date to and including the
     Trigger Date, divided by the number of days from the fourth Anniversary
     Date to and including the fifth Anniversary Date, multiplied by the result
     of (i) 5% less (ii) the Second Year Anticipation Percentage; and, in place
     of the twelve month period referenced therein the period beginning on the
     fourth Anniversary Date and ending on the Trigger Date shall be used), less
     (ii) all Reference Payments previously made.

3.   "Access Provider" means any entity that offers or provides an ISP product.
      ---------------

4.   "Advertising" or "Advertisement" means advertisements, promotions,
      -----------      -------------
     sponsorships or buttons.

5.   "Additional City" has the meaning set forth in Section 1.4.2.
      ---------------

6.   "Affiliate" means, for purposes of this Agreement, as to any Person, any
      ---------
     other Person that, directly or indirectly, Controls, is under common
     Control with, or is Controlled by, that Person.

7.   "Agreement" means the body of this Agreement and the Exhibits attached
      ---------
     hereto. In the event of any conflict between the terms and conditions in
     the body of this Agreement and those in the Exhibits, the terms and
     conditions in the body of this Agreement shall prevail.

8.   "America Online, Inc." means America Online, Inc. and any successors
      --------------------
     thereto.

9.   "Anchor Tenant" means a prominent and dedicated placement on a particular
      -------------
     channel in the location specifically designated by AOLB for Content anchor
     tenants within such channel.

10.  "Anniversary Date" means the date that is one year after the Initial
      ----------------
     Launch, as may be adjusted by any Tolling Period, and each successive one
     year anniversary of such date as may be adjusted by any Tolling Period.

11.  "Anniversary Year" means the period from an Anniversary Date to and
      ----------------
     including the next Anniversary Date, as such Anniversary Dates may be
     adjusted as provided in this Agreement.

12.  "AOLA Change of Control" shall mean the first to occur of the following:
      ----------------------
     (a) the date on which AOL and ODC do not own, collectively, shares of
     capital stock of AOLA representing more than fifty percent (50%) of the
     voting power entitled to be cast at elections for directors ("Voting
                                                                   ------
     Power") of AOLA (with AOL owning at least the same Voting Power of AOLA as
     -----
     does ODC); (b) the date on which AOL and ODC do not, collectively, have the
     right to elect either (i) at least a majority of the Board of Directors of
     AOLA or (ii) at least a majority of the members of the Special Committee of
     the Board of Directors of AOLA (as such term is defined in the Restated
     Certificate of Incorporation of AOLA), so long as such Special Committee is
     constituted and empowered as set forth in the Restated Certificate of
     Incorporation; (c) any Person or Persons other than AOL and ODC acquires
     any general power to prevent AOLA's Board of Directors or shareholders from
     taking action on a substantial range of corporate actions without the
     approval of such Person or Persons other than pursuant to covenants and
     agreements of AOLA contained in any loan documents, indentures or similar
     agreements entered into in connection with a bona fide indebtedness for
     money borrowed by AOLA after the date hereof; or (d) the date on which AOLA
     sells, leases, exchanges or otherwise transfers, directly or indirectly (in
     one transaction or a series of related transactions), at least sixty
     percent (60%) by fair market value of the assets of AOLA to any Person;
     provided, however, that an AOLA Change of Control shall not be deemed to
     --------  -------
     have occurred (other than pursuant to clause (c) or (d)) so long as either
     of the following conditions (i) or (ii) is met:

                                      A-2
<PAGE>

          (i)  AOL, together with any Subsidiary, not less than seventy-five
     percent (75%) of the outstanding equity securities and Voting Power of
     which are owned, directly or indirectly, by AOL (or any entity that owns
     not less than seventy-five percent (75%) of the outstanding equity
     securities and Voting Power of AOL), owns capital stock representing more
     than 50% of the Voting Power of the capital stock of AOLA and has the right
     to elect a majority of the Board of Directors of AOLA; or

          (ii) AOL, together with any Subsidiary, not less than seventy-five
     percent (75%) of the outstanding equity securities and Voting Power of
     which are owned, directly or indirectly, by AOL (or any entity that owns
     not less than seventy-five percent (75%) of the outstanding equity
     securities and Voting Power of AOL) and another third party, collectively
     own more than 50% of the Voting Power of AOLA, and pursuant to an agreement
     jointly have the right to elect a majority of the Board of Directors of
     AOLA, but only if each of the following conditions is satisfied:

               (A)  AOL owns at least the same Voting Power of AOLA as does such
          third party;

               (B)  Such third party is not a Financial Institution and is not a
          member of any Group that includes any Financial Institution that is
          one of the top twenty Financial Institutions in the Territory (ranked
          by the aggregate assets of all members of the Group which are
          Financial Institutions in the Territory as of the latest date prior to
          the date such AOLA Change in Control would otherwise be deemed to have
          occurred for which such information is available); and

               (C)  Such third party is not an Internet service provider that
          has any significant marketing or Co-Branding agreement with any
          Financial Institution.

     Notwithstanding the foregoing, an AOLA Change of Control shall not occur in
     the case of any merger or consolidation or sale, assignment or other
     transfer of the assets of AOLA if the successor entity or the entity to
     which such assets of AOLA are sold, assigned or transferred is owned by AOL
     or AOL and ODC (or any Subsidiary, not less than seventy-five percent (75%)
     of the outstanding equity securities and Voting Power of which are owned,
     directly or indirectly, by AOL or ODC, as applicable (or any entity that
     owns not less than seventy-five percent (75%) of the outstanding equity
     securities and Voting Power of AOL or ODC, as applicable)) or any third
     party that if such entity were substituted for AOLA in the foregoing
     definition, there would not be an AOLA Change of Control, and Itau and
     Banco Banerj have not less than the same proportionate interest in such
     successor entity vis-a-vis AOL and ODC as they had in the AOLA immediately
     prior to consummation of such sale, lease, assignment or transfer..

13.  "AOLB Client" means the proprietary software developed, owned and
      -----------
     distributed by AOLB for use in the Territory in connecting to and using the
     AOLB Service.

14.  "AOLB Designated Entity" has the meaning set forth in Section 2.4.
      ----------------------

15.  "AOLB Look and Feel" means the distinctive and particular elements of
      ------------------
     graphics, design, organization, presentation, layout, user interface,
     navigation, trade dress and stylistic convention (including the digital
     implementations thereof) that are used in the Co-Branded Service and the
     total appearance and impression substantially formed by the combination,
     coordination and interaction of these elements; provided that the "AOLB
     Look and Feel" shall not include the Licensed Content.

                                      A-3
<PAGE>

16.  "AOLB Marks" means the following trademarks, trade names and service marks:
      ----------
     the AOLB name, the AOLB triangle logo and such other trademarks, trade
     names and service marks as authorized by AOLB for use by Itau hereunder.

17.  "AOLB Member(s)" means authorized users of the AOLB Network, including
      --------------
     AOLB/Itau Subscribers and any sub-accounts using the AOLB Network under an
     authorized master account.

18.  "AOLB Network" means the AOLB Service, the Co-Branded Service and any other
      ------------
     products or services owned, controlled, operated, distributed or authorized
     to be distributed by or through AOLA, AOLB or their respective Affiliates,
     including AOL.Com, CompuServe, Digital City, Netscape, AIM and ICQ.

19.  "AOLB Party" or "AOLB Parties" means, together, AOLA and AOLB.
      ----------     -------------

20.  "AOLB Privacy Policies" has the meaning set forth in Section 1.6.2.
      ---------------------

21.  "AOLB Programmable Area" has the meaning set forth in Section 1.8.
      ----------------------

22.  "AOLB Service" means the standard narrowband personal computer version of
      ------------
     the AOLB Brazil brand Internet online service, regardless of the means of
     connectivity (e.g., wireless, wireline, satellite). The definition of AOLB
     Service may be expanded to include additional ISP Products as provided
     further in Section 2.3.2(d).

23.  "AOLB/Itau Subscribers" means individuals who subscribe to the Co-Branded
      ---------------------
     Service through the Customized Client using Itau's special promotion
     identifier and for whom Itau pays the Hours Payment.

24.  "AOLB Subscriber Revenue" means, for any Anniversary Date, the amount of
      -----------------------
     revenue AOLB receives for subscriptions to the Combined Services in the 12-
     month period ending on such Anniversary Date.

25.  "AOLB Total Revenue" means, for any Anniversary Date, the amount of revenue
      ------------------
     of AOLB for such 12-month period directly related to the Combined Services.

26.  "Approved Subscriber" has the meaning set forth in Section 2.1.3.
      -------------------

27.  "Audit" has the meaning set forth in Section 8.2.6(c).
      -----

28.  "Auditor" has the meaning set forth in Section 8.2.6(a).
      -------

29.  "Billing Servicing Fee" has the meaning set forth in Section 1.14.2.
      ---------------------

30.  "Brazilian Financial Institution" has the meaning set forth in Section 7.2.
      -------------------------------

31.  "Breach Date" means the date the Material Breach first occurred as mutually
      -----------
     agreed or as determined by arbitration.

32.  "Breach Notice" has the meaning set forth in Section 11.2.1.
      -------------

33.  "Breaching Party" has the meaning set forth in Section 11.2.1.
      ---------------

                                      A-4
<PAGE>

34.  "Business Day" means any day other than a Saturday, Sunday or a day on
      ------------
     which banking institutions in New York, Florida or Sao Paulo are authorized
     or required by law to close.

35.  "Cash Escrow" has the meaning set forth in Section 9.3.3(f).
      -----------

36.  "Caymans Financial Test" has the meaning set forth in Section 9.3.1.
      ----------------------

37.  "Caymans Financial Test Certificate" has the meaning set forth in Section
      ----------------------------------
     9.3.2.

38.  "Closing" has the meaning set forth in the Subscription Agreement.
      -------

39.  "Co-Brand" means with respect to any two or more Persons and any particular
      --------
     product or service, the use of one or more of each such Persons'
     trademarks, trade names or service marks to identify such product or
     service, regardless of whether such Parties' trademarks, trade names,
     service marks or logos are presented co-equally. Co-Brands shall not
     include: (a) Anchor Tenancies on channels or other areas with more than one
     Anchor Tenant, (b) the inclusion of Advertisements on a screen page; (c)
     ingredient branding (e.g., powered by AOL) on a product, portal or other
     Interactive Site provided that the powered by Party's brands are used
     materially less prominently than the brand of the applicable product or
     service; or (d) indications of sponsorship on a portal or other Interactive
     Site provided that the sponsoring Party's brands are used materially less
     prominently than the brand of the applicable product or service (e.g., AOLB
     finance channel sponsored by Itau).

40.  "Co-Branded Service" means the version of the AOLB Service for individuals
      ------------------
     in the Territory, customized and Co-Branded as set forth in this Agreement.
     The definition of Co-Branded Service may be expanded to include additional
     ISP Products as provided further in Section 2.3.2(d).

41.  "Co-Branded Welcome Screen" has the meaning set forth in Section 3 of the
      -------------------------
     Technical Operating Plan.

42.  "Combined Services" means the AOLB Service and the Co-Branded Service.
      -----------------

43.  "Commencement" has the meaning set forth in Section 13.2.
      ------------

44.  "Common Stock" has the meaning set forth in Section 10.1.
      ------------

45.  "Competing Arrangement" has the meaning set forth in Section 2.5.
      ---------------------

46.  "Confidential Information" means any information relating to or disclosed
      ------------------------
     in the course of the Agreement, which is or should reasonably be understood
     by the receiving Party to be confidential or proprietary to the disclosing
     Party, including, but not limited to, the material terms of this Agreement,
     information about AOLB Members, AOLB/Itau Subscribers, Itau Customers,
     technical processes and formulas, source codes, product designs, sales,
     cost and other unpublished financial information, product and business
     plans, projections, and marketing data. "Confidential Information" shall
     not include information (a) already lawfully known to or independently
     developed by the receiving Party, (b) disclosed in published materials
     without breach of any contractual or legal obligation, (c) generally known
     to the public, or (d) lawfully obtained from any third party. Customer
     Financial Data shall be deemed Confidential Information of Itau.

                                      A-5
<PAGE>

47.  "Connectivity Test" shall have the meaning set forth in Section 1.4.1(a).
      -----------------

48.  "Content" means information, materials, intellectual property, features,
      -------
     products, services, Advertisements, pointers and software.

49.  "Control" including its various tenses and derivatives (such as
      -------
     "controlled"), as used with respect to any Person, means an Equity Interest
     of at least fifty percent (50%) of such Person or Voting Control of such
     Person.

50.  "Covered Pages" has the meaning set forth in Section 1.9.2(b).
      -------------

51.  "CPF" means Cadastro de Persoa Fisica.
      ---

52.  "Cure Periods" has the meaning set forth in Section 11.2.1.
      ------------

53.  "Custom Toolbar Icon" has the meaning set forth in Section 4 of Exhibit E.
      -------------------

54.  "Customer Financial Data" means personal and financial information provided
      -----------------------
     by an individual or Itau in connection with the use of the Itau Online Area
     or Itau's online Financial Services and any other information that is
     protected under Brazilian banking secrecy laws (e.g., checking account
                                                     - -
     numbers, passwords for the use of the Financial Services and account
     balances), including whether an individual has an Itau account and what
     type of account they have.

55.  "Customized Client" means the AOLB Client as customized for use in
      -----------------
     connection with the Co-Branded Service as provided in the Technical
     Operating Plan.

56.  "Dispute" has the meaning set forth in Section 13.2.
      -------

57.  "Documentation" means the documentation, brochures and similar materials
      -------------
     related to use of the Customized Client and Co-Branded Service which AOLA
     or AOLB will provide to Itau for distribution to potential and existing
     AOLB/Itau Subscribers.

58.  "Effective Date" has the meaning set forth in the preamble of this
      --------------
     Agreement.

59.  "Escrow Agent" has the meaning set forth in Section  9.1.1.
      ------------

60.  "Escrow Agreement" has the meaning set forth in Section 9.1.1
      ----------------

61.  "Equity Interest" means, with respect to any Person, any legal, beneficial
      ---------------
     or equitable ownership, directly or indirectly, of any of the capital or
     voting stock (or other ownership or voting interest, if not a corporation)
     of such Person.

62.  "Extension Period" has the meaning set forth in Section 1.5.1.
      ----------------

63.  "Finance Center" means the vertical interactive area(s) on the Finance
      --------------
     Channel where AOLB promotes vertical Financial Services (e.g., home
                                                              - -
     banking, insurance, online trading).

64.  "Finance Plan" has the meaning set forth in Section 2.1.4.
      ------------

65.  "Financial Institution" means any entity primarily engaged in the business
      ---------------------
     of offering some or all of the Financial Services in the Territory.

                                      A-6
<PAGE>

66.  "Financial Services" means (i) banking and financial services that by law
      ------------------
     or regulation require a license or authorization from the Brazilian Central
     Bank, the Superintendencia de Seguros Privados, or the Comissao de Valores
     Mobiliarios to be offered to the public, and (ii) services related to the
     administration of credit cards to persons resident in Territory.

67.  "Force Majeure Event" has the meaning set forth in Exhibit B, Section IV.
      -------------------

68.  "Forty Five Day Arbitration" has the meaning set forth in Section 13.4.
      --------------------------

69.  "Free Internet Access Service" means an unlimited Internet access service
      ----------------------------
     offered by AOLB at no charge to end-users and without subsidization of such
     charges by a third party other than AOLB or its Affiliates.

70.  "Group" means any aggregation of Persons that is under the direct or
      -----
     indirect Control of one Person, which one Person is not Controlled by any
     other Person (i.e., has its equity securities held by more than one Person,
     none of which has an Equity Interest of at least fifty percent (50%) of
     such Person or Voting Control of such Person).

71.  "Horizontal Portal" means any entity that aggregates and/or distributes a
      -----------------
     broad selection of interactive content and services (e.g., search, chat or
     web-mail), whether such content and services are provided by such entity or
     by a third party.

72.  "Impressions" means user exposure to the applicable Advertising, as such
      -----------
     exposure may be reasonably determined and measured by AOLB in accordance
     with its standard methodologies and protocols.

73.  "Independent Financial Services Portal" means an Internet or other online
      -------------------------------------
     portal offering aggregated interactive Content (or navigation thereto)
     provided by more than one third party Financial Institution and relating to
     Financial Services but not to other topics. Such portal may also include
     Content provided by AOLB or Itau. The Standard Financial Channel and the
     Special Edition Finance Channel are specifically excluded from the
     definition of an Independent Financial Services Portal as are any
     equivalent areas on AOLB's other standard product and service offerings
     (e.g., CompuServe, Netscape, AOL.com) comparable to those offered on such
      - -
     services as of the Effective Date.

74.  "Information Request" has the meaning set forth in Section 1.6.2.
      -------------------

75.   "Initial Cities" has the meaning set forth in Section 1.4.1(a).
       --------------

76.  "Initial Deliverables" has the meaning set forth in Section 1.1.
      --------------------

77.  "Initial Launch" means the commencement of the general availability of the
      --------------
     Co-Branded Service in all of the Test Cities.

78.  "Interactive Site" means any site on the Internet.
      ----------------

79.  "Internet" means the Internet and any comparable, related or successor
      --------
     networks or technologies to the Internet.

80.  "Invalid Provision" has the meaning set forth in Section 14.2.
      -----------------

                                      A-7
<PAGE>

81.  "ISP Product" means a product or service that is intended primarily for
      -----------
     individuals and provides access to the Internet, including products or
     services for accessing the Internet through cellular telephones and
     personal digital assistants. For purposes of this Agreement, except as
     expressly provided in Section 2.3.1, the Itau Service shall not be
     considered an ISP Product for so long as the Itau Service provides access
     controlled by Itau to selected Internet sites on a single server or a
     limited (i.e., small) number of servers and the Itau Service does not
     provide general access to the Internet network (e.g., without having
                                                     - -
     functionality where a user can access Internet sites, other than for those
     sites selected by Itau as provided above). For the avoidance of doubt, only
     Itau-controlled Internet sites will link to such limited number of third
     party Internet sites and such third party sites may not link to any other
     Internet sites of third parties or the Itau Service will be considered an
     ISP Product.

82.  "Itau" has the meaning set forth in the preamble of this Agreement.
      ----

83.  "Itau Change of Control" shall mean the first to occur of the following:
      ----------------------
     (a) the date on which any Person or Persons, other than (i) a Setubal or
     Villella Family Member or (ii) any entity, not less than 50% of the
     outstanding Voting Power of which is owned, directly or indirectly, by a
     Setubal or Villella Family Member, owns or controls capital stock
     representing more than 50% of the Voting Power of Itau or has the right to
     elect a majority of the directors or other governing body of Itau, (b) the
     date on which any third party acquires any general power to prevent the
     Board of Directors or stockholders of Itau from taking action on a
     substantial range of corporate actions without the approval of such Person
     or Persons, other than pursuant to covenants and agreements of Itau
     contained in any loan document, indentures or similar agreements entered
     into in connection with a bona fide indebtedness for money borrowed by Itau
     after the date hereof, or (c) the date on which Itau sells, leases, assigns
     or otherwise transfers directly or indirectly (in one transaction or a
     series of related transactions) at least sixty percent (60%) by fair market
     value of its assets to any Person. Notwithstanding the foregoing, an Itau
     Change of Control shall not occur in the case of any merger or
     consolidation or sale, lease, assignment or other transfer of assets of
     Itau, if the successor entity or the entity to which the assets of Itau are
     sold, assigned or transferred is owned in such fashion that if such entity
     were substituted for Itau in the foregoing definition, there would not be a
     Change in Control.

84.  "Itau Customers" means: (a) any individual who has a direct financial
      --------------
     relationship with Itau, Banco Banerj or Banco Bemge or any Financial
     Institution Affiliates thereof and (b) any individual that comes into
     contact with the foregoing (by means of direct contact such as through
     branch offices, events and fairs or by means of remote channels such as
     through ATMs and Itau's call center). For purposes of this Agreement, all
     employees of companies with a payroll relationship with Itau in which more
     than fifty percent (50%) of the employees of such company also have a
     direct banking relationship with Itau shall be considered Itau Customers.

85.  "Itau Interactive Site" means any Interactive Site which is managed,
      ---------------------
     maintained or owned by Itau or its agents, including the web pages located
     at <www.Itau.com.br>.

86.  "Itau Marks" means the following trademarks, trade names and service marks:
      ----------
     the Itau name and such other trademarks, trade names and service marks as
     authorized by Itau for use by AOLB or AOLA hereunder.

87.  "Itau Online Area" means the Itau Window, the Custom Toolbar Icon, the Itau
      ----------------
     Programmable Area, and any other areas within the AOLB Service that are
     developed, programmed or managed by Itau using AOL's proprietary publishing
     tools pursuant to this Agreement.

                                      A-8
<PAGE>

88.  "Itau Programmable Area" has the meaning set forth in Section 1.8.
      ----------------------

89.  "Itau Service" means the proprietary Itau network (including its contents,
      ------------
     services and links).

90.  "Itau's Subscriber Revenue" means, for any Anniversary Date, the AOLB
      -------------------------
     Subscriber Revenue for the 12-month period ending on such Anniversary Date
     received by AOLB from AOLB/Itau Subscribers for subscriptions to the Co-
     Branded Service, plus the amount that Itau has paid to AOLB for free hours,
     discounts and inactive AOLB/Itau Subscribers for use of the Co-Branded
     Service over such 12-month period.

91.  "Itau Window" has the meaning set forth in Section 3 of the Technical
      -----------
     Operating Plan.

92.  "Launch" with respect to any city means, the commencement of the general
      ------
     availability of the Co-Branded Service in such city.

93.  "Launch Criteria" has the meaning set forth in Section 1.4.1(a).
      ---------------

94.  "Launch Date" means the date of the Initial Launch.
      -----------

95.  "Launch Schedule" has the meaning set forth in Section 1.4.1(a).
      ---------------

96.  "Licensed Content" means all Content provided by or on behalf of Itau for
      ----------------
     distribution through the Itau Online Area, the Special Edition Finance
     Channel, the AOLB Service, or the AOLB Network, pursuant to this Agreement.

97.  "Linked Interactive Site" means any Interactive Site that is linked
      -----------------------
     (through a "pointer" or similar link) to any portion of the Itau Online
     Area.

98.  "Management Committee" has the meaning set forth in Section 4.1.
      --------------------

99.  "Marketing Committee" has the meaning set forth in Section 2.1.1.
      -------------------

100. "Marketing Guidelines" means the Marketing Guidelines attached hereto as
      --------------------
     Exhibit D.

101. "Marketing Year" means the twelve-month period commencing on the Launch
       --------------
     Date and each successive twelve-month period thereafter.

102. "Marks" means the AOLB Marks and the Itau Marks.
      -----

103. "Material Adverse Effect" means, in the case of Material Itau Exclusivity
      ------------------------
     Breaches, a material adverse effect on the business, financial condition,
     or results of the operations of AOLB, and in the case of Material AOLB
     Exclusivity Breaches, a material adverse effect on the business, financial
     condition, or results of the operations of Itau.

104. "Material AOLB Breach" means (i) a Material AOLB Exclusivity Breach, (ii)
      --------------------
     a breach entitling Itau to terminate this Agreement pursuant to Section
     1.5.1 for AOLB's failure to satisfy the Launch Criteria or (iii) a Tier 3
     Failure entitling Itau to terminate this Agreement pursuant to Section
     1.12.3.

105. "Material AOLB Exclusivity Breach" means a breach by an AOL Party of the
      --------------------------------
     provisions of Section 7.1, 2.3.2 or 2.3.3, which breach has or is
     reasonably likely to have a Material Adverse Effect.

                                      A-9
<PAGE>

106.  "Material Breach" means a Material AOLB Breach or a Material Itau Breach.
       ---------------

107.  "Material Itau Breach" means (i) a Material Itau Exclusivity Breach, (ii)
       --------------------
      a Material Marketing Breach or (iii) a Material Payment Breach.

108.  "Material Itau Exclusivity Breach" means a breach of the provisions of
       --------------------------------
      Section 2.3, which breach has or is reasonably likely to have a Material
      Adverse Effect.

109.  "Material Marketing Breach" means a material breach of the Minimum
       -------------------------
      Marketing Commitments.

110.  "Material Payment Breach" means a breach of Itau's obligations under this
       -----------------------
      Agreement to make a Reference Payment when such Reference Payment is due
      unless the amount of such payment is the subject of Audit or Methodology
      Arbitration.

111.  "Member Information" has the meaning set forth in Section 1.6.2.
       ------------------

112.  "Member Numbers" has the meaning set forth in Section 1.5.2.
       --------------

113.  "Methodology Arbitration" has the meaning set forth in Section 8.2.5(a).
       -----------------------

114.  "Minimum Marketing Commitments" means those minimum marketing commitments
       -----------------------------
      identified in Section 2(a) of the Marketing Guidelines.

115.  "Network Expansion Plan" has the meaning set forth in Section 1.4.2.
       ----------------------

116.  "Non-ISP Product" means a product or service other than an ISP Product.
       ---------------
      For the avoidance of doubt, a computer that has the capability of
      connecting to the Internet and that has embedded an ISP Product of more
      than one Access Provider is not an ISP Product.

117.  "Notes" has the meaning set forth in Section 9.1.1.
       -----

118.  "Notice of Reference Payment" has the meaning set forth in Section
       ---------------------------
      8.2.3(a).

119.  "Notifying Party" has the meaning set forth in Section 11.2.1.
       ---------------

120.  "Other Revenue Factor" means, for any Anniversary Date, 1 minus the
       --------------------
      Subscriber Revenue Factor.

121.  "Other Revenue Percentage" means, for any Anniversary Date, the Other
       ------------------------
      Revenue Factor for such 12-month period multiplied by a fraction the
      numerator of which is the number of Verified Members at such Anniversary
      Date and the denominator of which is the total number of subscribers to
      the Combined Services at such Anniversary Date.

122.  "Party" and "Parties" has the meaning set forth in the preamble of this
       -----       -------
      Agreement.

123.  "Payment Amount" means 65% of the Purchase Price, divided by 0.12.
       --------------

124.  "Person" means a natural person, a corporation, a partnership, a limited
       ------
      liability company, a trust, a joint venture, any governmental authority or
      any other entity or organization.

125.  "Portal Entity" has the meaning set forth in Section 12.4.1.
       -------------

                                     A-10
<PAGE>

126.  "Portal Notice" has the meaning set forth in Section 12.4.2.
       -------------

127.  "Promotional Materials" has the meaning set forth in Section 6.1.
       ---------------------

128.  "Pro-Rata Reference Payment" means an amount equal to:
       --------------------------

          (a)  if the Trigger Date occurred in the first quarter of the period
      beginning on the Launch Date and ending on the first Anniversary Date, the
      sum of (i) the Payment Amount multiplied by the result of (w) 0.005, less
      (x) 0.005 multiplied by a fraction (but not greater than 1) the numerator
      of which is the actual number of Verified Members and the denominator of
      which is 62,500, plus (ii) the Payment Amount multiplied by the result of
      (y) 0.00125, less (z) 0.00125 multiplied by a fraction (but not greater
      than 1) the numerator of which is the actual number of Verified Members
      and the denominator of which is 125,000;

          (b)  if the Trigger Date occurred in the second quarter of the period
      beginning on the Launch Date and ending on the first Anniversary Date, the
      sum of (i) the Payment Amount multiplied by the result of (w) 0.010, less
      (x) 0.010 multiplied by a fraction (but not greater than 1) the numerator
      of which is the actual number of Verified Members and the denominator of
      which is 125,000, plus (ii) the Payment Amount multiplied by the result of
      (y) 0.0025, less (z) 0.0025 multiplied by a fraction (but not greater than
      1) the numerator of which is the actual number of Verified Members and the
      denominator of which is 250,000;

          (c)  if the Trigger Date occurred in the third quarter of the period
      beginning on the Launch Date and ending on the first Anniversary Date, the
      sum of (i) the Payment Amount multiplied by the result of (w) 0.015, less
      (x) 0.015 multiplied by a fraction (but not greater than 1) the numerator
      of which is the actual number of Verified Members and the denominator of
      which is 187,500, plus (ii) the Payment Amount multiplied by the result of
      (y) 0.00375, less (z) 0.00375 multiplied by a fraction (but not greater
      than 1) the numerator of which is the actual number of Verified Members
      and the denominator of which is 375,000;

          (d)  if the Trigger Date occurred in the fourth quarter of the period
      beginning on the Launch Date and ending on the first Anniversary Date, the
      sum of (i) the Payment Amount multiplied by the result of (w) 0.020, less
      (x) 0.020 multiplied by a fraction (but not greater than 1) the numerator
      of which is the actual number of Verified Members and the denominator of
      which is 250,000, less (ii) the Payment Amount multiplied by the result of
      (y) 0.005, less (z) 0.005 multiplied by a fraction (but not greater than
      1) the numerator of which is the actual number of Verified Members and the
      denominator of which is 500,000;

          (e)  if the Trigger Date occurred in the first quarter of the period
      beginning on the day after the first Anniversary Date and ending on the
      second Anniversary Date, the sum of (i) the Payment Amount multiplied by
      the result of (w) 0.0075, less (x) 0.0075 multiplied by a fraction (but
      not greater than 1) the numerator of which is the result of the actual
      number of Verified Members (at the Trigger Date or the first Anniversary
      Date, whichever is greater) in excess of 250,000, and the denominator of
      which is 62,500, plus (ii) the Payment Amount multiplied by the result of
      (y) 0.00625, less (z) 0.00625 multiplied by a fraction (but not greater
      than 1) the numerator of which is the actual number of Verified Members
      and the denominator of which is 625,000;

          (f)  if the Trigger Date occurred in the second quarter of the period
      beginning on the day after the first Anniversary Date and ending on the
      second Anniversary Date, the sum of (i) the Payment Amount multiplied by
      the result of (w) 0.015, less (x) 0.015 multiplied by a fraction (but not
      greater than 1) the numerator of which is the result of the actual number
      of Verified Members

                                     A-11
<PAGE>

       (at the Trigger Date or the first Anniversary Date, whichever is greater)
       in excess of 250,000, and the denominator of which is 125,000, plus (ii)
       the Payment Amount multiplied by the result of (y) 0.0075, less (z)
       0.0075 multiplied by a fraction (but not greater than 1) the numerator of
       which is the actual number of Verified Members and the denominator of
       which is 750,000;

          (g)  if the Trigger Date occurred in the third quarter of the period
       beginning on the day after the first Anniversary Date and ending on the
       second Anniversary Date, the sum of (i) the Payment Amount multiplied by
       the result of (w) 0.0225, less (x) 0.0225 multiplied by a fraction (but
       not greater than 1) the numerator of which is the result of the actual
       number of Verified Members (at the Trigger Date or the first Anniversary
       Date, whichever is greater) in excess of 250,000, and the denominator of
       which is 187,500, plus (ii) the Payment Amount multiplied by the result
       of (y) 0.00875, less (z) 0.00875 multiplied by a fraction (but not
       greater than 1) the numerator of which is the actual number of Verified
       Members and the denominator of which is 875,000;

          (h)  if the Trigger Date occurred in the fourth quarter of the period
       beginning on the day after the first Anniversary Date and ending on the
       second Anniversary Date, the sum of (i) the Payment Amount multiplied by
       the result of (w) 0.030, less (x) 0.030 multiplied by a fraction (but not
       greater than 1) the numerator of which is the result of the actual number
       of Verified Members (at the Trigger Date or the first Anniversary Date,
       whichever is greater) in excess of 250,000, and the denominator of which
       is 250,000, plus (ii) the Payment Amount multiplied by the result of (y)
       0.010, less (z) 0.010 multiplied by a fraction (but not greater than 1)
       the numerator of which is the actual number of Verified Members and the
       denominator of which is 1,000,000;

          (i)  if the Trigger Date occurred in the first quarter of the period
       beginning on the day after the second Anniversary Date and ending on the
       third Anniversary Date, the sum of (i) the Payment Amount multiplied by
       the result of (w) 0.005 less the result of 0.10 multiplied by the Second
       Year Anticipation Percentage (such amount determined pursuant to this
       subpart (w), the "First Calculation Amount"), less (x) the Reference
       Percentage for the third Anniversary Date multiplied by the First
       Calculation Amount, plus (ii) the Payment Amount multiplied by the result
       of (y) 0.00125, less (z) 0.00125 multiplied by a fraction (but not
       greater than 1) the numerator of which is the actual number of Verified
       Members in excess of 1,000,000 and the denominator of which is 125,000;

          (j)  if the Trigger Date occurred in the second quarter of the period
       beginning on the day after the second Anniversary Date and ending on the
       third Anniversary Date, the sum of (i) the Payment Amount multiplied by
       the result of (w) 0.01 less the result of 0.20 multiplied by the Second
       Year Anticipation Percentage (such amount determined pursuant to this
       subpart (w), the "Second Calculation Amount"), less (x) the Reference
       Percentage for the third Anniversary Date multiplied by the Second
       Calculation Amount, plus (ii) the Payment Amount multiplied by the result
       of (y) 0.0025, less (z) 0.0025 multiplied by a fraction (but not greater
       than 1) the numerator of which is the actual number of Verified Members
       in excess of 1,000,000 and the denominator of which is 250,000;

          (k)  if the Trigger Date occurred in the third quarter of the period
       beginning on the day after the second Anniversary Date and ending on the
       third Anniversary Date, the sum of (i) the Payment Amount multiplied by
       the result of (w) 0.015 less the result of 0.30 multiplied by the Second
       Year Anticipation Percentage (such amount determined pursuant to this
       subpart (w), the "Third Calculation Amount"), less (x) the Reference
       Percentage for the third Anniversary Date multiplied by the Third
       Calculation Amount, plus (ii) the Payment Amount multiplied by the result
       of (y) 0.00375, less (z) 0.00375 multiplied by a fraction (but not
       greater than 1) the

                                     A-12
<PAGE>

     numerator of which is the actual number of Verified Members in excess of
     1,000,000 and the denominator of which is 375,000;

