Document:

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                                                                    EXHIBIT 10.2

Portions of this Exhibit were omitted and have been filed separately with the
Secretary of the Commission pursuant to the Company's application requesting
confidential treatment under Rule 24b-2 of the Securities Exchange Act.

                                                                  EXECUTION COPY

                           SECOND AMENDED AND RESTATED
                             STOCKHOLDERS' AGREEMENT

                                  by and among

                       AMERICA ONLINE LATIN AMERICA, INC.,
                             a Delaware corporation,

                              AMERICA ONLINE, INC.,
                             a Delaware corporation,

                             ASPEN INVESTMENTS LLC,
                      a Delaware limited liability company,

                            ATLANTIS INVESTMENTS LLC,
                      a Delaware limited liability company,

                                       and

                  (for purposes of Articles I, III, V (but not
                     Section 5.7 thereof), VI, VIII, IX and
                            XI and Section 10.2 only)

                              AOL TIME WARNER INC.,
                             a Delaware Corporation,

                            DATED AS OF MARCH 8, 2002

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                                TABLE OF CONTENTS

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ARTICLE I DEFINITIONS.............................................................................................2
   SECTION 1.1 DEFINITIONS........................................................................................2
   SECTION 1.2 USAGE GENERALLY; INTERPRETATION...................................................................11

ARTICLE II  PURPOSE..............................................................................................11
   SECTION 2.1  PURPOSE..........................................................................................11
   SECTION 2.2  NO PARTNERSHIP...................................................................................12
   SECTION 2.3  VOTING...........................................................................................12

ARTICLE III VOTING PROVISIONS....................................................................................12
   SECTION 3.1  VOTING AGREEMENTS................................................................................12

ARTICLE IV  NON-COMPETITION......................................................................................13
   SECTION 4.1  NON-COMPETITION WITH THE COMPANY.................................................................13
   SECTION 4.2  REPURCHASE UPON BREACH...........................................................................15

ARTICLE V  RESTRICTIONS ON TRANSFERS.............................................................................19
   SECTION 5.1  PROHIBITED TRANSFERS.............................................................................19
   SECTION 5.2  PERMITTED TRANSFERS..............................................................................20
   SECTION 5.3  RIGHTS OF FIRST REFUSAL..........................................................................21
   SECTION 5.4  CLOSING DELIVERIES...............................................................................23
   SECTION 5.5  DIRECT COMPREHENSIVE COMPETITOR..................................................................23
   SECTION 5.6  PURCHASE OF THE ODC HOLDINGS; INSTALLMENT PAYMENTS...............................................24
   SECTION 5.7  THIRD-PARTY EQUITY PARTICIPANTS..................................................................24

ARTICLE VI  REGISTRATION RIGHTS..................................................................................26
   SECTION 6.1  REGISTRATION RIGHTS..............................................................................26

ARTICLE VII  ODC NON-MONETARY OBLIGATIONS........................................................................27
   SECTION 7.1  ODC NON-MONETARY CONTRIBUTIONS...................................................................27

ARTICLE VIII  OTHER AGREEMENTS; LEGENDS..........................................................................27
   SECTION 8.1  LEGENDS..........................................................................................27
   SECTION 8.2  LIMITATION OF LIABILITY..........................................................................28

ARTICLE IX  TERM AND TERMINATION.................................................................................29
   SECTION 9.1  TERM.............................................................................................29
   SECTION 9.2  TERMINATION......................................................................................29

ARTICLE X  STANDSTILL PROVISIONS; INDEMNIFICATION................................................................29
   SECTION 10.1  LIMITATIONS ON STOCKHOLDERS' OWNERSHIP..........................................................29
   SECTION 10.2  INDEMNIFICATION.................................................................................30

ARTICLE XI  MISCELLANEOUS........................................................................................31
   SECTION 11.1  CONFIDENTIAL INFORMATION........................................................................31
   SECTION 11.2  GOVERNING LAW...................................................................................33
   SECTION 11.3  ENTIRE AGREEMENT................................................................................33
   SECTION 11.4  ASSIGNMENT......................................................................................33
   SECTION 11.5  SURVIVAL........................................................................................34
   SECTION 11.6  NOTICES.........................................................................................34
   SECTION 11.7  COUNTERPARTS; FACSIMILES........................................................................36
   SECTION 11.8  EXPENSES........................................................................................36
   SECTION 11.9  FURTHER ASSURANCES..............................................................................36
   SECTION 11.10 CONSTRUCTION....................................................................................36
   SECTION 11.11 SEVERABILITY....................................................................................36
   SECTION 11.12 JOINT AND SEVERAL LIABILITY ....................................................................36
   ASPEN INVESTMENTS LLC.........................................................................................37
   ATLANTIS INVESTMENTS LLC......................................................................................37

</TABLE>

                                       i
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               SECOND AMENDED AND RESTATED STOCKHOLDERS' AGREEMENT

         This SECOND AMENDED AND RESTATED STOCKHOLDERS' AGREEMENT (this
"AGREEMENT") is made as of this 8th day of March, 2002 (the "EFFECTIVE DATE"),
by and among 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 (the "COMPANY"), America Online, Inc., a Delaware
corporation having its principal place of business at 22000 AOL Way, Dulles,
Virginia 20166 ("AOL"), Aspen Investments LLC, a Delaware limited liability
company having its principal place of business at 550 Biltmore Way, Suite 900,
Coral Gables, Florida 33134 ("ASPEN"), Atlantis Investments LLC, a Delaware
limited liability company having its principal place of business at 550 Biltmore
Way, Suite 900, Coral Gables, Florida 33134 ("ATLANTIS", and together with
Aspen, "ODC") and, for purposes of Articles I, III, V (but not Section 5.7
thereof), VI, VIII, IX and XI and Section 10.2 only, AOL Time Warner Inc., a
Delaware corporation having its principal place of business at 75 Rockefeller
Plaza, New York, NY 10019 ("AOLTW"), and each of the AOLTW Permitted Assignees
(as each term is defined below) listed on the attached Schedule of AOLTW
Permitted Assignees who becomes a party to this Agreement from time to time.
AOL, Aspen and Atlantis are sometimes hereinafter referred to, collectively, as
the "STOCKHOLDERS" and, individually, as a "STOCKHOLDER" and for the purposes of
Articles I, III, V (but not Section 5.7 thereof), VI, VIII, IX and XI and
Section 10.2 only, each of AOLTW and any AOLTW Permitted Assignee shall be
considered a single "Stockholder".

         WHEREAS, the Company, AOL and Riverview Media Corp., a British Virgin
Islands corporation ("Riverview"), previously entered into a Stockholders'
Agreement, dated as of August 7, 2000 (the "ORIGINAL AGREEMENT");

         WHEREAS, pursuant to the AOL-LA Share Transfer and Assignment
Agreement, dated as of December 28, 2000, by and between Riverview, Aspen and
Atlantis (the "ASSIGNMENT AGREEMENT"), Riverview assigned to each of Aspen and
Atlantis all of its right, title and interest in and to 48,649,203 shares of the
Company's Series C Redeemable Convertible Preferred Stock, par value $.01 per
share (the "SERIES C PREFERRED STOCK"), and 2,000,000 shares of the Company's
Class A Common Stock, par value $.01 per share (the "CLASS A COMMON STOCK");

         WHEREAS, on March 30, 2001, the Company, AOL, Aspen and Atlantis
entered into an Amended and Restated Stockholders' Agreement (the "FIRST AMENDED
AND RESTATED STOCKHOLDERS' AGREEMENT"), which agreement amended and restated the
Original Agreement in its entirety;

         WHEREAS, the Company and AOLTW are parties to a certain Note Purchase
Agreement dated as of March 8, 2002 (as amended, supplemented or otherwise
modified from time to time, the "NOTE PURCHASE AGREEMENT"), pursuant to which
the Company has agreed to issue and sell to AOLTW and AOLTW has agreed to
purchase from the Company an aggregate principal amount of up to $160 million of
the Company's 11% Senior Convertible Notes due 2007;

                                       1
<PAGE>

         WHEREAS, pursuant to Section 7.1 of the Note Purchase Agreement, AOLTW
may assign its right to purchase Notes thereunder to any Person who is not a
Competitor (as defined therein) and, after the purchase of any such Notes,
pursuant to Section 10 of the Notes, AOLTW (or in the event of an assignment by
AOLTW, such assignee) may transfer any such Notes to any Person who is not a
Competitor (as defined therein);

         WHEREAS, if AOLTW makes any such assignment to any AOLTW Permitted
Assignee, in connection with such assignment or transfer and pursuant to Section
4.5(b) of the Note Purchase Agreement or Section 10 of the Note, AOLTW and any
such AOLTW Permitted Assignees agree to be bound by the certain restrictions and
obligations herein with respect to any shares of the Company Securities that may
be issued or issuable in connection with the Notes including, directly or
indirectly, upon conversion of, or as interest, dividends or redemptions, on the
Notes (the "NOTE CONVERSION SHARES");

         WHEREAS, the Company and the Stockholders have agreed on certain
restrictions with respect to the transfer of shares of Series B Preferred Stock,
Series C Preferred Stock, Series F Preferred Stock, Class B Common Stock and
Class C Common Stock held by them from time to time, including any Note
Conversion Shares; and

         WHEREAS, the Stockholders wish to promote their mutual interests by
imposing certain restrictions and obligations on each other and on the shares of
Preferred Stock and Common Stock now or hereafter owned by each, and, further,
to provide for certain matters pertaining to the management and governance of
the Company;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and conditions herein contained, the parties hereto hereby agree to
amend and restate the First Amended and Restated Stockholders' Agreement, in its
entirety as follows:

                                    ARTICLE I
                                   DEFINITIONS

         Section 1.1 DEFINITIONS. The following terms shall, for the purposes of
this Agreement and the Schedules and Exhibits hereto, have the following
meanings (terms defined in the singular or the plural include the plural or the
singular, as the case may be):

         "ACCESS SERVICES" shall mean, collectively, PC Access Services, TV
Access Services and Wireless Access Services.