          (l) if the Trigger Date occurred in the fourth quarter of the period
     beginning on the day after the second Anniversary Date and ending on the
     third Anniversary Date, the sum of (i) the Payment Amount multiplied by the
     result of (w) 0.02 less the result of 0.40 multiplied by the Second Year
     Anticipation Percentage (such amount determined pursuant to this subpart
     (w), the "Fourth Calculation Amount"), less (x) the Reference Percentage
     for the third Anniversary Date multiplied by the Fourth Calculation Amount,
     plus (ii) the Payment Amount multiplied by the result of (y) 0.005, less
     (z) 0.005 multiplied by a fraction (but not greater than 1) the numerator
     of which is the actual number of Verified Members in excess of 1,000,000
     and the denominator of which is 500,000;

          (m) if the Trigger Date occurred in the first quarter of the period
     beginning on the day after the third Anniversary Date and ending on the
     fourth Anniversary Date, the sum of (i) the Payment Amount multiplied by
     the result of (w) 0.005 less the result of 0.10 multiplied by the Second
     Year Anticipation Percentage (such amount determined pursuant to this
     subpart (w), the "Fifth Calculation Amount"), less (x) the Reference
     Percentage for the fourth Anniversary Date multiplied by the Fifth
     Calculation Amount, plus (ii) the Payment Amount multiplied by the result
     of (y) 0.00625, less (z) 0.00625 multiplied by a fraction (but not greater
     than 1) the numerator of which is the actual number of Verified Members in
     excess of 1,000,000 and the denominator of which is 625,000;

          (n) if the Trigger Date occurred in the second quarter of the period
     beginning on the day after the third Anniversary Date and ending on the
     fourth Anniversary Date, the sum of (i) the Payment Amount multiplied by
     the result of (w) 0.01 less the result of 0.20 multiplied by the Second
     Year Anticipation Percentage (such amount determined pursuant to this
     subpart (w), the "Sixth Calculation Amount"), less (x) the Reference
     Percentage for the fourth Anniversary Date multiplied by the Sixth
     Calculation Amount, plus (ii) the Payment Amount multiplied by the result
     of (y) 0.0075, less (z) 0.0075 multiplied by a fraction (but not greater
     than 1) the numerator of which is the actual number of Verified Members in
     excess of 1,000,000 and the denominator of which is 750,000;

          (o) if the Trigger Date occurred in the third quarter of the period
     beginning on the day after the third Anniversary Date and ending on the
     fourth Anniversary Date, the sum of (i) the Payment Amount multiplied by
     the result of (w) 0.015 less the result of 0.30 multiplied by the Second
     Year Anticipation Percentage (such amount determined pursuant to this
     subpart (w), the "Seventh Calculation Amount"), less (x) the Reference
     Percentage for the fourth Anniversary Date multiplied by the Seventh
     Calculation Amount, plus (ii) the Payment Amount multiplied by the result
     of (y) 0.00875, less (z) 0.00875 multiplied by a fraction (but not greater
     than 1) the numerator of which is the actual number of Verified Members in
     excess of 1,000,000 and the denominator of which is 875,000;

          (p) if the Trigger Date occurred in the fourth quarter of the period
     beginning on the day after the third Anniversary Date and ending on the
     fourth Anniversary Date, the sum of (i) the Payment Amount multiplied by
     the result of (w) 0.02 less the result of 0.40 multiplied by the Second
     Year Anticipation Percentage (such amount determined pursuant to this
     subpart (w), the "Eighth Calculation Amount"), less (x) the Reference
     Percentage for the fourth Anniversary Date multiplied by the Eighth
     Calculation Amount, plus (ii) the Payment Amount multiplied by the result
     of (y) 0.010, less (z) 0.010 multiplied by a fraction (but not greater than
     1) the numerator of

                                     A-13
<PAGE>

     which is the actual number of Verified Members in excess of 1,000,000 and
     the denominator of which is 1,000,000;

          (q) if the Trigger Date occurred in the first quarter of the period
     beginning on the day after the fourth Anniversary Date and ending on the
     fifth Anniversary Date, the Payment Amount multiplied by the result of (i)
     0.0025 less the result of 0.05 multiplied by the Second Year Anticipation
     Percentage (such amount determined pursuant to this subpart (w), the "Ninth
     Calculation Amount"), less (ii) the Reference Percentage for the fifth
     Anniversary Date multiplied by the Ninth Calculation Amount;

          (r) if the Trigger Date occurred in the second quarter of the period
     beginning on the day after the fourth Anniversary Date and ending on the
     fifth Anniversary Date, the Payment Amount multiplied by the result of (i)
     0.005 less the result of 0.1 multiplied by the Second Year Anticipation
     Percentage (such amount determined pursuant to this subpart (w), the "Tenth
     Calculation Amount"), less (ii) the Reference Percentage for the fifth
     Anniversary Date multiplied by the Tenth Calculation Amount;

          (s) if the Trigger Date occurred in the third quarter of the period
     beginning on the day after the fourth Anniversary Date and ending on the
     fifth Anniversary Date, the Payment Amount multiplied by the result of (i)
     0.0075 less the result of 0.15 multiplied by the Second Year Anticipation
     Percentage (such amount determined pursuant to this subpart (w), the
     "Eleventh Calculation Amount"), less (ii) the Reference Percentage for the
     fifth Anniversary Date multiplied by the Eleventh Calculation Amount;

          (t) if the Trigger Date occurred in the fourth quarter of the period
     beginning on the day after the fourth Anniversary Date and ending on the
     fifth Anniversary Date, the Payment Amount multiplied by the result of (i)
     0.01 less the result of 0.2 multiplied by the Second Year Anticipation
     Percentage (such amount determined pursuant to this subpart (w), the
     "Twelfth Calculation Amount"), less (ii) the Reference Percentage for the
     fifth Anniversary Date multiplied by the Twelfth Calculation Amount.

129. "Purchase Price" has the meaning set forth in the Stock Subscription
      --------------
     Agreement.

130. "Records" has the meaning set forth in Section 10.5.
      -------

131. "Reais" means the Brazilian currency as of the Effective Date, Reais, or
      -----
     any subsequent currency of Brazil customarily used as legal tender in
     Brazil.

132. "Reference Payment" has the meaning set forth in Section 8.2.2.
      -----------------

133. "Reference Percentage" means, for any Anniversary Date, a fraction (but
      --------------------
     not greater than one) the numerator of which shall be the Weighted Revenue
     Percentage in the 12-month period ending on such Anniversary Date and the
     denominator of which shall be: for the 12-month period ended on the third
     Anniversary Date, 39%; for the 12-month period ended on the fourth
     Anniversary Date, 46%; and for the 12-month period ended on the fifth
     Anniversary Date, 56%.

134. "Related Agreements" means the Stock Subscription Agreement, the
      ------------------
     Registration Rights and Stockholders Agreement, the Escrow Agreement, the
     Notes and the Guarantee.

135. "Related Group" of a Person includes each other Person that directly or
      -------------
     indirectly Controls, is Controlled by or is under common Control with such
     Person; provided, however, that for purposes of this definition, two or
     more Persons shall each be deemed to Control another

                                     A-14
<PAGE>

     Person if and only if they are parties to an agreement, understanding or
     arrangement with respect to owning, voting, or disposing of equity
     interests, or otherwise directing the management or policies of, such other
     Person and the aggregate Equity Interest or Voting Control of such two or
     more Persons would constitute "Control" of such other Person under
     Definition No. 49 of this Exhibit A.

136. "Restricted Advertisers" has the meaning set forth in Section 1.9.2(d).
      ----------------------

137. "Restricted Advertising List" has the meaning set forth in Section
      ---------------------------
     1.9.2(d).

138. "Restricted Content Categories" has the meaning set forth in Section
      -----------------------------
     1.9.2(d).

139. "Rules" has the meaning set forth in Section 13.2.
      -----

140. "Shares" means the number of shares of AOLA Class A common stock ("Common
      ------
     Stock") to be issued pursuant to the Subscription Agreement.

141. "Special Edition Financial Channel" shall mean the pages controlled by
      ---------------------------------
     AOLB and contained within a mirror version of the Standard Finance Channel
     created pursuant to and modified in accordance with this Agreement.

142. "Specs" has the meaning set forth in Section 5.1.
      -----

143. "Standard Finance Channel" has the meaning set forth in Section 1.11.1.
      ------------------------

144. "Subscriber Fees" has the meaning set forth in Section 1.14.2.
      ---------------

145. "Subscriber Revenue Factor" means, for any Anniversary Date, the AOLB
      -------------------------
     Subscriber Revenue for the 12-month period ending on such Anniversary Date
     divided by AOLB Total Revenue for such 12-month period.

146. "Subscriber Revenue Percentage" means, for any Anniversary Date, the
      -----------------------------
     Subscriber Revenue Factor for the 12-month period ending on such
     Anniversary Date multiplied by a fraction the numerator of which is Itau's
     Subscriber Revenue for such 12-month period and the denominator of which is
     AOLB Subscriber Revenue for such 12-month period.

147. "Subscription Agreement" has the meaning set forth in Section 10.1.
      ----------------------

148. "Substituted Reference Payment Note" has the meaning set forth in Section
      ----------------------------------
     9.1.5.

149. "Substituted Termination Fee Note" has the meaning set forth in Section
      --------------------------------
     9.1.6.

150. "Successor" means, that Person or Persons who: (a) in the event of an AOLA
      ---------
     Change of Control, upon consummation of such AOLA Change of Control (i)
     Controls AOLA, (ii) is a type of Person described in clause (c) of the
     definition of AOLA Change of Control, or (c) is a successor-in-interest of
     AOLA, including any transferee of assets described in clause (d) of the
     definition of AOLA Change in Control; or (b) in the event of an Itau Change
     of Control, upon consummation of such Itau Change of Control (i) Controls
     Itau, (ii) is a type of Person described in clause (c) of the definition of
     Itau Change of Control, or (c) is a successor-in-interest of Itau,
     including any transferee of assets described in clause (c) of the
     definition of Itau Change of Control.

                                     A-15
<PAGE>

151. "Technical Committee" has the meaning set forth in Section 2.1.1.
      -------------------

152. "Technical Operating Plan" has the meaning set forth in Section 1.2.
      ------------------------

153. "Term" has the meaning set forth in Section 11.1.
      ----

154. "Termination Date" means the date this Agreement is terminated, which,
      ----------------
     with respect to any termination event shall mean the date written notice of
     termination is received by the non-terminating Party in accordance with the
     provisions of this Agreement.

155. "Termination Fee" means an amount equal to:
      ---------------

          (a)  if the Material Breach occurred after the Effective Date but on
     or before the Launch Date, 76% of the Purchase Price.

          (b)  if the Material Breach occurred after the Launch Date but on or
     before the first Anniversary Date, 76% of the Purchase Price multiplied by
     the result of the number of days from the date of such notice to and
     including the first Anniversary Date plus 1460, divided by the result of
     the number of days from the Launch Date to and including the first
     Anniversary Date plus 1460.

          (c)  if the Material Breach occurred after the first Anniversary Date
     but on or before the second Anniversary Date, 76% of the Purchase Price
     multiplied by .80 multiplied by the result of the number of days from the
     Material Breach to and including the second Anniversary Date plus 1095,
     divided by the result of the number of days from the first Anniversary Date
     to and including the second Anniversary Date plus 1095.

          (d)  if the Material Breach occurred after the second Anniversary Date
     but on or before the third Anniversary Date, 76% of the Purchase Price
     multiplied by .60 multiplied by the result of the number of days from the
     Material Breach to and including the third Anniversary Date plus 730,
     divided by the result of the number of days from the second Anniversary
     Date to and including the third Anniversary Date plus 730.

          (e)  if the Material Breach occurred after the third Anniversary Date
     but on or before the fourth Anniversary Date, 76% of the Purchase Price
     multiplied by .40 multiplied by the result of the number of days from the
     Material Breach to and including the fourth Anniversary Date plus 365,
     divided by the result of the number of days from the third Anniversary Date
     to and including the fourth Anniversary Date plus 365.

          (f)  if the Material Breach occurred after the fourth Anniversary Date
     but on or before the fifth Anniversary Date, 76% of the Purchase Price
     multiplied by .20 multiplied by the number of days from the Material Breach
     to and including the fifth Anniversary Date, divided by the number of days
     from the fourth Anniversary Date to and including the fifth Anniversary
     Date.

156. "Termination Period" has the meaning set forth in Section 1.5.1.
      ------------------

157. "Territory" means Brazil.
      ---------

158. "Terms of Service" means AOLB's then-standard terms of service agreement
      ----------------
     with AOLB Members (including the Rules of the Road) located at Keyword
     "TOS".

                                     A-16
<PAGE>

159. "Test Cities" means the following cities:  Sao Paulo, Rio De Janeiro,
      -----------
     Salvador, Belo Horizonte, Fortaleza, Brasilia, Curitiba, Recife, Porto
     Alegre and Campinus.

160. "Tier 1 Failure" means a failure to comply with one or more of the
      --------------
following performance criteria over an [*] day measurement period in a
particular city after the Launch of the Co-Branded Service in such city, other
than as a result of a Force Majeure Event:

          (i)   [*]; or

          (ii)  [*]; or

          (iii) [*].

161. "Tier 2 Failure" means a material failure to comply with one or more of
      --------------
     the following performance criteria over a [*] day measurement period in a
     particular city after the Launch of the Co-Branded Service in such city,
     other than as a result of a Force Majeure Event:

          (1)   [*]; or

          (2)   [*]; or

          (3)   [*].

162. "Tier 3 Failure" has the meaning set forth Section 1.12.3.
      --------------

163. "Tolling Period" has the meaning set forth in Section 1.5.2.
      --------------

164. "Total Verified Member Numbers" has the meaning set forth in Section 8.3.
      -----------------------------

165. "Trigger Date" means for any Type I Acceleration Payment, Type II
      ------------
     Acceleration Payment, Type I Pro-Rata Reference Payment or Type II Pro-Rata
     Reference Payment, the Breach Date or the Termination Date as provided in
     the definition of such payment.

166. "Type I Acceleration Payment" means an Acceleration Payment in which, for
      ---------------------------
     purposes of calculating such Acceleration Payment, the Trigger Date equals
     the Breach Date.

167. "Type II Acceleration Payment" means an Acceleration Payment in which, for
      ----------------------------
     purposes of calculating such Acceleration Payment, the Trigger Date equals
     the Termination Date.

168. "Type I Pro-Rata Reference Payment" means a Pro-Rata Reference Payment in
      ---------------------------------
     which, for purposes of calculating such Pro-Rata Reference Payment, the
     Trigger Date equals the Breach Date.

169. "Type II Pro-Rata Reference Payment" means a Pro-Rata Reference Payment in
      ----------------------------------
     which, for purposes of calculating such Pro-Rata Reference Payment, the
     Trigger Date equals the Termination Date.

170. "Upsold Subscriber" means an AOLB/Itau Subscriber who registers to pay
      -----------------
     AOLB for a Co-Branded Service plan that: (i) provides such AOLB/Itau
     Subscriber more hours of use of the Co-Branded Service than the number of
     free hours Itau pays AOLB for such Subscriber, or (ii) is offered to such
     Subscriber by Itau at a discount from AOLB's then-current market price
     (where Itau pays AOLB the fee set forth in the Finance Plan).

                                     A-17
<PAGE>

171. "Verified Member Reference Numbers" has the meaning set forth in Section
      ---------------------------------
     8.1.

172. "Verified Members" on any Anniversary Date of the Launch means any
      ----------------
     AOLB/Itau Subscriber that accesses the Co-Branded Service in any two of the
     three months immediately preceding such Anniversary Date, as well as any
     AOLB/Itau Subscriber that first accesses the Co-Branded Service in the
     month immediately preceding such Anniversary Date. In the event AOLB offers
     a Free Internet Access Service and Itau elects to create a Co-Branded
     version of such Free Internet Access Service, each Itau subscriber that has
     an account on and uses such Co-Branded Free Internet Access Service and
     satisfies the definition of a "Verified Member" will count as one-half of a
     Verified Member. Notwithstanding the foregoing, any user of a single
     account across multiple Co-Branded Services shall only be counted as one
     Verified Member.

173. "Voting Control" means the ability, directly or indirectly, to direct the
      --------------
     voting of a majority of the directors of such Person's board of directors
     or, if the Person does not have a board of directors, a majority of the
     positions on any similar body, whether through appointment, voting
     agreement or otherwise.

174. "Weighted Revenue Percentage" means, for any Anniversary Date, the sum of
      ---------------------------
     the Subscriber Revenue Percentage for such Anniversary Date plus the Other
     Revenue Percentage for such Anniversary Date.

                                     A-18
<PAGE>

                                   EXHIBIT B
                              TERMS AND CONDITIONS




                                      B-1
<PAGE>

                                   EXHIBIT B
                              TERMS AND CONDITIONS

I.   REPRESENTATIONS AND WARRANTIES

Each Party represents and warrants to the other Party that: (i) such Party has
the full corporate right, power and authority to enter into this Agreement, to
grant the licenses granted hereunder and to perform the acts required of it
hereunder; (ii) the execution of this Agreement by such Party, and the
performance by such Party of its obligations and duties hereunder, do not and
will not violate any agreement to which such Party is a party or by which it is
otherwise bound; (iii) when executed and delivered by such Party, this Agreement
will constitute the legal, valid and binding obligation of such Party,
enforceable against such Party in accordance with its terms; and (iv) such Party
acknowledges that the other Party makes no representations, warranties or
agreements related to the subject matter hereof that are not expressly provided
for in this Agreement.  Itau represents and warrants to AOLA and AOLB that as of
the Effective Date, one million fifty thousand (1,050,000) Itau Customers have
registered with Itau for access and use of Itau's Financial Services through
either the Internet or the Itau Service.

II.  CONFIDENTIALITY.

Each Party acknowledges that Confidential Information may be disclosed to the
other Party during the course of this Agreement.  Each Party agrees that it
shall take reasonable steps, at least substantially equivalent to the steps it
takes to protect its own proprietary information to prevent the duplication or
disclosure of Confidential Information of the other Party, other than by or to
its employees, independent contractors or agents who has a need to know such
Confidential Information and who are subject to confidentiality obligations to
the Party receiving such Confidential Information.  Notwithstanding the
foregoing, either Party may issue a press release or other disclosure containing
Confidential Information without the consent of the other Party, to the extent
such disclosure is required by law, rule, regulation or government or court
order.  In such event, the disclosing Party will provide at least five (5)
business days prior written notice of such proposed disclosure to the other
Party.

III. RELATIONSHIP WITH AOLB MEMBERS

Unsolicited E-Mail.  Itau may not send any AOLB Member unsolicited e-mail
------------------
communications on or through the AOLB Network without a "Prior Business
Relationship."  For purposes of this Agreement Itau shall be deemed to have a
"Prior Business Relationship" with all AOLB/Itau Subscribers, and with respect
to all other AOLB Members a "Prior Business Relationship" means that such AOLB
Member has either (i) used services or purchased products offered by Itau or
(ii) voluntarily provided information to Itau through a contest, registration,
or other communication.

IV.  LIMITATIONS ON LIABILITY; DISCLAIMER OF WARRANTIES

Liability.  EXCEPT AS OTHERWISE PROVIDED IN THE "INDEMNITY" SECTION OF THIS
----------
EXHIBIT AND IN ARTICLE 11 OF THE BODY OF THIS AGREEMENT, UNDER NO CIRCUMSTANCES
SHALL ANY PARTY BE LIABLE TO ANY OTHER PARTY FOR ANY SPECIAL, INCIDENTAL,
INDIRECT OR CONSEQUENTIAL LOSSES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE USE OF OR INABILITY TO USE THE AOLB NETWORK, ITAU INTERACTIVE SITES, LINKED
INTERACTIVE SITES OR ITAU ONLINE AREA.

No Additional Warranties.  TO THE MAXIMUM EXTENT PERMITTED BY LAW, EXCEPT AS
-------------------------
EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES, AND EACH PARTY
HEREBY SPECIFICALLY DISCLAIMS AND EXCLUDES, ANY REPRESENTATIONS, WARRANTIES, AND
CONDITIONS (INCLUDING ANY IMPLIED WARRANTIES REGARDING THE AOLB NETWORK, THE
ITAU ONLINE AREA, THE LINKED INTERACTIVE SITES OR THE ITAU INTERACTIVE SITES
(WHETHER RELATING TO PROFITABILITY OR OTHERWISE), ANY IMPLIED WARRANTY OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND ANY IMPLIED WARRANTIES
ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE).  ADDITIONALLY, TO THE
MAXIMUM EXTENT PERMITTED BY LAW, EACH PARTY EXCLUDES ALL LIABILITY TO THE OTHER
FOR ANY OTHER IMPLIED TERMS AND CONDITIONS NOT EXPRESSLY STATED IN THIS
AGREEMENT (INCLUDING, WITHOUT LIMITATION, RELATING TO THE AOLB CLIENT, THE
CUSTOMIZED CLIENT, THE CO-BRANDED SERVICE, THE ITAU  ONLINE AREA, THE ITAU
INTERACTIVE SITES, THE LINKED INTERACTIVE SITES, DOCUMENTATION OR THE AOLB
NETWORK).  ADDITIONALLY, NOTWITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT,
THE INTERNET IS INHERENTLY INSECURE AND AOLA AND AOLB DO NOT REPRESENT, WARRANT
OR COVENANT THAT THE USE OF THE CO-BRANDED SERVICE WILL BE SECURE FROM HACKING
OR THAT UNAUTHORIZED THIRD PARTIES WILL BE UNABLE TO COLLECT INFORMATION ON
USERS AND USAGE OF THE CO-BRANDED SERVICE.

V.   INDEMNIFICATION

Indemnities of the AOLB Parties.  The AOLB Parties shall indemnify (and defend
-------------------------------
and hold harmless as appropriate) Itau and its Affiliates, and their respective
officers, directors, agents, distributors, franchisees and employees from any
and all third-party losses, claims, demands, liabilities, costs or expenses,
including reasonable attorneys' fees and disbursements ("Liabilities"), relating
to or resulting from (i) allegations that the portions of the Co-Branded Service
that are owned or directly controlled by the AOLB Parties, excluding any
Licensed Content, or the Customized Client (X) infringe any third party's U.S.
patent, copyright, trademark or trade secret rights, or (Y) violate any
applicable law, rule or regulation; (ii) the installation of the Customized
Client; (iii) allegations that Content created or produced by or on behalf of an
AOLB Party in the Territory infringes any third party's Brazilian copyright,
trademark or trade secret rights and (iv) the AOLB Parties' breach of any
applicable law, rule or regulation, including without limitation, the Brazilian
banking secrecy laws.  To the extent AOLB receives any indemnification from
third parties regarding features, functionality or Content on the Co-Branded
Service controlled by such third party, AOLB shall provide Itau to the fullest
extent possible the benefit of such indemnification.

                                      B-1
<PAGE>

Indemnities of Itau.  Itau shall indemnify (and defend and hold harmless as
-------------------
appropriate) the AOLB Parties and its Affiliates, and its and their respective
officers, directors, agents, distributors, franchisees and employees from any
and all Liabilities relating to or resulting from (i) allegations that the
portions of the Itau Interactive Sites and Licensed Content that are owned or
directly controlled by Itau (X) infringe any third party's U.S. patent,
copyright, trademark or trade secret rights; or (Y) violate any applicable law,
rule or regulation; (ii) Itau's marketing or promotion of the Co-Branded
Service, including without limitation any Liabilities arising directly from the
promotion by Itau of free hours on the Co-Branded Service, except to the extent
arising from materials provided by AOLA or AOLB; (iii) Itau's breach of any
applicable law, rule or regulation, including without limitation, the Brazilian
banking secrecy laws; and (iv) Itau's provision of Financial Services to
AOLB/Itau Subscribers, except to the extent such Liabilities are due to failures
due to the Co-Branded Service or AOLB Network.  To the extent Itau receives any
indemnification from third parties regarding Licensed Content or features,
functionality or Content on the Linked Interactive Sites controlled by such
third party, Itau  shall provide AOLB to the fullest extent possible the benefit
of such indemnification.

Claims.  Each Party agrees to (i) promptly notify the other Party in writing of
------
any indemnifiable claim and give the other Party the opportunity to defend or
negotiate a settlement of any such claim at such other Party's expense and (ii)
reasonably cooperate with the other Party, at that other Party's expense, in
defending or settling such claim.  In the event of any dispute between AOLB and
an Itau Customer relating to the Co-Branded Service (i) AOLB shall inform Itau
of such dispute or litigation, (ii) AOLB shall provide Itau the option to be
joined as a party to such dispute or litigation, and (iii) AOLB shall not
consent to the entry of judgment with respect to, or otherwise settle, such a
claim or dispute without the consent of Itau if such judgment or settlements
would be adverse to the interests of Itau, provided, however, that Itau shall
have the right to control the defense of any such claim to the extent it relates
to Itau's Financial Services.

VI.  MISCELLANEOUS

Force Majeure.  Should any circumstance beyond the reasonable control of any
-------------
Party occur which delays or renders impossible the performance of any of its
obligations under this Agreement, such obligation shall be postponed for such
time as such performance necessarily has had to be suspended or delayed on
account thereof, provided, however, that such Party shall notify the other Party
promptly after the occurrence of such force majeure event ("Force Majeure
Event"), and shall use all commercially reasonable efforts to reduce the effects
of such Force Majeure Event on such Party's performance hereunder, and in the
case of a telecommunications failure that affects no other Access Providers in
the Territory,  AOLB shall use best efforts reasonable under the circumstances
to reduce the effects of such Force Majeure Event on such Party's performance
hereunder.   In addition and upon the cessation of such Force Majeure Event, the
nonperforming Party shall immediately commence performance of its obligations
hereunder.  Force Majeure Events shall include, without limitation, war,
revolution, invasion, insurrection, riots, mob violence, sabotage or other civil
disorders, act of God, strikes or other labor disputes, telecommunications
failures, acts, laws, regulations or rules of any government or governmental
agency, including Brazilian Central Bank approvals, and any other circumstances
beyond the reasonable control of the Party, the obligations of which are
affected thereby.  Neither Party shall be liable for, or be considered in breach
of or default under this Agreement on account of, any delay or failure to
perform as required by this Agreement during the pendency of a Force Majeure
Event.  In the event a Force Majeure Event occurs due to a telecommunications
failure that affects no other Access Providers in the Territory and the effect
of such Force Majeure Event would constitute a Tier 2 or Tier 3 Failure in a
particular city or cities if such effects were not due to a Force Majeure Event,
then, Itau shall be relieved of its obligation not to market and otherwise
promote Access Providers and ISP Products in such city or cities as set forth in
Section 2.3.1 of this Agreement until the cessation of such Force Majeure Event
in such city or cities.

Independent Contractors.  The Parties to this Agreement are independent
-----------------------
contractors.  Neither Party is an agent, representative or partner of the other
Party.  Except as otherwise stated in the Agreement, neither Party shall have
any right, power or authority to enter into any agreement for or on behalf of,
or incur any obligation or liability of, or to otherwise bind, the other Party.
This Agreement shall not be interpreted or construed to create an association,
agency, joint venture or partnership between the Parties or to impose any
liability attributable to such a relationship upon either Party.

Notice.  Any notice, approval, request, authorization, direction or other
------
communication under this Agreement shall be given in writing and shall be deemed
to have been delivered and given for all purposes, in the case of hand delivery,
on the date such notice is received by such party and, in the case of overnight
mail, on the day such notice is given to such overnight mail service, postage
pre-paid, and, in the case of mail, five (5) days after deposited in the mail
for delivery by registered or certified mail, return receipt requested, postage
prepaid, addressed as follows:

          If to AOLA and AOLB to:

                                   AOL Latin America, Inc
                                   600 N. Andrews Avenue, Suite 500.
                                   Fort Lauderdale, FL 33309
                                   Fax: (954) 233-1801
                                   Attention: President

          If to Itau:
                                   Banco Itau, S.A.
                                   Rua Boa Vista, 176
                                   Sao Paulo - SP - Brazil
                                   Attention: President and CEO
                                   Fax: 55-11-237-3030

                                      B-2
<PAGE>

No Waiver.  The failure of either Party to insist upon or enforce strict
---------
performance by the other Party of any provision of this Agreement or to exercise
any right under this Agreement shall not be construed as a waiver or
relinquishment to any extent of such Party's right to assert or rely upon any
such provision or right in that or any other instance; rather, the same shall be
and remain in full force and effect.

Return of Information.  Upon the expiration or termination of this Agreement,
---------------------
each Party shall, upon the written request of the other Party, return or destroy
(at the option of the Party receiving the request) all Confidential Information,
documents, manuals and other materials belonging to the other Party except as
otherwise provided in this Agreement.

Entire Agreement.  This Agreement (including the Exhibits attached hereto) and
----------------
the Related Agreements sets forth the entire agreement and supersedes any and
all prior agreements of the Parties with respect to the transactions set forth
herein.  Neither Party shall be bound by, and each Party specifically objects
to, any term, condition or other provision which is different from or in
addition to the provisions of this Agreement (whether or not it would materially
alter this Agreement) and which is proffered by the other Party in any
correspondence or other document, unless the Party to be bound thereby
specifically agrees to such provision in writing.

Amendment.  No change, amendment or modification of any provision of this
---------
Agreement shall be valid unless set forth in a written instrument signed by both
Parties.

Further Assurances.  Each Party shall take such action (including, but not
------------------
limited to, the execution, acknowledgment and delivery of documents) as may
reasonably be requested by any other Party for the implementation or continuing
performance of this Agreement.

Assignment.  Neither Itau nor AOLB shall assign this Agreement or any right,
----------
interest or benefit under this Agreement without the prior written consent of
the other.  Subject to the foregoing, this Agreement shall be fully binding
upon, inure to the benefit of and be enforceable by the Parties hereto and their
respective successors and assigns.

Construction/Severability.  In the event that any provision of this Agreement
-------------------------
conflicts with the law under which this Agreement is to be construed or if any
such provision is held invalid by a court with jurisdiction over the Parties to
this Agreement, such provision shall be deemed to be restated to reflect as
nearly as possible the original intentions of the Parties in accordance with
applicable law, and the remainder of this Agreement shall remain in full force
and effect.

Remedies.  Except where otherwise specified, the rights and remedies granted to
--------
a Party under this Agreement are cumulative and in addition to, and not in lieu
of, any other rights or remedies which the Party may possess.

Compliance with Laws.  Each Party shall comply with all applicable laws,
--------------------
including Brazilian banking secrecy laws, rules and regulations regarding
privacy, and no obligation hereunder shall be construed as requiring a Party to
take any action that would contravene such laws, rules and regulations.

Interpretation.  All references to "including" in this Agreement shall mean
--------------
"including without limitation," and all references to "excluding" in this
Agreement shall mean "excluding without limitation." All meetings may be held in
person or by teleconference or other means mutually agreed to by the
participants.

Headings.  The captions and headings used in this Agreement are inserted for
--------
convenience only and shall not affect the meaning or interpretation of this
Agreement.

Counterparts.  This Agreement may be executed in counterparts with each executed
------------
copy deemed an original and all of which together shall constitute one and the
same document.

English Language.  The English language version of this Agreement shall be
----------------
controlling, notwithstanding any translation thereof into another language.

                                      B-3
<PAGE>

                                   EXHIBIT C

                      CAYMANS FINANCIAL TEST CERTIFICATE
                      ----------------------------------

     Reference is made to that certain Strategic Interactive Services and
Marketing Agreement, dated as of June 12, 2000 (the "Marketing Agreement"),
among America Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL
Brasil Ltda. ("AOLB"), a Brazilian limited liability quota company, and Banco
Itau, S.A. ("Itau"), a Brazilian banking institution. Capitalized terms not
defined herein shall have the meanings given to such terms in the Marketing
Agreement.

     1.   The undersigned is the president or highest ranking officer of the
          Grand Caymans branch of Itau.

     2.   The undersigned submits this Caymans Financial Test Certificate in
          connection with the Marketing Agreement, and for the purpose of
          providing information necessary to determine whether or not Itau has
          satisfied the Caymans Financial Test.

     3.   The undersigned hereby certifies to AOLA and AOLB that, as of the date
          hereof,

          (a)  (i)    The assets of the Grand Caymans branch of Itau are
                      $_____________________ (USD).

               (ii)   The liabilities of the Grand Caymans branch of Itau are
                      $_____________________ (USD).

               (iii)  The excess of the assets over the liabilities of the Grand
                      Caymans branch of Itau exceeds the maximum amount of all
                      Reference Payments, Acceleration Payments and Termination
                      Fees that could become due and payable from Itau to AOLA
                      or AOLB from and after the date hereof by at least 125%.

          (b)  The Grand Caymans branch of Itau has at least US $___________ in
               cash, cash equivalents (e.g., deposit accounts or certificates of
               deposit) or marketable securities in its own name, all of which
               are physically located within the Caymans Islands, the United
               States of America or in a country that is a member of the
               Organisation for Economic Cooperation and Development.

          (c)  [Itau][______________, an Affiliate of Itau listed on Exhibit O
                                                                     ------- -
               to the Marketing Agreement (as supplemented from time to time),]
               has maintained physical possession of stock certificates in the
               Cayman Islands representing at least three fourths of all of the
               Shares that are subject, as of the CFT Measurement Date, to the
               lock up provisions as provided in the Registration Rights and
               Stockholders Agreement.

                                      C-1
<PAGE>

                                       OR

          (c)  Title to the Shares that are subject, as of the CFT Measurement
               Date, to the lock up provisions as provided in the Registration
               Rights and Stockholders Agreement has been transferred to an
               unrelated financial institution pursuant to a repurchase
               agreement whereby such financial institution is obligated to
               resell such stock to [Itau] [_____________, an Affiliate of Itau
               listed on Exhibit O to the Marketing Agreement (as supplemental
                         ------- -
               from time to time)].  [Itau's] [________________'s] rights under
               such repurchase agreement are subject, directly or indirectly, to
               execution and levy pursuant to a Cayman Islands judgment in a
               jurisdiction other than Brazil.