         "ACQUIRING PARTY" has the meaning given in Section 4.2(b).

         "ACTION" has the meaning given in the Certificate of Incorporation.

         "AFFILIATE" of any Person shall mean any other Person that, directly or
indirectly, controls, is under common control with or is controlled by that
Person. For purposes of this definition, "control" (including, with its
correlative meanings, the terms "controlled by" and "under common control

                                       2
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with"), as used with respect to any Person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through the ownership of voting securities
or by contract or otherwise.

         "AGGREGATED SIGNIFICANT COMPETITORS" with respect to Access Services
shall mean Persons (a) that in the aggregate have Access Service Permanent
Subscribers in those countries within the Territory in which the Company
provides Access Services equal to or greater than thirty-five percent (35%) of
the Access Service Permanent Subscribers of the Company in the Territory,
provided that such Persons in the aggregate have at least 315,000 PC Access
Service Permanent Subscribers in the Territory, or (b) that in the aggregate
have Access Service Permanent Subscribers in Brazil equal to or greater than
thirty-five (35%) of the Access Service Permanent Subscribers of the Company in
Brazil, provided that such Persons have at least 105,000 PC Access Service
Permanent Subscribers in Brazil. For avoidance of doubt, IP (i.e., Internet
protocol) telephony and related subscribers and customers shall not be
considered in determining whether a Person is a Significant Competitor or
Persons together are Aggregated Significant Competitors.

         "AOL" has the meaning set forth in the preamble.

         "AOL-BRANDED" has the meaning given in the Certificate of
Incorporation.

         "AOL DIRECTORS" shall mean, collectively, the Class B Directors of the
Company (as such term is defined in the Certificate of Incorporation).

         "AOL LATIN AMERICA" shall mean AOL Latin America, S.L. (f/k/a
Tesjuates, S.L.) a limited liability company organized under the laws of the
Kingdom of Spain and a wholly owned Subsidiary of the Company.

         "AOL LICENSE" shall mean the AOL License Agreement, dated as of August
7, 2000, by and between AOL and AOL Latin America.

         "AOL MARKS" has the meaning set forth in the AOL License.

         "AOL OLS AGREEMENT" shall mean the AOL Online Services Agreement, dated
as of August 7, 2000, by and between AOL and AOL Latin America.

         "AOLTW PERMITTED ASSIGNEE" means any Subsidiary of AOLTW which holds
Notes or Note Conversion Shares.

         "AOL SERVICE(S)" shall mean the Interactive Services that are PC Access
Services provided worldwide, including the AOL-US Service and any other
international AOL Services, under the brand name America Online(TM) and/or
AOL(TM) existing as of the date hereof or in the future as modified from time to
time.

         "AOLTW" has the meaning set forth in the preamble.

                                       3
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         "AOLTW STOCK" has the meaning given in Section 4.2(a).

         "AOL-US SERVICE" shall mean the principal AOL Services provided by AOL
to United States residents on the date hereof, as such service shall be modified
from time to time.

         "ASPEN" has the meaning set forth in the preamble.

         "ATLANTIS" has the meaning set forth in the preamble.

         "BOARD" or "BOARD OF DIRECTORS" shall mean the Board of Directors of
the Company.

         "BUSINESS" has the meaning given in Section 2.1(a).

         "BUSINESS DAY" shall mean any day, other than a Saturday or Sunday, on
which federally chartered banks in the United States are open for business.

         "BY-LAWS" shall mean the By-laws of the Company as in effect as of the
date of this Agreement, as the same may be amended, modified or restated from
time to time in accordance with the terms thereof.

         "CALL OPTION" has the meaning given in Section 5.7(b).

         "CALL OPTION CLOSING" has the meaning given in Section 5.7(b).

         "CERTIFICATE OF DESIGNATION" shall mean the Certificate of Designation
of the Company that authorizes the issuance of the Series F Preferred Stock.

         "CERTIFICATE OF INCORPORATION" shall mean the Restated Certificate of
Incorporation of the Company as in effect as of the date of this Agreement, as
the same may be amended or restated from time to time in accordance with the
terms thereof.

         "CHARTER AMENDMENTS" shall have the meaning assigned to such term in
the Note Purchase Agreement.

         "CIS LICENSE" shall mean the CIS License Agreement, dated as of August
7, 2000, by and between AOL and AOL Latin America.

         "CIS MARKS" has the meaning given in the CIS OLS Agreement.

         "CIS OLS AGREEMENT" shall mean the CIS Online Services Agreement, dated
as of August 7, 2000, by and between CompuServe and AOL Latin America.

         "CISNEROS FAMILY MEMBERS" shall mean Ricardo Cisneros, Gustavo Cisneros
and/or their lineal descendants, individually or collectively and/or any trusts
for the exclusive benefit of any one or more of such persons.

                                       4
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         "CLASS A COMMON STOCK" means the Class A Common Stock, par value $.01
per share, of the Company.

         "CLASS B COMMON STOCK" means the Class B Common Stock, par value $.01
per share, of the Company.

         "CLASS C COMMON STOCK" means the Class C Common Stock, par value $.01
per share, of the Company.

         "COMMISSION" shall mean the Securities and Exchange Commission, or any
successor agency performing the functions currently performed by the Securities
and Exchange Commission.

         "COMMON STOCK" shall mean the shares of the Company's common stock,
including the shares Class A Common Stock, Class B Common Stock and Class C
Common Stock, collectively.

         "COMMUNICATION SERVICES" has the meaning given in the Certificate of
Incorporation.

         "COMPANY" has the meaning set forth in the first paragraph hereof.

         "COMPANY SECURITIES" shall mean any shares of Common Stock or other
Voting Stock.

         "COMPUSERVE" shall mean CompuServe Interactive Services, Inc.

         "COMPUSERVE-BRANDED" shall mean, with respect to any internet or online
service that such service includes the word "CompuServe" as an integral part of
the name of such internet or online service. For the avoidance of doubt, a
reference to an internet or online service being a "CompuServe" internet or
online service shall not make such service "CompuServe-branded".

         "CONFIDENTIAL INFORMATION" has the meaning given in Section 11.1.

         "CONTENT" has the meaning given in the Certificate of Incorporation.

         "DAMAGES" has the meaning given in the Certificate of Incorporation.

         "DEFAULT RATE" shall mean a per annum rate of interest equal to the
Prime Rate plus two hundred (200) basis points.

         "DIRECT COMPREHENSIVE COMPETITOR" has the meaning given in Section 5.5.

         "DIRECTLY COMPETITIVE SERVICE" has the meaning given in Section 6.2(a).

         "DISPROPORTIONATE DILUTION" has the meaning given in Section 5.7(b).

         "EFFECTIVE DATE" has the meaning set forth in the preamble.

                                       5
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         "EMPLOYEE" has the meaning given in the Certificate of Incorporation.

         "ENCUMBRANCE" shall mean any mortgage, pledge, security interest, lien,
restriction on use or transfer, other than those imposed by law, voting
agreement, adverse claim or encumbrance or charge of any kind (including any
agreement to give any of the foregoing), any conditional sale or other title
retention agreement, any lease in the nature thereof, and the filing of, or any
agreement to give, any financing statement under the Uniform Commercial Code or
similar law of any jurisdiction.

         "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder,
as amended.

         "EXERCISE NOTICE" has the meaning given in Section 7.1(b).

         "FAIR MARKET VALUE" shall mean (i) with respect to a share of any
Common Stock of the Company as of any date, the average closing price for a
share of Class A Common Stock as quoted on any national securities exchange or
on the NASDAQ National Market System for the fifteen trading days ending on the
second trading day prior to such date as reported in the Eastern Edition of THE
WALL STREET JOURNAL and (ii) as of any date with respect to a share of any
Voting Stock of the Company convertible into Common Stock, the aggregate Fair
Market Value of the shares of Common Stock into which such share of Voting Stock
is then convertible. If the Class A Common Stock shall not be listed on any such
exchange or traded on any such automated quotation system on all such trading
days during such 15-trading day period, the closing or latest reported price for
Class A Common Stock in the over-the-counter market on each trading day on which
such shares are not so listed or traded as reported by NASDAQ or, if not so
reported, then the last sale price for each such day, as reported by the
National Quotation Bureau Incorporated, or if such organization is not in
existence, by an organization providing similar services (as determined by the
Board), shall be deemed to be the closing price on such trading day. If, at a
time when the Class A Common Stock is trading other than on such an exchange,
there shall not have been a sale on any such trading day, the mean of the last
reported bid and asked quotations as reported in the Eastern Edition of THE WALL
STREET JOURNAL for Class A Common Stock on such day shall be deemed to be the
closing price. If the shares of Class A Common Stock shall not be so reported on
any of such trading days, then the Fair Market Value per share of such Class A
Common Stock shall be the fair market value thereof as determined in the
reasonable judgment of the Board of Directors. For the purpose hereof, "trading
day" shall mean a day on which the securities exchange or automated quotation
system specified herein shall be open for business or, if the shares of Class A
Common Stock shall not be listed on such exchange or automated quotation system
for such period, a day with respect to which quotations of the character
referred to in the next preceding sentence shall be reported.

         "GCL" shall mean the General Corporation Law of the State of Delaware.

         "GLA" shall mean Galaxy Latin America, LLC, a limited liability company
organized under the laws of the State of Delaware, and its successors.

                                       6
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         "GOVERNMENTAL AUTHORITY" shall mean any domestic or foreign national,
state or municipal or other local government or multi-national body, any
subdivision, agency, commission or authority thereof, or any quasi-governmental
or private body exercising any regulatory authority thereunder and any
corporation, partnership or other entity directly or indirectly owned by or
subject to the control of any of the foregoing.