     IN WITNESS WHEREOF, the undersigned has executed this Caymans Financial
Test Certificate as of the ____ day of _______, 20___.

                                               _________________________________
                                               Name:
                                               Title:

                                      C-2
<PAGE>

                                   EXHIBIT D
                              MARKETING GUIDELINES

1. BACKGROUND.

     (a)  The marketing plan described below is intended to stimulate Itau
Customers to become AOLB/Itau Subscribers. The specific plans are intended to be
guidelines only, and, except where otherwise stated in the Strategic Interactive
Services and Marketing Agreement (e.g., the Minimum Marketing Commitments), are
not intended to be binding commitments of Itau or AOLB. Itau and AOLB agree that
the Minimum Marketing Commitment may be modified only if AOLB and Itau agree in
writing.

     (b)  The marketing program will be reviewed quarterly by the Marketing
Committee and factors such as packages, programs, offer frequency, target
groups, distribution and media may be altered, included or excluded as the
result of such reviews. For the avoidance of doubt, AOLB will not have approval
rights over the marketing plans of Itau, but AOLB and Itau will consult each
other to improve marketing programs.

     (c)  Marketing programs will take into account the fact that the Co-Branded
Service is not available in some areas, and Itau may decide not to target
marketing campaigns in those areas.

     (d)  AOLB will include a message in the CD-ROM package it distributes to
the public indicating that Itau Customers have been extended a service offering
and will provide a telephone number that the Itau Customers can call for more
information.

     (e)  As used in these Marketing Guidelines, the term "Launching Program"
means a marketing program that would commence upon the Launch of the Co-Branded
Service in each of the "Initial Cities" (and other cities in which the Co-
Branded Service becomes available before that Launch) and last for approximately
one month in each city, provided that not all marketing components of the Launch
Program will be used in each city.

     (f)  After the Launching Program ends, specific marketing programs may be
defined for launches in important cities.

     (g)  All communications made to Itau Customers related to the offer of Co-
Branded Service, billing, changes in service level, new services offered by
AOLB, etc. should be made by Itau or, if made by AOLB, approved by Itau to the
extent it relates to Itau's offer to Itau Customers. All communications made by
AOLB shall be at AOLB's expense. Within one month of the Effective Date Itau and
AOLB will agree upon an allocation of responsibility regarding communications
made by AOLB/Itau Subscribers.

2. MARKETING RESOURCES

     (a)  Minimum Marketing Commitments.  Use, frequency and reach of each of
the following resources are identified in the attached Matrix Annex (for the
Launching Program and more sustained campaigns through the end of the fifth year
after Launch) After such fifth year the Marketing Committee will discuss the
level of Itau marketing.

     .    Direct Mail Program
          -------------------

                                      D-1
<PAGE>

     .    Mailings promoting the Co-Branded Service and explaining the service
          package offered by AOLB and Itau (but not including CD-ROMs with the
          mailings).

          .    Mailings promoting the Co-Branded Service and explaining the
               service package offered by AOLB and Itau (including CD-ROMs with
               the mailings) to segments with a higher propensity to subscribe
               to the Co-Branded Service.

     .    Checking account statement:  Insert containing information about the
          --------------------------
          Co-Branded Service
     .    ATM screens:  Messages on the screen including an option to request
          ------------
          a CD-ROM.
     .    Itau Interactive Site (www.itau.com.br):  Explaining the Co-Branded
          ---------------------------------------
          Service package, including demonstration screen shots, a CD-ROM
          request screen, and a link to AOLB's content.
     .    Merchandising in bank branches
          ------------------------------

     (b)  Optional Resources: use, frequency and targets to be defined by Itau
at its own discretion with certain activities identified in the attached Matrix
Annex.

     .    Bankfone Service: to selected Itau customers, subject to the policies
          ----------------
          of this service.
          .    message about the Co-Branded Service
          .    CD-ROM request option.
     .    Promotional Offer in the branches by tellers:  to selected customers
          --------------------------------------------
     .    CD-ROM distribution in the branches:  conducted by branch managers.
          -----------------------------------
     .    TV
          --
     .    Radio
          -----
     .    Magazines
          ---------
     .    Movie theaters
          --------------
     .    Newspapers
          ----------
     .    Booklets
          --------
     .    ATM slips:  messages on the printed ATM slips.
          ---------
     .    Itau Service and Home Banking:
          -----------------------------
          .    Promotion on the welcome screen.
          .    CD-ROM request option.
     .    Inbound Call Center: information about the Co-Branded Service
          -------------------
     .    Outbound Call Center: information about the Co-Branded Service
          --------------------
          directed to selected Itau Customers.
     .    Kiosk:  promotion of the Co-Branded Service in events and fairs in
          -----
          which Itau participates.
     .    Personal Computer in selected branches:  to demonstrate Co-Branded
          --------------------------------------
          Service

     (c)  Pre-Launch market research:  using methods such as focus groups to
better understand Itau Customers' perceptions of AOLB, the Co-Branded Service,
the packages offered by Itau, the value drivers and communications programs as
well as the kind of machines and equipment used by Itau Customers (such as types
of Personal Computers, whether they use CD-ROM or floppy disk drives, and
whether they have dedicated phone line) to better define the sales proposals.
AOLB will provide its research experience to assist Itau in improving the
effectiveness of the research.

                                      D-2
<PAGE>

3. ITAU INTERNAL MARKETING PROGRAM

          (a)  Branch Sales Force

     .    Financing computers for branch sales force at differentiated terms.
     .    Training course - inclusion of a session in Itau's training program.
     .    Training material - video, handbook.
     .    Incentive campaign to encourage use of the Co-Branded Service
          (learning about the content and navigation) during the first
          Anniversary Year.
     .    Implementation: As soon as possible after the Launch, AOLB will create
          a special promocode for Itau employees to enable them to quickly
          access the Co-Branded Service and speed up the training process. When
          the Co-Branded Service is Launched, the Itau employees will be
          migrated according to a program develop by the parties and implemented
          by Itau.

          (b)  Internal Research.  Periodic research with sales force employees
on issues such as their perception of the Itau Customers' reaction to and
evaluation of the Co-Branded Service, and their own reactions to and evaluations
of the Co-Branded Service, conducted in order to improve the sales process.

4. SALES CAMPAIGNS.  Will vary depending on other product campaigns planned
by Itau, but may include:

          (a)  Goals and performance rewards for Itau employees.

          (b)  Differentiated media support.

          (c)  Sales kiosks (inside branches, where available).

5. GENERAL PROGRAMS.  Programs such as computer financing at differentiated
terms may be available to selected Itau Customers who are not subject to credit
restrictions.

                                      D-3
<PAGE>

                                  Matrix Annex

1-   [*]:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
     Resources*                    Launch                     Year 1             Year 2 to 5 (each
                             (month 1 / year 1)            Months 2 - 12               year)
----------------------------------------------------------------------------------------------------
<S>                          <C>                           <C>                   <C>
        [*]                                                     [*]                     [*]
----------------------------------------------------------------------------------------------------
        [*]                          [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
        [*]                          [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
        [*]                          [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
        [*]                          [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
        [*]                          [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
</TABLE>

*[*]

2-[*]:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
       Resources*                   Launch                    Year 1             Year 2 to 5 (each
                              (month 1 / year 1)           Months 2 - 12               year)
----------------------------------------------------------------------------------------------------
<S>                           <C>                          <C>                   <C>
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                         [*]                        [*]                     [*]
----------------------------------------------------------------------------------------------------
         [*]                                                    [*]                     [*]
----------------------------------------------------------------------------------------------------
</TABLE>

*[*].

 [*].

                                      D-4
<PAGE>

                                   EXHIBIT E

                        TECHNICAL OPERATING GUIDELINES
                        ------------------------------


1. Itau/AOLB CD Configuration

     .    Itau Customers will be provided a Customized Client.

     .    Once an Itau Customer registers for the Co-Branded Service, except as
          provided below, such Itau Customer will be considered an AOLB/Itau
          Subscriber during the Term until the subscriber cancels the Co-Branded
          Service or is terminated, even if the AOLB/Itau Subscriber upgrades
          his Customized Client with AOLB Client software distributed by third
          parties.

     .    The Customized Client on the CD-ROM will be a customized version of
          the AOLB Client. The packaging and installation will be Co-Branded by
          AOLB and Itau.

     .    There will be one version of the CD-ROM (not considering variations in
          packaging) containing the Customized Client, which version will be
          updated from time to time to include the then-current release or
          version of the Customized Client. Upon mutual agreement by AOLB and
          Itau in writing, additional software may be bundled in the CD-ROM.

     .    AOLB will create a new release or version of the Customized Client
          promptly after each new release or version of the AOLB Client.

2. Registration

     .    Once an Itau Customer has installed the Customized Client, he or she
          will be prompted to register for the Co-Branded Service. The
          registration process will be Co-Branded by AOLB and Itau, and shall
          contain special Itau promotion code. It will be based on the AOLB
          Service's registration process and will be modified and simplified, as
          agreed between AOLB and Itau, as appropriate.

     .    The Itau Customer will:

          .    Select a payment method from among Itau payment options. However,
               if registrant prefers another payment method they can select
               "Other" at the bottom of the list of Itau payment options and be
               presented with the list of standard AOLB Service payment options.

          .    Be told about the default price plan for such AOLB/Itau
               Subscriber.

     .    Verification will be done on all registrants. A file will be sent to
          Itau regularly, which will identify all registrants that register with
          the Itau promotion code. Itau will process this information and
          respond to AOLB with a list that flags registrants as either valid
          Itau Customers or registrants who should be changed to a non-Itau
          price plan. AOLB and Itau intend to improve the file transference
          process into a real time validation.

                                      E-1
<PAGE>

     .    After completing registration, new AOLB/Itau Subscribers will continue
          directly to their first session without disconnecting.

     .    If a registrant registers and is able to use the Co-Branded Service
          but is subsequently not accepted by Itau for their free hours, then a
          message will be sent to such registrant informing the registrant of
          Itau's position and inviting the registrant to continue to use the
          AOLB Service under one of the then-current price plans. Up to that
          point, the price associated with usage of the Co-Branded Service will
          be in accordance with the Finance Plan; after that point, Itau will
          not be financially responsible for such registrant and such registrant
          will have the opportunity to become a member of the AOLB Service. Such
          Subscribers who opt to continue to use the AOLB Service will migrate
          to the standard AOLB Service and subsequently not see the
          customizations unique to the Co-Branded Service (including without
          limitation the Co-Branded Welcome Screen, the Itau Window, the Custom
          Toolbar Icon and the Special Edition Finance Channel) and will access
          all standard features and screens of the AOLB Service without
          restrictions (i.e., they will no longer be considered AOLB/Itau
          Subscribers for the purposes of this Agreement).

     .    AOLB and Itau will discuss and agree upon measures to facilitate the
          migration of members of the AOLB Service who are Itau Customers to
          become AOLB/Itau Subscribers. Itau acknowledges that a primary means
          to encourage such migration will be through its promotions on the AOLB
          Service.

3.  Price Changes

     .    AOLB/Itau Subscribers will be allowed to change their price plan.

     .    Any changes in price plans will take effect only at the beginning of
          the AOLB/Itau Subscribers next billing cycle.

     .    AOLB/Itau Subscribers will receive Itau's special free hour offers and
          will be advised about and marketed alternative price plans for
          additional or unlimited hours on the Co-Branded Service. AOLB and Itau
          have identified the following as a possible approach:

          .    Price plan options will be presented to the AOLB/Itau Subscribers
               on the Itau ______ site where, based on Itau's rating of the
               AOLB/Itau Subscribers, specific price plans will be presented.

          .    Upon making a selection, Itau will build a database of screen
               names and price plan changes which it will send AOLB daily in a
               structured data file for batch processing.

          .    As soon as a technical solution is developed and implemented,
               this process of switching (i.e., upselling to) price plans will
               be automated.

     .    After a special price plan is selected it will take effect only at the
          beginning of the AOLB/Itau Subscriber's next billing cycle.

     .    Once a AOLB/Itau Subscriber is in a specific price plan, he may select
          among other price plans available to him, by using the AutoRep service
          within the Co-Branded Service or by using the Itau web site.

                                      E-2
<PAGE>

     .    Itau and AOLB will establish procedures to modify an AOLB/Itau
          Subscriber's price plan.

4.  Sign-on Initial Screen for AOLB/Itau Subscribers

     .    At the beginning of every session, the AOLB/Itau Subscriber will be
          presented with a modified version of the AOLB Service:

          .    a co-branded Welcome Screen using existing AOLB technology (i.e.,
               the Co-Branded Welcome Screen),

          .    a special Itau control panel represented as a narrow side window
               (i.e., the Itau Window); and

          .    an Itau icon on the toolbar (i.e., the Custom Toolbar Icon)

          .    The final Technical Operating Plan will contain details on the
               implementation of the above modifications and the timetable for
               completion.

5.  Customer Access

     .    Initially, certain Interactive Linked Sites and the Co-Branded Service
          will connect through a secure, permanent virtual Internet circuit.
          Each of AOLB and Itau will be responsible for paying their respective
          costs related to such connection. At such time as AOLB launches
          version 6 of the Customized Client, implements the AOLB node in Brazil
          (as described below) and a circuit is established between that node
          and such Linked Interactive Sites, there will be a direct connection
          between Itau web site and the Co-Branded Service, without any use of
          the open Internet for connectivity, providing additional level of
          security to AOLB/Itau Subscribers when accessing Itau Financial
          Services. AOLB will be responsible for the costs of the new Customized
          Client and the implementation of the AOLB node, and Itau will be
          responsible for the costs of the circuit between the node and Itau's
          systems (i.e., the peering circuit).

     .    In accordance with and subject to the Marketing Plan, Itau will
          provide links to special AOLB HTML content from the Itau home page.
          Furthermore, Itau may create special HTML content for AOL Members
          available only to AOL Members.

     .    Itau will have the right to publish content in the AOLB "Rainman"
          format.

6.  Itau Charges and Billing

     .    Subject to the Agreement, AOLB/Itau Subscribers will receive at least
          one free hour toward metered price plans and/or discounted price
          plans. These plans will be developed by Itau in consultation with AOLB
          and implemented by AOLB; provided, however, that implementation will
          be subject to technical and administrative limitations to be
          determined by AOLB and Itau prior to completion of the plans by Itau.
          With respect to the development of the necessary systems, Itau must
          submit its structure for price plans to AOLB for technical and
          implementation approval before they are communicated to AOLB/Itau
          Subscribers or to Itau Customers.

     .    AOLB will inform Itau of the total number of free hours used (for
          which Itau is responsible) by AOLB/Itau Subscribers. Charges will be
          implemented as detailed in the

                                      E-3
<PAGE>

          Finance Plan. AOLB/Itau Subscribers will automatically be charged for
          time in excess of the free hours and will be notified of such
          charge(s) during registration.

     .    AOLB will bill AOLB/Itau Subscribers per the selected price plan with
          the subscriber payment method. If the payment processor is Itau, AOLB
          will provide billing information that includes surcharges and the
          standard monthly fee.

     .    A similar process will take place for other payment methods not
          associated with Itau (e.g. AmEx).

     .    AOLB will be able to track and periodically report to Itau the number
          of AOLB/Itau Subscribers and Verified Members, as well as mutually
          agreed-to data concerning AOLB/Itau Subscribers.

     .    For AOLB/Itau Subscribers who have not been upsold to additional Co-
          Branded Service hours through an AOLB price plan and use the Co-
          Branded Service in excess of the free hours granted by Itau, AOLB will
          investigate the development and implementation of an online process to
          notify such AOLB/Itau Subscriber via a pop-up message that will inform
          such AOLB/Itau Subscriber that the continued use of the Co-Branded
          Service will result in hourly fees and give such AOLB/Itau Subscriber
          the opportunity at that point to be upsold to a price plan that offers
          more prepaid hours. AOLB and Itau will otherwise disclose to AOLB/Itau
          Subscribers the charges for additional hours as appropriate and
          subject to technological feasiblity, and AOLB will use commercially
          reasonable efforts to develop such technology.

7.  Customer Services

     .    AOLB/Itau Subscribers who require customer service will call a special
          call center created for the Co-Branded Service (the telephone number
          will be a local number for Sao Paulo and a toll-free number for the
          rest of the country). Local numbers for other cities will be mutually
          agreed upon by AOLB and Itau.

     .    The support available at this call center will be specialized support
          for AOLB/Itau Subscribers. The ACD (Automatic Call Distributor) will
          receive all incoming calls. A voice menu will prompt users to identify
          the type of problem they have so that proper routing can be done.

     .    When the support required is for Itau's Financial Services, the call
          will be transferred to Itau. When the support is related to aspects of
          the Co-Branded Service other than Itau's Financial Services, the call
          will be transferred to AOLB. All the transfers will be performed so as
          to make the AOLB/Itau Subscribers unaware that they have been
          transferred between companies.

     .    AOLB and Itau will review the possibility of Itau providing all
          customer services to AOLB/Itau Subscribers for the Co-Branded Service.
          If AOLB and Itau mutually agree, then AOLB would provide Itau with
          training and, in such case, calls would be transferred to AOLB member
          services only in special situations or in situations not covered in
          the training program; provided that if Itau assumes such customer
          services, it must assume the complete responsibility for customer
          services. Itau will reimburse AOLB for any costs associated with such
          transfer including, without limitation, training

                                      E-4
<PAGE>

          costs and system development costs to allow Itau to access only
          AOLB/Itau Subscriber information.

     .    The Parties will coordinate the exchange of information that is
          relevant to their respective support activities.

     .    Before Launch, AOLB and Itau will review customer service standards to
          confirm that they satisfy both AOLB and Itau.

8.  Termination

     .    When an AOLB/Itau Subscriber decides to cancel the Co-Branded Service,
          they will be required to call the AOLB/Itau Subscriber customer
          service. Itau will be notified of the cancellation through not
          receiving billing charges for that AOLB/Itau Subscriber.

     .    Through its customer retention programs, AOLB will try to retain
          AOLB/Itau Subscribers who call to cancel. Periodically AOLB will send
          to Itau statistical reports about the categories of reasons for
          cancellation.

     .    Itau will notify AOLB if, it wishes to terminate an AOLB/Itau
          Subscriber that has cancelled his account with Itau and is now an Itau
          Customer. A message will be sent to such AOLB/Itau Subscriber
          informing him of the change and inviting him to migrate to the AOLB
          Service under one of the then-current price plans (or, at AOLB's
          discretion, at a discount). Such AOLB/Itau Subscribers who opt to
          migrate to the AOLB Service will subsequently not see the
          customizations unique to the Co-Branded Service (including without
          limitation the Co-Branded Welcome Screen, the Itau Window, the Custom
          Toolbar Icon and the Special Edition Finance Channel) and will access
          all standard features and screens of the AOLB Service without
          restrictions (i.e., they will no longer be considered AOLB/Itau
          Subscribers for the purposes of this Agreement).

9.  Performance

     9.1 General

     .    AOLB will provide to Itau agreed-upon community reports detailing the
          online aggregated traffic patterns on the Co-Branded Service including
          time spent in Itau Financial Services areas. Availability of any
          specific report will be subject to AOLB's normal system capabilities.

     .    The phone numbers listed first in the Customized Client will be for
          access to AOLB's fiber network, thus ensuring better performance of
          the Co-Branded Service. Itau acknowledges that AOLB is undertaking a
          project in process, although not a commitment for this Agreement, in
          which it would introduce local caching and local peering within Brazil
          to work with the release of AOLB's next major AOLB Client upgrade.

     .    AOLB's international backhaul network is designed for alternating
          paths so, in the event of a network's outage, redundancy is planned
          for either in fiber or satellite.

     .    Subject to and in accordance with the Agreement, Itau shall have the
          right to independently audit the compliance of the Co-Branded Service
          with the Technical Operating Plan in accordance with the auditing
          provision of this Agreement.

                                      E-5
<PAGE>

     9.2  Geographic Coverage

     .    In accordance with and consistent with the Marketing Plan, AOLB will
          extend its current network to increase coverage. As part of the
          Technical Committee meetings, the parties will review the Marketing
          Plan's planned marketing efforts for the subsequent 90 days and
          mutually agree upon additional capacity needed to meet the anticipated
          growth in AOLB/Itau Subscribers and the timetable for obtaining the
          additional capacity. AOLB will then expand its network in accordance
          with the agreed-upon capacity requirements and schedule. Without
          limiting the generality of the foregoing, AOLB and Itau have agreed
          upon the following process:

     .    Itau will provide a list of Initial Cities and its anticipated demand
          in each of them, as defined in the Marketing Plan.

     .    Based on Itau's list and the Marketing Plan, AOLB and Itau will
          mutually agree upon the final network capacity and geographic
          expansion as well as the timeframe for implementation. The Marketing
          Plan will be adjusted as appropriate to be consistent with the
          timeframe for the agreed-upon network expansion.

10. E-mail/AIM

     .    Within the Co-Branded Service, [screename]@aol.com will be provided
          for each AOLB/Itau Subscribers.

     .    A web-based interface to the Co-Branded Service's email will be made
          available to all AOLB/Itau Subscribers at the same time that it is
          made generally available for AOLB Service subscribers.

     .    AOLB will commit to develop a customized, Co-Branded instant messenger
          (AIM) product for Itau to be used by users as a sticky application
          that will make it easier to access Itau and AOLB interactive sites and
          to acquire AOLB/Itau Subscribers. Final terms of the development of
          AIM will be mutually agreed upon by AOLB and Itau.

11. Operational Coordination

     .    Subject to and in accordance with the Agreement, AOLB and Itau agree
          to appoint a Technical Committee to meet periodically to review
          reports, audit the performance of the Co-Branded Service and recommend
          specific additional actions to improve the quality of the Co-Branded
          Service.

                                      E-6
<PAGE>

                                                                Exhibit 10.13(f)

                                   EXHIBIT F

                                  FINANCE PLAN
                                  ------------

The final Finance Plan will be coordinated with the Technical Operating Plan to
the extent necessary to implement the technical and implementation requirements
of the below plan and final implementation of the final Finance Plan will take
into consideration any technical and implementation limitations..

1.  BILLING PROCESS.

       (a) General. The Co-Branded Service will have a unique co-branded
registration process, governed by the specific promo-codes tied to the
registration certificates for each Customized Client, in which price plans and
payment methods will be specific to AOLB/Itau Subscribers, all in accordance
with the Technical Operating Plan. The Itau payment options will be: (a) direct
debit from banking accounts and (b) collection documents (i.e., boletos
bancarios) provided by Itau to the AOLB/Itau Subscribers. Pursuant to the
Technical Operating Plan, registrants who prefer another payment method can
select "Other" and be presented with the list of AOLB Service's standard payment
options (excluding collection documents (i.e., boletos bancarios) provided by
banks other than Itau). Itau Customers who register for the Co-Branded Service
will receive free hours toward metered price plans and/or discounted price
plans. These plans will be developed by Itau, in consultation with AOLB, taking
into consideration technical and implementational aspects, and will be
implemented by AOLB.

       (i) Free Hours Plans Charges to Itau: In accordance with this Exhibit F,
           --------------------------------
AOLB will invoice and charge Itau for, and Itau shall pay the total amount in
Reais corresponding to the total number of free hours offered by Itau that are
used by AOLB/Itau Subscribers. Invoiced free hours will be the aggregated sum of
the minutes used by each AOLB/Itau Subscriber up to his free hour allotment.
This aggregated sum will be rounded up to a whole hour.

       (ii) Itau Payment; Billing: AOLB will bill each AOLB/Itau Subscriber an
            ---------------------
amount based on the price plan selected by such AOLB/Itau Subscriber in
accordance with the selected payment method. If Itau is the selected payment
processor, then AOLB will provide billing information that includes applicable
subscription fees and surcharges. AOLB will send daily files to Itau that will
contain information regarding AOLB/Itau Subscribers as follows:

       (A) Free Hours; Discounts: For all AOLB/Itau Subscribers, AOLB will
           ---------------------
provide the following information for each account that has ended its monthly
billing cycle:

          (1) Hours to be paid by Itau regarding their free hours plan(s), the
amount to be paid in Reais for the free hours; and

          (2) Amounts to be paid by Itau for discounted price plans offered by
Itau to Upsold Subscribers in accordance with this Finance Plan.

       (B) Usage in Excess of Free Hours by Non-Upsold Subscribers: For those
           -------------------------------------------------------
non- Upsold Subscribers who have used the Co-Branded Service in excess of the
Itau-provided free hours and who have selected Itau as their payment processor,
AOLB will provide the following information to Itau for each account that has
ended its monthly billing cycle:

          (1) The extra hours in excess of the Itau provided free hours and the
applicable amount to be paid in Reais; and

                                      F-1
<PAGE>

          (2) If applicable, surcharge and communications (including roaming)
fees and the applicable amount to be paid in Reais.

       (C) Upsold Subscribers: For those Upsold Subscribers who have selected
           ------------------
Itau as their payment processor, AOLB will provide the following information for
each account that has ended its monthly billing cycle:

          (1) If a price plan package (e.g., unlimited, 20 hours, or 10 hours)
is selected, then the applicable discounted package price (determined as set
forth below);

          (2) If applicable, extra minutes/hours in excess of the hours that are
part of the package and the applicable amount to be paid in Reais; and

          (3) If applicable, surcharge and communications (including roaming)
fees and the applicable amount value to be paid in Reais.

       (b) When an AOLB/Itau Subscriber has changed service options (including
price plans in the case of Upsold Subscribers), with respect to their account
payment method, termination of the account, etc., such changes will be effective
beginning on the next billing cycle. For example, if the account anniversary is
on the 15th of each month and a change in service options is made on the 1st of
the month, this change will only be effective on the billing cycle that starts
on the 16th of the month. AOLB will inform Itau, on a monthly basis, of each
AOLB/Itau Subscriber that becomes an Upsold Subsriber.

(c)  Invoicing.

       (i) Invoice to Itau: AOLB agrees that Itau will not be charged during the
           ---------------
first month of any free trial period offered to Itau Customers ("Free Trial
Period"), which period is described below. Thereafter, AOLB shall invoice Itau
as follows:

          (A) For each month during the Free Trial Period after the first month,
AOLB will invoice Itau the amount identified in Section 4(d) and 5(d) of this
Exhibit.

          (B) After the end of the Free Trial Period, for each AOLB/Itau
Subscriber account, AOLB will electronically invoice Itau in advance on the
first day of the start of each respective AOLB/Itau Subscriber's billing cycle.

          (C) The first invoice is calculated based on the minimum usage value
agreed by AOLB and Itau, as defined in Item 4(e).

          (D) Thereafter, invoices for each AOLB/Itau Subscriber will be for
either the hourly usage of free plan hours or the minimum fee if there was no
usage (see Item 4(e) and 5(g)). The due date will be 10 days after the invoice
date.

       (ii) Invoice to Subscribers through Itau: AOLB will make available to
            -----------------------------------
AOLB/Itau Subscribers an online invoice on the first day of the paid plan,
beginning after the free trial period, based on the price plan chosen by the
AOLB/Itau Subscriber. If surcharges apply, they will be included on the next
bill. Late payments will be charged per AOLB's then-current policy.

(d)  Collection and Payments.

       (i) If Itau is the selected billing processor, it will collect payments
from each AOLB/Itau Subscriber in accordance with his or her respective billing
cycle.

       (ii) For collection purposes, Itau will have to inform AOLB of the
termination of the account no later than 15 days after the account due date. If
an account is overdue after the 15th day and either: (i) Itau does not so inform
AOLB, or (ii) Itau informs AOLB but requests that AOLB not terminate

                                      F-2
<PAGE>

the account, then Itau will be responsible to pay the amount due, without any
penalties or interest rates related to the late payment, and the corresponding
AOLB/Itau Subscriber will be taken off the price plan package and revert to the
original Itau free hours offer, unless Itau agrees to cover any future
non-payment of the price plan package.

       (iii) Itau will within 10 days of invoice date transfer to AOLB payments
associated with free plans and discounts payable by Itau.

2.  PAYMENT RESPONSIBILITIES.  AOLB and Itau will share payment responsibilities
as follows:

       (a) Itau will guarantee to AOLB the payment a number of free hours
offered by Itau to AOLB/Itau Subscribers as determined in the Agreement that are
actually used by AOLB/Itau Subscriber. If the free hours are not used (i.e., if
inactive), then Itau will pay to AOLB the minimum price for inactive AOLB/Itau
Subscribers pursuant to Section 4(e) and 5(g). Itau will also guarantee AOLB the
payment of any amounts that are discounts to AOLB price plan packages offered to
AOLB/Itau Subscribers by Itau as provided herein.

       (b) AOLB/Itau Subscribers who elect to be upsold to a paid plan such as
10 hours, 20 hours, unlimited, etc. (i.e., Upsold Subscribers) will pay the AOLB
list price minus the total amount to be covered by Itau. For example, if an
AOLB/Itau Subscriber decides to upgrade from a 5 hours free plan to a 10 hours
paid plan, then the cost of the package for the customer will be the standard
market price for the 10 hours plan less the cost to be covered by Itau. The
costs to be covered by Itau in the upgrade plans offered AOLB/Itau Subscribers
may range from a nominal discount to the cost of free hours paid by Itau before
the upgrade. In all cases, upgraded price plans for the Co-Branded Service will
be offered at a discount (either a discounted price or free hours paid by Itau)
to Itau Customers.

       (c) In addition to paragraph (b) above, AOLB/Itau Subscribers will pay
for surcharges, including roaming fees, and for additional hours used over the
free hours paid by Itau or free hours in a selected price plans, as applicable.

3.  COSTS STRUCTURE CHANGES AND NEW TECHNOLOGIES

       (a) Whenever there are significant changes in costs that affect the
10-hour and best selling price plan packages due to cost variations or the use
of new technologies that change the cost structure of the Co-Branded Service or
due to exchange rate variations or inflationary pressures, AOLB and Itau agree
to set up a dedicated meeting to review in good faith the terms of the cost
components of this Agreement and make equitable adjustments.

       (b) For future new technologies or distribution channels, AOLB and Itau
will agree on a methodology for determining a new cost structure that will be,
at a minimum, consistent with the principles explained in this Agreement.

4.  CONDITIONS FOR FIRST AND SECOND YEAR OF THE AGREEMENT.

       (a) Basic Prices. For the first and second Anniversary Years of the
Agreement, Itau and AOLB agree on the following price structure to define the
free hours and prices to be paid by Itau:

          (i) For free hours offered by Itau up to 10 hours, Itau will pay AOLB
a price per hour as follows:

                                      F-3
<PAGE>

                                     Market price of 10 hours plan

              Price per hour =   ------------------------------------
                                                10 hours

          (A) Subject to paragraph (B) below, considering that the current price
list for a 10 hours plan is R$14,95, the price per hour charged to Itau for the
first and second year will be R$1,495 for the Itau-provided free hours used by
AOLB/Itau Subscribers.

          (B) Subject to paragraph (C) below, if there is a reduction in the
AOLB market price of the 10-hour plan, then this value will be recalculated. If
there is an increase in the AOLB market price of the 10-hour plan, then the
price per hour charged to Itau will not exceed R$1,495.

          (C) Notwithstanding paragraph (B), in the event of significant changes
due to cost variations or the use of new technologies that change the cost
structure of the Co-Branded Service, the parties will make equitable adjustments
in accordance with Section 3(a) to the price per hour charged to Itau without
regard to the cap on charges.

       (ii) For free hours offered by Itau in excess of 10 hours, Itau will pay
to AOLB the full market price corresponding to the market price for the plan
package independent of usage (e.g., if Itau offers 20 hours free, it will pay to
AOLB R$ 19,95 (i.e., the current market price for the 20-hour plan)), provided
that Itau will have the right to purchase price plan packages in excess of 10
hours at a bulk price if a bulk price is available.

       (b) Price for additional hour usage above Free Hour Plan. The price for
the usage of additional hours above the free hour plan will be R$ 2.95 and will
be charged to AOLB/Itau Subscribers. This price can be changed, up or down, at
AOLB's discretion. This additional hour charge will be disclosed to AOLB/Itau
Subscribers in accordance with the Technical Operating Plan.

       (c) Payment of Free Hours under the Paid Plan.

          (i) When an AOLB/Itau Subscriber elects to be Upsold to a paid plan
package (i.e., Upsold Subscribers), the free hours charged to Itau will only
include the cost of ports, hosting and taxes, and at AOLB's sole discretion, the
costs of member services (call center) and general and administrative expenses
(G&A) will either be: (y) passed on to the AOLB/Itau Subscriber in the price of
the selected package or (z) absorbed by AOLB. With respect to a price plan
package offered to AOLB/Itau Subscribers who are not Upsold Subscribers, Itau
will decide how many free hours it will offer to AOLB/Itau Subscribers or how
much of a discount it will subsidize. With respect to Upsold Subscribers, upon
mutual agreement of AOLB and Itau, the Upsold Subscriber may be charged more in
order to reduce the cost burden to Itau or AOLB (to the extent that AOLB absorbs
the costs of member services and G&A). Further, AOLB and Itau will equitably
adjust the price of packages to Upsold Subscribers in the event of a reduction
or increase in the market price of a particular plan(s), as determined by AOLB
in its sole discretion. Notwithstanding anything contained herein, AOLB/Itau
Subscribers will always have a more advantageous price versus the market and
Itau will pay AOLB the following:

          (A) If the AOLB/Itau Subscriber becomes an Upsold Subscriber of a
price plan package other than the unlimited price plan, then the package will be
discounted by the number of free hours that Itau is willing to pay ("Itau Free
Hours") as follows:

     Market Price minus (Itau Free Hours as if fully used times Itau hourly cost
(excluding member services and G&A costs)) minus (in AOLB's discretion) the
member services and G&A costs corresponding to the Itau Free Hours.