         "INTERACTIVE SERVICES" has the meaning given in the Certificate of
Incorporation.

         "INTERNET PORTAL SERVICES" has the meaning given in the Certificate of
Incorporation.

         "LAUNCH" shall mean the first commercial availability of an Interactive
Service to potential Subscribers in the Territory or a country in the Territory,
as applicable.

         "LOCALIZED" or "LOCALIZATION" shall mean (a) the translation of an
Interactive Service into the language(s) primarily used in a particular country;
and (b) the localization of Content and/or Communication Services, as the case
may be, available through such Interactive Service that is specific to such
country.

         "MAXIMUM DISPROPORTIONATE DILUTION" has the meaning given in section
5.7(b).

         "NON-ACCESS SERVICE" has the meaning given in Section 6.2(a).

         "NOTE CONVERSION SHARES" has the meaning given in the preamble.

         "NOTES" shall mean any of the 11% Senior Convertible Notes of the
Company issued under the Note Purchase Agreement (the "Initial Notes") and any
11% Senior Convertible Notes of the Company issued as interest on the Initial
Notes or other 11% Senior Convertible Notes.

         "NOTE PURCHASE AGREEMENT" has the meaning given in the preamble.

         "ODC" has the meaning given in the preamble.

         "ODC BUSINESS UNIT" has the meaning given in Section 5.2.

         "ODC DIRECTORS" shall mean, collectively, the Class C Directors of the
Company (as such term is defined in the Certificate of Incorporation).

         "OPERATING ENTITY" has the meaning given in the Certificate of
Incorporation.

         "ORIGINAL AGREEMENT" has the meaning set forth in the recitals above.

         "PARENT ENTITY" shall mean each of AOLTW, AOL and, individually and
collectively, Riverview Media Corp., a British Virgin Islands corporation, and
Aspen and Atlantis, for so long as each of Aspen and Atlantis is directly or
indirectly wholly owned by the Cisneros Family Members, and any Permitted

                                       7
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Transferee(s) for so long as such Permitted Transferee(s) are directly or
indirectly wholly owned by, or is a or are, Cisneros Family Members.

         "PARTY" shall mean each of AOL, ODC and the Company, and each other
Person who becomes a party to this Agreement in accordance with the provisions
hereof, and, for purposes of Articles I, III, V (but not Section 5.7 thereof),
VI, VIII, IX and XI and Section 10.2 hereof, AOLTW and any AOLTW Permitted
Assignee who becomes a party hereto.

         "PERMITTED TRANSFEREE" shall mean AOL, ODC, each of their Wholly Owned
Affiliates, Employees of AOL and ODC, and the Cisneros Family Members.

         "PC ACCESS SERVICES" has the meaning given in the Certificate of
Incorporation.

         "PERMANENT SUBSCRIBER" shall mean, as of any date and with respect to
any Access Service, a Subscriber that has used the applicable Access Service
during the longer of (i) the ninety (90)-day period preceding such date and (ii)
the period preceding such date consisting of sixty (60) days plus the duration
of any free trial period involving such service to which such person is
entitled. Notwithstanding the foregoing, if one or more Access Services is
bundled with one or more other Access Services, a Subscriber shall be deemed to
be a Permanent Subscriber if the foregoing test has been met with respect to at
least one of such bundled Access Services.

         "PERSON" shall mean an individual, sole proprietorship, corporation,
partnership, limited liability company, joint venture, trust, unincorporated
organization, mutual company, joint stock company, estate, union, employee
organization, bank, trust company, land trust, business trust or other
organization, whether or not a legal entity, or a Governmental Authority.

         "PREFERRED STOCK" means any of the Company's preferred stock, including
(i) preferred stock designated by the Company from time to time under its
certificate of incorporation and (ii) the Series B Preferred Stock, Series C
Preferred Stock and Series F Redeemable Preferred Stock, par value $.01 per
share, of the Company.

         "PRIME RATE" shall mean, for any date, the rate of interest per annum
publicly announced from time to time as the prime rate in effect as of such date
as reported in the "Money Rates" column of the Eastern Edition of THE WALL
STREET JOURNAL or other comparable source as agreed to by the Parties if THE
WALL STREET JOURNAL is not then publishing such figures. Each change in the
Prime Rate shall be effective from and including the date such change is
publicly announced as being effective.

         "PUBLIC SALE" shall mean a sale of securities pursuant to an offering
registered under the Securities Act or in a transaction pursuant to Rule 144 of
the Securities Act.

         "PURCHASE NOTICE" has the meaning given in Section 5.7(b).

         "REGISTRATION RIGHTS AGREEMENT" has the meaning given in Section 6.1.

                                       8
<PAGE>

         "RESTRICTED ACTIVITIES" has the meaning given in Section 4.1(a).

         "RESTRICTED TRANSFEREE" shall mean any Person that would cause a
Stockholder to be in violation of the non-competition provisions of Article IV
hereof (assuming, for the purpose of this definition only, that AOLTW and any
AOLTW Permitted Assignee were subject to Article IV) if such person became and
remained a Special Affiliate of such Stockholder and shall include, without
limitation, each of Terra Networks, Star Media, Universo Online, IG.com, El
Sitio/O Site, Telmex/Prodigy, Ciudad Internet/Clarin, Microsoft or any of their
respective Affiliates.

         "RSL-LA" shall mean RSL Communications, Latin America, Ltd., an
international business company organized under the laws of the British Virgin
Islands, and its successors in interest.

         "SECURITIES ACT" shall mean the Securities Act of 1933, as amended, and
the rules and regulations of the Commission thereunder, as amended.

         "SERIES B PREFERRED STOCK" means the Series B Redeemable Convertible
Preferred Stock, par value $.01 per share, of the Company.

         "SERIES C PREFERRED STOCK" means the Series C Redeemable Convertible
Preferred Stock, par value $.01 per share, of the Company.

         "SERIES F PREFERRED STOCK" means the Series F Redeemable Convertible
Preferred Stock, par value $.01 per share, of the Company.

         "SIGNIFICANT COMPETITOR" with respect to Access Services shall mean any
Person (a) having Access Service Permanent Subscribers in those countries within
the Territory in which the Company provides Access Services equal to or greater
than twenty-five percent (25%) of the Access Service Permanent Subscribers of
the Company in the Territory, provided that such Person has at least 225,000 PC
Access Service Permanent Subscribers in the Territory, or (b) having Access
Service Permanent Subscribers in Brazil equal to or greater than twenty-five
percent (25%) of the Access Service Permanent Subscribers of the Company in
Brazil, provided that such Person has at least 75,000 PC Access Service
Permanent Subscribers in Brazil.

         "SPECIAL AFFILIATE" has the meaning given in Section 4.1(a).

         "SPECIAL COMMITTEE" has the meaning given in the Certificate of
Incorporation.

         "STOCK PURCHASE AGREEMENT" shall mean the Stock Purchase Agreement,
dated as of March 30, 2001, by and among the Company and the other parties named
therein.

         "STOCKHOLDER" has the meaning set forth in the preamble.

         "STRATEGIC PARTNER" shall mean any Person who acquires 25% or more of
the equity of the Company and who provides a strategic benefit to the Company in
the form of a contractual relationship or contribution of material, in-kind

                                       9
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assets but shall not include AOLTW or any other holder of the Notes or Note
Conversion Shares obtained upon conversion of the Notes by virtue of its
acquisition of such Notes or Note Conversion Shares.

         "SUBSCRIBER" shall mean, as of any date of determination and with
respect to any Interactive Service, any Person who has opened an account with or
otherwise registered as a user of such Interactive Service.

         "SUBSIDIARY" of any Person means any corporation, association,
partnership, joint venture, limited liability company or other business entity
of which more than 50% of the total voting power of shares of capital stock or
other interests (including partnership and joint venture interests) entitled
(without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by, or the managing member, general partner or other
solely controlling affiliate of such corporation, association, partnership,
joint venture, limited liability company or other business entity is, (i) such
Person, (ii) such Person and one or more Subsidiaries of such Person or (iii)
one or more Subsidiaries of such Person.

         "TERM" has the meaning given in Section 9.1.

         "TERRITORY" has the meaning given in the Certificate of Incorporation.

         "TRADITIONAL MEDIA SERVICES" shall mean the delivery of movies,
television shows, sporting events and other forms of traditional entertainment
products intended to be viewed or experienced in uninterrupted fashion (i.e.,
non-interactive) from beginning to end over ISDN, cable, satellite, fiber optics
or other form of broadcast media.

         "TRANSFER" shall mean, whether directly or indirectly by merger,
operation of law or otherwise, any sale, assignment, conveyance, transfer,
donation or any other means to dispose of, or pledge, hypothecate or otherwise
encumber in any manner whatsoever, or permit or suffer any Encumbrance.

         "TV ACCESS SERVICES" has the meaning given in the Certificate of
Incorporation.

         "VOTING STOCK" shall mean securities having the right to vote generally
in any election of Directors of the Company (other than solely by reason of the
occurrence of an event); provided that none of the Note Conversion Shares
including any shares of Series B Preferred Stock or Series F Preferred Stock,
Class B Common Stock or Class A Common Stock received by AOLTW or any AOLTW
Permitted Assignee shall be considered "Voting Stock" for the purposes of
Section 5.7.

         "WARRANT" shall mean that certain warrant, dated August 7, 2000, issued
by the Company to AOL.

         "WHOLLY OWNED AFFILIATE" shall mean with respect to any Person any
other Person which is directly or indirectly wholly owned by such Person,
directly or indirectly wholly owns such Person or is directly or indirectly

                                       10
<PAGE>

wholly owned by the same Person as such Person, with such ownership to mean
possession of both 100% of the equity interest and 100% of the voting interest,
except for directors' qualifying shares, if any. Any Person that is directly or
indirectly wholly-owned by the Cisneros Family Members shall be deemed a Wholly
Owned Affiliate of ODC, and any Person that is directly or indirectly wholly
owned by AOLTW shall be deemed a Wholly Owned Affiliate of AOL.