For example, if Itau offers an AOLB/Itau Subscriber 5 free hours per month for
the upsold 10-hour price plan package (priced at R$14,95, where the upsold
AOLB/Itau Subscriber will receive 5 free hours and 5 paid hours for the total 10
hours provided under the plan) and the AOLB/Itau Subscriber elects to be so
upsold, then (based on the $R0.85 charge per hour to Itau for Upsold
Subscribers), the subscriber will pay AOLB R$14,95 - R$4,25 - R$0 (where AOLB
elects not to subsidize member services and G&A)=R$10,70 and Itau will pay AOLB
the actual number of free hours offered by Itau and used by the AOLB/Itau
Subscriber up to 5 hours (i.e., capped at R$4,25), and, in the alternative if
AOLB decides to absorb the member services and G&A costs, then the subscriber
would pay AOLB R$7,475 (R$10,70 less R$3,225) and Itau would pay the same as
above.

                                      F-4
<PAGE>

          (B) If the AOLB/Itau Subscriber becomes an Upsold Subscriber of the
unlimited price plan package, then the package will be discounted by a direct
Itau subsidy determined by Itau at its sole discretion, and the price to the
AOLB/Itau Subscriber will be:

     Market Price minus amount of subsidy paid by Itau.
                  -----

The cost to Itau will be the total amount it has offered to subsidize the Upsold
Subscriber's price plan package (without regard to actual usage).  For example,
if Itau offers an AOLB/Itau Subsciber the unlimited price plan (priced at R$
24,95) at a R$5 subsidized discount, then the AOLB/Itau Subscriber will pay AOLB
R$ 19,95 and Itau will pay AOLB R$ 5 (without regard to actual usage).

       (ii) AOLB and Itau agree that the price per hour charged to Itau for free
hours offered to AOLB/Itau Subscribers will be adjusted for Upsold Subscribers
to R$ 0,85 per hour (an amount equal to the actual equivalent value for the
price detailed at item 4(a) minus call-center costs and G&A costs).
Notwithstanding the foregoing, in the event of significant changes due to cost
variations or the use of new technologies that change the cost structure of the
Co- Branded Service, AOLB and Itau will in accordance with Section 3 make
equitable adjustments to the price per hour charged to Itau without regard to
the cap on charges.

(d)  Free Trial Period.

       (i) First Year. Subject to paragraph (iii), Itau and AOLB agree to a four
           ----------
(4) months free trial period offered to Itau Customers during the first
Anniversary Year, with Itau paying the following costs:

          (A) First Month of Free Trial Period: No cost for Itau.
              --------------------------------

          (B) Second, Third and Fourth Months of Free Trial Period. Itau will
              ----------------------------------------------------
pay AOLB of the greater of: (1) R$0,11 (the inactive AOLB/Itau Subscriber fee)
and (2) the amount Itau pays for actual usage of free hours of non-Upsold
Subscribers capped at one (1) hour per month for each AOLB/Itau Subscriber,
determined in accordance with this Section 4.

       (ii) Second Year. Subject to paragraph (iii), Itau and AOLB agree to a
            ------------
three (3) months free trial period offered to Itau Customers during the second
Anniversary Year with Itau paying the following costs:

          (A) First month of Free Trial Period: No cost for Itau
              --------------------------------

          (B) Second and Third Months of Free Trial Period. Itau will pay AOLB
              --------------------------------------------
the price of the greater of: (1) R$0,11 (the inactive AOLB/Itau Subscriber fee)
and (2) the amount Itau pays for actual usage of free hours of non-Upsold
Subscribers capped at one (1) hour per month for each AOLB/Itau Subscriber,
determined in accordance with this Section 4.

       (iii) MFN on Free Trial Period. During the first and second Anniversary
             -------------------------
Years pursuant to Section 2.1.5 of the Agreement, AOLB agrees that Itau
Customers that register for the Co-Branded Service shall receive the benefit of
any more favorable then-available free trial period offers from AOLB (e.g.,
first six months free to customers of a particular Financial Institution or
other Person) other than offers extended by AOLB (alone or in conjunction with
other Persons) to classes of consumers based on their social needs or charitable
purpose, such as schools, school children, handicapped consumers and
underprivileged consumers.

       (e) Minimum Price per Inactive Subscriber. Each month for each AOLB/Itau
Subscriber (other than during any months of any free trial period), Itau shall
pay to AOLB a minimum charge of R$0,11

                                      F-5
<PAGE>

per inactive AOLB/Itau Subscriber. This value was determined based on an Itau
protection time agreed to be 15 minutes (1/4 hour). Itau acknowledges that in
the event the Itau protection time is insufficient to cover the network capacity
needs of the inactive AOLB/Itau Subscribers, the provision of network services
by AOLB may be adversely impacted and AOLB will be relieved of the performance
standards applicable to network services and will not be responsible for any
consequences of the resulting impact to Itau to the extent that it is so
impacted.

5.  CONDITIONS FOR THE REMAINDER OF THE TERM AFTER SECOND
YEAR

       (a) Basic Prices. AOLB and Itau agree to renegotiate in good faith the
cost allocations at end of the second Anniversary Year. AOLB and Itau desire to
agree upon a flat fee per hour. The principle for such negotiations shall be
based on the jointly-developed formula process with true-ups according to the
cost definitions detailed below. However, if AOLB and Itau cannot agree upon the
flat fee, the charge to Itau will be the lower of: (i) the costs consistent with
components paid during the first two Anniversary Years and based on the cost
definitions provided in paragraphs (b) through (g) below, and (ii) for free
hours offered by Itau up to 10 hours, the cost per hour, as calculated by taking
the market price that AOLB charges its general subscribers for a 10 hour plan
and dividing it by 10 as provided in paragraph (h) below, free hours offered by
Itau in excess of 10 hours, the market price in accordance with Section
4(b)(ii), and the other fees payable during the first two Anniversary Years
(e.g., fees associated with the free trial period and inactive AOLB/Itau
Subscribers).

       (b) Price for additional hour usage above Free Hour Plan. Price for the
use of additional hours above the free hour plan will be R$2,95 and will be
charged to AOLB/Itau Subscribers. This price can be changed, up or down, in
AOLB's sole discretion.

       (c) Payment of Free Hours Under the Paid Plan. When an AOLB/Itau
Subscriber decides to upgrade to a paid plan, Itau will be charged only for the
costs of ports, hosting costs plus taxes. Member service (call center) and
administrative cost will be covered by the AOLB/Itau Subscriber.

       (d) Free Trial Period.

          (i) After Second Year. Subject to paragraph (ii), after the second
              -----------------
Anniversary Year, AOLB and Itau will agree upon the number of months for the
free trial period to be offered with the Co-Branded Service and the cost
sharing. Subject to paragraph (ii), in the event that AOLB and Itau do not agree
on the number of free months for the free trial period, the free trial period
will be the free trial period generally offered by AOLB in the marketplace and,
unless AOLB does not offer any free trial period, Itau will not be charged for
the first month of the free trial period, and will pay AOLB the greater of the
price of one (1) hour per month or the amount agreed for an inactive AOLB/Itau
Subscriber.

          (ii) MFN on Free Trial Period. After the second Anniversary Year
               -------------------------
pursuant to Section 2.1.5 of the Agreement, AOLB agrees that Itau Customers that
register for the Co-Branded Service shall receive the benefit of any more
favorable then-available free trial period offers from AOLB (e.g., first six
months free to customers of a particular Financial Institution or other Person)
other than offers extended by AOLB (alone or in conjunction with other Persons)
to classes of consumers based on their social needs or charitable purpose, such
as schools, school children, handicapped consumers and underprivileged
consumers.

       (e) Cost Components. The following are the costs components associated
with the delivery of the AOLB/Itau co-branded services:

                                      F-6
<PAGE>

       o network (R$/hours)
       o member service (R$/Call)
       o administrative expenses
       o indirect taxes (ISS and Pis/Cofins)

In order to achieve an equitable share of such costs, in case of cost increasing
an decreasing, AOLB and Itau will periodically review the cost structure (see
item 5(f)).

       (i) Cost Definition for Free Hours Plans - Active Subscriber. The
           --------------------------------------------------------
following formula describes the general methodology to be applied for the
calculation of the total amount of costs for the active AOLB/Itau Subscriber
base:

     Total Free Plan Costs = (Total Network Costs + member services (call
center) costs) times (1 + G&A costs) times (1 + Taxes)

          (A) Total Network Costs: All costs related to the IP access network,
              --------------------
with access ports and hosting as the main components. Calculation will be based
on cost per hour used by an AOLB/Itau Subscribers. This cost will be charged
monthly as follows:

     Total Network Costs = Port Costs plus Hosting Costs (Costs related to the
IP access network)

     Port Costs = Port Cost / hour times Total Actual Hours Used

     Port Cost / hour = Monthly Port Cost(1)    Peak Simultaneous Usage (%)(2)
                        -------------------- times --------------------------
                        Average Usage(h)(2)     Used Capacity(%)(3)

       (1) Monthly Port Cost - to be revised on a continuous basis with
carriers
       (2) Peak Simultaneous Usage and Average Usage - to be measured in a
monthly basis and audited by Itau
       (3) Used Capacity - to be revised during monthly capacity planning
meetings between AOLB and Itau

     Total Actual Hours Used = Total number of access hours used by AOLB/Itau
Subscribers using the free plan

     Hosting Costs = AOLB Hosting Cost Per Hour(4) times Total Actual Hours
Used

     (4)  Cost generated by maintaining AOLB active member and charged to AOLA
by America Online, Inc. The initial proxy to be considered will be the current
AOLB cost per hour (US$0,08/hour) and will be revised in the semester true-ups -
see item 5(f) below.

          (B) Member Service Costs (Call-Center): All costs directly related to
              ----------------------------------
the call center for AOLB/Itau Subscribers, with toll-free numbers and human
resources costs as the main components. The cost will be charged monthly as
follows:

     Total Call Center Costs = Cost Per Call(5) times Number of AOLB Itau
Free Plan Subs Calls

       (5)  Cost Per Call =  Representative Costs(6) + Toll-free Costs(7)
                                         + Dep Costs(8)
                          --------------------------------------------------
                          Total number of calls received by AOLB Call-Center

       (6)  Representative Costs = Human Resources Costs (monthly bases)

       (7)  Toll-free Costs = Calls Itau Free Plan/Total Calls * ACT * Cost
per Minute)

       (8)  Depreciation Costs - to be reviewed and audit in the semester
true-ups

       (9)  ACT = Average Conversation Time - to be reviewed and audited in the
semester true-ups

          (C) G&A (General and Administrative) Expenses: Applicable
              -----------------------------------------
Administrative Expenses will be calculated as follows:

G&A Expenses Percentage = Total Administrative Expenses / (Total Administrative
Expenses + Total Network Cost + Total Member Service Cost)

                                      F-7

<PAGE>


     AOLB believes that the G&A Expenses Percentage will decrease over time and
     agrees to cap it at 10% for purposes of calculating Total Costs per Active
     Subscriber


          (D) Indirect Taxes: All indirect taxes applicable to the payment from
              ---------------
Itau to AOLB. These taxes are ISS,PIS, and Cofins.

       (f) Semester True-ups. Both AOLB and Itau agree to disclose relevant
information regarding the costs that are being defined in this Finance Plan and
the Agreement and that are charged to Itau. In the event that AOLB and Itau do
not agree upon a flat fee as provided above, AOLB and Itau will "true up" the
costs as follows:

       (i) The true-up meeting will take place every six (6) months and will be
held to review the costs and network overcapacity contemplated in Section
5(e)(i)(A) above.

       (ii) Any amounts paid by Itau that exceeded the actual costs will be
fully reimbursed by AOLB to Itau.

       (iii) Any amounts underestimated and unrecovered by AOLB (i.e., underpaid
by Itau) will be fully reimbursed by Itau to AOLB.

       (g) Minimum Cost per Inactive Subscriber The costs associated with an
inactive AOLB/Itau Subscriber will be calculated as follows :

     Cost for Inactive AOLB/Itau Subscriber = Protection Cost per hour(1)
times Itau Protection Time (hours)

     (1) Protection Cost / hour = Monthly Port Cost times Peak Simultaneous
                                        Usage (%)
         -------------------------------------------------------------------
                             Average Usage(h)

     Itau Protection Time - agreed to be 15 minutes - 1/4 hour. This number will
     be revised in the true-up meetings and must be higher than zero minutes.

       (h) Maximum Cost Per Hour / Free Plan. The cost per hour charged to Itau
for the free plans will not exceed the market price that AOLB charges its
subscribers for 10 hour plan divided by 10.

The following formula describes the methodology to determine the equivalent Itau
cost per hour to be compared to the price list cost per hour:

     Itau Cost per Hour = Port Cost per hour (Section 5(e)(i)(A)) + Hosting
Cost per hour (Section 5(e)(i)(A)) + Call-center Cost per hour(1) times (1 +
G&A charge) times (1 + Taxes)

     (1) Call-Center Cost / hour = Total Call-Center Costs (Section 5(e)(i)(B))
                                   --------------------------------------------
                                   Total Actual Hours Used (Section 5(e)(i)(B))

         Price List Cost per hour = Price List Cost for Specific Plan
                                    ---------------------------------
                                    Number of Hours for Specific Plan

                                      F-8
<PAGE>


Unless the parties agree to a flat hourly price, if in a given month, the Itau
cost per hour is higher than market price list cost per hour under the 10 hour
plan, then Itau will be charged for the market price cost per hour under the 10
hour plan provided that in such circumstance Itau will pay the market price of
offers in excess of ten hours.

                                      F-9
<PAGE>

                                  EXHIBIT G-1

                          LAUNCH PERFORMANCE CRITERIA
                          ---------------------------


AOLB and Itau hereby agree to the following criteria for the certification that
the Customized Client and the Co-Branded Service is ready for Launch:

(1)  Quality Assurance. Subject to and in accordance with the audit provisions
     -----------------
of the Agreement: (i) AOLB Quality Assurance will evaluate and certify that the
performance of the AOLB Service meets AOLB's quality standards and Itau will
have the right to audit the standards and the AOLB Service's compliance
therewith, and (ii) Itau shall have the right to independently audit the
compliance of the Co-Branded Service with the Launch Performance Criteria. .

(2)  Launch Criteria
     ---------------

          .    Connectivity test
               -----------------
               Prior to the Launch of the Co-Branded Service in each Initial
               City and each other city in which AOLB and Itau agree to Launch
               the Co-Branded Service, AOLB shall conduct connectivity testing
               with respect to such city for approximately six (6) days. The
               target for Launch will be:

                    (a)  [*]and
                    (b)  [*]

All tests will be made using digital direct lines to simulate the customer
experience.


          .    Service customizations
               -----------------------
               Before the Launch Date, Itau will have the right to test and
               confirm that each of the following functions of the Co-Branded
               Service is working as specified in the Technical Operating Plan:

          (a)  Co-Branded Welcome Screen
          (b)  Itau Window
          (c)  Itau Keywords
          (d)  Custom Toolbar Icon
          (e)  Itau Pre-programmed Sign-on Pop-up

          .    Perform tests to confirm that Itau web pages appear
               ---------------------------------------------------
     Before the Launch Date, Itau will have the right to test and confirm:

          a)   that the Co-Branded Welcome Screen appears upon accessing the Co-
               Branded Service;

                                     G1-1
<PAGE>

          b)        that the pages of the Linked Interactive Sites appear during
                    navigation of the Co-Branded Service.

          .    Customer Registration Process
               ------------------------------
               Before the Launch Date Itau will have the right to confirm that
               the registration process as agreed between AOLB and Itau works as
               specified in the Technical Operating Plan.

          .    Client Customizations
               ---------------------

          a)        Make sure the Custom Toolbar Icon appears in the Customized
                    Client.

          b)        Make sure Custom Toolbar Icon executes the appropriate link
                    when "clicked."

          c)        Make sure the titlebar of the Customized Client has the
                    proper title text.

                                     G1-1
<PAGE>

                                  EXHIBIT G-2

                               CONNECTIVITY TEST



     .    Connectivity test
          -----------------

          Prior to the Launch of the Co-Branded Service in each Initial City and
          each other city in which AOLB and Itau agree to Launch the Co-Branded
          Service, AOLB shall conduct connectivity testing with respect to such
          city for approximately six (6) days. The target for Launch will be:

               (c)  [*]; and
               (d)  [*].

All tests will be made using digital direct lines to simulate the customer
experience.

                                     G2-1
<PAGE>

                                   EXHIBIT H

                           AOLB DESIGNATED ENTITIES
                           ------------------------


1.  [*]

2.  [*]

3.  [*]

4.  [*]

5.  [*]


                                      H-1
<PAGE>

                                   EXHIBIT I

                          Earned Percentage Schedule
                          --------------------------

1.   On the first Anniversary Date the following percentage shall be considered
     earned:

     (a)  If there are 250,000 or less Verified Members:  2% multiplied by a
          fraction the numerator of which is the actual number of Verified
          Members and the denominator of which is 250,000.

     (b)  If there are more than 250,000 but less than or equal to 500,000
          Verified Members, (i) 2%, plus (ii) 3% multiplied by a fraction the
          numerator of which is the excess of the actual number of Verified
          Members over 250,000, and the denominator of which is 250,000.

     (c)  If there are more than 500,000 Verified Members, (i) 5%, plus (ii) 2%
          multiplied by a fraction (but not greater than 1) the numerator of
          which is the excess of the actual number of Verified Members over
          500,000, and the denominator of which is 500,000, plus (iii) a
          "Special Additional Percentage" equal to 1% multiplied by a fraction
          (but not greater than 1) the numerator of which is the excess of the
          actual number of Verified Members over 500,000, and the denominator of
          which is 500,000.

2.   On the second Anniversary Date, the following additional percentage (but
not less than 0) shall be considered earned:

     (a)  If there are 250,000 or less Verified Members:  no additional
          percentages.

     (b)  If there are more than 250,000 but less than or equal to 500,000
          Verified Members:  (i) 3% multiplied by a fraction the numerator of
          which is the actual number of such Verified Members in excess of
          250,000, and the denominator of which is 250,000, less (ii) the excess
          (if any) of the percentage earned pursuant to paragraph 1 over 2%.

     (c)  If there are more than 500,000 Verified Members, (i) 3%, plus (ii) a
          "Special Additional Percentage" equal to 1% multiplied by a fraction
          (but not greater than 1), the numerator of which is the excess of the
          actual number of Verified Members over 500,000, and the denominator of
          which is 500,000, less (iii) the excess (if any) of the percentage
          earned pursuant to paragraph 1 over 2%.

For the following Sections of this Exhibit I, the "Second Year Anticipation
Percentage" means a percentage equal to 2% multiplied by a fraction (but not
greater than 1) the numerator of which is the excess of the actual number of
Verified Members over 500,000 on the second Anniversary Date, and the
denominator of which is 500,000.

3.   On the third Anniversary Date, the following additional percentage shall be
considered earned: (a) the Second Year Anticipation Percentage multiplied by
0.40, plus (b) the Reference Percentage for the third Anniversary Date
multiplied by the Third Anniversary Percentage.  As used herein, "Third
Anniversary Percentage" shall be 0.4, multiplied by the result of (i) 5% less
(ii) the Second Year Anticipation Percentage.

                                      I-1
<PAGE>

4.   On the fourth Anniversary Date, the following additional percentage shall
be considered earned:

     (a)  (i) The Second Year Anticipation Percentage multiplied by 0.40, plus
          (ii) the Reference Percentage for the fourth Anniversary Date
          multiplied by the Fourth Anniversary Percentage, where the "Fourth
          Anniversary Percentage" shall be 0.4, multiplied by the result of (i)
          5% less (ii) the Second Year Anticipation Percentage.

     (b)  If there are more than 1,000,000 Verified Members, (i) a "Special
          Additional Percentage" equal to 1% multiplied by a fraction (but not
          greater than 1) the numerator of which is the excess of the actual
          number of Verified Members over 1,000,000, and the denominator of
          which is 1,000,000.

5.   On the fifth Anniversary Date, the following additional percentage shall be
     considered earned: (i) the Second Year Anticipation Percentage multiplied
     by 0.2, plus (ii) the Reference Percentage for the fifth Anniversary Date
     multiplied by the Fifth Anniversary Percentage. As used herein the "Fifth
     Anniversary Percentage" shall be 0.2, multiplied by the result of (i) 5%
     less (ii) the Second Year Anticipation Percentage.

                                      I-2
<PAGE>

                                   EXHIBIT J

                                  TEST CITIES
                                  -----------

1.  SAO PAULO
2.  RIO DE JANEIRO
3.  SALVADOR
4.  BELO HORIZONTE
5.  FORTALEZA
6.  BRASILIA
7.  CURITIBA
8.  RECIFE
9.  PORTO ALEGRE
10. CAMPINAS

                                      J-1
<PAGE>

                                   EXHIBIT K

                  SPECIAL EDITION FINANCE CHANNEL SCREEN SHOT
                  -------------------------------------------

     Graphic depicts a computer screen with general financial content and links
     to other content in Spanish.

                                      K-1
<PAGE>

                                   EXHIBIT L

                                TERMS OF SERVICE
                                ----------------

AOL BRASIL SERVICE SUBSCRIPTION AGREEMENT

The Subscriber Agreement of AOL Brasil Ltda. ("AOL") is a legal document that
describes your rights and obligations as a subscriber to AOL Brasil services.
You may not become an AOL subscriber until you have accepted the terms of the
Subscriber Agreement. The Subscriber Agreement provides important information
about your AOL subscription. Therefore, you should take time to read and
understand this document. If you have any questions about the Subscriber
Agreement, or about your rights and responsibilities as an AOL subscriber,
please contact us using the keyword CDS, or by e-mail, clicking here. You should
also take time to look over the AOL Privacy Policy and the AOL Community
Guidelines, which reflect current AOL policies. The Internet and online
community are changing rapidly, and since AOL technology and business continues
to evolve, those policies may have to be updated or revised. Since the Privacy
Policy and Community Guidelines may change, you must regularly use the keyword
"CDS" to get the updated versions.

For the same reasons, it may be necessary for AOL to update or revise the
Subscriber Agreement. When you subscribe to AOL Brasil services, and accept the
Subscriber Agreement, you are agreeing that AOL may change the terms of this
Subscriber Agreement. If AOL makes substantial modifications or revisions to the
Subscriber Agreement, we will send you notification 30 (thirty) days in advance.
If you do not agree with the changes proposed by AOL, or any of the terms of
this Subscriber Agreement, your only option will be to cancel your AOL
subscription.

1. THE PRINCIPLES OF YOUR AOL SUBSCRIPTION

The Subscriber Agreement represents your entire Agreement with AOL, and governs
the use of AOL Internet service. Additional terms and conditions may exist if
you use related services, such as our international areas, other AOL services or
products such as AOL Instant Messenger service, or third-party software or
services. In order to access AOL service, you must accept the terms of this
Agreement and the AOL Community Guidelines. In order to be an AOL subscriber,
you must be above 18 (eighteen) years of age. If you not yet 18 (eighteen) years
old, you may still use AOL services only if the account was created and
registered by your parents or legal guardians. Since we offer free trial
periods, we reserve the right to limit free periods to one per each subscriber.
You  also agree to provide AOL true and correct information during the AOL
registration process, as well as any changes in your account registration
information that may occur later. When you accept this Agreement and complete
the AOL registration process, you become the holder of a "main primary account,"
and AOL provides you with a non-exclusive limited license within the terms of
your subscription to use the Screen Name you select for your "main primary
account." Your Screen Name is your online identity, and also serves as your e-
mail address. You may not use a Screen Name that is already used by someone else
or use a vulgar Screen Name. The Screen Name may not be used in any way that
violates other parts of the Subscriber Agreement or the Community Guidelines.
AOL also permits you to create additional "sub-accounts" with Screen Names of
your choice, and also permits you to indicate several sub-account Screen Names
as "additional primary account(s)." The primary account Screen Names have access
to aspects of online account administration such as payment and parental
control, but must not be used by anyone under 18 (eighteen) year of age. As
holder of a main primary account, you are liable for all activity on your
account and on anyone the sub-accounts (including other indicated primary
accounts), and guarantee that all activity on your

                                      L-1
<PAGE>

account comply with the Community Guidelines. Violations or warnings credited to
any of these sub-accounts may result in the termination of your AOL
subscription. If any violations are made by your sub-accounts, or if they
receive warnings, you will be notified to all Screen Names of your primary
account. From time to time, you may also receive important notices about your
subscription that may not be provided to the sub-accounts. However, it is
important that you regularly check your primary account's mailbox(es). Since you
become liable for all use of your account, you must supervise any use of your
account or sub-accounts by other persons. This is especially important when
children use the service; children have greater online safety, and their online
experiences will be better under adult supervision. AOL furnishes you with
parental controls to help you administer the content and items that your
children may access online. AOL advises you to create a separate sub-account and
Screen Name for each child using your account, and to carefully select the
parental controls that are compatible with the maturity of each child. You may
use your primary account(s) to set up parental controls for your sub-accounts,
and may obtain additional detailed information with the keyword "Parental
Control [Controle dos Pais]." Your password is the key that permits access to
your account. It is very important that you do not reveal your password to other
users, and AOL will never know your password. You agree not to reveal your
password to any other users, and agree to indemnify AOL for any improper or
illegal use of your account. This includes the illegal or improper use made by
someone to whom you have given permission to use your account or any of your
sub-accounts. Your account carries risks if you let someone use it improperly.
If your subscription is canceled for having violated this Agreement or the
Community Guidelines, it will be necessary to obtain AOL's express consent
before you can use AOL service again.

2. RATES, PAYMENTS AND FREE TRIAL PERIOD

AOL permits you to choose between two payment methods: credit card and bank
transfer.

If you choose the credit card option, you must keep the following facts in mind:
the credit card holder must be the same as the account holder; the credit card
must not have expired; no blocked credit cards will be accepted; during the
subscription process, for your own security the credit card presented will be
checked to make sure it is valid. This check is made through a pre-authorization
procedure in the amount

                                      L-2
<PAGE>

of US$10.00. Note: this pre-authorization WILL NOT BE CHARGED to the client,
that is, the pre-authorization will be made without generating any costs or
payments to the client. This pre-authorization will automatically be deleted
from the system if AOL does not confirm a charge for the aforementioned amount.
The deadline for the automatic elimination of the pre-authorization is
stipulated by the administrator of your credit card. IMPORTANT: This pre-
authorization will check your credit card limit, but will not be charged on your
statement. If the method chosen is by bank transfer, you must keep the following
facts in mind: the user must not have any outstanding credit debt (SPC and
Serasa) [credit reporting bureaus], and the address must be valid (as well as
one of your telephones). Under both payment methods you must enter the following
identification information in the payment area to complete your file: CPF
[Cadastro de Pessoas Fisicas - Registry of Natural Persons, like Social
Security] and RG [Registro Geral - Identity No.] and Date of Birth in the event
you register as an individual, and only the CNPJ [Tax ID No.] in the event you
register your company information. In this case, you must enter the Company Name
instead of a personal name. If these pieces of information are not provided
within 3 (three) days, AOL reserves the right to suspend your account. AOL
reserves the right to change the rates or payment methods at any time, and AOL
will send out notification of any changes 30 (thirty) days in advance pursuant
to the same method described above for changes to the Subscriber Agreement.
Responses to various general payment questions may be found by selecting
"Accounts and Payment [Contas e Cobranca]" or the keyword "SUBSCRIBER SERVICES
[SERVICO AO ASSINANTE]" followed by the keyword "PAYMENT [COBRANCA]," or by
contacting a Subscriber Services representative. If you do not accept the
changes to our rates or payment methods, you may cancel your subscription at any
time, but AOL will not reimburse any part of the remaining monthly charge when
you cancel your subscription. If you joined AOL for a trial period, you must
understand that your free period starts when you log on to AOL for the first
time, and you must cancel your account before the end of the trial period to
avoid a subscription charge. As holder of the main primary account, you are
liable for all charges incurred, including applicable taxes and purchases made
by you or anyone else who you permit to use your account or sub-accounts,
including your children, other family members or friends. This means that unless
your account information, personal or credit card data have been obtained
illegally or fraudulently by someone else who is not authorized to use your
account, you will be liable for the use and purchases made through your account
or sub-accounts. AOL has an extensive network of access numbers for the entire
country, but it is still possible that the closest AOL access number may be a
long-distance call, or a toll call from where you place the call. You are liable
for any telephone expenditures made to establish contact with AOL. Since you are
liable for these charges, you must contact with your local operator if you want
to know whether the AOL access number constitutes a long distance or toll call.
If you have other questions about access numbers, check keyword "ACCESS
[ACCESSO]." It is important to note that you may incur long-distance charges,
toll charges or access fees even during your trial period. The local operator
will charge for them independent of whether access to AOL services has been
completed. There may be additional charges to access certain AOL premium content
services. AOL will inform you of any additional charges before you enter the
premium area. You are liable for any charges related to premium content incurred
by use of your account (including sub-accounts), and these charges even apply
during the free trial period. AOL Parental Control permits you to block access
by sub-accounts to premium or surcharged content. For more information, go to
keyword "PARENTAL CONTROL [CONTROLE DOS PAIS]." Some websites have separate
charges that are not included in the cost of your AOL subscription. AOL provides
access to a large number of providers who offer content, goods and/or services
on AOL or over the Internet. You are liable for any separate charges or
obligations contracted by you in negotiations with third parties, and they are
not part of your AOL subscription charges. According to our payment plan, we
will debit the monthly subscription amount to the credit card that you have
chosen, or through a bank transfer, but certain charges may accumulate on your
account before they are debited. In selecting

                                      L-3
<PAGE>

this payment option and providing AOL information about your bank account, you
will be authorizing AOL to debit your checking account for charges to the AOL
for use of the services. Every time you use AOL, you are reaffirming that AOL is
authorized to debit your account (credit card or Bank Transfer). You also agree
to authorize AOL either to charge online purchases to the credit card that you
provided AOL when you subscribed, or your bank account, if you choose this
option during registration. In the event of overdue payments for the monthly
subscription charge, AOL reserves the right to charge a penalty of 10% on the
amount to be charged, based on the IGP-DI or other index that may replace it,
incurring late interest charges of 1% per month. After 15 (fifteen) days of non-
payment, AOL reserves the right to block your account, and reactivate it only
upon payment. You are liable for any charges, including attorney's fees and
collection charges that AOL must incur in its efforts to collected remaining
balances. You also agree that any outstanding balances will be charged and paid
if you cancel your subscription, or if it is canceled. You must inform us about
any payment problems or discrepancies within a period of 90 (ninety) days after
they appear on your account statement for the first time.

3. ONLINE CONDUCT AND CONTENT

By content, we mean text, links, software, communication and publishing tools,
images, animation, video, sons, data and other information furnished online. The
major portion of AOL service content is provided under license by AOL Brasil for
our subscribers, associates or independent content providers. In general, AOL
does not pre-select the content made available on AOL services that was not
created by AOL. AOL does not endorse or assume any responsibility for any
content provided by third parties.  AOL retains the right to remove content it
deems incompatible with its standards, or which does not correspond to current
AOL Community Guidelines. However, AOL is not liable for any error or delay in
removing such material. It should be remembered that AOL is not liable for
content available over the Internet, and we reserve the right to block access to
any area of the Internet containing legal or offensive content, or which may be
used for illegal or defamatory purposes against AOL or its subscribers. One of
the most exciting aspects of this medium is that individual subscribers can
create their own content and express their own opinions. AOL encourages
subscribers to participate and express their points of view, because this is
what changes their interactive experience. It is also important to remember that
there are rules and standards that you must accept as an AOL subscriber. These
rules and standards are described in the Community Guidelines. As an AOL
subscriber, you agree to abide by the AOL Community Guidelines, and recognize
that AOL has the right to strengthen them at its own expense. This means that if
you, or anyone else using your account, violates the AOL Community Guidelines,
AOL may take measures against your account. Such measures can go from mailed
notification referring to the violation, to cancellation of your subscription by
AOL, with previous notice. In addition to this, as an AOL subscriber, you may
have access to other AOL-brand services, such as AOL Instant Messenger service
and br.aol.com, as these are available both to AOL subscribers as to other
Internet users. When using these AOL-brand services, your conduct is subject to
this Subscriber Agreement. However, individuals who are not AOL subscribers, but
who use these services, are not subject to this Subscriber Agreement, and
therefore, you understand that these other users may not follow the same rules
and standards. Due to the nature of constant changes taking place on the
Internet and in online services, the AOL Community Guidelines may change at any
time. You can always find the most recent version of the AOL Community
Guidelines at keyword CDS. A large amount of unsolicited e-mail [sic]. Your AOL
subscription permits you to send email to AOL subscribers and Internet users,
and to receive e-mail from subscribers and users. This does not mean that you
may use AOL to sent out large amounts of unsolicited e-mail or undesirable e-
mail. Information about large amount of unsolicited e-mail may be found at the
keyword "E-MAIL CONTROL [CONTROLE DE E-

                                      L-4
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MAIL]." Your AOL subscription is the authorization to use e-mail services. AOL
does not permit you to send large amounts of unsolicited e-mail, or to pretend
that such e-mail was sent by someone else. You must not use the Subscriber
Directory or other area of AOL to obtain or collect information, including
Screen Names, about AOL subscribers. The use of such information for the purpose
of sending large amounts of unsolicited e-mail is strictly prohibited. Any
violation of these rules may result in the immediate cancellation of your AOL
account and subsequent legal action. If you receive an undesirable e-mail, and
wish to report it, use the Send button on the e-mail screen, and send the
message to TOS Spam. AOL also reserves the right to resort to any and all
technical and legal means to prevent large amounts of e-mail from entering, sent
through, and remaining on the AOL network. AOL exclusive property rights and AOL
licensees have copyright, registered mark and other intellectual property rights
to content found on AOL services. AOL also possesses copyright and registered
mark rights to AOL design and structure, or "look and feel," as well as to the
compilation of content placed at its disposition on its services. It is very
easy to copy this content in cyberspace; however, this does mean that that is
acceptable or legal. Any content that you upload or download by using the
service must be authorized. This means that you must have the legal right to
upload and download content. You must not copy, transmit, modify, distribute,
publicly display or perform, or create anything originating from content that
you have found on AOL without possessing the legal right to do so. If you make
unauthorized copies of any content found on AOL, your AOL account may be
cancelled, and you could be subject to legal action, in addition to the
cancellation of your subscription. In addition, other content providers may
initiate criminal or civil proceedings against you. Under these circumstances,
you agree not to hold AOL, its subsidiaries, associates, relating companies,
employees, managers, directors or agents liable for your acts. If you believe
that a particular creation of yours has been copied or is accessible on the
service in a way that constitutes a violation of copyright, you may notify us of
this fact, using keyword NOTIFY AOL [NOTIFICAR A AOL], and follow the
instructions described there. If appropriate, fill out a copyright violation
complaint form. It should be remembered that there are certain areas of AOL that
are publicly accessible to other subscribers, i.e. boards, chat rooms, forums,
subscriber web pages and the subscriber directory. When sending and placing
content in these areas, you are accepting that you are the owner of such
material or are authorized to distribute it. You must re-read the Guidelines
inserted in all public areas of the services to be certain that you understood
how this Agreement applies to that area. When placing content on AOL, you
concede to AOL the right to use, reproduce, exhibit, perform, adapt, modify,
distribute and promote the content of any form and in any place.

4. AOL SOFTWARE USAGE LICENSES

AOL grants you a non-exclusive and limited license to use our access software
and other software tools that we make available to you in assisting you to view
and publish content, communicate and perform other functions on or through the
services. You agree to use all such software according to the rules. You may not
sublicense or rent software, or charge others for the use of the software or for
access to our services, without receiving written permission from AOL. We
periodically provide automatic updates to improve your online experience, and we
use virus verification technology to assist in protecting our network and
subscribers. For your security, AOL reserves the right to disconnect (logoff)
accounts of users that are inactive for a specific period of time during their
access, and we prohibit the use of tools that disables AOL's means of
disconnecting accounts. If you have been disconnected, just become reconnected.
This limited license permits you to use AOL software to connect to AOL from
authorized locations pursuant to this Agreement. The license is subject to
restriction, such that you may not translate, do reverse manipulation,
disassemble, take apart or do other related activity with any software provided
by AOL without the express permission of AOL. You may not modify AOL software,
nor use it in

                                      L-5
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any way expressly prohibited by this Agreement. You understand that the
introduction by AOL of various technologies may not work when running all
platforms, and that some media offered by AOL may vary, depending on you
computer and other hardware.

5. GUARANTY

The subscriber expressly agrees that the use of AOL Brasil services, AOL Brasil
software, and of the Internet is the sole responsibility of the subscriber. AOL
Brasil services, AOL Brasil software, AOL products, third-party virus
verification technology and the Internet are offered "as is" and "as available"
for your use, without any guaranties whatsoever, either explicit or implicit,
unless such guaranties are legally prevented from being excluded. AOL Brasil
provides AOL services under appropriate commercial terms, and does not guarantee
that subscribers may access or use the service at the time and local chosen, or
that AOL will have adequate capacity for all services in any geographic area.
The total liability of AOL and its legal action with regard to the use of any
software provided or used by AOL must be the replacement of any AOL software
that is damaged. Your only and exclusive action for any other dispute with AOL
is the cancellation of your account, as described hereinafter in section 7.
Under no circumstances will AOL be liable for damage resulting from use by the
subscriber of AOL, the Internet, or for any other claim related to your
subscription to AOL. AOL does not endorse or guarantee any product or service
offered through AOL service, and shall not be party nor in any manner liable for
monitoring any transaction between you and the company that is the provider of
products and services.

6. INDEMNITY

Upon request from AOL Brasil you herewith agree to defend, indemnify and hold
harmless AOL Brasil and its subsidiaries, affiliates, employees, contractors,
managers, directors, providers of telecommunications and suppliers of contents
in connection with any and all responsibility, claim or expense, including legal
fees, as may be incurred from the violation of this Subscription Agreement for
which you are responsible, or deriving from the use of AOL Brasil or Internet
services, or in connection with your transmission of any Content through AOL.
AOL Brasil reserves the right to assume the defense and exclusive control of any
complaints, claims, proceedings in or out of court, at its own expense, with the
exception of those for which indemnity has been claimed directly from the
subscriber, in which case the subscriber shall have no obligation whatsoever to
compensate AOL.

7. RESCISSION AND CANCELLATION

Both you and AOL Brasil may rescind or cancel your subscription at any time. You
understand and agree that cancellation of your account is your sole right and
solution with respect to any conflict with AOL Brasil. This includes, among
other situations, any conflict in connection with or deriving from: (1) any term
of this Agreement or demand or application of this Agreement on AOL's part;  (2)
any AOL policy or practice, including the Guidelines for the AOL Community and
the AOL Privacy Policy, or the requirement or implementation of such policies;
(3) the contents available through AOL or Internet or any changes in the
contents provided by AOL; (4) your right to access and/or use AOL; or (5) the
amount or types of monthly fees, rates, surcharges or methods of collection, or
any changes in such monthly fees, rates, surcharges or methods of collection.

You may cancel your subscription by notifying AOL Brasil's Subscription
Department or sending your cancellation request by mail, addressed to: AOL
Brasil Ltda. Av. Industrial 600 - 2/nd/ fl., CEP 09080-500 Santo Andre, SP, or
by telephone (0xx11) 4993-5993, if you are located in the

                                      L-6
<PAGE>

Greater Sao Paulo area, or (0xx11) 0800-787879 for other parts of Brazil.
Cancellation shall be effective within 72 hours from the time of receipt of the
notice, and AOL will send you a confirmation thereof in writing. If you cancel
the account a few days before the due date and are inadvertently charged for the
following month's fee, please contact the Subscriptions Department to have this
amount reimbursed within up to three (3) business days. AOL Brasil reserves the
right to collect monthly fees, surcharges or user costs pertaining to the period
prior to cancellation of the subscription. In addition, you are responsible for
any collections or expenses incurred with other suppliers and providers of
contents before your account was cancelled.

In the event that your account is rescinded or cancelled, no reimbursement shall
be due, including any monthly fees; online time or other credits (e.g.: points
for games online) shall not be credited to you, nor can they be converted to
cash or another form of reimbursement. Active AOL subscribers may not allow that
former subscribers or other individuals whose subscriptions have been cancelled
use their accounts. Any accounts owing late or outstanding balances with the
Community Action department or other AOL departments must be closed before you
can subscribe again to AOL Brasil.

8. LAWS AND LEGAL NOTICES

The Subscription Agreement represents your entire agreement with AOL. You agree
that this Subscription Agreement does not claim to confer nor does it confer any
rights or obligations to any individual, with the exception of the parties to
this Agreement. You likewise understand and agree that the Guidelines for the
AOL Community and the AOL Privacy Policy, including the requirement on the part
of AOL Brasil to comply with these policies do not claim to confer, nor do they
confer any rights or obligations to any individual. If any portion of this
agreement is regarded to be invalid or inapplicable, such portion must be
reworded in a manner that is compatible and in agreement with the law to reflect
as clearly as possible the original intention of both parties, the remaining
portions remaining valid and in effect. This Agreement and the signature thereof
are governed by the Brazilian laws. You expressly agree that the competent
jurisdiction wherein any differences of opinion or controversies with AOL Brasil
in connection with your subscription or the use of AOL Brasil shall be settled
within the jurisdiction of the city of Sao Paulo to the exclusion of any other,
no matter how privileged.

GUIDELINES FOR THE AOL COMMUNITY

The foundation of AOL's experience is the concept of community - the human
network of relationships entwined by millions of AOL subscribers as they
exchange e-mails, participate in chat rooms, add information to message boards,
send messages through AOL.'s "Instant Messenger" Service, participate in live
events, and join a myriad of other online forums sponsored by AOL. The
continuous growth and success of this community rest on an agreement built on
three pillars: our commitment to you, the subscriber, your commitment to AOL,
the service provider, and the joint responsibility of all AOL subscribers to one
another.

The combination of these three elements constituting this unit is outlined in
what we call our Community Guidelines. These Community Guidelines spell out what
you can expect from AOL, as well as the type of behavior we expect from you.
Equally important, they inform you on the kind of behavior you should expect
from other subscribers, and what they, in turn, will expect from you.

                                      L-7
<PAGE>

In the same way as in the off-line world, community protection is a shared task.
This is why we depend on subscribers such as you to help us make sure that the
public areas continue to be safe,  criminal behavior is reported, graffiti is
removed and children's privacy and safety are protected.

This sense of propriety and community pride help us make sure that everyone can
enjoy a safe and pleasant experience.

We trust that you will set aside some time to examine the nine principles
outlined herein and share them with members of your family and any other person
who may be using your account. Together we can turn the AOL community into the
best place to learn, work, buy, explore, communicate and live. Thank you for
your cooperation.

1. We have zero tolerance with respect to illegal behavior.
2. We, our partners and our subscribers have adopted the highest standards of
conduct to create a safe and gratifying experience online for our children.
3. We prohibit the unauthorized use of the AOL Network, including the
distribution of large volume of unsolicited e-mails, and will take every legal
and technical means to prevent this type of abuse.
4. We encourage healthy debate and discussion. but we do not tolerate disruptive
behavior that prevents other people from enjoying the use of AOL.
5. In providing and using services, AOL, its associates and its subscribers are
subject to essential standards, however, the standards of the community with
respect to certain contents and conduct may vary from one area to the other,
depending on the context and the target public.
6. When visiting AOL's international areas, your conduct shall be governed by
accepted standards in that particular field.
7. We take seriously the protection of copyrights and trademarks, and expect you
to do likewise.
8. We expect our subscribers to be good "internauts", using common sense and due
respect.
9. In order to make sure that your experience online is the best possible, we
encourage you to take advantage of the resources and tools we make available to
you.

1. We have zero tolerance with respect to illegal behavior.

AOL will consider that you are violating the Community Guidelines if you (or
anyone else who is using your account) send, forward, promote or distribute any
illegal contents or use our service to conduct illegal activities. In such
cases, we close these accounts and cooperate with measures to enforce the law.

The laws that apply in the offline world (including municipal, state, federal
and international laws, as the case may be), must also be obeyed in the online
world. Ignorance of the law does not exonerate the need to obey them.

Remember that if you feel threatened, or if you believe that somebody may be in
danger, you must contact the authorities in your city immediately.

2. We, our associates and our subscribers have adopted the highest standards of
conduct to create a safe and gratifying experience online for our children.

Children are an integral part of our online community. The Internet is rapidly
becoming a central and valuable part of our children's lives; it is, therefore,
essential for children these days to go online and learn new communication
skills. AOL is committed to make sure that children's experiences online are as
enriching and safe as possible. We take special precautions to protect

                                      L-8
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the safety and privacy of the children while they are online, as described in
our Privacy Policy. We and our associates have adopted the highest community
standards in areas specifically intended for children, including, among others,
our "For Children Only" channel. We offer Parents' Controls (click on Key Word:
PARENTS' CONTROL) to help parents to establish limits on what their children can
see and do online. AOL, as well as all of the Internet, is set up to attract a
broad spectrum of the public and, therefore, it may contain some material that
is inappropriate for children. The use of Parents' Controls is a measure that
parents can take in order to make sure that their children have safe and
gratifying online experiences.

AOL provides multiple passwords for each AOL account. We strongly recommend that
parents create separate passwords for each child using AOL. Remember that
passwords for primary accounts should only be used by adults.

- We depend on you, the parents, to help us emphasize to your children the
importance of proper online contents and conduct.

- Chat rooms, e-mail and messaging are quite popular with children, and we hope
that your child's participation in these areas reflects community standards.
Read over (together with your children) the community standards of your favorite
areas. We reserve the right to remove any content that does not reflect these
standards and will send you a warning,  and, in certain cases, we may close your
AOL account if our standards are not observed.

- AOL offers safety tips at all sites targeting teenagers and children. We
encourage you to look over these tips with your children and try to keep track
of their online activities.

3. We prohibit the unauthorized use of the AOL Network, including the
distribution of a large volume of unsolicited e-mail, and will take all legal
and technical means to prevent this type of abuse.

You (or others who may use your AOL account) may not use AOL to:

- Send, forward or be involved in the distribution of large quantities of
unsolicited e-mail, soliciting advertising or any other type of unauthorized
soliciting. AOL may take any kind of legal or technical recourse to avoid that a
large volume of unsolicited e-mail enters, is used or remains on the AOL
network. The unauthorized use of the AOL network with respect to the
transmission of large quantities of unsolicited e-mail, including forwarding of
fraudulent e-mail, may result in civil and criminal penalties against the
sender, pursuant to applicable provisions of the law.

- Chain letters and pyramids are not permitted. Many of them are illegal. Even
those that are not illegal confuse people, tied up online resources, and,
because of that, they are not permitted.

- Advertising may be placed only in areas designated for the purpose. No
unauthorized advertising is permitted, including the transmission of large
quantities of e-mail. Permission is required from AOL and/or from the individual
to whom you wish to send the advertising.

- It is strictly prohibited to use AOL service, including the Subscribers'
Directory, the subscribers' Web pages, chat rooms, message boards or any other
AOL area to collect or seek information, including AOL subscribers' passwords
for purposes of sending a large amount of unsolicited e-mail.

                                      L-9
<PAGE>

- [It is prohibited] to send, forward or be involved in the distribution of any
material containing a software virus or other computer codes, files or programs
with the intent to interrupt, destroy or restrict the operating capability of
any computer software or hardware or telecommunications equipment.

- [It is prohibited] to obtain code names or other information regarding the
accounts or other specific information pertaining to subscribers. Remember, AOL
employees will NEVER ask for your password. Do not give your password to
anybody, and do not enter this information after you have clicked on a hyperlink
or entered a Web address contained in an e-mail sent by someone unknown to you.

4. We encourage healthy debate and discussion, but we do not tolerate disruptive
behavior that prevents other people from enjoying the use of AOL.

It shall be considered as a violation of the Community Guidelines if you (or
another person who may be using your account) commit one of the following acts:

- Bother, threaten, inhibit or commit any other undesirable act against another
subscriber. If you disagree with somebody, simply state your disagreement and do
not make offensive personal remarks.

- Forward or become involved in the distribution of contents that are
pernicious, abusive, racial or ethnically offensive or objectionable from the
point of view of the other person. Different communities may define contents in
different ways based on the context of the area and the targeted public, but in
providing service there is no tolerance for prejudiced discourse.

- Make false or misleading statements regarding your connection with other
people or affiliation with organizations or pretend to be who you are not. This
includes impersonating Community Leaders, other AOL subscribers, AOL employees,
personalities or government employees.

- Request information from or about minors (under 18). Personal data include
full name, residential address, telephone number or other offline information.

- Commit any act to interrupt the conversation or participation of another
person in the Community. This includes pressing the return key repeatedly or
inserting large images to make the screen change too fast and interfering with
reading. This type of behavior is online vandalism and ruins other people's
experience.

5. In providing and using services, AOL, its associates and its subscribers are
subject to essential standards, however, the standards of the community with
respect to certain contents and conduct may vary from one area to another,
depending on the context and the target public.

- By content we mean the information, software, communications, images, sounds
and all the materials and information that you receive online. The contents are
originated by AOL, its associates and subscribers, and by subscribers like
yourself - who generate contents when they participate in public areas,
including chat rooms, messaging boards, subscribers' Web pages and Subscribers'
Directory.

- Usually, AOL and its associates do not pre-select the contents, but we expect
all contents, including yours, to reflect our Community Guidelines.

                                      L-10
<PAGE>

- The contents may be withdrawn if it does not meet the community standards.
However, neither AOL nor its associates assume any responsibility if the
contents are not withdrawn.

- The following guidelines apply:

- The language must be adjusted to meet the standards and customs of the area.
Vulgar language addressed to another individual or group is not acceptable.
Prejudiced language is not acceptable.

- Images of partial nudity in serious, literary, scientific, political or
artistic contexts are acceptable in certain places (not everywhere).  Total
frontal nudity is not acceptable.

- Healthy discussion on human sexuality is acceptable in areas designated for
the purpose. Sexual content in games is subject to special guidelines.

- In most instances, graphic images of humans or animals being mutilated or
murdered are not acceptable. Content or behavior promoting any device or
providing instructions to manufacture any device used to inflict wounds or kill
(for example, instructions to manufacture bombs) are unacceptable. Violence in
games is subject to special guidelines.

- Contents or behavior promoting the use of illegal drugs or instructions on the
use of illegal drugs are unacceptable.

- Outside of designated areas (e.g., Classifieds) AOL may not be used for
business purposes. In the areas designated for commercial use or promotions, we
do not allow certain types of advertising, such as lotteries, firearms,
ammunition for firearms, and other explosives, tobacco, alcohol, adult products
and services, illegal products and services and other products and services that
we may deem to be inappropriate on AOL.

These are the basic guidelines, but the community standards may vary depending
on the context and the public being targeted. Therefore, although a stronger
language might be more appropriate in a chat room where adult subjects are being
discussed, the same language may be inappropriate in a message board discussing
relations between parents and children. Individually, the communities may
formulate their own guidelines by removing inappropriate contents. Should the
problem persist, you can report it to AOL. It is your responsibility to analyze
the standards and guidelines of the communities that you frequent. In addition,
many areas and resources (for example, Subscriber's Directory, Native City) make
guidelines available to help you understand how Community Guidelines are applied
to a specific product.

Common sense is important, particularly when you are dealing with other people's
opinions. AOL does not endorse or oppose the opinions expressed by its
subscribers but in some cases it objects to the way in which these opinions are
expressed.

6. When visiting AOL's international areas, your conduct shall be governed by
accepted standards in that particular area.

- International online areas (including international areas carrying the AOL
trade name) may have slightly different rules of behavior and different content
acceptance standards. You must be guided by the site rules when you enter those
areas; as a general rule, "when in Rome, do as the

                                      L-11
<PAGE>

Romans do." For instance, words that are inoffensive in Brazil may acquire a
totally different meaning in other countries.

AOL can send a notice to you and your subscription may be rescinded if you
violate the rules in the international area. Remember that Cyberspace law is in
the development stage, and therefore it is a good idea to examine the rules of
your favorite places regularly.

7. We take seriously the protection of copyrights and trademarks, and expect you
to do likewise.

It is very easy to copy things in Cyberspace, however, despite this facility, it
does not mean that it is acceptable or legal. The contents may be protected by
copyrights, registered trademarks and other intellectual property rights. This
applies to all forms of contents available through AOL and the rest of the
Internet, including texts, music, video clips, artwork, photographs, games,
software and other materials.

Take some time to determine your legal right to use the contents or trademark of
another person before you copy them or distribute them. It is illegal to make
unauthorized copies of other people's work protected by a copyright, and you
will be subject to civil action, criminal penalties and rescission of AOL
service. We take the matter of violation very seriously and we trust that you
will assume the responsibility of making sure that you have the legal right to
upload and distribute AOL material that was not created by you. You must devote
some time to examine any additional guidelines available in specific areas of
the AOL service pertaining to copyrights and registered trademarks.

Remember that some AOL areas are public and may be accessed by other
subscribers, including message boards, chat rooms, forums, subscribers Web pages
and Subscribers Directory. Other subscribers can access the material that you
made available and copy it, change it or distribute it. If you find that your
material was copied and can be accessed in a way that constitutes a violation of
your rights, you can notify us by filing a copyright violation form.

Also, do not forget that by placing material on AOL, you are giving AOL
permission to use, reproduce, exhibit, perform, adapt, modify, distribute,
arrange for the distribution and promotion of the contents in any form and
anywhere. We take the protection of copyrights and registered trademarks very
seriously and trust that you will do likewise.

AOL and its licensees own exclusive copyrights, registered trademarks and other
intellectual property rights over the contents of the AOL service. AOL also owns
copyrights and registered trademarks over the project and structure of AOL's
"look and feel" and the compilation of the contents we make available to you as
part of our service. It is very easy to make copies in Cyberspace, but this ease
does not make it acceptable or legal.

Any contents that you upload or download when using the service has to be
authorized; this means that you must have a legal right to upload or download
the contents. You should not copy, forward, modify, distribute, exhibit
publicly, perform or create any work deriving from the contents found on AOL,
unless you have a legal right to do so. Unauthorized copies of any contents
found on AOL may result in the closing of your account and you will be
additional subject to other legal action. In such case, you agree to hold AOL
harmless as well as its subsidiaries, affiliates, associated companies,
employees, management, directors and agents. Should you find that your work is
being copied and can be accessed through this service in a manner that
constitutes a violation of your intellectual rights, you may send us a notice to
that

                                      L-12
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effect by filing a copyright violation form that may be accessed freely by other
members, including message boards, chat rooms, forums, subscribers' Web pages
and Subscribers' Directory. By posting or making available the contents thereof,
you are stating that you are the owner of this material or that you are
authorized to distribute it. By posting or making available the contents
thereof, you are stating that you are the owner of this material or that you are
authorized to distribute it. You should examine the guidelines made available in
all the service areas in order to make sure that you understand how this
agreement applies to that area. In making contents available on AOL, you are
granting AOL the right to use, reproduce, exhibit, perform, adapt, modiify,
distribute, arrange to be distributed or promote the contents in any manner,
anywhere.

8. We expect our subscribers to be good "Internauts", using common sense and due
respect.

- When you participate in other Internet products - including AOL services such
as br.aol.com and "Instant Messenger" AOL ("AIM"), you will be subject to their
standards, which may differ from AOL's Community Guidelines.

There are many valuable sites in the rest of the Internet, but their standards
and guidelines may vary considerably. AOL cannot assume responsibility for the
contents and conduct you may encounter. Let your common sense be your guide.

If the contents or behavior comes from a source other than the AOL community, we
will not be able to remove them and the legal resources we can muster are
limited.

Make sure that you understand the privacy policies of the Web site that you
visit and be cautious about revealing personal information.

Some Web sites contain material to which you may object or that may be
unsuitable for children. We feel that you should set up a separate password for
each person in your household that will be using AOL and that you should use the
Parents' Control feature  in order to create online personalized experiences in
accordance with the level of maturity of each user.

9. In order to make sure that your experience online is the best possible, we
encourage you to take advantage of the resources and tools we make available to
you.

- AOL trusts each member of its community - like yourself - to help us uphold
the community standards. Our Community Leaders are there to help you and help us
maintain these standards. It is impossible to monitor the volume of contents
made available to AOL subscribers every day, nor would we even attempt to do
that.

- At times we and our associates monitor public areas such as the chat rooms,
message boards, the Subscribers' Directory and our subscribers' Web pages. AOL
reserves the right to treat private chat rooms whose Directory names or chat
room names have been published, are generally known or if they are available to
the public.

"We do not monitor private communications such as private chat rooms, "Instant
Messenger" or e-mail, but the Community Guidelines also apply to them. If they
are reported by someone who believes that the contents made accessible by you or
that your conduct violates the Community Guidelines, we will launch an
investigation and take whatever measures are necessary.

                                      L-13
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If you find any material or notice any objectionable conduct, you have several
options. These options are based on the standards of a specific community or on
AOL's Community Guidelines.

1) Block communications from the subscriber in question.  AOL lets you control
your online experience and block the text of chats, the text of message boards,
"Instant Messenger" messages and e-mails from the subscriber you consider
inappropriate.

 . Chats:  "Ignore" a specific subscriber so that you no longer display what he
or she types.

 . Message boards:  You can use the Message board filter to block all messages
from a specific subscriber to stop displaying what he or she sends you.

 . Instant messages:  With the Buddies List resource to determine who can and
can't communicate with you through AOL "Instant Messenger" messages and AOL's
"Instant Messenger", add your Screen Name to the Buddies List or locate you
online.

 . E-mails:  You can use the e-mail controls to establish the AOL subscribers,
Internet domains and addresses that can and can't send you e-mails.

2) Notify the Community you're a member of.  If you think that the content or
behavior of a subscriber violates the standards of the community you're a member
of, file a complaint with the Community Leader who hosted the message board or
the chat room where you were.

3) Notify AOL.  If you think that a subscriber's content or behavior are not
within community standards and violate the Community Guidelines, you can file a
complaint with AOL in any of the following ways:

a) Use the Keyword:  "NOTIFY AOL."  If the violation occurred in an area used
for children, you can use the Keyword:  "NOTIFY AOL."

b) Click on "NOTIFY AOL" when available in areas such as chat rooms or "Instant
Messenger" messages.  In this way you can report the problem easily and
conveniently in one single location.

AOL's Community Action Team (CAT) will analyze your problem.  CAT is a highly-
trained team responsible for enforcing AOL's Community Guidelines.  This time
can issue written warnings and, in case of serious violations, close accounts.
If you or anybody who uses your account (or any Screen Name) is responsible for
a violation of AOL's Community Guidelines, the main account holder will receive
a violation notification.  In case of a serious violation or if you have
committed a violation before, we will close your account.

 . AOL offers many other resources to guarantee you safe and satisfying online
experiences.  These include:

Parental Control (Keyword:  PARENTAL CONTROL).  AOL's Parental Control allows
you to control what children can display and do online, including access to
online games and their online communications with others.  Parental Control is
easy to use and flexible.  It can be adjusted at any time - so that your child's
online experiences are in line with his maturity level and needs.

Junk E-mails:  (Keyword:  E-MAIL CONTROL).  Junk e-mails are a problem that all
Internet users experience.  They are unpleasant, unwanted and, frequently,
fraudulent and offensive.  We admit that AOL users are confused with the number
of junk e-mails they find in their mailboxes.

                                      L-14
<PAGE>

This area contains information on what AOL is doing to combat junk e-mails, what
you can do to help and how you should use AOL's customized junk e-mail blocking
tools.

E-mail Control:  (Keyword:  E-MAIL CONTROL).  E-mail Control lets you combat
junk e-mails or unwanted e-mails.  E-mail controls let you:

* Block or allow all e-mails * Block or allow all e-mails from specific AOL
subscribers, or Internet Addresses * Block domains (the sources of e-mails) *
Block e-mails with images or files attached to the e-mail.

Marketing Preferences (Keyword:  MARKETING PREFERENCES).  AOL occasional makes
its e-mail list available to companies whose products or services you might be
interested in.  Marketing Preferences allow you to tell us if you don't want
your name or address included on the direct mailing lists we make available to
other organizations.  You can also tell us you don't want to receive our offers
for AOL subscribers.

For more information on security online, see the following items:

Password Protection (Keyword:  PASSWORD).  Your password is the key to opening
your AOL account.  It's very important that you not tell other users your
password.  AOL employees will never ask you what your password is.  This area
contains important information for you to protect against "password fraud."  It
also gives information for e-mail security and a list of the most recent frauds,
so don't forget to visit this area regularly.

Neighborhood Watch (Keyword:  SECURITY ONLINE).  Neighborhood Watch is an online
areas with information on security online, including how to locate and avoid
computer viruses, what to do about junk e-mails, how to guarantee the security
of your account and how to guarantee online safety for your children.

Subscriber Service (Keyword:  HELP).  This area offers answers to a wide variety
of questions about AOL Service.

AOL'S PRIVACY POLICY

We consider the privacy of our subscribers to be one of our most important
values.  We want you to know how we protect subscriber information and what your
choices are regarding the use of that information.  We believe that AOL's
Privacy Policy will provide you security whenever you use the AOL Brazil service
or BR.AOL.COM - 24 hours per day, seven days per week, 365 days per year.

We have organized our Privacy Policy into three parts:

(1) We outline our Eight Privacy Principles and our basic commitment to protect
your privacy.

(2) We explain how to implement each principle.  Just click on a principle to
read the policy.

(3) We present useful Information on how to protect your privacy in cyberspace.

                                      L-15
<PAGE>

AOL'S PRIVACY COMMITMENT:  THE EIGHT PRIVACY PRINCIPLES

Our commitment is to protect your personal privacy.  Our Eight Privacy
Principles summarize and clarify that commitment: how we protect your privacy,
how we treat personal information and what choices you can make. We understand
that for you to make the most of the benefits of this interactive medium, we
must do everything we can to ensure that your privacy is maintained.

(1) We don't read your private online communications.

(2) We don't use any information about where you visit on AOL or the Web, and we
don't make that information available to third parties.

(3) We don't disclose your telephone number, credit card number or Screen Names,
unless you authorize us to do so.  And you also have the opportunity to correct
your personal contact and billing information at any time.

(4) We may use information about the kinds of products you buy from AOL to make
other marketing offers to you, unless you tell us not to.  We don't disclose
this purchase information to others.

(5) We let you choose how AOL uses your personal information.

(6) We take special measures to protect the safety and privacy of children.

(7) We use secure technology, privacy protection controls and restrictions on
employee access in order to guarantee the confidentiality of your personal
information.

(8) We'll keep you informed, clearly and prominently, on what we do with your
personal information, and we will advise you if we change our Privacy Policy.

                                      L-16
<PAGE>

(1)  We don't read your private online communications.

AOL honors the confidentiality of its members' private communications in chat
rooms, e-mail (including downloads), and "Instant Message" conversations, as
well as any information you have included in your profile, such as a stock
portfolio.  AOL does not read or disclose private communications except to
comply with the requirements of a judicial writ or judicial order, to protect
the company's rights and property or during emergencies when we believe physical
safety is at risk.  But of course, what you send to public areas such as chat
rooms and message boards is available not only to AOL, but to all members.

(2)  We don't use any information about where you visit on AOL or the Web, and
we don't make that information available to third parties.

Our system automatically gathers information about the areas you visit on our
service.

We don't use any of this navigational data about where you -- as an individual
member -- visit on the service with the exception of research to understand and
improve AOL's programming.  We don't share that information with other
companies.

We do, however, use navigational information to understand how our members as a
group use the service so that we can always improve it.  We may also share this
statistical information with our partners or other companies, but in doing so,
we don't disclose individual names or personal navigational information.

We don't monitor where you go on the World Wide Web.

The Web sites you visit may have their own Privacy Policies or they might not
follow any policy. We recommend that you review the privacy policies of Web
sites before providing them any type of personal information.

(3) We don't disclose your telephone number, credit card number or Screen Names,
unless you authorize us to do so. And you also have the opportunity to correct
your personal contact and billing information at any time.

When you subscribe to AOL, we ask you for your name, address, telephone number,
and billing information -- including the credit card, checking account, or debit
card used to pay for your monthly account -- and the various Screen Names you
want to use on your account.  Here is how we protect that information:

* AOL will not disclose your telephone number or Screen Names (e-mail
addresses), unless this is needed to deliver a product or service you ordered.

                                      L-17
<PAGE>

* AOL will not disclose your credit or debit card number or checking account
information unless you authorize it, during an online purchase, for example.

* We will not disclose information that would link your Screen Names with your
real name.

We make lists of members' names and addresses available to pre-selected
companies who have specific direct mail product and service offers that might be
of interest to you.  We also sometimes combine these lists with publicly
available information or segment them based on other information, such as when a
member signed up for AOL or a subscriber's computer system type.  These lists
are never based on a user's online activities.

You may choose to remove your name and address from the direct mailing lists we
provide to other companies. For more information about your choices, please see
Principle 5. We also collect and use other information for internal purposes.
For example, we keep records in your account history of your complaints about
other subscribers, your contact with AOL Member Services and any reported
violations of our Service Conditions that you or someone on your account may
have committed.  AOL automatically takes information from your computer about
the type of system you're using and your modem speed, error messages you have
received, or whether you use Macintosh or Windows software -- to help us adjust
our service and to help us diagnose problems you may have had with your system.
Finally, we sometimes use information about your geographical location to
provide localized services.  For example, we may use your Zip Code or the time
zone you are in to make sure the weather information or TV listings you see are
accurate for you.

We have two exceptions to these policies: We will release specific information
about your account only to comply with judicial writs or court orders, or in
emergencies when we believe that your physical security or that of others is at
risk.

We provide you with the opportunity to update or correct your contact and
billing information in our files.  Just as you want to make sure that
information AOL has about you is correct, we  also want to have the most up-to-
date information about you.  Therefore, whenever you believe that your contact
or billing information needs updating, you can go to Keyword:  BILLING and make
the necessary changes.

(4) We may use information about the kinds of products you buy from AOL to make
other marketing offers to you, unless you tell us not to.  We don't disclose
this purchase information to others.

YOUR AOL PURCHASES

AOL offers its members the opportunity to buy AOL store merchandise, such as
computer hardware and software, as well as AOL brand products.  Like other
retailers we record information about those purchases.  When you buy something
from us online, our system automatically gathers information on the purchase
made through our telemarketing service.

We use this information in two ways:

1)  We review what kinds of products and services appeal most to our subscribers
as a group.  That statistical information helps us improve our offerings just
like other companies change their catalog based on the products that sell best.

                                      L-18
<PAGE>

2)  We use information such as the number of purchases made by subscribers and
the categories of goods and services they buy to make offers that we believe
will interest them.  In addition, we use other information such as when
subscribers joined AOL, how often they use the service or the type of computer
system they use. We also use publicly available information on subscribers to
decide which marketing offers we should make and which advertising they see.

You can choose not to receive marketing offers from AOL or from AOL companies.
For more information about your choices, please see Principle 5.

We don't disclose any information about what you, as an individual, purchase
from AOL, except to complete your transactions, or to comply with valid legal
process  a judicial writ or court order.  We share with other companies only
statistics about what AOL products or services our members -- as a group -- buy.

ONLINE PURCHASES VIA AOL

For other online purchases, be sure that you are aware of the privacy and
security policies of the selling company, and contact them directly if you have
any doubts.  They may have privacy conditions different from the policy followed
by AOL, and can use your personal information for other purposes not permitted
under our privacy policy.

AOL can sometimes facilitate your purchases at those online stores, but that
personal information is not used for any other purpose.

(5) We let you choose how AOL uses your personal information.

You can define the use AOL can make of your personal information to send special
offers to you.

And you can also instruct us to remove your name and address from the direct
mailing lists we provide to pre-selected companies, as well as other AOL
companies..To activate any of these marketing preferences, go to Keyword:
MARKETING PREFERENCES or Keyword: CHOICE or click on the MY AOL button on the
software toolbar at the top of your screen.

* You can choose not to receive offers from AOL by mail.

* You can choose not to receive offers from AOL by telephone.

* You can choose not to receive offers from AOL by e-mail.