         "WIRELESS ACCESS SERVICES" has the meaning given in the Certificate of
Incorporation.

         "WORSE OFFER" has the meaning given in Section 5.5.

         Section 1.2 USAGE GENERALLY; INTERPRETATION. Whenever the context may
require, any pronoun includes the corresponding masculine, feminine and neuter
forms. All references herein to Articles and Sections shall be deemed to be
references to Articles and Sections of this Agreement unless the context
otherwise requires. The words "include", "includes" and "including" shall be
deemed to be followed by the phrase "without limitation". The words "hereof",
"herein" and "hereunder" and words of similar import when used in this Agreement
refer to this Agreement as a whole and not to any particular provision of this
Agreement. Unless otherwise expressly provided herein, any agreement, instrument
or statute defined or referred to herein or in any agreement or instrument that
is referred to herein means such agreement, instrument or statute as from time
to time amended, modified or supplemented, including (in the case of agreements
or instruments) by waiver or consent and (in the case of statutes) by succession
of comparable successor statutes and references to all attachments thereto and
instruments incorporated therein. All references to Dollars or use of the "$"
symbol shall mean United States Dollars.

                                   ARTICLE II
                                     PURPOSE

         Section 2.1 PURPOSE. The Stockholders have entered into this Agreement
to provide for the manner of dealing in their capacities as stockholders with
certain matters involving the management, conduct and operation of the Company,
including without limitation:

                  (a) To ensure that the Company's sole line of business shall
         be to provide Interactive Services within the Territory (the
         "BUSINESS"); provided, however, that unless and until AOL and ODC shall
         otherwise agree in accordance with the provisions hereof and the
         Certificate of Incorporation, the Business of the Company shall be
         limited to providing (i) PC Access Services, AOL-branded TV Access
         Services, AOL-branded Wireless Access Services, and Internet Portal
         Services in the Territory; and (ii) Content, management and related
         activities on the AOL online service or any other AOL-branded property,
         including creating, maintaining and managing for AOL, English and
         Spanish-language versions of a mini channel directed at the Hispanic

                                       11
<PAGE>

         audience in the United States, and taking all actions necessary or
         desirable to carry out and perform such activities and any other
         activities contemplated, either explicitly or implicitly, thereby,
         including executing, delivering and performing any agreements,
         documents and instruments entered into in connection therewith;
         provided, further, however, that the Company shall not Launch any TV
         Access Services, Wireless Access Services or Internet Portal Services
         in any country within the Territory unless and until such Launch shall
         have been approved by the Special Committee in accordance with the
         provisions of the Certificate of Incorporation.

                  (b) To ensure that the Company conducts the Business under the
         brand names "AOL" and/or "America Online" pursuant to the terms and
         conditions of the AOL License and CompuServe pursuant to the terms and
         conditions of the CIS License.

         Section 2.2  NO PARTNERSHIP.

                  (a) Nothing in this Agreement shall be construed as creating
         between or among any of the Parties a partnership or joint venture.

                  (b) Except as expressly provided herein or as approved in
         writing by the represented Party, no Party shall have the right to
         represent the other Party in negotiations with third parties. No Party
         shall have the right to enter into an agreement with a third party for
         the account of the other Party or for their joint account, except as
         expressly provided herein or as may be hereafter approved, or agreed
         to, by the Parties in writing.

         Section 2.3 VOTING. To effectuate the intent of Section 2.1 and subject
to any agreement reached by the Stockholders in connection with the admission of
a third-party equity participant in the Company as provided in Section 5.7, the
Stockholders shall vote their shares of Voting Stock in accordance with the
provisions of Article III hereof.

                                   ARTICLE III
                                VOTING PROVISIONS

         Section 3.1 VOTING AGREEMENTS. The Stockholders agree to vote all
shares of Voting Stock held by them or their respective Affiliates so as to
cause the following:

                  (a) The election of each Class A Director (as defined in the
         Certificate of Incorporation) proposed for election by the Special
         Committee; and

                  (b) The approval of any expansion of the Business in which the
         Company shall be permitted to engage as and when (i) the Company
         obtains the right to engage in any such expanded Business in accordance
         with the provisions of Section 2.9 of the AOL License and (ii) the
         Company shall elect to pursue such expanded business in accordance with
         the provisions of the AOL License and the Certificate of Incorporation,
         including, without limitation, voting to approve any amendment of the
         Certificate of Incorporation as and to the extent required to effect
         any such expansion of the Business.

                                       12
<PAGE>

                                   ARTICLE IV
                                 NON-COMPETITION

         Section 4.1  NON-COMPETITION WITH THE COMPANY

                  (a)(i) Subject to the cure provisions of Section 4.2, from
         August 7, 2000 until December 15, 2003 and thereafter for so long as
         each of AOL and ODC, together with their respective Subsidiaries and,
         with respect to ODC only, Cisneros Family Members, holds shares of
         Voting Stock equal to at least twenty percent (20%) of the issued and
         outstanding shares of Voting Stock (as adjusted for each of AOL and ODC
         to negate the effect of any of the following that occur after August 7,
         2000: (1) the admission of third parties admitted as equity
         participants as contemplated in Section 5.7 hereof, (2) the issuance of
         any Company Securities by the Company, including pursuant to the Stock
         Purchase Agreement, the Note Purchase Agreement or the Notes, or (3)
         the issuance of any Company Securities upon exercise of the Warrant) no
         Stockholder (nor any third party admitted as a Stockholder of the
         Company in accordance with this Agreement) nor any Special Affiliate
         thereof shall, directly or indirectly, independently of the Company or
         the other Stockholders, through a Special Affiliate or otherwise,
         provide, acquire or hold any interest in:

                           (A) a Person providing, or otherwise participating in
                  the provision within the Territory of, a PC Access Service
                  that is a Significant Competitor or Persons providing, or
                  otherwise participating in the provision within the Territory
                  of, PC Access Services that taken together are Aggregated
                  Significant Competitors; or,

                           (B) in the case of AOL and its Special Affiliates, a
                  Spanish or Portuguese language AOL-branded or
                  CompuServe-branded Internet Portal Service targeted at end
                  users residing in the Territory (except that AOL shall have
                  the right to offer such service in one or more countries
                  within the Territory directly or together with a third party
                  pursuant to and in compliance with the provisions of Section
                  2.9 of the AOL License).

                  (ii) Subject to the cure provisions of Section 4.2, from
         August 7, 2000 until August 7, 2005 and thereafter for so long as each
         of AOL and ODC, together with their respective Subsidiaries and, with
         respect to ODC only, Cisneros Family Members, holds shares of Voting
         Stock equal to at least twenty percent (20%) of the issued and
         outstanding shares of Voting Stock (as adjusted to negate the effect of
         (1) the admission of third parties admitted as equity participants, the
         result of which is that ODC suffers a disproportionate dilution as
         contemplated in Section 5.7(b) hereof or (2) the issuance of any
         Company Securities by the Company upon the exercise of the Warrant and
         assuming that each of ODC and AOL each hold one-half of all the Note
         Conversion Shares that are actually held by any of AOL, ODC and any of
         their Affiliates, regardless of the actual ownership by them of such
         Note Conversion Shares), neither AOL nor any Special Affiliate thereof
         shall, directly or indirectly, independently of the Company or the

                                       13
<PAGE>

         other Stockholders, through a Special Affiliate or otherwise, provide,
         acquire or hold any interest in a Person providing in the Territory, or
         otherwise participating in the provision within the Territory of, an
         AOL-branded TV Access Service or an AOL-branded Wireless Access
         Service.

                  (iii) Subject to the cure provisions of Section 4.2, from
         August 7, 2000 until August 7, 2005 neither ODC nor any Special
         Affiliate thereof shall, directly or indirectly, independently of the
         Company or the other Stockholders, through a Special Affiliate or
         otherwise, provide, acquire or hold any interest in a Person providing
         in the Territory, or otherwise participating in the provision within
         the Territory of, TV Access Services or Wireless Access Services that
         is a Significant Competitor or Persons providing or otherwise
         participating in the provision within the Territory of TV Access
         Services or Wireless Access Services that taken together are Aggregated
         Significant Competitors.

                  For purposes of this Section 4.1(a), "SPECIAL AFFILIATE" shall
         mean any entity in which AOL, ODC or the Cisneros Family Members hold a
         direct and/or indirect ownership interest of at least thirty-five
         percent (35%), or, in the case of RSL-LA or GLA, in which ODC or the
         Cisneros Family Members hold a direct and/or indirect ownership
         interest of greater than fifty percent (50%), excluding, for the
         avoidance of doubt, AOLTW and any entity in which AOLTW has an
         ownership interest but AOL does not have an ownership interest of at
         least thirty-five percent (35%). For the purposes of this Section
         4.1(a), "ACCESS SERVICES", as it relates to the definition of PC Access
         Services, TV Access Services and Wireless Access Services, shall
         include what would otherwise be a non-Access Service if any such
         services are bundled with a third-party Access Service in a joint
         venture, profit sharing, joint marketing or like arrangement, whereby:
         (x) the non-Access Service serves as the default homepage for the
         Access Service, (y) the non-Access Service and Access Service are
         promoted or marketed as the same service or under the same brand, or
         (z) consumers otherwise may reasonably conclude that such bundled
         services are one and the same. For the avoidance of doubt, a link on
         the homepage of a third-party Access Service to a non-Access Service
         and/or the promotion of the non-Access Service as one of the services
         available to the end users of the Access Service shall not render the
         non-Access Service(s) an "Access Service" for purposes of this Section
         4.1(a). (All prohibited activities under this Section 4.1(a) shall be
         collectively referred to as "RESTRICTED ACTIVITIES".) For the avoidance
         of doubt, (i) with respect to PC Access Services, TV Access Services
         and Wireless Access Services, a Stockholder shall not be deemed to be
         engaging in a Restricted Activity, regardless of whether the applicable
         Person is a Significant Competitor or together with other Persons is an
         Aggregated Significant Competitor, unless the Stockholder has a direct
         and/or indirect ownership interest in the applicable Person or Persons
         of at least thirty five percent (35%) and (ii) ODC shall not be deemed
         to be engaging in a Restricted Activity with respect to GLA and/or
         RSL-LA, regardless of whether GLA or RSL-LA is a Significant Competitor
         or taken together are Aggregated Significant Competitors, unless ODC or
         the Cisneros Family Members have a direct and/or indirect ownership
         interest in GLA and/or RSL-LA, as applicable, of greater than fifty
         percent (50%).