* You can choose not to receive offers from AOL through online "pop-up screens."

* You may choose to have your name removed from all direct mailing lists that we
provide to other companies, including other AOL companies.

(6)  We take special measures to protect the safety and privacy of children.

Children and young people need special safeguards and privacy protection.  We
know they often do not understand all the points in our privacy policy or be
able to make complex decisions about the choices available to adult subscribers.
Therefore we have a special privacy policy to protect children and teenagers
using areas on our service specifically for them, including our Kids Only

                                      L-19
<PAGE>

Channel.  And we ask all parents to teach their children about protecting their
personal information while they are online.

In areas on the service designated for children 12 and under, AOL and its
partners require prior parental authorization (by sending a letter or fax, for
example) before collecting or using names, addresses, telephone numbers or other
information that identifies a child offline.  In addition, prior to children's
using Screen Names, we require parental consent (Master Screen Name) at the time
the subaccount is created.  We do this so that parents are aware of and consent
to how their children use their Screen Names; for example, using the Screen Name
to request an online newsletter, to post a message on a bulletin board or to
participate in a chat room.

In areas designed for teens 13 through 16, AOL and its partners cannot collect
names, addresses, telephone numbers or other identifiable information without
disclosing how that information will be used and notifying teens that they must
obtain permission from their parents before providing any information.

* Another way parents can control their children's experience online is AOL's
Parental Controls (Keyword: PARENTAL CONTROLS).  This simple, flexible tool
allows parents to customize the content and functionality to their child's
maturity level.  Since one primary account may have several Screen Names, we
recommend that all parents use their master account to create separate Screen
Names for each child.  This allows parents to customize AOL to their child's
maturity level and content needs: Children (up to 12 years of age); Teens
(between 13 and 15); or Young Adults (between 16 and 17).

Unsolicited e-mail is a problem for everyone, but it is particularly a problem
for children.  This includes e-mails that could contain content you might not
want your children to see, or e-mails that might ask for information you
wouldn't want your children to provide.

To reduce the unsolicited e-mails you your children receive, you can use E-Mail
Controls (Keyword: E-MAIL CONTROL) to block all e-mail from the Internet or to
select the e-mail addresses from which you wish to allow your children to
receive messages. Remember that Screen Names and information voluntarily given
by children and teens in public chat rooms, e-mail exchanges, message boards,
the Member Directory, and other online communications are publicly available and
may be used by other parties to generate unsolicited e-mail.

You can learn more about how to ensure an enjoyable online experience for you
and your family at Keyword: SECURITY.  To obtain more information to help you
maximize your children's online experience, please read:  Important Notice to
Parents.

(7) We use security technology, privacy protection controls and restrictions on
employee access in order to guarantee the confidentiality of your personal
information.

We use state-of-the-art technology to keep your personal information --
including your billing and account information -- as secure as possible. We also
have created privacy protection control systems designed to ensure that your
data remain completely confidential.

All AOL employees must follow AOL's privacy policy. Only authorized AOL
employees are permitted to have access to your personal information, and such
access is limited on need-to-know basis.  For example, if you call our Member
Services department with a concern or complaint, the official can only access
only the personal information that he or she needs to solve

                                      L-20
<PAGE>

your problem. In addition, any company with which AOL contracts to be our agent
in conducting our business must adhere to the Privacy Policy to guarantee that
your information remains safe.

All AOL employees must sign a commitment stating that they understand and are in
agreement with the privacy policy.  Employees who violate our privacy policies
are subject to disciplinary action, including dismissal.

We encourage our content, electronic commerce and advertising partners to
publish their privacy policies clearly and to have privacy control mechanisms to
protect your personal information.  Be sure to read these privacy policies and
contact these partners directly if you have any questions.

(8) We'll keep you informed, clearly and prominently, on what we do with your
personal information, and we will advise you if we change our Privacy Policy.

Part of AOL's commitment to protecting your privacy is explaining to you how we
can use your personal information.  This privacy policy serves that purpose, and
it is accessible through several means within our service.  When you register
for our service, you receive our Privacy Policy and should familiarize yourself
with this and all other AOL policies at that time.  In addition, this policy is
easily located in our Service Conditions area (Keyword:  CDS), and by using
Keyword: PRIVACY, you can view AOL's privacy policy.

Whenever we change our policy, we will advise you on those changes 30 (thirty)
days in advance, through prominent means, including notification on our initial
screen.  If the changes were substantial, we will notify each of our members
individually through pop-up screens or e-mails.  Since pop-ups last only for a
short time, you should sign on to your account regularly for this and other
important information.

If you'd like to comment on or have questions about our privacy policy, or if
you have a concern or policy violation to report, please go to Keyword: PRIVACY.

                                      L-21
<PAGE>

                                   EXHIBIT M

                           CO-BRANDED WELCOME SCREEN
                           -------------------------

     Co-Branded Welcome Screen Exhibit has the following language:

     "Co-Branded Welcome Screen," "Itau Programmable," and "AOLB Programmable
Area." The graphic depicts a computer screen with the AOL and Itau logos and
other general content including icons for weather forecasts and shopping links.



                                      M-1
<PAGE>

                                   EXHIBIT N

                               ESCROW AGREEMENT
                               ----------------

<PAGE>

                                                                       EXHIBIT N

                                ESCROW AGREEMENT

  This Escrow Agreement (this "Escrow Agreement") is made as of __________ ___,
2000 by and among The Bank of New York, a New York banking corporation as escrow
agent (the "Escrow Agent"), America Online Latin America, Inc. ("AOLA"), a
Delaware corporation, AOL Brasil Ltda. ("AOLB"), a Brazilian limited liability
quota company, and Banco Itau, S.A. ("Itau"), a Brazilian banking institution,
in connection with, among other documents, a Strategic Interactive Services and
Marketing Agreement, dated as of the date hereof, among AOLA, AOLB and Itau (the
"Marketing Agreement"). Capitalized terms used herein and not defined herein
shall have the meanings assigned to such terms in the Marketing Agreement.

  WHEREAS, as more fully described in the Marketing Agreement, Itau has
undertaken certain marketing commitments with respect to AOLA's and AOLB's
Brazilian internet online service, including, without limitation, the
requirement to make certain Reference Payments to AOLA if such service fails to
achieve certain levels of Verified Members and Verified Revenues as of certain
dates.

  WHEREAS, as more fully described in the Marketing Agreement, Itau has also
undertaken to pay to AOLA liquidated damages in an amount up to $[76% of IPO
price] (the "Termination Fee") in the event that Itau commits a Material Itau
Breach under the Marketing Agreement.

  WHEREAS, to secure payment by Itau of any Reference Payments under the
Marketing Agreement (including, without limitation, Acceleration Payments), Itau
is delivering to the Escrow Agent the following five (5) promissory notes
(copies of which are attached hereto as Exhibit A), each made payable to AOLA
                                        ---------
and dated as of the date hereof (collectively, the "Reference Payment Notes
(Brazil)"):

     Promissory note in the maximum principal amount of $[first year maximum]
     (the "First Anniversary Reference Payment Note (Brazil)")

     Promissory note in the maximum principal amount of $[second year maximum]
     (the "Second Anniversary Reference Payment Note (Brazil)")

     Promissory note in the maximum principal amount of $[third year maximum]
     (the "Third Anniversary Reference Payment Note (Brazil)")

     Promissory note in the maximum principal amount of $[fourth year maximum]
     (the "Fourth Anniversary Reference Payment Note (Brazil)")

     Promissory note in the maximum principal amount of $[fifth year maximum]
     (the "Fifth Anniversary Reference Payment Note (Brazil)")

  WHEREAS, to further secure payment by Itau of any Reference Payments under the
Marketing Agreement (including, without limitation, Acceleration Payments), Itau
is delivering to the Escrow Agent the following five (5) promissory notes
(copies of which are attached hereto as
<PAGE>

Exhibit B) each dated as of the date hereof, made by Banco Itau S.A., Grand
---------
Cayman Branch, a branch of Itau doing business in the Cayman Islands, in favor
of AOLA (collectively, the "Reference Payment Notes (Caymans)"):

     Promissory note in the maximum principal amount of $[first year maximum]
     (the "First Anniversary Reference Payment Note (Caymans)")

     Promissory note in the maximum principal amount of $[second year maximum]
     (the "Second Anniversary Reference Payment Note (Caymans)")

     Promissory note in the maximum principal amount of $[third year maximum]
     (the "Third Anniversary Reference Payment Note (Caymans)")

     Promissory note in the maximum principal amount of $[fourth year maximum]
     (the "Fourth Anniversary Reference Payment Note (Caymans)")

     Promissory note in the maximum principal amount of $[fifth year maximum]
     (the "Fifth Anniversary Reference Payment Note (Caymans)")

  WHEREAS, to secure payment by Itau of any Termination Fee under the Marketing
Agreement, Itau is delivering to the Escrow Agent the following five (5)
promissory notes (copies of which are attached hereto as Exhibit C), each made
                                                         ---------
payable to AOLA and dated as of the date hereof (collectively, the "Termination
Fee Notes (Brazil)"):

     Promissory note in the maximum principal amount of $[first year maximum]
     (the "First Anniversary Termination Fee Note (Brazil)")

     Promissory note in the maximum principal amount of $[second year maximum]
     (the "Second Anniversary Termination Fee Note (Brazil)")

     Promissory note in the maximum principal amount of $[third year maximum]
     (the "Third Anniversary Termination Fee Note (Brazil)")

     Promissory note in the maximum principal amount of $[fourth year maximum]
     (the "Fourth Anniversary Termination Fee Note (Brazil)")

     Promissory note in the maximum principal amount of $[fifth year maximum]
     (the "Fifth Anniversary Termination Fee Note (Brazil)")

  WHEREAS, to further secure payment by Itau of any Termination Fee under the
Marketing Agreement, Itau is delivering to the Escrow Agent the following five
(5) promissory notes (copies of which are attached hereto as Exhibit D) each
                                                             ---------
dated as of the date hereof, made by Banco Itau S.A., Grand Cayman Branch, a
branch of Itau doing business in the Cayman Islands, in favor of AOLA
(collectively, the "Termination Fee Notes (Caymans)"):

                                       2
<PAGE>

     Promissory note in the maximum principal amount of $[first year maximum]
     (the "First Anniversary Termination Fee Note (Caymans)")

     Promissory note in the maximum principal amount of $[second year maximum]
     (the "Second Anniversary Termination Fee Note (Caymans)")

     Promissory note in the maximum principal amount of $[third year maximum]
     (the "Third Anniversary Termination Fee Note (Caymans)")

     Promissory note in the maximum principal amount of $[fourth year maximum]
     (the "Fourth Anniversary Termination Fee Note (Caymans)")

     Promissory note in the maximum principal amount of $[fifth year maximum]
     (the "Fifth Anniversary Termination Fee Note (Caymans)")

  NOW, THEREFORE, in consideration of the foregoing and the mutual promises of
the parties herein contained, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

  1.   Definitions.
       -----------

       (a) "Anniversary Date" shall mean each calendar anniversary date of the
Launch Date, provided, however, if with respect to a particular Anniversary
             --------  -------
Date, AOLA, AOLB and Itau deliver a certificate to the Escrow Agent in the form
of Exhibit E attached hereto (an "Anniversary Date Certificate"), such
   ---------
Anniversary Date shall be the date set forth in such certificate; provided,
                                                                  --------
further, however, if the Escrow Agent shall receive a decision of an arbitrator
-------  -------
appointed under Sections 1.5 or 2.2 of the Marketing Agreement or of a court of
competent jurisdiction, which decision determines an Anniversary Date under the
Marketing Agreement, the Anniversary Date shall be the date set by such arbitral
or judicial decision. If an Anniversary Date is extended beyond the date that
would be the calendar anniversary date of the Launch Date, then all subsequent
Anniversary Dates, unless extended in accordance with the provisions of this
Section 1(a), shall be the calendar anniversary date of such extended
Anniversary Date.

       (b) "Business Day" shall mean any day other than Saturday, Sunday or a
day on which banks in New York, N.Y. or Sao Paulo, Brazil, are required or
permitted to close.

       (c) "Launch Date" shall mean April 23, 2001; provided, however, if AOLA,
                                                    --------  -------
AOLB and Itau deliver a certificate to the Escrow Agent in the form of Exhibit F
                                                                       ---------
attached hereto (a "Launch Date Certificate"), the Launch Date shall be the date
set forth in such certificate; provided, further, however, if the Escrow Agent
                               --------  -------  -------
shall receive a decision of an arbitrator appointed under the Marketing
Agreement or of a court of competent jurisdiction, which decision determines

                                       3
<PAGE>

the Launch Date under the Marketing Agreement, the Launch Date shall be the date
set by such arbitral or judicial decision.

  2.   Establishment of Escrow.
       -----------------------

       (a) Appointment of Escrow Agent. AOLA, AOLB and Itau hereby appoint the
           ---------------------------
Escrow Agent as escrow agent to serve in such capacity in accordance with the
provisions of this Escrow Agreement. The Escrow Agent hereby accepts such
appointment.

       (b) Receipt of Marketing Agreement. The Escrow Agent hereby acknowledges
           ------------------------------
receipt of a copy of the Marketing Agreement. Except for reference thereto for
definitions of certain terms not defined herein, the Escrow Agent is not charged
with any duties or responsibilities with respect to, and shall not otherwise
refer to, the Marketing Agreement. In the event of a conflict between the
provisions of this Escrow Agreement and the provisions of the Marketing
Agreement relating to the subject matter of this Escrow Agreement, the
provisions of this Escrow Agreement shall govern such conflict.

       (c) Delivery of Notes. Itau has herewith delivered to the Escrow Agent
           -----------------
and the Escrow Agent hereby acknowledges receipt of the original Reference
Payment Notes (Brazil), the Reference Payment Notes (Caymans), the Termination
Fee Notes (Brazil), and the Termination Fee Notes (Caymans) (collectively, the
"Notes").

  3.   Custody of Notes.  Unless otherwise directed in writing by AOLA, AOLB and
       ----------------
Itau, the Notes shall be held by the Escrow Agent in a vault or similar secure
location.  The Notes held by the Escrow Agent pursuant to the provisions hereof
shall be for the exclusive benefit of AOLA, AOLB and their successors and
assigns, and no other person or entity shall have any right, title or interest
therein other than Itau`s right to receive delivery of such documents as
provided herein.

  4.   Release of Reference Payment Notes From Escrow Upon Receipt of Audit
       --------------------------------------------------------------------
Certificate.
-----------

       (a) Within three (3) Business Days of receipt of a completed and signed
certificate in the form of Exhibit G attached hereto (an "Audit Certificate
                           ---------
(Reference Payments)"), stating that (i) a Reference Payment has been computed
by the Auditor in accordance with the Marketing Agreement as of a particular
Anniversary Date, or (ii) the Auditor has concluded that Itau has failed to
provide the Auditor with information sufficient to enable the Auditor to compute
a Reference Payment as of a particular Anniversary Date, the Escrow Agent shall
send written notification in the form of Exhibit H attached hereto (a "Notice of
                                         ---------
Entitlement to Release of Notes") by facsimile to AOLA, AOLB and Itau setting
the forth the date that the Escrow Agent received the Audit Certificate
(Reference Payments) and attaching a copy of the Audit Certificate (Reference
Payments) received by the Escrow Agent, and

                                       4
<PAGE>

       (1) (A) if such Audit Certificate (Reference Payments) states that (i) a
Reference Payment greater than $0 has been computed as of the first Anniversary
Date, or (ii) that Itau has failed to provide the Auditor with information
sufficient to enable the Auditor to compute a Reference Payment as of the first
Anniversary Date, then, within three (3) Business Days of delivery of such
Notice of Entitlement to Release of Notes, the Escrow Agent shall deliver to
AOLA and AOLB, at their election, either the First Anniversary Reference Payment
Note (Brazil) or the First Anniversary Reference Payment Note (Caymans) by hand
delivery or by reputable overnight mail service; or

           (B) if such Audit Certificate (Reference Payments) states that the
Reference Payment is less than or equal to $0 as of the first Anniversary Date,
then, within three (3) Business Days of delivery of such Notice of Entitlement
to Release of Notes, the Escrow Agent shall deliver to Itau the First
Anniversary Reference Payment Note (Brazil) and the First Anniversary Reference
Payment Note (Caymans) by hand delivery or by reputable overnight mail service;
or

       (2) (A) if such Audit Certificate (Reference Payments) states that (i) a
Reference Payment greater than $0 has been computed as of the second Anniversary
Date, or (ii) that Itau has failed to provide the Auditor with information
sufficient to enable the Auditor to compute a Reference Payment as of the second
Anniversary Date, then, within three (3) Business Days of delivery of such
Notice of Entitlement to Release of Notes, the Escrow Agent shall deliver to
AOLA and AOLB, at their election, either the Second Anniversary Reference
Payment Note (Brazil) or the Second Anniversary Reference Payment Note (Caymans)
by hand delivery or by reputable overnight mail service; or

           (B) if such Audit Certificate (Reference Payments) states that the
Reference Payment is less than or equal to $0 as of the second Anniversary Date,
then, within three (3) Business Days of delivery of such Notice of Entitlement
to Release of Notes, the Escrow Agent shall deliver to Itau the Second
Anniversary Reference Payment Note (Brazil) and the Second Anniversary Reference
Payment Note (Caymans) by hand delivery or by reputable overnight mail service;
or

       (3) (A) if such Audit Certificate (Reference Payments) states that (i) a
Reference Payment greater than $0 has been computed as of the third Anniversary
Date, or (ii) that Itau has failed to provide the Auditor with information
sufficient to enable the Auditor to compute a Reference Payment as of the third
Anniversary Date, then, within three (3) Business Days of delivery of such
Notice of Entitlement to Release of Notes, the Escrow Agent shall deliver to
AOLA and AOLB, at their election, either the Third Anniversary Reference Payment
Note (Brazil) or the Third Anniversary Reference Payment Note (Caymans) by hand
delivery or by reputable overnight mail service; or

           (B) if such Audit Certificate (Reference Payments) states that the
Reference Payment is less than or equal to $0 as of the third Anniversary Date,
then, within three (3) Business Days of delivery of such Notice of Entitlement
to Release of Notes, the Escrow Agent

                                       5
<PAGE>

shall deliver to Itau the Third Anniversary Reference Payment Note (Brazil) and
the Third Anniversary Reference Payment Note (Caymans) by hand delivery or by
reputable overnight mail service; or

       (4) (A) if such Audit Certificate (Reference Payments) states that (i) a
Reference Payment greater than $0 has been computed as of the fourth Anniversary
Date, or (ii) that Itau has failed to provide the Auditor with information
sufficient to enable the Auditor to compute a Reference Payment as of the fourth
Anniversary Date, then, within three (3) Business Days of delivery of such
Notice of Entitlement to Release of Notes, the Escrow Agent shall deliver to
AOLA and AOLB, at their election, either the Fourth Anniversary Reference
Payment Note (Brazil) or the Fourth Anniversary Reference Payment Note (Caymans)
by hand delivery or by reputable overnight mail service; or

           (B) if such Audit Certificate (Reference Payments) states that the
Reference Payment is less than or equal to $0 as of the fourth Anniversary Date,
then, within three (3) Business Days of delivery of such Notice of Entitlement
to Release of Notes, the Escrow Agent shall deliver to Itau the Fourth
Anniversary Reference Payment Note (Brazil) and the Fourth Anniversary Reference
Payment Note (Caymans) by hand delivery or by reputable overnight mail service;
or

       (5) (A) if such Audit Certificate (Reference Payments) states that (i) a
Reference Payment greater than $0 has been computed as of the fifth Anniversary
Date, or (ii) that Itau has failed to provide the Auditor with information
sufficient to enable the Auditor to compute a Reference Payment as of the fifth
Anniversary Date, then, within three (3) Business Days of delivery of such
Notice of Entitlement to Release of Notes, the Escrow Agent shall deliver to
AOLA and AOLB, at their election, either the Fifth Anniversary Reference Payment
Note (Brazil) or the Fifth Anniversary Reference Payment Note (Caymans) by hand
delivery or by reputable overnight mail service; or

           (B) if such Audit Certificate (Reference Payments) states that the
Reference Payment is less than or equal to $0 as of the fifth Anniversary Date,
then, within three (3) Business Days of delivery of such Notice of Entitlement
to Release of Notes, the Escrow Agent shall deliver to Itau the Fifth
Anniversary Reference Payment Note (Brazil) and the Fifth Anniversary Reference
Payment Note (Caymans) by hand delivery or by reputable overnight mail service.

       (b) Whenever any of the Reference Payment Notes (Brazil) or the Reference
Payment Notes (Caymans) are released from escrow to AOLA and AOLB in accordance
with the provisions of Section 4(a) above,

          (1) the Note selected by AOLA and AOLB to be released from escrow
shall be referred to as the "Released Reference Payment Note," and the Note that
is not selected by AOLA and AOLB to be released from escrow shall be referred to
as the "Retained Reference Payment Note;" and

                                       6
<PAGE>

          (2) except as provided in Section 11 hereof, the Retained Reference
Payment Note shall not be released from escrow and shall remain in the custody
of the Escrow Agent.

  5.  Release of Reference Payment Notes On Account of Acceleration Payment.
      ----------------------------------------------------------------------

      (a) Within three (3) Business Days of receipt by the Escrow Agent of an
arbitrator's decision or award finding that Itau is obligated under the
Marketing Agreement to pay an Acceleration Payment on account of the occurrence
of a Material Payment Breach, the Escrow Agent shall send a Notice of
Entitlement to Release of Notes by facsimile to AOLA, AOLB and Itau setting
forth the date that the Escrow Agent received such decision or award and
attaching a copy of such decision or award received by the Escrow Agent, and

          (1) if such decision or award states that the Material Payment Breach
first occurred as a result of Itau's failure to pay a Reference Payment owing as
of the First Anniversary Date, then, within three (3) Business Days of the
delivery of such Notice of Entitlement to Release of Notes, the Escrow Agent
shall deliver to AOLA and AOLB, at their written instruction, either (i) the
First, Second, Third, Fourth and Fifth Reference Payment Notes (Brazil), or (ii)
the First, Second, Third, Fourth and Fifth Reference Payment Notes (Caymans), by
hand delivery or by reputable overnight mail service;

          (2) if such decision or award states that the Material Payment Breach
first occurred as a result of Itau's failure to pay a Reference Payment owing as
of the Second Anniversary Date, then, within three (3) Business Days of the
delivery of such Notice of Entitlement to Release of Notes, the Escrow Agent
shall deliver to AOLA and AOLB, at their written instruction, either (i) the
Second, Third, Fourth and Fifth Reference Payment Notes (Brazil), or (ii) the
Second, Third, Fourth and Fifth Reference Payment Notes (Caymans), by hand
delivery or by reputable overnight mail service;

          (3) if such decision or award states that the Material Payment Breach
first occurred as a result of Itau's failure to pay a Reference Payment owing as
of the Third Anniversary Date, then, within three (3) Business Days of the
delivery of such Notice of Entitlement to Release of Notes, the Escrow Agent
shall deliver to AOLA and AOLB, at their written instruction, either (i) the
Third, Fourth and Fifth Reference Payment Notes (Brazil), or (ii) the Third,
Fourth and Fifth Reference Payment Notes (Caymans), by hand delivery or by
reputable overnight mail service;

          (4) if such decision or award states that the Material Payment Breach
first occurred as a result of Itau's failure to pay a Reference Payment owing as
of the Fourth Anniversary Date, then, within three (3) Business Days of the
delivery of such Notice of Entitlement to Release of Notes, the Escrow Agent
shall deliver to AOLA and AOLB, at their written instruction, either (i) the
Fourth and Fifth Reference Payment Notes (Brazil), or (ii) the

                                       7
<PAGE>

Fourth and Fifth Reference Payment Notes (Caymans), by hand delivery or by
reputable overnight mail service;

          (5) if such decision or award states that the Material Payment Breach
first occurred as a result of Itau's failure to pay a Reference Payment owing as
of the Fifth Anniversary Date, then, within three (3) Business Days of the
delivery of such Notice of Entitlement to Release of Notes, the Escrow Agent
shall deliver to AOLA and AOLB, at their written instruction, either (i) the
Fifth Reference Payment Notes (Brazil), or (ii) the Fifth Reference Payment
Notes (Caymans), by hand delivery or by reputable overnight mail service;

       (b) Whenever either the series of Reference Payment Notes (Brazil) or the
series of Reference Payment Notes (Caymans) are released from escrow to AOLA and
AOLB in accordance with the provisions of Section 5(a) above,

          (1) the series of Notes selected by AOLA and AOLB to be released from
escrow shall be referred to as the "Released Acceleration Payment Notes," and
the series of Notes that is not selected by AOLA and AOLB to be released from
escrow shall be referred to as the "Retained Acceleration Payment Notes;" and

          (2) except as provided in Section 11 hereof, the Retained Acceleration
Payment Notes shall not be released from escrow and shall remain in the custody
of the Escrow Agent; and

  6.  Release of Reference Payment Notes From Escrow Upon Lapse of Time.
      -----------------------------------------------------------------

      (a) If, on the second Anniversary Date, all of the following conditions
are satisfied, the First Anniversary Reference Payment Note (Brazil) and the
First Anniversary Reference Payment Note (Caymans) shall be released from escrow
and shall be delivered to Itau within three (3) Business Days of the second
Anniversary Date by hand delivery or by reputable overnight mail service:

              (i)    neither the First Anniversary Reference Payment Note
                     (Brazil) nor the First Anniversary Reference Payment Note
                     (Caymans) have been released from escrow to AOLA and AOLB
                     pursuant to Section 4 hereof,

              (ii)   the Escrow Agent has not received an Audit Certificate
                     (Reference Payments) that computes a Reference Payment as
                     of the first Anniversary Date that is greater than $0, and

              (iii)  the Escrow Agent has not received a certificate in the form
                     of Exhibit I attached hereto (a "Claim Certificate")
                        ---------
                     stating that AOLA and AOLB have made a claim that relates
                     to the First

                                       8
<PAGE>

              Anniversary Reference Payment Note (Brazil) or the First
              Anniversary Reference Payment Note (Caymans).

       (b) If, on the third Anniversary Date, all of the following conditions
are satisfied, the Second Anniversary Reference Payment Note (Brazil) and the
Second Anniversary Reference Payment Note (Caymans) shall be released from
escrow and shall be delivered to Itau within three (3) Business Days of the
third Anniversary Date by hand delivery or by reputable overnight mail service:

              (i)    neither the Second Anniversary Reference Payment Note
                     (Brazil) nor the Second Anniversary Reference Payment Note
                     (Caymans) have been released from escrow to AOLA and AOLB
                     pursuant to Section 4 hereof,

              (ii)   the Escrow Agent has not received an Audit Certificate
                     (Reference Payments) that computes a Reference Payment as
                     of the second Anniversary Date that is greater than $0, and

              (iii)  the Escrow Agent has not received a Claim Certificate
                     stating that AOLA and AOLB have made a claim that relates
                     to the Second Anniversary Reference Payment Note (Brazil)
                     or the Second Anniversary Reference Payment Note (Caymans).

       (c) If, on the fourth Anniversary Date, all of the following conditions
are satisfied, the Third Anniversary Reference Payment Note (Brazil) and the
Third Anniversary Reference Payment Note (Caymans) shall be released from escrow
and shall be delivered to Itau within three (3) Business Days of the fourth
Anniversary Date by hand delivery or by reputable overnight mail service:

              (i)    neither the Third Anniversary Reference Payment Note
                     (Brazil) nor the Third Anniversary Reference Payment Note
                     (Caymans) have been released from escrow to AOLA and AOLB
                     pursuant to Section 4 hereof,

              (ii)   the Escrow Agent has not received an Audit Certificate
                     (Reference Payments) that computes a Reference Payment as
                     of the third Anniversary Date that is greater than $0, and

              (iii)  the Escrow Agent has not received a Claim Certificate
                     stating that AOLA and AOLB have made a claim that relates
                     to the Third Anniversary Reference Payment Note (Brazil) or
                     the Third Anniversary Reference Payment Note (Caymans).

                                       9
<PAGE>

       (d) If, on the fifth Anniversary Date, all of the following conditions
are satisfied, the Fourth Anniversary Reference Payment Note (Brazil) and the
Fourth Anniversary Reference Payment Note (Caymans) shall be released from
escrow and shall be delivered to Itau within three (3) Business Days of the
fifth Anniversary Date by hand delivery or by reputable overnight mail service:

              (i)    neither the Fourth Anniversary Reference Payment Note
                     (Brazil) nor the Fourth Anniversary Reference Payment Note
                     (Caymans) have been released from escrow to AOLA and AOLB
                     pursuant to Section 4 hereof,

              (ii)   the Escrow Agent has not received an Audit Certificate
                     (Reference Payments) that computes a Reference Payment as
                     of the fourth Anniversary Date that is greater than $0, and

              (iii)  the Escrow Agent has not received a Claim Certificate
                     stating that AOLA and AOLB have made a claim that relates
                     to the Fourth Anniversary Reference Payment Note (Brazil)
                     or the Fourth First Anniversary Reference Payment Note
                     (Caymans).

       (e) If, on the sixth Anniversary Date, all of the following conditions
are satisfied, the Fifth Anniversary Reference Payment Note (Brazil) and the
Fifth Anniversary Reference Payment Note (Caymans) shall be released from escrow
and shall be delivered to Itau within three (3) Business Days of the sixth
Anniversary Date by hand delivery or by reputable overnight mail service:

              (i)    neither the Fifth Anniversary Reference Payment Note
                     (Brazil) nor the Fifth Anniversary Reference Payment Note
                     (Caymans) have been released from escrow to AOLA and AOLB
                     pursuant to Section 4 hereof,

              (ii)   the Escrow Agent has not received an Audit Certificate
                     (Reference Payments) that computes a Reference Payment as
                     of the fifth Anniversary Date that is greater than $0, and

              (iii)  the Escrow Agent has not received a Claim Certificate
                     stating that AOLA and AOLB have made a claim that relates
                     to the Fifth Anniversary Reference Payment Note (Brazil) or
                     the Fifth Anniversary Reference Payment Note (Caymans).

  7.  Release of Reference Payment Notes From Escrow Upon Release of Termination
      --------------------------------------------------------------------------
Fee Notes.  If at any time, any of the Termination Fee Notes are released from
---------
escrow and delivered to AOLA, AOLB or Itau pursuant to the terms of this Escrow
Agreement, then within three (3)

                                       10
<PAGE>

Business Days thereafter, all of the Reference Payment Notes (Brazil) and the
Reference Payment Notes (Caymans) shall be released from escrow and shall be
delivered to Itau by hand delivery or by reputable overnight mail service.

  8.   Release of Termination Fee Notes From Escrow On Account of Arbitration
       ----------------------------------------------------------------------
Award.
------

       (a) Within three (3) Business Days of receipt by the Escrow Agent of an
arbitrator's decision or award finding that Itau is obligated under the
Marketing Agreement to pay any Termination Fee, the Escrow Agent shall send a
Notice of Entitlement to Release of Notes by facsimile to AOLA, AOLB and Itau
setting forth the date that the Escrow Agent received such decision or award and
attaching a copy of such decision or award received by the Escrow Agent, and

          (1) if such decision or award states that it is rendered in whole or
in part on account of conduct by Itau occurring between the Launch Date and the
first Anniversary Date, then, within three (3) Business Days of the delivery of
such Notice of Entitlement to Release of Notes, the Escrow Agent shall deliver
to AOLA and AOLB, at their written instruction, either the First Anniversary
Termination Fee Note (Brazil) or the First Anniversary Termination Fee Note
(Caymans) by hand delivery or by reputable overnight mail service;

          (2) if such decision or award states that it is rendered in whole or
in part on account of conduct by Itau occurring between the first Anniversary
Date and the second Anniversary Date, then, within three (3) Business Days of
the delivery of such Notice of Entitlement to Release of Notes, the Escrow Agent
shall deliver to AOLA and AOLB, at their election, either the Second Anniversary
Termination Fee Note (Brazil) or the Second Anniversary Termination Fee Note
(Caymans) by hand delivery or by reputable overnight mail service;

          (3) if such decision or award states that it is rendered in whole or
in part on account of conduct by Itau occurring between the second Anniversary
Date and the third Anniversary Date, then, within three (3) Business Days of the
delivery of such Notice of Entitlement to Release of Notes, the Escrow Agent
shall deliver to AOLA and AOLB, at their election, either the Third Anniversary
Termination Fee Note (Brazil) or the Third Anniversary Termination Fee Note
(Caymans) by hand delivery or by reputable overnight mail service;

          (4) if such decision or award states that it is rendered in whole or
in part on account of conduct by Itau occurring between the third Anniversary
Date and the fourth Anniversary Date, then, within three (3) Business Days of
the delivery of such Notice of Entitlement to Release of Notes, the Escrow Agent
shall deliver to AOLA and AOLB, at their election, either the Fourth Anniversary
Termination Fee Note (Brazil) or the Fourth Anniversary Termination Fee Note
(Caymans) by hand delivery or by reputable overnight mail service; or

          (5) if such decision or award states that it is rendered in whole or
in part on account of conduct by Itau occurring between the fourth Anniversary
Date and the fifth

                                       11
<PAGE>

Anniversary Date, then, within three (3) Business Days of the delivery of such
Notice of Entitlement to Release of Notes, the Escrow Agent shall deliver to
AOLA and AOLB, at their election, either the Fifth Anniversary Termination Fee
Note (Brazil) or the Fifth Anniversary Termination Fee Note (Caymans) by hand
delivery or by reputable overnight mail service.

       (b) Whenever any of the Termination Fee Notes are released from escrow to
AOLA and AOLB in accordance with the provisions of Section 8(a) above,

          (1) the Note selected by AOLA and AOLB to be released from escrow
shall be referred to as the "Released Termination Fee Note," and the Note that
is not selected by AOLA and AOLB to be released from escrow shall be referred to
as the "Retained Termination Fee Note;"

          (2) except as provided in Section 11 hereof, the Retained Termination
Fee Note shall not be released from escrow and shall remain in the custody of
the Escrow Agent; and

          (3) all Termination Fee Notes other than the Released Termination Fee
Note and the Retained Termination Fee Note shall be released from escrow and,
within three (3) Business Days thereof, shall be delivered by the Escrow Agent
to Itau by hand delivery or by reputable overnight mail service.

       (c) Within three (3) Business Days of receipt by the Escrow Agent of an
arbitrator's decision finding that Itau is not obligated under the Marketing
Agreement to pay any Termination Fee, (i) the Escrow Agent shall send written
notification by facsimile to AOLA, AOLB and Itau of the date that the Escrow
Agent received such decision, including a copy of such decision received by the
Escrow Agent, and (ii) all of the Termination Fee Notes (Brazil) and the
Termination Fee Notes (Caymans) shall be released from escrow and shall be
delivered by the Escrow Agent to Itau by hand delivery or by a reputable
overnight mail service.

  9.   Release of Termination Fee Notes From Escrow Upon Lapse Of Time.
       ---------------------------------------------------------------

       (a) If, on the second Anniversary Date, all of the following conditions
are satisfied, the First Anniversary Termination Fee Note (Brazil) and the First
Anniversary Termination Fee Note (Caymans) shall be released from escrow and
shall be delivered to Itau within three (3) Business Days of the second
Anniversary Date by hand delivery or by reputable overnight mail service:

              (i)    neither the First Anniversary Termination Fee Note (Brazil)
                     nor the First Anniversary Termination Fee Note (Caymans)
                     have been released from escrow to AOLA and AOLB pursuant to
                     Section 8 hereof, and

                                       12
<PAGE>

              (ii)   the Escrow Agent has not received a Claim Certificate
                     stating that AOLA and AOLB have made a claim that relates
                     to the First Anniversary Termination Fee Note (Brazil) or
                     the First Anniversary Termination Fee Note (Caymans).

       (b) If, on the third Anniversary Date, all of the following conditions
are satisfied, the Second Anniversary Termination Fee Note (Brazil) and the
Second Anniversary Termination Fee Note (Caymans) shall be released from escrow
and shall be delivered to Itau within three (3) Business Days of the third
Anniversary Date by hand delivery or by reputable overnight mail service:

              (i)    neither the Second Anniversary Termination Fee Note
                     (Brazil) nor the Second Anniversary Termination Fee Note
                     (Caymans) have been released from escrow to AOLA and AOLB
                     pursuant to Section 8 hereof, and

              (ii)   the Escrow Agent has not received a Claim Certificate
                     stating that AOLA and AOLB have made a claim that relates
                     to the Second Anniversary Termination Fee Note (Brazil) or
                     the Second Anniversary Termination Fee Note (Caymans).

       (c) If, on the fourth Anniversary Date, all of the following conditions
are satisfied, the Third Anniversary Termination Fee Note (Brazil) and the Third
Anniversary Termination Fee Note (Caymans) shall be released from escrow and
shall be delivered to Itau within three (3) Business Days of the fourth
Anniversary Date by hand delivery or by reputable overnight mail service:

              (i)    neither the Third Anniversary Termination Fee Note (Brazil)
                     nor the Third Anniversary Termination Fee Note (Caymans)
                     have been released from escrow to AOLA and AOLB pursuant to
                     Section 8 hereof, and

              (ii)   the Escrow Agent has not received a Claim Certificate
                     stating that AOLA and AOLB have made a claim that relates
                     to the Third Anniversary Termination Fee Note (Brazil) or
                     the Third Anniversary Termination Fee Note (Caymans).

       (d) If, on the fifth Anniversary Date, all of the following conditions
are satisfied, the Fourth Anniversary Termination Fee Note (Brazil) and the
Fourth Anniversary Termination Fee Note (Caymans) shall be released from escrow
and shall be delivered to Itau within three (3) Business Days of the fifth
Anniversary Date by hand delivery or by reputable overnight mail service:

                                       13
<PAGE>

              (i)    neither the Fourth Anniversary Termination Fee Note
                     (Brazil) nor the Fourth Anniversary Termination Fee Note
                     (Caymans) have been released from escrow to AOLA and AOLB
                     pursuant to Section 8 hereof, and

              (ii)   the Escrow Agent has not received a Claim Certificate
                     stating that AOLA and AOLB have made a claim that relates
                     to the Fourth Anniversary Termination Fee Note (Brazil) or
                     the Fourth First Anniversary Termination Fee Note
                     (Caymans).

       (e) If, on the sixth Anniversary Date, all of the following conditions
are satisfied, the Fifth Anniversary Termination Fee Note (Brazil) and the Fifth
Anniversary Termination Fee Note (Caymans) shall be released from escrow and
shall be delivered to Itau within three (3) Business Days of the sixth
Anniversary Date by hand delivery or by reputable overnight mail service:

              (i)    neither the Fifth Anniversary Termination Fee Note (Brazil)
                     nor the Fifth Anniversary Termination Fee Note (Caymans)
                     have been released from escrow to AOLA and AOLB pursuant to
                     Section 8 hereof, and

              (ii)   the Escrow Agent has not received a Claim Certificate
                     stating that AOLA and AOLB have made a claim that relates
                     to the Fifth Anniversary Termination Fee Note (Brazil) or
                     the Fifth Anniversary Termination Fee Note (Caymans).

  10.  Release of Notes Upon Non-Compliance With Caymans Financial Test.
       ----------------------------------------------------------------

       (a) Within three (3) Business Days of the receipt by the Escrow Agent of
a certificate by an auditor in the form of Exhibit J attached hereto (an "Audit
                                           ---------
Certificate (Caymans Financial Test)"), stating that Itau does not comply with
the Caymans Financial Test, (i) there shall be released from escrow, and the
Escrow Agent shall deliver to AOLA and AOLB by hand delivery or by reputable
overnight mail service, at the written election of AOLA and AOLB, either the
Termination Fee Note (Brazil) or the Termination Fee Note (Caymans) listed in
such Audit Certificate (Caymans Financial Test), and (ii) if, pursuant to clause
(i) above, AOLA and AOLB elect to have released from escrow a Termination Fee
Note (Brazil), then there shall be released from escrow, and the Escrow Agent
shall deliver to AOLA and AOLB by hand delivery or by reputable overnight mail
service, the Reference Payment Notes (Brazil) listed in such Audit Certificate
(Caymans Financial Test), or if, pursuant to clause (i) above, AOLA and AOLB
elect to have released from escrow a Termination Fee Note (Caymans), then there
shall be released from escrow, and the Escrow Agent shall deliver to AOLA and
AOLB by hand delivery or by reputable overnight mail service, the Reference
Payment Notes (Caymans) listed in such Audit Certificate (Caymans Financial
Test).

                                       14
<PAGE>

       (b) The Notes to be released from escrow in accordance with Section 10(a)
above shall be referred to as the "Released CFT Notes," and the Notes that are
not released from escrow shall be referred to as the "Retained CFT Notes."

       (c) Except as provided in Section 11 hereof, the Retained CFT Notes shall
not be released from escrow and shall remain in the custody of the Escrow Agent.

  11.  Exchange of Released Note(s) for Retained Note(s).
       -------------------------------------------------

       (a) At any time that AOLA and AOLB have possession of a Released
Reference Payment Note, a Released Termination Fee Note, the Released
Acceleration Payment Notes or the Released CFT Notes (each such Note or Notes
being hereinafter referred to as the "Released Note" or the "Released Notes"),
AOLA and AOLB may exchange such Released Reference Payment Note for the Retained
Reference Payment Note, may exchange such Released Termination Fee Note for the
Retained Termination Fee Note, may exchange all of such Released Acceleration
Payment Notes for all of the Retained Acceleration Payment Notes, and may
exchange all of such Released CFT Notes for the Retained CFT Notes (each such
Note or Notes for which the Released Note or Notes may be exchanged being
hereinafter referred to as the "Retained Note" or the "Retained Notes"). Upon
such exchange, (i) the Retained Note or Notes shall be released from escrow and
the Escrow Agent shall deliver the Retained Note or Notes to AOLA and AOLB by
hand delivery or by reputable overnight mail service, and (ii) the Escrow Agent
shall take custody of the Released Note or Notes, and shall hold such Released
Note or Notes in accordance with the provisions of Section 3 hereof. Immediately
after such exchange, for purposes of this Escrow Agreement, the Retained Note or
Notes delivered to AOLA and AOLB in accordance with the immediately preceding
sentence shall be deemed to be the Released Note or Notes, and the Released Note
or Notes over which the Escrow Agent has taken custody pursuant to the
immediately preceding sentence shall be deemed to be the Retained Note or Notes.
AOLA and AOLB may conduct unlimited exchanges of Released Notes for Retained
Notes in accordance with the terms of this Section.

       (b) Pursuant to the terms of the Marketing Agreement, under certain
circumstances after a Released Note or Notes have been released from escrow and
delivered to AOLA and AOLB pursuant to the terms of this Escrow Agreement, Itau
is entitled to substitute a Substituted Reference Payment Note for a Released
Reference Payment Note, a Substituted Termination Fee Note for a Released
Termination Fee Note, a Substituted Acceleration Payment Note for all of the
Released Acceleration Payment Notes, and a Substituted CFT Note for all of the
Released CFT Notes. The parties hereto agree that, if Itau shall make any such
substitutions (all of which substitutions shall be made directly among AOLA,
AOLB and Itau without the involvement of the Escrow Agent), for all purposes
under this Escrow Agreement, any such substituted note or notes shall be deemed
to be the corresponding Released Note or Notes for which such substitution was
made, notwithstanding the fact that such substituted note or notes may state a
different principal amount than the Released Note or Notes or that more than one
note may be substituted for a single note. AOLA, AOLB and Itau shall notify the
Escrow Agent in writing if any such

                                       15
<PAGE>

substitutions are made, and shall identify the substituted note and the Released
Note or Notes for which such substitution was made.

  12.  Release of All Notes on Termination Date.  All Notes in the custody of
       ----------------------------------------
the Escrow Agent as of the Termination Date shall be released from escrow and
shall be delivered to Itau within three (3) Business Days thereof by hand
delivery or by reputable overnight mail service.

  13.  Release of Notes By Consent.  At any time, AOLA, AOLB and Itau may, by
       ---------------------------
mutual agreement, direct the Escrow Agent to release one of more of the Notes by
delivering to the Escrow Agent a certificate in the form of Exhibit K attached
                                                            ---------
hereto (a "Note Release Certificate").  Upon receipt by the Escrow Agent of a
Note Release Certificate, the Notes listed in such Note Release Certificate
shall be released from escrow and, within three (3) Business Days of such
receipt, the Escrow Agent shall deliver the Notes listed in such Note Release
Certificate to the party listed in such Note Release Certificate by hand
delivery or by reputable overnight mail service

     14.  Deposit/Release of Reference Payment Notes On Account of Failure to
          -------------------------------------------------------------------
Pay Post-Breach Reference Payment.
---------------------------------

          (a) Upon receipt by the Escrow Agent of a certificate in the form of
Exhibit L attached hereto (a "Certificate of Deposit of Post-Breach Reference
---------
Payment Note"), together with the original promissory note described in such
Certificate (the "Post-Breach Reference Payment Note"), the Escrow Agent shall
hold such Post-Breach Reference Payment Note in escrow in the same manner and
under the same terms and conditions as the Notes, and such Post-Breach Reference
Payment Note shall constitute a "Note" for all purposes under this Escrow
Agreement.

          (1) The Post-Breach Reference Payment Note shall be released to AOLA
or AOLB upon receipt by the Escrow Agent of a Certificate of Release of
Reference Payment Note in the form of Exhibit M attached hereto, whereupon
                                      ---------
within three (3) Business Days thereafter, the Escrow Agent shall deliver the
Post-Breach Reference Payment Note to AOLA and AOLB by hand delivery or by
reputable overnight mail service.

          (2) In the event that Itau exercises its exchange rights pursuant to
Section 11 hereof, AOLA, AOLB and Itau shall designate the Reference Payment
Note for which the Post-Breach Reference Payment Note has been substituted, it
being understood that, pursuant to the terms of the Marketing Agreement, such
Reference Payment Note has been split into two substituted notes, one being the
Post-Breach Reference Payment Note held in escrow by the Escrow Agent and the
other being a note that has been delivered to AOLA and AOLB (the "Pre-Breach
Reference Payment Note"). For purposes of Section 11 hereof, unless and until
the Post-Breach Reference Payment Note is released to AOLA and AOLB, the Pre-
Breach Reference Payment Note shall be deemed to be the Released Reference
Payment Note. On and after the date, if any, that the Post-Breach Reference
Payment Note is released to AOLB and AOLB, both the Pre-Breach Reference Payment
Note and the Post-Breach Reference Payment Note, collectively, shall be deemed
to be the Released Reference Payment Note.

                                       16
<PAGE>

       (b) Upon receipt by the Escrow Agent of a Certificate of Release of
Reference Payment Note stating that a Reference Payment Note should be released
to AOLA and AOLB on account of the fact that Itau has failed to pay a Post-
Breach Reference Payment, such Reference Payment Note shall be released from
escrow and delivered to AOLA and AOLB within three (3) Business Days thereafter
by hand delivery or by reputable overnight mail service.

  15.  Continuation of Escrow.  Except as expressly permitted by the terms of
       ----------------------
this Escrow Agreement, or as otherwise ordered by an arbitrator or court of
competent jurisdiction, none of the Notes shall be released from the escrow
created by this Escrow Agreement.

  16.  Applicable Law; Arbitration.
       ---------------------------

       (a) This Agreement shall be governed by and construed and interpreted in
accordance with the law of the State of New York, without reference to the
conflict of laws provisions thereof except for N.Y.G.O.L. (S)(S) 5-1401 and
5-1402.

       (b) Any dispute, controversy or claim among AOLA, AOLB and Itau arising
out of or relating to this Agreement, or the breach, termination or validity
thereof ("Dispute") shall be decided by arbitration administered by the American
Arbitration Association ("AAA") in accordance with the International Arbitration
Rules of the AAA ("Rules"). For the purpose of any arbitration held pursuant to
this Section 16, AOLA and AOLB shall act as one party and Itau shall act as one
party for the purpose of the appointment of arbitrators and for the general
conduct of the arbitration. The arbitration shall be conducted in New York in
the English language and the award shall be rendered in New York. Any judicial
proceeding by a party seeking to set aside, vacate or modify an arbitral award
issued hereunder shall be filed in the United States District Court for the
Southern District of New York or the New York State Courts located in New York,
New York and shall be subject to the Federal Arbitration Act, 9 U.S.C. (S)(S) 1
et seq. The parties hereto consent to the exclusive -- --- jurisdiction of the
aforesaid courts for any judicial consideration of an arbitration award
hereunder.

       (c) Each arbitration shall be commenced by, and on the date of, the
serving of a statement of claim by the claimant on the respondent
("Commencement"). The claimant shall simultaneously file such statement of claim
with the AAA. The arbitral award shall be final and binding and the prevailing
party may enter such award in any court having jurisdiction. The panel shall
order all expenses and costs of an arbitration, including reasonable counsel and
consultant fees, to be paid by the non-prevailing party. In a proceeding in
which both parties prevail on different issues in dispute, the panel shall
provide in its award for an apportionment of such expenses and costs reasonably
reflecting the relative significance of the issues decided. Any disputes as to
the reasonableness of counsel fees or other expenses or costs of the prevailing
party shall be decided by the same panel. The arbitral award shall incorporate
the amount of costs and fees to be paid by the non-prevailing party. By agreeing
to arbitration, the parties do not intend to deprive any court of its
jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or
other order in aid of arbitration proceedings. However, the parties agree that
any such relief in aid

                                       17
<PAGE>

of arbitration shall be sought exclusively in the United States District Court
for the Southern District of New York or the New York State Courts located in
New York, New York. Without prejudice to such provisional remedies as may be
available under the jurisdiction of a court, the arbitral tribunal shall have
full authority to grant provisional remedies or to order any party or parties to
request that a court modify or vacate any temporary or preliminary relief issued
by that court, and to award damages for the failure of any party to comply with
the arbitral tribunal's orders to that effect. The parties shall use
commercially reasonable efforts to facilitate the expeditious resolution of any
Disputes.

       (d) With respect to any arbitration commenced pursuant to this Section
16, the following specific schedule and content of proceedings shall be adhered
to by the parties, unless otherwise mutually agreed:

          (1) Within thirty (30) days after the execution of this Agreement, the
parties, in consultation with the Escrow Agent, shall pre-select a single
arbitrator to hear any such Dispute and at least two additional back-up
arbitrators who will, in the order ranked by the parties, serve if the first
chosen arbitrator is unable to serve on the schedule required hereunder. If the
parties are unable to agree on the arbitrators within said thirty (30) days,
either or both parties shall immediately request the AAA to make such selection
after furnishing the parties a list of no less than ten (10) qualified
arbitrators. Within ten (10) days after receipt of such list, each party shall
return said list to the AAA in which it shall have stricken three (3) of the
arbitrator candidates and ranked the remaining arbitrator candidates remaining
on the list 1 through 7, 1 being the party's first choice. The AAA shall select
one arbitrator and two back-up arbitrators in order of their combined ranking by
the parties. Upon selection, the arbitrators shall be provided a copy of this
Escrow Agreement and other information either party considers useful to the
arbitrator for purposes of being prepared to consider such Dispute. As provided
in this Section, the place of arbitration shall be New York and the award shall
be rendered in New York; however, the arbitrator shall have discretion to hold
evidentiary hearings in Brazil or elsewhere where appropriate to expedite the
proceeding.

          (2) Immediately upon commencement, the party initiating the
arbitration shall contact the first ranking pre-selected arbitrator and request
their service on the schedule set forth herein. In the event that person is not
able to commit to this schedule, the back-up arbitrators shall be similarly
contacted in their order of ranking. The first arbitrator in the ranking to
commit to the schedule shall be the selected arbitrator. Within five (5) days
after notification by either party to the other party and the selected
arbitrator of such a Dispute, the arbitrator shall meet with the parties and
determine the information to be provided by the parties and the schedule upon
which the arbitration shall proceed; provided, however, that such proceedings
                                     --------  -------
shall, unless the parties agree otherwise, be concluded and a final award
rendered no more than thirty (30) days after the receipt by the parties and the
selected arbitrator of the notice of the Dispute. An award rendered hereunder
shall be valid and binding notwithstanding the failure of the arbitrator to
render the award within the schedule set forth herein or as mutually amended by
the parties. The parties specifically agree not to move to set aside or refuse
enforcement of such award on the basis that it was not timely rendered and
irrevocably waive any right to do so.

                                       18
<PAGE>

       (e) Unless mutually agreed by the parties, there shall be no joinder or
consolidation of a Dispute hereunder with any other Dispute.

       (f) In the case of all arbitration proceedings hereunder, the award of
the single arbitrator or tribunal shall be final and fully effective as between
the parties when the award is issued to the parties without regard to the filing
by any party of judicial proceedings seeking to set aside, vacate or modify the
award. In the event that judicial proceedings are filed as to any award and a
final judicial determination is made setting aside, vacating or modifying the
award, the parties shall take all appropriate actions to comply with such
determination, including the revocation or unwinding of any actions taken or
restoration of any payments made pursuant to the arbitral award with interest
thereon at the prevailing rate.

       (g) The parties shall continue to perform their obligations hereunder
during the pendency of any arbitral proceeding.

  17.  Limitation of Disputes.  AOLA, AOLB and Itau hereby agree that any claim,
       ----------------------
counterclaim, defense, setoff, offset, dispute or controversy arising among the
parties under the Marketing Agreement shall not constitute a claim,
counterclaim, defense, setoff, offset, dispute or controversy under this Escrow
Agreement, nor shall it impair, delay or affect the operation or interpretation
of the terms of this Escrow Agreement.  The rights and obligations of the
parties hereto are separate and independent from the rights and obligations of
the parties under the Marketing Agreement.

  18.  Escrow Agent.
       ------------

       (a) The duties, responsibilities and obligations of the Escrow Agent
shall be limited to those expressly set forth herein and no duties,
responsibilities or obligations shall be inferred or implied. The Escrow Agent
may conclusively rely and shall be protected in acting or refraining from acting
upon any written notice, request, waiver, consent, receipt or other paper or
document from any duly authorized officer or agent of AOLA, AOLB or Itau, not
only as to its due execution and the validity and effectiveness of its
provisions, but also as to the truth of any information therein contained that
the Escrow Agent in good faith believes to be genuine and as to which the Escrow
Agent shall have no actual notice of invalidity, lack of authority or other
deficiency; provided, that this Section 18(a) shall in no way authorize the
Escrow Agent to deviate from or fail to comply with the express terms of this
Escrow Agreement.

       (b) The Escrow Agent shall not be liable for any error of judgment, or
for any act done or step taken or omitted by it in good faith, or for any
mistake of fact or law, or for anything which it may do or refrain from doing in
connection therewith, except for any liability arising from its (i) failure to
comply with the terms of this Escrow Agreement or (ii) own gross negligence,
willful misconduct or bad faith. In the event of any dispute between or
conflicting claims by or among AOLA, AOLB, Itau and/or any other person or
entity with respect to any of the

                                       19
<PAGE>

Notes, the Escrow Agent shall not be or become liable in any way to AOLA, AOLB
and Itau for complying with the terms of this Escrow Agreement.

       (c) The Escrow Agent shall be entitled to consult with competent and
responsible counsel of its choice with respect to the interpretation of the
provisions hereof, and any other legal matters relating hereto, and shall be
fully protected in taking any action or omitting to take any action in good
faith in accordance with the advice of such counsel.

       (d) AOLA, AOLB and Itau jointly and severally agree to reimburse,
indemnify and hold the Escrow Agent harmless from any and all claims,
liabilities, damages, costs, payments and expenses of the Escrow Agent in
connection with its performance of its duties hereunder, including without
limitation, fees and expenses of counsel (who may be selected by the Escrow
Agent) for court actions, any transfer taxes or other taxes relating to the
Notes incurred in connection herewith, or for anything done or omitted by it in
the performance of this Escrow Agreement, except as a result of the Escrow
Agent's (i) failure to comply with the terms of this Escrow Agreement or (ii)
own gross negligence, willful misconduct or bad faith.

       (e) All expenses of the Escrow Agent for its services hereunder
(including fees and expenses of legal counsel) shall be paid one half by AOLA
and AOLB and one half by Itau.

       (f) None of the provisions contained in this Escrow Agreement shall cause
the Escrow Agent to advance its own funds in the performance of their duties
herein described.

       (g) The Escrow Agent shall not by reason of serving as Escrow Agent
hereunder be prohibited from providing other services to any party hereto.

       (h) Upon the release from escrow of any Notes and the delivery of such
Notes as provided in this Escrow Agreement, the Escrow Agent shall have no
further duties with respect to such Notes.

       (i) Upon the occurrence of the Termination Date and the fulfillment of
all duties of the Escrow Agent hereunder, the Escrow Agent shall cease to be the
Escrow Agent hereunder and shall have no further duties or obligations under
this Escrow Agreement.

       (j) The Escrow Agent shall not be responsible in any respect for the
form, execution, validity, value or genuineness of documents or instruments
deposited hereunder, or for any description therein, or for the identity,
authority or rights of persons executing or delivering or purporting to execute
or deliver any such document or instrument.

       (k) The Escrow Agent does not have any interest in the Notes deposited
hereunder but is serving as escrow holder only and having only possession
thereof.

       (l) If at any time the Escrow Agent is served with any judicial or
administrative order, judgment, decree, writ or other form of judicial or
administrative process

                                       20
<PAGE>

which in any way affects the Notes in escrow (including, but not limited to,
orders of attachment or garnishment or other forms of levies or injunctions or
stays relating to the transfer of the Notes), the Escrow Agent shall immediately
deliver a copy of such process by hand delivery or by reputable overnight mail
service to AOLA, AOLB and Itau. The Escrow Agent is authorized to comply with
such process in any manner as it or its legal counsel of its own choosing deems
appropriate; and if the Escrow Agent complies with any such judicial or
administrative order, judgment, decree, writ or other form of judicial or
administrative process, the Escrow Agent shall not be liable to any of the
parties hereto or to any other person or entity even though such order,
judgment, decree, writ or process may be subsequently modified or vacated or
otherwise determined to have been without legal force or effect.

  19.  Successor Escrow Agent.  The Escrow Agent, or any successor, may resign
       ----------------------
at any time upon giving written notice to AOLA, AOLB and Itau thirty (30) days
before such resignation shall take effect.  In addition, AOLA, AOLB and Itau may
terminate the Escrow Agent's appointment as escrow agent upon giving written
notice (jointly signed by AOLA, AOLB and Itau) to the Escrow Agent thirty (30)
days before such termination shall take effect.  If the Escrow Agent shall
resign, be terminated or be unable to serve, then it shall be succeeded by a
successor escrow agent jointly named by AOLA, AOLB and Itau in such thirty (30)
day period, or if no such appointment is made by that time, then appointed by a
court of competent jurisdiction upon petition by the Escrow Agent, AOLA, AOLB or
Itau (in which action the other parties shall be afforded a reasonable
opportunity to participate) to appoint a successor escrow agent.  The Escrow
Agent so removed shall deliver the Notes or any documents held in escrow
hereunder to its successor and shall thereupon be discharged, and the successor
shall thereupon succeed to all of the rights, powers and duties and shall assume
all of the obligations of the Escrow Agent originally named in this Escrow
Agreement.  Upon such delivery of the Notes and any other documents, the Escrow
Agent shall have no further duties, responsibilities or obligations under this
Escrow Agreement.  The successor Escrow Agent shall be a United States bank or
trust company with assets of at least $50,000,000 and with a place of business
in New York, New York.

  20.  Termination.  Unless extended in writing by the parties hereto, the
       -----------
escrow provided for in this Escrow Agreement shall expire on the earlier of:

       (a) the date set forth in a certificate signed by AOLA, AOLB and Itau in
the form attached hereto as Exhibit N (a "Termination Date Certificate");
                            ---------

       (b) the date determined by an arbitrator appointed pursuant to the
Marketing Agreement as being the date upon which this Escrow Agreement
terminates, or;

       (c) the date which is the later of (i) the date that all of the Notes
have been released from the escrow created by this Escrow Agreement, and (ii)
thirty (30) days after the date upon which all Disputes under this Escrow
Agreement are determined by a final decision or award of an arbitrator in
accordance with Section 16 hereof (the "Termination Date").

                                       21
<PAGE>

  21.  Notices; Addresses for Delivery of Notes.  Whenever any Note is required
       ----------------------------------------
to be delivered pursuant to the terms of this Escrow Agreement, such Note shall
be delivered to the party at its address listed below, including any changes to
such address as permitted by the terms of this Section.  For purposes of
determining the date upon which a Note is delivered to a party within the
meaning of this Escrow Agreement, delivery shall be deemed to have been made, in
the case of hand delivery, on the date such Note is received by such party and,
in the case of overnight mail, on the day such Note is given to such overnight
mail service, postage pre-paid; provided, however, notices to the Escrow Agent
shall be deemed to be given when actually received by the Escrow Agent at its
address listed below.  All other notices and other communications required or
permitted hereunder shall be in writing and shall be deemed to have been given
when received, if personally delivered or sent by facsimile transmission, on the
following day if sent by overnight mail, or five (5) days after deposited in the
U.S. mail for delivery by registered or certified mail, return receipt
requested, postage prepaid, addressed as follows:

  If to AOLA and AOLB to:

                    AOL Latin America, Inc
                    600 N. Andrews Avenue, Suite 500.
                    Fort Lauderdale, FL 33309
                    Fax:  (954) 233-1801
                    Attention:  President

  with a copy, which shall not constitute notice, to:

                    Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
                    One Financial Center
                    Boston, MA  02111
                    Fax:  (617) 542-2241
                    Attention:  Peter S. Lawrence, Esq.

  If to Itau:
                    Banco Itau, S.A.
                    Rua Boa Vista, 176
                    Sao Paulo - SP - Brazil
                    Attention:  President and CEO
                    Fax:  55-11-237-3030

                                       22
<PAGE>

  With a copy, which shall not constitute notice, to:

                    Skadden, Arps, Slate, Meagher & Flom, L.L.P.
                    4 Times Square
                    New York, NY  10036
                    Fax:  212-735-2000
                    Attention:  Paul T. Schnell, Esq.

  If to the Escrow Agent to:

                    The Bank of New York
                    101 Barclay Street, 21W
                    New York, NY  10286
                    Fax:  212-815-5190
                    Attention:  Insurance and Escrow Group


  Addresses may be changed by written notice given pursuant to this Section 21.
Any notice given hereunder may be given on behalf of any party by such party's
counsel or other authorized representative.  The Escrow Agent is authorized to
comply with and rely upon any notices, instructions or other communications
believed by it to have been sent or given by AOLA, AOLB or Itau or by a person
or persons authorized by them.

  22.  Further Documents.  Each party hereto agrees to execute such other and
       -----------------
further documents as may be necessary to carry out the intent of this Escrow
Agreement, if reasonably requested by any other party hereto.

  23.  Waivers.  The failure in any one or more instances of a party hereto to
       -------
insist upon performance of any of the terms, covenants or conditions of this
Escrow Agreement, to exercise any right or privilege conferred in this Escrow
Agreement or the waiver by said party of any breach of any of the terms,
covenants or conditions of this Escrow Agreement, shall not be construed as a
subsequent waiver of any such terms, covenants, conditions, rights or
privileges, but the same shall continue and remain in full force and effect as
if no such forbearance of waiver had occurred.  No waiver shall be effective
unless it is in writing and signed by an authorized representative of the
waiving party.

  24.  Counterparts.  This Escrow Agreement may be executed in two or more
       ------------
counterparts, each of which shall be deemed to be an original and all such
counterparts shall constitute but one instrument.

  25.  Force Majeure.  No party hereto shall be responsible for delays or
       -------------
failures in performance under this Escrow Agreement resulting from acts beyond
such party's control.  Such acts shall include but not be limited to acts of
God, strikes, lockouts, riots, acts or war, epidemics,

                                       23
<PAGE>

governmental regulations superimposed after the fact, fire, communication line
failures, power failures, earthquakes or other disasters.

  26.  Severability.  The invalidity of any provision of this Escrow Agreement
       ------------
or portion of a provision shall not affect the validity of any other provision
of this Escrow Agreement or the remaining portion of the applicable provision.

  27.  Preservation of Remedies.  Except as provided in Section 16 hereof, no
       ------------------------
right or remedy herein conferred upon or reserved to any party hereto is
intended to be exclusive of any other right or remedy, and every right or remedy
shall, to the extent permitted by law, be cumulative and in addition to every
other right or remedy given hereunder or now or hereafter existing at law or in
equity or otherwise.  The assertion or employment of any right hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.  Without limiting the foregoing, nothing herein
shall limit AOLA's or AOLB's recourse to Itau for any amounts due under the
Marketing Agreement, and neither AOLA nor AOLB shall be obligated to exercise
its rights under this Escrow Agreement prior to taking other actions available
to it under the Marketing Agreement or at law or in equity or otherwise with
respect to any amounts due under the Marketing Agreement.  AOLA and AOLB shall
have the right and discretion to proceed with any and all remedies available to
them under this Escrow Agreement, the Marketing Agreement or otherwise, in such
order, or simultaneously, as they shall determine in their sole discretion.

  28.  Applicable Law.  This Escrow Agreement shall be governed by the law of
       --------------
the State of New York without giving effect to the conflict of law principles
thereof.

  29.  Binding Effect.  This Escrow Agreement shall inure to the benefit of and
       --------------
be binding upon, and enforceable by, the parties hereto and their successors and
permitted assigns.

  30.  Assignability.  This Escrow Agreement shall not be transferable or
       -------------
assignable by any party hereto without the prior written consent of the other
parties.  Any attempted transfer or assignment other than as permitted above
shall be null and void.

  31.  Amendments.  This Escrow Agreement shall not be modified, amended or
       ----------
supplemented, except pursuant to an instrument in writing executed and delivered
on behalf of each of the parties hereto.  Should AOLA, AOLB and Itau attempt to
change this Escrow Agreement in a manner that would increase the duties or
responsibilities of the Escrow Agent, the Escrow Agent may resign as Escrow
Agent in accordance with the terms of Section 18 of this Escrow Agreement.

  32.  Headings.  The headings and captions contained in this Escrow Agreement
       --------
are for convenience of reference only and shall not affect the meaning or
interpretation of this Escrow Agreement.

  33.  Entire Agreement.  This Escrow Agreement sets forth the entire agreement
       ----------------
and understanding with respect to the escrow transactions described herein and
supersedes all prior

                                       24
<PAGE>

agreements, arrangements and undertakings, whether oral or written, relating to
the subject matter hereof.

  34.  Confidentiality.  No printed or other material in any language, including
       ---------------
prospectuses, notices, reports, and promotional material which mentions "The
Bank of New York" by name shall be publicly issued by any other parties hereto,
or on such party's behalf, without the prior written consent of the Escrow
Agent, unless such issuance is required by law.

  35.  Due Authorization.  Each of AOLA, AOLB and Itau hereby represents and
       -----------------
warrants (a) that this Escrow Agreement has been duly authorized, executed and
delivered on its behalf and constitutes its legal, valid and binding obligation,
and (b) that the execution, delivery and performance of this Escrow Agreement by
AOLA, AOLB and Itau do not and will not violate any applicable law or
regulation.

  36.  Survival of Sections.  The provisions of Sections 16, 18 and 29 shall
       --------------------
survive the termination of this Escrow Agreement or the resignation or removal
of the Escrow Agent.

  37.  No Third Party Beneficiary.  This Escrow Agreement is for the exclusive
       --------------------------
benefit of the parties hereto and their respective successors hereunder, and
shall not be deemed to give, either express or implied, any legal or equitable
right, remedy, or claim to any other entity or person whatsoever.

  IN WITNESS WHEREOF, the parties hereto have executed or caused this Escrow
Agreement to be executed as an instrument under seal by their duly authorized
representatives, as of the date first above written.

                                     AMERICA ONLINE LATIN AMERICA, INC.