                  (b) Notwithstanding paragraph (a), Restricted Activities shall
         exclude:

                                       14
<PAGE>

                           (i) Traditional Media Services;

                           (ii) IP (i.e., Internet protocol) telephony services;
                  and

                           (iii) AOL's GlobalNet(TM)international roaming
                  communications network services.

                  (c) For the avoidance of doubt and subject to the definition
         of Access Services in Section 4.1(a) above as it relates to PC Access
         Services, TV Access Services and Wireless Access Services, AOL,
         directly or together with a third party, shall have the right to offer
         in the Territory:

                           (i) Spanish or Portuguese language AOL-branded and
                  CompuServe-branded online or Internet services that are not
                  Access Services to the extent provided in Section 2.9 of the
                  AOL License; and

                           (ii) Non-AOL-branded and non-CompuServe-branded
                  Access Services or other services that are not PC Access
                  Services.

                  (d) For the avoidance of doubt, notwithstanding the
         termination or non-applicability of the non-competition provisions of
         Section 4.1(a), AOL shall have no right to engage in PC Access
         Services, TV Access Services or Wireless Access Services or Restricted
         Activities in the Territory using the AOL Marks or CIS Marks:

                           (i) except to the extent expressly provided in this
                  Section 4, the AOL License or the CIS License, or

                           (ii) unless the AOL License or CIS License terminates
                  or is amended to allow such use of the AOL Marks or CIS Marks
                  in accordance with the express terms of the AOL License or CIS
                  License.

         Section 4.2  REPURCHASE UPON BREACH.

                  (a) Subject to the other provisions of this Section 4.2, if a
         Stockholder and/or a Special Affiliate thereof violates the
         prohibitions of Section 4.1(a)(i) or (iii) and, if applicable, does not
         remedy such violation as provided in Sections 4.2(c) and (d), and such
         Stockholder and/or Special Affiliate fails to cure such violation and,
         if applicable, fails to remedy within thirty (30) Business days of
         receiving written notice from AOL, if Aspen and/or Atlantis is the
         violating party, or Aspen or Atlantis, if AOL is the violating party,
         then, in addition to other remedies available herein or under law or
         equity, if Aspen and/or Atlantis or one of its or their Special
         Affiliates is the breaching Person, the Company shall have the right to
         purchase all, but not less than all, of ODC's shares of Voting Stock in
         the Company (collectively, "ODC'S HOLDINGS") at their Fair Market

                                       15
<PAGE>

         Value, less, to the extent such damages are not reflected in the Fair
         Market Value, all damages arising as a result of the breach, such
         purchase to be effected in accordance with the procedures set forth
         herein and in Sections 5.3(d) and 5.4 below. If the Company elects not
         to purchase ODC's Holdings upon any breach by ODC or one of its Special
         Affiliates hereunder, then AOL shall have the right to purchase all,
         but not less than all, of ODC's Holdings on the same terms. If AOL or
         one of its Special Affiliates is the breaching Person, then ODC shall
         have the right to require AOL to purchase all, but not less than all,
         of ODC's Holdings at their Fair Market Value plus, to the extent such
         damages are reflected in the Fair Market Value, all damages arising as
         a result of the breach, such purchase to be effected in accordance with
         the procedures set forth herein and in Sections 5.3(d) and 5.4 below.
         The Company or AOL, as applicable, shall purchase such ODC Holdings in
         cash, provided that, (i) if the Company has elected to purchase ODC's
         Holdings, the Company may effect such purchase by delivery of its
         promissory note, in the full amount of the purchase price therefor,
         payable over three years with interest at the Default Rate, compounded
         annually, and (ii) if AOL is the purchasing party, then at the option
         of the non-breaching party, AOL shall purchase ODC's Holdings in cash
         or in freely tradable shares of AOLTW common stock (the "AOLTW STOCK")
         in installments over a three (3)-year period, with interest at the
         Default Rate compounded annually (the "INSTALLMENT PAYMENTS"), subject
         to the Liquidity Requirements as set forth in paragraph (f) below. If
         Installment Payments are chosen, or if the Company elects to effect its
         purchase of ODC's Holdings by delivery of its promissory note, then the
         purchase price shall be paid in equal quarterly installments of
         principal and interest over the applicable period, and evidenced by a
         promissory note in form and substance reasonably satisfactory to ODC.
         At ODC's election the note or Installment Payments shall be secured by
         ODC's Holdings being purchased. If any third party admitted as a
         stockholder of the Company as contemplated in Section 5.7 violates the
         prohibitions contained in Section 4.1(a) and does not remedy such
         violation as provided in Sections 4.2(c) or (d), then, in addition to
         other remedies available herein or under law or equity, the Company
         shall have the right to purchase all, but not less than all, of such
         third party's shares of Voting Stock in the Company at their Fair
         Market Value, less, to the extent such damages are not reflected in the
         Fair Market Value, all damages arising as a result of the breach, such
         purchase to be effected in accordance with the procedures set forth
         herein and in Sections 5.3(d) and 5.4 below. If the Company fails to
         exercise such right, then AOL and ODC shall have the right to purchase
         all or any part of such third party's shares of Voting Stock in the
         Company at their Fair Market Value, less to the extent such damages are
         not reflected in the Fair Market Value, all damages arising as a result
         of the breach. AOL and ODC shall each be entitled to purchase a portion
         of such third party's shares in proportion to the shares of Voting
         Stock originally sold by AOL and/or ODC to such third party equity
         participant, if any, or if no such shares were originally sold by AOL
         or ODC, in proportion to their then respective percentage ownership
         interests in the Voting Stock. If either AOL or ODC chooses not to so
         purchase any part of a third party's shares that it is permitted to buy
         under this Section 4.2, then the other may, at its option, purchase all
         of the remainder of such third party's shares.

                  (b) If, after the Effective Date, a Stockholder and/or any of
         its Special Affiliates (the "ACQUIRING PARTY") intends to acquire an
         interest in a Person or Persons (which as a result of such acquisition
         would be a Special Affiliate(s)) that, directly or indirectly, as part
         of its or their activities would cause a Stockholder and/or any of its
         Special Affiliates to be engaged in Restricted Activities, then the

                                       16
<PAGE>

         Acquiring Party shall use its commercially reasonable efforts (subject
         to any applicable confidentiality obligations) to notify the other
         Stockholders and the Company of such intent to acquire such interest.
         If a Stockholder is precluded from providing the complete notice
         required hereunder due to a conflicting confidentiality obligation, the
         Stockholder must, at a minimum, notify the other Stockholders and the
         Company that a conflicting confidentiality obligation is preventing it
         from full compliance with this Section 4.2(b).

                  (c) If, after the Effective Date, the Acquiring Party acquires
         an interest in a Person or Persons (which as a result of such
         acquisition becomes a Special Affiliate(s) of the Acquiring Party)
         that, directly or indirectly, engages in Restricted Activities, then
         the Acquiring Party shall have the option, in its sole discretion, of
         either: (y) divesting the Restricted Activities to the extent necessary
         to be in compliance with Section 4.1 within one (1) year from the date
         on which the Acquiring Party has acquired such an interest in
         Restricted Activities, or (z) offering first to the Company and, if not
         accepted by the Company, then to AOL, if either Aspen or Atlantis is
         the Acquiring Party, and to ODC, if AOL is the Acquiring Party, an
         opportunity to participate in the Restricted Activities or offering to
         contribute that part of the Person conducting Restricted Activities to
         the Company in exchange for payment by the Company of the fair market
         value thereof. If the Acquiring Party makes an offer pursuant to clause
         (z) above, and neither the Company nor AOL, if either Aspen or Atlantis
         is the Acquiring Party, or ODC, if AOL is the Acquiring Party, agrees
         to acquire such interest for any reason or the Company does not agree
         to pay for the Restricted Activities, then the Acquiring Party shall
         divest the Restricted Activities to the extent necessary to be in
         compliance with Section 4.1 within the later of: (A) one (1) year from
         the date on which the Acquiring Party has acquired such an interest in
         the applicable Person(s), or (B) six (6) months after receiving written
         notice rejecting the Acquiring Party's offer from both AOL, if either
         Aspen or Atlantis is the Acquiring Party, and ODC, if AOL is the
         Acquiring Party, and the Company, but, in any case, no later than
         eighteen (18) months after the date on which the Acquiring Party has
         acquired such an interest in the Person.