                                     By: ________________________________
                                     Name:
                                     Title:

                                     AOL BRASIL LTDA.



                                     By: ________________________________
                                     Name:
                                     Title:

                                     BANCO ITAU, S.A.

                                       25
<PAGE>

                                     By: _________________________________
                                     Name:
                                     Title:

                                     The Bank of New York, as Escrow Agent



                                     By: __________________________________
                                     Name:
                                     Title:

                                       26
<PAGE>

                                   EXHIBIT A

                        REFERENCE PAYMENT NOTES (BRAZIL)

                                NOTA PROMISSORIA

Pagarei a America Online Latin America, Inc., uma sociedade devidamente
organizada e existente em conformidade com as leis de ___________, com sede em
________________________(endereco completo), por esta nota promissoria, a
quantia em Reais equivalente a US$______________________ (___________), pelo
cambio do dia do pagamento, a taxa de venda do dolar norte-americano, divulgada
pelo Banco Central do Brasil (PTAX 800-opcao 5), acrescida, na mora, de juros de
9% a.a. ou pro rata die.

Esta nota promissoria tem vencimento a vista, podendo ser apresentada, para
pagamento, no prazo de 10 (dez) anos, a contar da data de sua emissao.

Esta nota promissoria e nao endossavel, exceto para a AOL Brasil Ltda.

Praca de pagamento: Sao Paulo (SP), Brasil

Local de emissao: Sao Paulo (SP), Brasil

Data de emissao: __ de ________de 2000.

Emitente:
Banco Itau S.A.
CNPJ no.__________________    __________________________________
Endereco:                     Nome:
                              Cargo:

                              __________________________________
                              Nome:
                              Cargo

Bom para Aval:

Itaucorp ___(razao social completa)
CNPJ no.__________________    __________________________________
Endereco:                     Nome:
                              Cargo:

                              __________________________________
                              Nome:
                              Cargo:
<PAGE>

                                   EXHIBIT B

                       REFERENCE PAYMENT NOTES (CAYMANS)

                                PROMISSORY NOTE



US   $________________  _________, 20__


FOR VALUE RECEIVED, the undersigned, BANCO ITAU, S.A., GRAND CAYMAN BRANCH, a
bank organized under the laws of Brazil and registered as a foreign company in
the Cayman Islands (hereinafter called the "Maker"), promises to pay to the
order of AMERICA ONLINE LATIN AMERICA, INC., a company organized under the laws
of the State of Delaware of the United States of America (hereinafter called the
"Holder"), the principal sum of ____________________________ ($____________)
U.S. DOLLARS.

Principal shall be payable on demand by the Holder at the offices of Maples and
Calder, PO Box 309, Ugland House, George Town, Grand Cayman, Cayman Islands or
at such other place as the Holder may designate in writing.

Notwithstanding any provisions to the contrary herein contained, during the
period of any Default (as defined below) under the terms of this Note, the
interest rate on the entire indebtedness then outstanding shall be at the rate
of 9% per annum. Interest shall be computed daily from the date of Default and
continuing until such Default is cured. The total charges for interest and in
the nature of interest shall not exceed the maximum amount allowed by law, and
any excess portion of such charges that may have been paid shall be deemed to
have been prepayments of principal.

The Maker shall be in default of this Note (a "Default") if: (i) the principal
is not received by the Holder on the due date of payment; (ii) the Maker shall
not be in compliance with any of the terms of this Note.  Upon any Default
hereunder, the Maker agrees to pay all costs of collection, including all costs
and a reasonable attorneys' fee, in case the principal of this Note or interest
thereon is not paid on the respective due dates whether suit be brought or not.

This Note may be assigned by the Holder only to AOL Brasil Ltda, a Brazilian
limited liability quota company, but may not otherwise be assigned, transferred
or endorsed.

Any failure of the Holder to exercise any right hereunder shall not be construed
as a waiver of the right to exercise the same or any other right at any time and
from time to time thereafter.

The sums due under this Note shall not be subject to set-off, deduction, or
claims in the nature thereof which any the Maker may have against the holder
hereof; the Maker hereby waives any such claim of set-off, deduction, or any
claim in the nature thereof.
<PAGE>

Each provision of this Note is intended to be severable and the invalidity or
illegality of any portion of this Note shall not affect the validity or legality
of the remainder hereof.

This Note shall be governed by, and interpreted in accordance with, the laws of
the Cayman Islands. The Maker agrees that the Courts of the Cayman Islands shall
have exclusive jurisdiction to hear any dispute (including claims for set off
and counterclaims) which may arise in connection with the validity, effect,
interpretation or performance of this Note or otherwise arising in connection
with this Note. The Maker agrees not to challenge the jurisdiction of the Courts
of the Cayman Islands whether on forum non conveniens grounds or otherwise.

This Note constitutes the entire agreement between the Maker and the Holder
relating to the subject matter of this Note. The Maker acknowledges and confirms
that in entering into this Note it is not relying upon any statement or
representation made by or on behalf of the Holder, whether or not in writing, at
any time prior to execution of this Note which is not expressly set out herein.
The Maker expressly agrees that it will not have any right of action in relation
to any statement or representation, whether oral or written, made on behalf of
any of the Holder in the course of any negotiations which preceded the execution
of this Note, unless such statements or representations were made fraudulently.

The Maker appoints the firm listed below as agent for service of process and any
other documents in proceedings in any legal proceedings in the Cayman Islands in
connection with this Note. Any writ, judgment or other notice or legal process
shall be sufficiently served on the relevant firm if delivered to that firm at
its address for the time being. The Maker undertakes not to revoke the authority
of that firm to act as agent for such service unless it first appoints a
substitute agent for service of process reasonably acceptable to the Holder:

Scotiabank (Cayman Islands) Ltd.
Scotia Centre
6, Cardinal Avenue
George Town
Grand Cayman
Cayman Islands

BANCO ITAU, S.A., GRAND CAYMAN BRANCH

By:                                             Its:



                                       2
<PAGE>

                                   EXHIBIT C

                         TERMINATION FEE NOTES (BRAZIL)

                                NOTA PROMISSORIA

Pagarei a America Online Latin America, Inc., uma sociedade devidamente
organizada e existente em conformidade com as leis de ___________, com sede em
________________________(endereco completo), por esta nota promissoria, a
quantia em Reais equivalente a US$______________________ (___________), pelo
cambio do dia do pagamento, a taxa de venda do dolar norte-americano, divulgada
pelo Banco Central do Brasil (PTAX 800-opcao 5), acrescida, na mora, de juros de
9% a.a. ou pro rata die.

Esta nota promissoria tem vencimento a vista, podendo ser apresentada, para
pagamento, no prazo de 10 (dez) anos, a contar da data de sua emissao.

Esta nota promissoria e nao endossavel, exceto para a AOL Brasil Ltda.

Praca de pagamento: Sao Paulo (SP), Brasil

Local de emissao: Sao Paulo (SP), Brasil

Data de emissao: __ de ________de 2000.

Emitente:
Banco Itau S.A.
CNPJ no.__________________    __________________________________
Endereco:                     Nome:
                              Cargo:

                              __________________________________
                              Nome:
                              Cargo
Bom para Aval:

Itaucorp ___(razao social completa)
CNPJ no.__________________    __________________________________
Endereco:                     Nome:
                              Cargo:
                              __________________________________
                              Nome:
                              Cargo:
<PAGE>

                                   EXHIBIT D

                        TERMINATION FEE NOTES (CAYMANS)

                                PROMISSORY NOTE



US   $________________  _________, 20__


FOR VALUE RECEIVED, the undersigned, BANCO ITAU, S.A., GRAND CAYMAN BRANCH, a
bank organized under the laws of Brazil and registered as a foreign company in
the Cayman Islands (hereinafter called the "Maker"), promises to pay to the
order of AMERICA ONLINE LATIN AMERICA, INC., a company organized under the laws
of the State of Delaware of the United States of America (hereinafter called the
"Holder"), the principal sum of ____________________________ ($____________)
U.S. DOLLARS.

Principal shall be payable on demand by the Holder at the offices of Maples and
Calder, PO Box 309, Ugland House, George Town, Grand Cayman, Cayman Islands or
at such other place as the Holder may designate in writing.

Notwithstanding any provisions to the contrary herein contained, during the
period of any Default (as defined below) under the terms of this Note, the
interest rate on the entire indebtedness then outstanding shall be at the rate
of 9% per annum. Interest shall be computed daily from the date of Default and
continuing until such Default is cured. The total charges for interest and in
the nature of interest shall not exceed the maximum amount allowed by law, and
any excess portion of such charges that may have been paid shall be deemed to
have been prepayments of principal.

The Maker shall be in default of this Note (a "Default") if: (i) the principal
is not received by the Holder on the due date of payment; (ii) the Maker shall
not be in compliance with any of the terms of this Note.  Upon any Default
hereunder, the Maker agrees to pay all costs of collection, including all costs
and a reasonable attorneys' fee, in case the principal of this Note or interest
thereon is not paid on the respective due dates whether suit be brought or not.

This Note may be assigned by the Holder only to AOL Brasil Ltda, a Brazilian
limited liability quota company, but may not otherwise be assigned, transferred
or endorsed.

Any failure of the Holder to exercise any right hereunder shall not be construed
as a waiver of the right to exercise the same or any other right at any time and
from time to time thereafter.

The sums due under this Note shall not be subject to set-off, deduction, or
claims in the nature thereof which any the Maker may have against the holder
hereof; the Maker hereby waives any such claim of set-off, deduction, or any
claim in the nature thereof.
<PAGE>

Each provision of this Note is intended to be severable and the invalidity or
illegality of any portion of this Note shall not affect the validity or legality
of the remainder hereof.

This Note shall be governed by, and interpreted in accordance with, the laws of
the Cayman Islands. The Maker agrees that the Courts of the Cayman Islands shall
have exclusive jurisdiction to hear any dispute (including claims for set off
and counterclaims) which may arise in connection with the validity, effect,
interpretation or performance of this Note or otherwise arising in connection
with this Note. The Maker agrees not to challenge the jurisdiction of the Courts
of the Cayman Islands whether on forum non conveniens grounds or otherwise.

This Note constitutes the entire agreement between the Maker and the Holder
relating to the subject matter of this Note. The Maker acknowledges and confirms
that in entering into this Note it is not relying upon any statement or
representation made by or on behalf of the Holder, whether or not in writing, at
any time prior to execution of this Note which is not expressly set out herein.
The Maker expressly agrees that it will not have any right of action in relation
to any statement or representation, whether oral or written, made on behalf of
any of the Holder in the course of any negotiations which preceded the execution
of this Note, unless such statements or representations were made fraudulently.

The Maker appoints the firm listed below as agent for service of process and any
other documents in proceedings in any legal proceedings in the Cayman Islands in
connection with this Note. Any writ, judgment or other notice or legal process
shall be sufficiently served on the relevant firm if delivered to that firm at
its address for the time being. The Maker undertakes not to revoke the authority
of that firm to act as agent for such service unless it first appoints a
substitute agent for service of process reasonably acceptable to the Holder:

Scotiabank (Cayman Islands) Ltd.
Scotia Centre
6, Cardinal Avenue
George Town
Grand Cayman
Cayman Islands

BANCO ITAU, S.A., GRAND CAYMAN BRANCH

By:                                             Its:



                                        2
<PAGE>

                                   EXHIBIT E

                          ANNIVERSARY DATE CERTIFICATE

     The undersigned hereby certifies to The Bank of New York (the "Escrow
Agent"), in its capacity as the Escrow Agent pursuant to that certain Escrow
Agreement, dated as of _______ ___, 2000 (the "Escrow Agreement"), among America
Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL Brasil Ltda.
("AOLB"), a Brazilian limited liability quota company, Banco Itau, S.A.
("Itau"), a Brazilian banking institution, and the Escrow Agent, as follows:

     1. The undersigned are "AOLA," "AOLB" and "Itau" as defined in the Escrow
Agreement, and are also parties to that certain Strategic Interactive Services
and Marketing Agreement, dated as of _______ ____, 2000 (the "Marketing
Agreement"), among AOLA, AOLB and Itau. Capitalized terms not defined herein
shall have the meanings given to such terms in the Marketing Agreement.

     2. This Anniversary Date Certificate is submitted to the Escrow Agent in
connection with the Escrow Agreement.

     3. For purposes of the Escrow Agreement, the
[first][second][third][fourth][fifth][sixth] "Anniversary Date" shall be deemed
to be _____________________, 20___.

     IN WITNESS WHEREOF, the undersigned has executed this Anniversary Date
Certificate as of the ____ day of _______, 20___.

                                AMERICA ONLINE LATIN AMERICA, INC.



                                By: ________________________________
                                Name:
                                Title:
<PAGE>

                                AOL BRASIL LTDA.



                                By: ________________________________
                                Name:
                                Title:

                                BANCO ITAU, S.A.



                                By: _________________________________
                                Name:
                                Title:






                                       2
<PAGE>

                                   EXHIBIT F

                            LAUNCH DATE CERTIFICATE

     The undersigned hereby certifies to The Bank of New York (the "Escrow
Agent"), in its capacity as the Escrow Agent pursuant to that certain Escrow
Agreement, dated as of _______ ___, 2000 (the "Escrow Agreement"), among America
Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL Brasil Ltda.
("AOLB"), a Brazilian limited liability quota company, Banco Itau, S.A.
("Itau"), a Brazilian banking institution, and the Escrow Agent, as follows:

     1. The undersigned are "AOLA," "AOLB" and "Itau" as defined in the Escrow
Agreement, and are also parties to that certain Strategic Interactive Services
and Marketing Agreement, dated as of _______ ____, 2000 (the "Marketing
Agreement"), among AOLA, AOLB and Itau. Capitalized terms not defined herein
shall have the meanings given to such terms in the Marketing Agreement.

     2. This Launch Date Certificate is submitted to the Escrow Agent in
connection with the Escrow Agreement.

     3. For purposes of the Escrow Agreement, the "Launch Date" shall be deemed
to be _____________________, 20___.

     IN WITNESS WHEREOF, the undersigned has executed this Launch Date
Certificate as of the ____ day of _______, 20___.


                                     AMERICA ONLINE LATIN AMERICA, INC.



                                     By: ________________________________
                                     Name:
                                     Title:
<PAGE>

                                     AOL BRASIL LTDA.



                                     By: ________________________________
                                     Name:
                                     Title:

                                     BANCO ITAU, S.A.



                                     By: _________________________________
                                     Name:
                                     Title:







                                       2
<PAGE>

                                   EXHIBIT G

                     AUDIT CERTIFICATE (REFERENCE PAYMENTS)

     The undersigned hereby certifies to The Bank of New York (the "Escrow
Agent"), in its capacity as the Escrow Agent pursuant to that certain Escrow
Agreement, dated as of _______ ___, 2000 (the "Escrow Agreement"), among America
Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL Brasil Ltda.
("AOLB"), a Brazilian limited liability quota company, Banco Itau, S.A.
("Itau"), a Brazilian banking institution, and the Escrow Agent, as follows:

     1. The undersigned is the duly appointed Auditor pursuant to that certain
Strategic Interactive Services and Marketing Agreement, dated as of _______
____, 2000 (the "Marketing Agreement"), among AOLA, AOLB and Itau. Capitalized
terms not defined herein shall have the meanings given to such terms in the
Marketing Agreement.

     2. This Audit Certificate (Reference Payments) is submitted to the Escrow
Agent in connection with the Escrow Agreement.

     3. In accordance with the terms of the Marketing Agreement, the Auditor has
completed an Audit and has concluded that the Reference Payment as of the
[first][second][third][fourth][fifth] Anniversary Date is
$____________________________ (USD).

                                       OR

     3. In accordance with the terms of the Marketing Agreement, the Auditor has
concluded that Itau has failed to provide the Auditor with information
sufficient to enable the Auditor to compute a Reference Payment as of the
[first][second][third][fourth][fifth] Anniversary Date. Therefore, the Reference
Payment with respect to such Anniversary Date is $_________________ (USD).

     IN WITNESS WHEREOF, the undersigned has executed this Audit Certificate
(Reference Payments) as of the ____ day of _______, 20___.

                                          [THE AUDITOR]



                                          By:  __________________________
                                          Name:
                                          Title:
<PAGE>

                                   EXHIBIT H

                   NOTICE OF ENTITLEMENT TO RELEASE OF NOTES

     The undersigned, as the Escrow Agent pursuant to that certain Escrow
Agreement, dated as of _______ ___, 2000 (the "Escrow Agreement"), among America
Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL Brasil Ltda.
("AOLB"), a Brazilian limited liability quota company, Banco Itau, S.A.
("Itau"), a Brazilian banking institution, and the undersigned, hereby gives
notice to AOLA, AOLB and Itau as follows (capitalized terms not defined herein
shall have the meanings given to such terms in the Escrow Agreement):

     1. This Notice of Entitlement to Release of Notes is provided to AOLA, AOLB
and Itau by the Escrow Agent in connection with the Escrow Agreement.

     2. On [DATE], the Escrow Agent received an Audit Certificate (Reference
Payments) with respect to Reference Payments owing by Itau as of the
[first][second][third][fourth][fifth] Anniversary Date, a copy of which is
attached hereto as Exhibit A.
                   ---------

                                       OR

     2. On [DATE], the Escrow Agent received an [arbitration award][court
decision] with respect to a [Termination Fee][Acceleration Payment] owing by
Itau, a copy of which is attached hereto as Exhibit A. ---------

     IN WITNESS WHEREOF, the undersigned has executed this Notice of Entitlement
to Release of Notes as of the ____ day of _______, 20___.


                                          The Bank of New York,
                                          As Escrow Agent



                                          By:  __________________________
                                          Name:
                                          Title:
<PAGE>

                                   EXHIBIT I

                               CLAIM CERTIFICATE

     The undersigned hereby certifies to The Bank of New York (the "Escrow
Agent"), in its capacity as the Escrow Agent pursuant to that certain Escrow
Agreement, dated as of _______ ___, 2000 (the "Escrow Agreement"), among America
Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL Brasil Ltda.
("AOLB"), a Brazilian limited liability quota company, Banco Itau, S.A.
("Itau"), a Brazilian banking institution, and the Escrow Agent, as follows:

     1. The undersigned are "AOLA," and "AOLB" as defined in the Escrow
Agreement, and are also parties to that certain Strategic Interactive Services
and Marketing Agreement, dated as of _______ ____, 2000 (the "Marketing
Agreement"), among AOLA, AOLB and Itau. Capitalized terms not defined herein
shall have the meanings given to such terms in the Marketing Agreement.

     2. This Claim Certificate is submitted to the Escrow Agent in connection
with the Escrow Agreement.

     3. The undersigned hereby certify to the Escrow Agent that AOLA and AOLB
have made a claim against Itau under the Marketing Agreement, which claim has
not been finally resolved, and such claim relates to the Notes listed below.

     [First Anniversary Reference Payment Note (Brazil)]
     [Second Anniversary Reference Payment Note (Brazil)]
     [Third Anniversary Reference Payment Note (Brazil)]
     [Fourth Anniversary Reference Payment Note (Brazil)]
     [Fifth Anniversary Reference Payment Note (Brazil)]

     [First Anniversary Reference Payment Note (Caymans)]
     [Second Anniversary Reference Payment Note (Caymans)]
     [Third Anniversary Reference Payment Note (Caymans)]
     [Fourth Anniversary Reference Payment Note (Caymans)]
     [Fifth Anniversary Reference Payment Note (Caymans)]

     [First Anniversary Termination Fee Note (Brazil)]
     [Second Anniversary Termination Fee Note (Brazil)]
     [Third Anniversary Termination Fee Note (Brazil)]
     [Fourth Anniversary Termination Fee Note (Brazil)]
     [Fifth Anniversary Termination Fee Note (Brazil)]
<PAGE>

     [First Anniversary Termination Fee Note (Caymans)]
     [Second Anniversary Termination Fee Note (Caymans)]
     [Third Anniversary Termination Fee Note (Caymans)]
     [Fourth Anniversary Termination Fee Note (Caymans)]
     [Fifth Anniversary Termination Fee Note (Caymans)]

     IN WITNESS WHEREOF, the undersigned has executed this Claim Certificate
as of the ____ day of _______, 20___.

                                          AMERICA ONLINE LATIN AMERICA, INC.



                                          By: ________________________________
                                          Name:
                                          Title:

                                          AOL BRASIL LTDA.



                                          By: ________________________________
                                          Name:
                                          Title:





                                       2
<PAGE>

                                   EXHIBIT J

                   AUDIT CERTIFICATE (CAYMANS FINANCIAL TEST)

     The undersigned hereby certifies to The Bank of New York (the "Escrow
Agent"), in its capacity as the Escrow Agent pursuant to that certain Escrow
Agreement, dated as of _______ ___, 2000 (the "Escrow Agreement"), among America
Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL Brasil Ltda.
("AOLB"), a Brazilian limited liability quota company, Banco Itau, S.A.
("Itau"), a Brazilian banking institution, and the Escrow Agent, as follows:

     1. The undersigned is the duly appointed Auditor pursuant to that certain
Strategic Interactive Services and Marketing Agreement, dated as of _______
____, 2000 (the "Marketing Agreement"), among AOLA, AOLB and Itau. Capitalized
terms not defined herein shall have the meanings given to such terms in the
Marketing Agreement.

     2. This Audit Certificate (Caymans Financial Test) is submitted to the
Escrow Agent in connection with the Escrow Agreement.

     3. In accordance with the terms of the Marketing Agreement, the Auditor has
determined that Itau does not comply with the Caymans Financial Test (as such
term is defined in the Escrow Agreement).

     4. The maximum amount of all Reference Payments, Acceleration Payments and
Termination Fees that could become due and payable from Itau to AOLA or AOLB
pursuant to the terms of the Marketing Agreement on and after the date of this
Audit Certificate (Caymans Financial Test) is $______________________.

     5. The largest stated principal balance of any of the Termination Fee Notes
remaining in escrow is $____________________. The Termination Fee Note (Brazil)
and Termination Fee Note (Caymans) having such stated principal balance are set
forth below:

     [First Anniversary Termination Fee Note (Brazil) and First Anniversary
     Termination Fee Note (Caymans)]

     [Second Anniversary Termination Fee Note (Brazil) and Second Anniversary
     Termination Fee Note (Caymans)]

     [Third Anniversary Termination Fee Note (Brazil) and Third Anniversary
     Termination Fee Note (Caymans)]
     ]
     [Fourth Anniversary Termination Fee Note (Brazil) and Fourth Anniversary
     Termination Fee Note (Caymans)]

     [Fifth Anniversary Termination Fee Note (Brazil) and Fifth Anniversary
     Termination Fee Note (Caymans)]
<PAGE>

For purposes of Section 10 of the Escrow Agreement, the foregoing Termination
Fee Notes are the Termination Fee Note (Brazil) and the Termination Fee Note
(Caymans) listed in this Audit Certificate (Caymans Financial Test).

     6. The amount by which the maximum of all Reference Payments, Acceleration
Payments and Termination Fees that could become due and payable from Itau to
AOLA or AOLB pursuant to the terms of the Marketing Agreement on and after the
date of this Audit Certificate (Caymans Financial Test) exceeds the stated
principal amount of either the Termination Fee Note (Brazil) or the Termination
Fee Note (Caymans) listed above is $__________________. The Reference Payment
Notes remaining in escrow which, in the aggregate, have a principal balance
exceeding such difference by the smallest amount are set forth below (for
purposes of this sentence, the stated principal balances of a Reference Payment
Note (Brazil) and a Reference Payment Note (Caymans) corresponding to the same
Anniversary Date are counted only once):

     [First Anniversary Reference Payment Note (Brazil) and First Anniversary
     Reference Payment Note (Caymans)]

     [Second Anniversary Reference Payment Note (Brazil) and Second Anniversary
     Reference Payment Note (Caymans)]

     [Third Anniversary Reference Payment Note (Brazil) and Third Anniversary
     Reference Payment Note (Caymans)]

     [Fourth Anniversary Reference Payment Note (Brazil) and Fourth Anniversary
     Reference Payment Note (Caymans)]

     [Fifth Anniversary Reference Payment Note (Brazil) and Fifth Anniversary
     Reference Payment Note (Caymans)]

For purposes of Section 10 of the Escrow Agreement, the foregoing Reference
Payment Notes are the Reference Payment Note (Brazil) and the Reference Payment
Note (Caymans) listed in this Audit Certificate (Caymans Financial Test).

     IN WITNESS WHEREOF, the undersigned has executed this Audit Certificate
(Caymans Financial Test) as of the ____ day of _______, 20___.

                                               [THE AUDITOR]



                                               By:  __________________________
                                               Name:
                                               Title:






                                       2
<PAGE>

                                   EXHIBIT K

                            NOTE RELEASE CERTIFICATE

     The undersigned hereby certifies to The Bank of New York (the "Escrow
Agent"), in its capacity as the Escrow Agent pursuant to that certain Escrow
Agreement, dated as of _______ ___, 2000 (the "Escrow Agreement"), among America
Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL Brasil Ltda.
("AOLB"), a Brazilian limited liability quota company, Banco Itau, S.A.
("Itau"), a Brazilian banking institution, and the Escrow Agent, as follows:

     1. The undersigned are "AOLA," "AOLB" and "Itau" as defined in the Escrow
Agreement, and are also parties to that certain Strategic Interactive Services
and Marketing Agreement, dated as of _______ ____, 2000 (the "Marketing
Agreement"), among AOLA, AOLB and Itau. Capitalized terms not defined herein
shall have the meanings given to such terms in the Marketing Agreement.

     2. This Note Release Certificate is submitted to the Escrow Agent in
connection with the Escrow Agreement.

     3.  The undersigned hereby direct the Escrow Agent that the following Notes
(as such term is defined in the Escrow Agreement) shall be delivered to [AOLA
and AOLB] [Itau] at its address as set forth in the Escrow Agreement and that
such Notes shall be released from the escrow created by the Escrow Agreement:

     [First Anniversary Reference Payment Note (Brazil)]
     [Second Anniversary Reference Payment Note (Brazil)]
     [Third Anniversary Reference Payment Note (Brazil)]
     [Fourth Anniversary Reference Payment Note (Brazil)]
     [Fifth Anniversary Reference Payment Note (Brazil)]

     [First Anniversary Reference Payment Note (Caymans)]
     [Second Anniversary Reference Payment Note (Caymans)]
     [Third Anniversary Reference Payment Note (Caymans)]
     [Fourth Anniversary Reference Payment Note (Caymans)]
     [Fifth Anniversary Reference Payment Note (Caymans)]

     [First Anniversary Termination Fee Note (Brazil)]
     [Second Anniversary Termination Fee Note (Brazil)]
     [Third Anniversary Termination Fee Note (Brazil)]
     [Fourth Anniversary Termination Fee Note (Brazil)]
     [Fifth Anniversary Termination Fee Note (Brazil)]

     [First Anniversary Termination Fee Note (Caymans)]
     [Second Anniversary Termination Fee Note (Caymans)]
     [Third Anniversary Termination Fee Note (Caymans)]
<PAGE>

     [Fourth Anniversary Termination Fee Note (Caymans)]
     [Fifth Anniversary Termination Fee Note (Caymans)]

     IN WITNESS WHEREOF, the undersigned has executed this Note Release
Certificate as of the ____ day of _______, 20___.

                                     AMERICA ONLINE LATIN AMERICA, INC.



                                     By: ________________________________
                                     Name:
                                     Title:

                                     AOL BRASIL LTDA.



                                     By: ________________________________
                                     Name:
                                     Title:

                                     BANCO ITAU, S.A.



                                     By: _________________________________
                                     Name:
                                     Title:





                                       2
<PAGE>

                                   EXHIBIT L

          CERTIFICATE OF DEPOSIT OF POST-BREACH REFERENCE PAYMENT NOTE

     The undersigned hereby certifies to _______________________________ (the
"Escrow Agent"), in its capacity as the Escrow Agent pursuant to that certain
Escrow Agreement, dated as of ______________ ___, 2000 (the "Escrow Agreement"),
among America Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL
Brasil Ltda. ("AOLB"), a Brazilian limited liability quota company, Banco Itau,
S.A. ("Itau"), a Brazilian ________________, and the Escrow Agent, as follows:

     1. The undersigned are "AOLA," "AOLB" and "Itau" as defined in the Escrow
Agreement, and are also parties to that certain Strategic Interactive Services
and Marketing Agreement, dated as of _______ ____, 2000 (the "Marketing
Agreement"), among AOLA, AOLB and Itau. Capitalized terms not defined herein
shall have the meanings given to such terms in the Marketing Agreement.

     2. This Certificate of Deposit of Post-Breach Reference Payment Note is
submitted to the Escrow Agent in connection with the Escrow Agreement.

3.  Attached hereto is the original of the following described promissory note:

[DESCRIBE POST-BREACH REFERENCE PAYMENT NOTE TO BE HELD IN ESCROW]

     4.  The attached promissory note is a "Post-Breach Reference Payment Note"
as such term is defined in the Escrow Agreement.  The undersigned hereby deliver
the Post-Breach Reference Payment Note to the Escrow Agent and direct the Escrow
Agent to hold the Post-Breach Reference Payment Note in escrow pursuant to the
Escrow Agreement in the same manner and under the same terms and conditions as
the Notes.  The Post-Breach Reference Payment Note shall constitute a "Note" for
all purposes under the Escrow Agreement.

     IN WITNESS WHEREOF, the undersigned has executed this Certificate of
Deposit of Post-Breach Reference Payment Note as of the ____ day of _______,
20___.

                                          AMERICA ONLINE LATIN AMERICA, INC.



                                          By: ________________________________
                                          Name:
                                          Title:
<PAGE>

                                          AOL BRASIL LTDA.



                                          By: ________________________________
                                          Name:
                                          Title:

                                          BANCO ITAU, S.A.



                                          By: _________________________________
                                          Name:
                                          Title:




                                       2
<PAGE>

                                   EXHIBIT M

                CERTIFICATE OF RELEASE OF REFERENCE PAYMENT NOTE

     The undersigned hereby certifies to _______________________________ (the
"Escrow Agent"), in its capacity as the Escrow Agent pursuant to that certain
Escrow Agreement, dated as of ______________ ___, 2000 (the "Escrow Agreement"),
among America Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL
Brasil Ltda. ("AOLB"), a Brazilian limited liability quota company, Banco Itau,
S.A. ("Itau"), a Brazilian ________________, and the Escrow Agent, as follows:

     1. The undersigned are "AOLA" and "AOLB" as defined in the Escrow
Agreement, and are also parties to that certain Strategic Interactive Services
and Marketing Agreement, dated as of _______ ____, 2000 (the "Marketing
Agreement"), among AOLA, AOLB and Itau. Capitalized terms not defined herein
shall have the meanings given to such terms in the Marketing Agreement.

     2. This Certificate of Release of Post-Breach Reference Payment Note is
submitted to the Escrow Agent in connection with the Escrow Agreement.

     3.  The undersigned hereby certify to the Escrow Agent that an arbitrator
has determined that a Material AOLB Breach has not occurred, or if such breach
has occurred, that Itau has elected to continue the Marketing Agreement.
Pursuant to Section 8.3 of the Marketing Agreement, AOLA and AOLB are entitled
to release from escrow, and to receive, the Post-Breach Reference Payment Note
described as follows:

     [DESCRIPTION OF POST-BREACH REFERENCE PAYMENT NOTE]

                                       OR

     3. The undersigned hereby certify to the Escrow Agent that Itau has failed
to pay a Post-Breach Reference Payment that is currently due and owing, and
that, pursuant to Section 8.3(c), the undersigned are entitled to release from
escrow, and to receive, the Reference Payment Note described as follows:

     [DESCRIPTION OF REFERENCE PAYMENT NOTE]
<PAGE>

     IN WITNESS WHEREOF, the undersigned has executed this Certificate of
Release of Reference Payment Note as of the ____ day of _______, 20___.

                                     AMERICA ONLINE LATIN AMERICA, INC.



                                     By: ________________________________
                                     Name:
                                     Title:

                                     AOL BRASIL LTDA.



                                     By: ________________________________
                                     Name:
                                     Title:







                                       2
<PAGE>

                                   EXHIBIT N

                          TERMINATION DATE CERTIFICATE

     The undersigned hereby certifies to The Bank of New York (the "Escrow
Agent"), in its capacity as the Escrow Agent pursuant to that certain Escrow
Agreement, dated as of _______ ___, 2000 (the "Escrow Agreement"), among America
Online Latin America, Inc. ("AOLA"), a Delaware corporation, AOL Brasil Ltda.
("AOLB"), a Brazilian limited liability quota company, Banco Itau, S.A.
("Itau"), a Brazilian banking institution, and the Escrow Agent, as follows:

     1. The undersigned are "AOLA," "AOLB" and "Itau" as defined in the Escrow
Agreement, and are also parties to that certain Strategic Interactive Services
and Marketing Agreement, dated as of _______ ____, 2000 (the "Marketing
Agreement"), among AOLA, AOLB and Itau. Capitalized terms not defined herein
shall have the meanings given to such terms in the Marketing Agreement.

     2. This Termination Date Certificate is submitted to the Escrow Agent in
connection with the Escrow Agreement.

     3. For purposes of the Escrow Agreement, the "Termination Date" shall be
deemed to be _____________________, 20___.

     IN WITNESS WHEREOF, the undersigned has executed this Termination Date
Certificate as of the ____ day of _______, 20___.

                                     AMERICA ONLINE LATIN AMERICA, INC.



                                     By: ________________________________
                                     Name:
                                     Title:

                                     AOL BRASIL LTDA.



                                     By: ________________________________
                                     Name:
                                     Title:
<PAGE>

                                     BANCO ITAU, S.A.



                                     By: _________________________________
                                     Name:
                                     Title:




                                       2
<PAGE>

                                   EXHIBIT O

                             LIST OF JURISDICTIONS
                             ---------------------

1.   Ireland
2.   Austria
3.   The Netherlands
4.   Luxemburg
5.   Portugal (Ilha da Madeira)
6.   Cayman Islands
7.   Bahamas