                  (d) Notwithstanding any other provision of this Agreement,
         during the period that the non-competition provisions of Section 4.1(a)
         are in force, if:

                           (i) the activities of any Stockholder or any of its
                  Special Affiliates result in such Stockholder and/or its
                  Special Affiliate(s) becoming a Significant Competitor
                  providing PC Access Services (or, in the case of ODC and/or
                  its Special Affiliates, TV Access Services or Wireless Access
                  Services) in the Territory, or

                           (ii) the activities of the Stockholder and its
                  Special Affiliates result in such Stockholder or Special
                  Affiliate together becoming an Aggregated Significant

                                       17
<PAGE>

                  Competitor providing PC Access Services (or, in the case of
                  ODC and/or its Special Affiliates, TV Access Services or
                  Wireless Access Services) in the Territory,

         then the Stockholder and/or the Special Affiliate(s), as the case may
         be, shall have the option, in its or their sole discretion, of either:
         (y) divesting the Restricted Activity to the extent necessary to be in
         compliance with Section 4.1 within one (1) year from the date on which
         it becomes a Significant Competitor or an Aggregated Significant
         Competitor, as the case may be, or (z) offering first to the Company
         and, if not accepted by the Company, then to AOL, if either Aspen or
         Atlantis is engaged in the Restricted Activity, and to ODC, if AOL is
         engaged in the Restricted Activity, an opportunity to participate in
         the Restricted Activities or offering to contribute that part of the
         Person conducting Restricted Activities to the Company in exchange for
         payment by the Company of the fair market value thereof. If the
         Acquiring Party makes an offer pursuant to clause (z) above, and the
         Company does not agree to pay for the Restricted Activity for any
         reason or the Company or AOL or ODC, as applicable, does not agree to
         acquire such interest for any reason, then the Acquiring Party shall
         divest the Restricted Activity to the extent necessary to be in
         compliance with Section 4.1 within one (1) year from the date on which
         the applicable Person(s) became a Significant Competitor or Aggregate
         Significant Competitor, as the case may be.

                  (e) Notwithstanding any other provision of this Agreement,
         during the period that the non-competition provisions of Section
         4.1(a)(i) and (iii), as applicable, are in force, any Stockholder,
         either directly or through a Special Affiliate, may acquire or hold an
         interest in a Person providing, or otherwise participating in the
         provision of, PC Access Services, TV Access Services (except
         AOL-branded TV Access Services) and Wireless Access Services (except
         AOL-branded Wireless Access Services) within the Territory so long as
         such Person is not a Significant Competitor and such Person, together
         with the applicable Stockholder and its Special Affiliates, is not an
         Aggregated Significant Competitor.

                  (f) The "LIQUIDITY REQUIREMENTS" shall be deemed satisfied
         only if AOL provides unconditional guarantees to ODC, in form and
         substance reasonably satisfactory to ODC, that provide reasonable
         assurances that ODC can sell an amount of the AOLTW Stock received at a
         price sufficient to provide the same amount of money to ODC on
         approximately the same time schedule that ODC would have received if
         AOL had chosen to make Installment Payments in cash and guarantee that
         if ODC cannot do so, AOL will pay the difference to ODC. ODC
         recognizes, however, that it may not "dump" or otherwise sell such
         AOLTW Stock in a manner that would disrupt the market for such stock,
         and accordingly, the parties shall mutually agree to a procedure and
         timetable for the most rapid liquidation of such AOLTW Stock that does
         not disrupt the market therefor. Notwithstanding the foregoing, if for
         any reason ODC does not sell its AOLTW Stock or any portion thereof
         within forty-five (45) days of receipt of such AOLTW Stock or, if
         later, within the timetable agreed upon, AOL cannot and does not
         guarantee that the AOLTW Stock given to ODC will be equivalent in value
         to the cash Installment Payments.

                                       18
<PAGE>

                  (g) If the Company and an Acquiring Party are unable to agree
         on the fair market value of the part of any Person conducting
         Restricted Activities which such Acquiring Party is required to offer
         to the Company pursuant to Section 4.1(c) or 4.1(d), then either party
         may request an appraisal of such fair market value by delivery of such
         a request in writing to the other. Such appraisal shall be conducted by
         an investment banking firm of international standing with experience in
         valuations of the type of business in question reasonably acceptable to
         each of the Company and the Acquiring Party. If the Acquiring Party
         acquired the Person that is conducting the Restricted Activities
         pursuant to arm's length negotiations with an un-Affiliated party, then
         the appraisal of such investment banking firm shall be limited to
         determining the percentage of purchase price paid by the Acquiring
         Party for such Person attributable to the Restricted Activities.
         Otherwise, the investment banking firm may make such appraisal on
         whatever basis it reasonably may determine. Any such appraisal shall,
         absent manifest error, be binding on the Company, the Acquiring Person
         and the other Stockholders for all purposes under this Section 4.1.

                                    ARTICLE V
                            RESTRICTIONS ON TRANSFERS

         Section 5.1 PROHIBITED TRANSFERS. Except as expressly permitted in this
Agreement, no Stockholder nor any of their respective Affiliates, including any
direct or indirect beneficial owner or ultimate parent of any such entity
(including AOLTW, AOL and ODC), shall, directly or indirectly, Transfer any of
the right, title or interest in (i) any shares of Preferred Stock or Common
Stock or (ii) any of their Affiliates which beneficially own, either directly or
indirectly, any shares of Preferred Stock or Common Stock; provided that, for
the avoidance of doubt, neither this restriction nor any other provision of this
Article V shall apply to any Transfer of Notes. Without limiting the foregoing
or any right or remedy any Party may have hereunder, each Stockholder agrees
that, in the event that at any time any Parent Entity or any Wholly Owned
Affiliate of a Parent Entity ceases to be a Parent Entity or a Wholly Owned
Affiliate of a Parent Entity (including if AOL ceases to be a Wholly Owned
Affiliate of AOLTW or if Aspen or Atlantis ceases to be a Wholly Owned Affiliate
of the Cisneros Family), then all shares of Voting Stock Transferred to or held
by such Person shall automatically be deemed to, and such Person and the
Stockholder Affiliated with such Person shall cause such shares to, immediately
convert at such time from High Vote Preferred Stock, if applicable, into that
number of shares of High Vote Common Stock into which such shares are then
convertible at the applicable conversion ratio under the Certificate of
Incorporation, and immediately convert at such time from High Vote Common Stock,
if applicable, into that number of shares of Class A Common Stock into which
such shares are then convertible at then applicable conversion ratio under the
Certificate of Incorporation; PROVIDED that no such conversion shall occur if
such Person ceases to be a Parent Entity or a Wholly Owned Affiliate of a Parent
Entity solely as a result of the bona fide pledge, hypothecation or similar
financing transaction of the equity interests of such Person so long as the
Transferring Parent Entity or Wholly Owned Affiliate of a Parent Entity
continues to have the sole and exclusive authority and right to vote the shares
subject to such pledge, hypothecation, or other financing transaction. Except

                                       19
<PAGE>

for Transfers duly made in accordance with this Article V, no Transfer of
Preferred Stock or Common Stock by a Stockholder shall be valid as against the
Company and its stockholders and any purported transfer not so made in
accordance with Article V shall be null and void and of no force or effect as
against the Company and the other Stockholders.

         Section 5.2  PERMITTED TRANSFERS.

                  (a) Notwithstanding anything in this Agreement to the
         contrary, each Stockholder (or any permitted transferee under clauses
         (i) through (iv) below) may Transfer shares of Voting Stock owned by it
         and its rights under this Agreement as they relate to such transferred
         Voting Stock as follows:

                           (i) All or part of the shares of Voting Stock owned
                  by it and its rights under this Agreement to any transferee
                  that is a Parent Entity or a Wholly Owned Affiliate of a
                  Parent Entity, provided that no Restricted Transferee owns or
                  thereafter shall own an interest in such Parent Entity, which
                  interest, with respect to a Parent Entity, is acquired
                  directly from such Parent Entity or from one of its
                  Affiliates;

                           (ii) All or part of the shares of Voting Stock owned
                  by it and its rights under this Agreement to any transferee
                  admitted to the Company as a third party equity holder
                  pursuant to the provisions of Section 5.7 hereof;

                           (iii) Up to twenty percent (20%) of the shares of
                  Voting Stock of such Stockholder (with Aspen and Atlantis, on
                  one hand, and AOLTW, any AOLTW Permitted Assignee and AOL, on
                  the other hand, each constituting a single Stockholder for
                  purposes of this subsection) to transferees that comprise of
                  Cisneros Family Members and/or Employees of the Stockholders
                  or of any Wholly Owned Affiliate of such Stockholder, provided
                  that (x) prior to the effective date of any such transfer, the
                  prospective transferees shall enter into a voting agreement,
                  in form and substance satisfactory to the Company and the
                  non-transferring Stockholder, pursuant to which the
                  transferring Stockholder shall retain all voting rights
                  attributable to the transferred shares or (y) such transfers
                  are of Class A Common Stock;

                           (iv) All of the shares of Voting Stock owned by it
                  and its rights and obligations as a Stockholder under this
                  Agreement if such Transfer is part of the Transfer to any
                  party acquiring all (or substantially all) of (A) the business
                  of AOL or (B) the ODC Business Unit. For purposes hereof, "ODC
                  BUSINESS UNIT" means any Person or Persons that individually
                  or collectively owns all of the equity interests of ODC and
                  its Affiliates and the Cisneros Family Members in the Company
                  and RSL-LA; and

                           (v) All or part of the shares of Voting Stock owned
                  by it as a result of the pledge, hypothecation or other
                  similar financing transaction so long as (x) the transferring
                  stockholder continues to have the sole and exclusive authority
                  and right to vote the shares subject to such pledge,

                                       20
<PAGE>

                  hypothecation or other financing transaction and (y) the
                  financial institution or other Person that is a party to any
                  such pledge, hypothecation or other financing transaction (the
                  "FINANCING PARTY") agrees to be bound and obligated by all of
                  the provisions of this Agreement upon the commencement by such
                  Financing Party of any proceedings to sell or otherwise
                  foreclose on any shares of Voting Stock subject to any pledge,
                  hypothecation or other financing transaction permitted hereby.

         In the event of any Transfer of any Company Securities other than Class
         A Common Stock pursuant to Sections 5.2(a)(i) through (iv), the
         transferee thereof (or subsequent transferee) shall be entitled to the
         rights and privileges set forth in this Agreement and shall be bound
         and obligated by the provisions of this Agreement. As a condition to
         any such Transfer permitted pursuant to Sections 5.2(a)(i) through
         (iv), each transferee that will own shares of Voting Stock (other than
         shares of Class A Common Stock) shall, prior to such Transfer, agree in
         writing to be bound by all of the provisions of this Agreement and no
         such transferee shall be permitted to make any Transfer which the
         original transferor was not permitted to make. In connection with any
         such Transfer of any Company Securities other than Class A Common Stock
         pursuant to Sections 5.2(a)(i) through (iv), the transferee shall
         execute and deliver to the non-transferring Stockholder (with Aspen and
         Atlantis constituting a single Stockholder for purposes of this
         provision) and the Company such documents as may reasonably be
         requested by the non-transferring Stockholder and/or the Company to
         evidence the same.

                  (b) Any Stockholder may Transfer some or all of the shares of
         Voting Stock owned by it to another Stockholder other than an AOLTW
         Permitted Assignee (it being understood that for purposes hereof,
         Atlantis may Transfer some or all of the shares of Voting Stock owned
         by it to Aspen and Aspen may Transfer some or all of the shares of
         Voting Stock owned by it to Atlantis; and AOLTW may Transfer some or
         all of the shares of Voting Stock owned by it to AOL and AOL may
         Transfer some or all of the shares of Voting Stock owned by it to
         AOLTW).

                  (c) Any Stockholder may Transfer some or all of the Class A
         Common Stock owned by it in a Public Sale.

         Section 5.3  RIGHTS OF FIRST REFUSAL.

                  (a) Each Stockholder agrees with the other Stockholders that,
         except with respect to Transfers permitted pursuant to Section 5.2, if
         a Stockholder or any of its Wholly-Owned Affiliates or Parent Entities
         wants to Transfer any shares of Voting Stock to any other Person (other
         than (x) Transfers of Voting Stock to a Restricted Transferee or (y)
         Transfers of Voting Stock (except Class A Common Stock) to an Affiliate
         of such Stockholder which is not a Parent Entity or a Wholly Owned
         Affiliate of a Parent Entity, both of which Transfers are prohibited
         hereby, and other than pursuant to a pledge, hypothecation or other
         similar financing transaction in which the transferring Stockholder
         continues to have the sole and exclusive authority and right to vote
         the shares subject to such pledge, hypothecation or other financing
         transaction) in a bona fide transaction, such Stockholder, Wholly Owned
         Affiliate or Parent Entity (the "OFFEROR") shall be entitled to do so
         provided that such Offeror first offers to sell such shares of Voting
         Stock to the other Stockholder (with Aspen and Atlantis together with

                                       21
<PAGE>

         their Wholly Owned Affiliates and Parent Entities being such other
         Stockholder if AOL, AOLTW or any AOLTW Permitted Assignee or any of
         their Wholly Owned Affiliates or Parent Entities is the Offeror; and
         with AOL and AOLTW together with their Wholly Owned Affiliates and
         Parent Entities constituting such other Stockholder if Aspen or
         Atlantis or any of their Wholly Owned Affiliates or Parent Entities is
         the Offeror; such other Stockholder, the "OFFEREE") at the same price
         and the same terms and conditions as the Offeror would receive from
         such other Person. The Offeror shall submit to the Company and the
         Offeree a written notice (the "OFFER NOTICE") stating in reasonable
         detail such price or other consideration and such terms and conditions
         and identifying the Person and all Persons who beneficially own more
         than five percent (5%) of such Person, proposing to purchase the shares
         of Voting Stock. The Offeree shall have a period of thirty (30) days
         after the receipt of the Offer Notice in which to accept or reject such
         offer. If the Offeree elects to accept such offer, which acceptance
         must be for all and not part of the Voting Stock offered for sale, it
         shall so indicate within such thirty (30) day period by notice to the
         Offeror. The notice required to be given by the Offeree shall specify a
         date for the closing of the purchase which, subject to the expiration
         or early termination of any waiting period required by any Governmental
         Authority and the receipt of any required approvals of any Governmental
         Authority, shall not be more than thirty (30) days after the date of
         the giving of such notice.

                  (b) If the Offeree does not exercise its right to purchase all
         of the shares of Voting Stock offered for sale pursuant to the
         provisions of this Section 5.3, the Offeror of such shares of Voting
         Stock shall have the right to sell to the Person identified in the
         Offer Notice, subject to the provisions of this Agreement, all (but not
         less than all) of such shares of Voting Stock on the same terms and
         conditions including the price or other consideration specified in the
         Offer Notice, free from the restrictions of Section 5.1 of this
         Agreement (for purposes of such specific transaction and purchasing
         Person, but not for purposes of any subsequent transaction or other
         purchasing Person) in a bona fide transaction, for a period of ninety
         (90) days from the date that the Offer expires hereunder, provided that
         any such purchaser shall prior to such transfer, if such purchaser
         shall be receiving shares of Voting Stock, other than shares of Class A
         Common Stock, agree in writing to be bound by all of the provisions of
         this Agreement. At the end of such ninety (90) day period, the Offeror
         shall notify the Company and the Offeree in writing whether its shares
         of Voting Stock have been sold in a bona fide transaction during such
         period. To the extent not sold during such ninety (90) day period, all
         of such shares of Voting Stock shall again become subject to all of the
         restrictions and provisions of this Section 5.3.

                  (c) If the Offeree accepts the offer set forth in the Offer
         Notice, the purchase price or other consideration per share of the
         shares of Voting Stock purchased by the Offeree shall be the price or
         other consideration per share offered to be paid by the prospective
         transferee described in the Offer Notice, which price shall be paid in
         cash and/or such other consideration, at the election of the Offeree.

                                       22
<PAGE>

                  (d) If the Offeree accepts the offer set forth in the Offer
         Notice, the closing of the purchase shall take place at the principal
         office of the Company or such other location as shall be mutually
         agreeable to the Offeror and Offeree, and the purchase price shall be
         paid at the closing by wire transfer of immediately available funds or
         in such other appropriate form if for consideration other than cash. At
         the closing, the Offeror shall deliver to the Offeree the certificates
         evidencing the shares of Voting Stock to be transferred, duly endorsed
         and in negotiable form as well as the items listed in Section 5.4.

         Section 5.4 CLOSING DELIVERIES. The Offeror at a closing under this
Article V shall deliver to the Offeree the following:

                  (a) A duly executed stock power, "Deed of Transfer" or other
         appropriate instrument conveying to the Offeree the shares of Voting
         Stock being purchased by the Offeree, free and clear of any
         Encumbrances, except those in this Agreement which are expressly
         assumed. If less than all of the shares of Voting Stock evidenced by a
         stock certificate are being purchased, the Company shall, upon receipt
         of such duly endorsed stock certificate, issue to the Offeree a stock
         certificate evidencing the shares being purchased and issue to the
         Offeror a stock certificate evidencing the number of shares not being
         purchased.

                  (b) A statement from the Offeror that: (i) except as set forth
         therein, the Offeror has no claim against the Company in respect of the
         shares of Voting Stock being transferred, including for any unpaid
         dividends; and (ii) the Offeror shall perform any of its obligations
         under this Agreement that shall continue to be applicable to the
         Offeror after such transfer of shares or shall guarantee any such
         obligations as may be assumed by the Offeree, unless such guarantee is
         not then required by the other parties to this Agreement.

         Section 5.5 DIRECT COMPREHENSIVE COMPETITOR. Before ODC or any of its
Affiliates may Transfer any shares of Voting Stock offered by ODC or any of such
Affiliates pursuant to this Article V to a "Direct Comprehensive Competitor" (as
defined below) of AOL, ODC shall provide AOL with commercially reasonable notice
of its intentions and the terms of the contemplated transaction. Before ODC or
any of its Affiliates may consummate any transaction with such Direct
Comprehensive Competitor, AOL shall have a right, exercisable within thirty (30)
days after written notice from ODC, to purchase such shares on the same terms as
those offered by ODC and/or its Affiliates to the Direct Comprehensive
Competitor. If AOL does not accept this opportunity to purchase ODC's and/or its
Affiliates' shares and ODC and/or its Affiliates wishes to sell such shares to
the Direct Comprehensive Competitor at a price lower than the price offered to
AOL, or on material terms which, when taken as a whole, are less favorable to
ODC and/or its Affiliates than those offered to AOL (a "WORSE OFFER"), ODC shall

                                       23
<PAGE>

notify AOL of its intentions and the terms of the Worse Offer. Before ODC and/or
its Affiliates may consummate any Worse Offer transaction with such Direct
Comprehensive Competitor, AOL shall have a right to purchase ODC's and its
Affiliates' shares on the same terms as such Worse Offer, exercisable within
thirty (30) days of written notice from ODC. For purposes of this Section 5.5, a
"DIRECT COMPREHENSIVE COMPETITOR" shall mean a Person or entity which owns or
controls, directly or indirectly, a multinational business that includes the
provision of comprehensive horizontal (i.e., across multiple, diverse subject
areas) Interactive Services containing Content of general interest as may be
organized under such subject areas as news, sports, and finance, including, by
way of example, [**], [**], [**], and [**].

         Section 5.6 PURCHASE OF THE ODC HOLDINGS; INSTALLMENT PAYMENTS. ODC
hereby agrees that AOL and/or the Company, as applicable, may designate a
Subsidiary or a third party as the acquirer of all or any of ODC's shares of
Voting Stock it may be entitled to purchase hereunder, provided that AOL and/or
the Company, as applicable, unconditionally guarantees the required purchase
payments to ODC.

         Section 5.7 THIRD-PARTY EQUITY PARTICIPANTS. AOL, ODC and the Company
shall evaluate the benefits of admitting one or more significant third-party
equity stockholders to the Company, and (except as expressly set forth in this
Agreement) any such admission of a significant third-party equity participant
shall be mutually agreed upon by AOL and ODC in accordance with this Section 5.7
and, if such admission is to be effected in whole or in part by sale of any
Company Securities by the Company, submitted for approval of the Special
Committee and the Board in accordance with the provisions of the Certificate of
Incorporation:

                  (a) Either AOL or ODC may identify one or more Strategic
         Partners, and may enter into discussions with one or more such
         Strategic Partners with a view to offering to such Strategic Partners
         an opportunity to participate in the equity ownership of the Company.
         Before AOL or ODC commences negotiations (e.g., making a formal
         proposal regarding a significant deal point) it shall provide notice to
         the other and the Company which shall have the right to participate in
         any and all such negotiations. Either AOL or ODC may, however, direct
         that such negotiations not commence and such third party not be
         considered for an interest.

                  (b)  DISPROPORTIONATE DILUTION; CALL OPTION.

                           (i) Any such admission of a Strategic Partner to the
                  Company shall be accomplished in such a manner that the
                  respective Voting Stock holdings of ODC and AOL in the Company
                  are diluted on a two to one (2 to 1) basis until the aggregate
                  number of shares of Voting Stock owned by ODC is reduced to
                  twenty-five percent (25%) of the aggregate number of shares of
                  Voting Stock then outstanding as adjusted to reflect any stock
                  splits, reverse stock splits, stock dividends, stock issuances
                  and similar capital transactions, and, thereafter the
                  respective Voting Stock holdings of ODC and AOL, respectively,
                  shall be diluted on a one and one-half to one (1.5 to 1) basis
                  (collectively, the "DISPROPORTIONATE DILUTION"). Strategic
                  Partners may be admitted at any entity level or levels (e.g.,
                  to the Company or any other Subsidiary) and in any manner
                  (e.g., by the issuance of shares by the Company and/or the

                                       24
<PAGE>

                  sale of shares by AOL and/or ODC), provided, however, that the
                  net effect of all transactions admitting Strategic Partners
                  does not dilute ODC's overall (direct or indirect, whether
                  through the Company or otherwise) percentage ownership of the
                  Voting Stock of the Company relative to AOL's percentage
                  ownership more than on a 2 to 1 or 1.5 to 1 basis, as
                  applicable ("MAXIMUM DISPROPORTIONATE DILUTION").

                           (ii) ODC hereby grants the Company and AOL an option
                  (the "CALL OPTION") to purchase from ODC, and ODC shall be
                  obligated to sell to the Company and AOL, as applicable, such
                  number of shares of Voting Stock then owned by ODC as may be
                  required to effect the Disproportionate Dilution. The Company
                  and/or AOL, as applicable, may exercise the Call Option by
                  written notice (the "PURCHASE NOTICE") to ODC, which Purchase
                  Notice must be delivered to ODC within thirty (30) days after
                  the admission of a Strategic Partner to the Company. The price
                  at which the Call Option shall be exercised shall be
                  determined pursuant to subsection (A) below, and the date and
                  place of transfer shall be determined pursuant to subsection
                  (B) below.

                                    (A) PRICE DETERMINATION. The purchase price
                           per share at which the Call Option shall be exercised
                           shall be equal to the Fair Market Value thereof as of
                           the date of delivery of the Purchase Notice.

                                    (B) DATE AND PLACE OF TRANSFER. The purchase
                           and sale of the shares owned by ODC to the Company
                           and/or AOL, as applicable, pursuant to subsection
                           (b)(ii) above shall take place at the principal place
                           of business of the Company (unless otherwise agreed
                           by AOL and ODC), on a date specified by the Company
                           and/or AOL, as applicable, but no later than thirty
                           (30) days after the Purchase Notice has been sent
                           pursuant to subsection (b)(ii), unless otherwise
                           agreed by AOL and ODC (the "CALL OPTION CLOSING"). At
                           the Call Option Closing, the Company and/or AOL, as
                           applicable, shall tender and ODC shall accept payment
                           of the purchase price by certified or bank check or
                           wire transfer, and ODC shall deliver to the Company
                           and/or AOL, as applicable, in exchange therefor the
                           certificate(s) for the shares of Voting Stock being
                           acquired pursuant to the Purchase Notice, accompanied
                           by duly executed instruments of transfer and the
                           other documents required to be delivered pursuant to
                           Section 5.4 hereof.

                  (c) If for any reason the admission of a Strategic Partner
         results in an aggregate dilution of ODC's relative percentage ownership
         in the Company greater than the Maximum Disproportionate Dilution, the
         Stockholders and the Company shall take all actions necessary to ensure
         that such excessive dilution is eliminated by an adjustment in the form
         of: (i) the sale or transfer from AOL and/or the Company to ODC of
         shares of Voting Stock in the Company, and/or (ii) any other measure
         reasonably agreed upon by the Stockholders, such that after such
         adjustment the resulting dilution of ODC's ownership interest does not
         exceed the Maximum Disproportionate Dilution.

                  (d) If a Strategic Partner is admitted to the Company, and the
         manner of effecting the disproportionate dilution is other than

                                       25
<PAGE>

         pursuant to the Call Option, ODC shall be compensated for any sale or
         other dilution of ODC's Voting Stock ownership directly or indirectly
         in an amount equal to the Fair Market Value thereof.

                  (e) Any admission of a Non-Strategic Partner to the Company
         shall dilute AOL and ODC pro rata.

                  (f) The method of admitting Strategic Partners and
         Non-Strategic Partners (e.g., whether to effect such admission by the
         issuance of shares to such new stockholder and/or the sale of shares by
         AOL and/or ODC), shall be determined by the Stockholders and, if such
         method involves the issuance of any Company Securities or other equity
         securities of the Company, submitted to the Special Committee and the
         Board for their approval in accordance with the Certificate of
         Incorporation.

                  (g) If the shares of Voting Stock held by AOL and/or ODC shall
         have been reduced by reason of a sale of a portion of its or their
         shares of Voting Stock to a Strategic Partner or Non-Strategic Partner
         as contemplated in this Section 5.7, and such Strategic Partner or
         Non-Strategic Partner thereafter wants to, or is required to, sell all
         or a portion of such shares of Voting Stock, AOL and ODC shall
         cooperate with each other and such Strategic Partner or Non-Strategic
         Partner, as applicable, so that each of AOL and ODC shall have the
         right and opportunity to repurchase any such shares of Voting Stock in
         proportion to the shares of Voting Stock originally sold by AOL and/or
         ODC to such Strategic Partner or Non-Strategic Partner. If AOL or ODC
         chooses not to purchase any part of a third-party's shares of Voting
         Stock which it is permitted to buy under this Section 5.7(g), then the
         other or, if it elects not to purchase all of such shares, the Company,
         may purchase at its option all of the remainder of such third-party's
         shares of Voting Stock.

                  (h) For the avoidance of doubt, AOLTW or any other holder of
         the Notes shall not be deemed to be a third party equity stockholder or
         Strategic Partner under this Section 5.7 by virtue of its acquisition
         of Notes or Note Conversion Shares upon conversion of the Notes.

                                   ARTICLE VI
                               REGISTRATION RIGHTS

         Section 6.1 REGISTRATION RIGHTS. The shares of Class A Common Stock
that are issued to the Stockholders by the Company upon conversion of Class B
Common Stock or Class C Common Stock or otherwise (including, without
limitation, upon conversion of any Series B Preferred Stock received by AOL upon
exercise by AOL of the Warrant in whole or in part or received by AOLTW or any
AOLTW Permitted Assignee upon conversion of any Note Conversion Shares or Notes)
shall have the registration rights set forth in the Second Amended and Restated
Registration Rights Agreement, dated as of March 8, 2002, by and among AOL,
AOLTW, and ODC (the "REGISTRATION RIGHTS AGREEMENT"). The parties agree that,
subject to the advance notice requirements set forth in the Certificate of
Incorporation and the Certificate of Designation any such conversion, exercise

                                       26
<PAGE>

or exchange shall, except as otherwise expressly set forth herein or in the
Certificate of Incorporation, or Certificate of Designation occur, at the option
of the exchanging or converting Stockholder, contemporaneously with the
registration of the Class A Common Stock to be received, or the consummation of
the sale of such Class A Common Stock pursuant to such registration, or at such
other time as such Stockholder shall request in writing.

                                   ARTICLE VII
                          ODC NON-MONETARY OBLIGATIONS

         Section 7.1 ODC NON-MONETARY CONTRIBUTIONS. As an integral part of
ODC's contribution to the Company, ODC or its Affiliates shall provide to the
Company, for the benefit of the Company and its Subsidiaries, the non-monetary
contributions and services set forth on Schedule 7.1 hereof relating to such
Non-Monetary Contributions as may be in effect from time to time. Upon the
termination of this Agreement, the rights and obligations arising under any and
all such side agreements in effect at the time of termination shall continue in
full force and effect until the expiration or termination of such side
agreements in accordance with their terms and neither the Company, nor AOL, nor
AOLTW nor ODC shall be obligated to enter into any additional side agreements
following the date of termination of this Agreement.

                                  ARTICLE VIII
                            OTHER AGREEMENTS; LEGENDS

         Section 8.1 LEGENDS. As long as this Agreement shall remain in full
force and effect, there shall be inscribed upon each certificate of Voting Stock
held by a Stockholder the following legends:

           THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD,
           TRANSFERRED, PLEDGED, ASSIGNED, HYPOTHECATED OR IN ANY WAY DISPOSED
           OF OR ENCUMBERED EXCEPT PURSUANT TO THE TERMS AND CONDITIONS OF A
           CERTAIN STOCKHOLDERS' AGREEMENT, DATED AS OF AUGUST 7, 2000, AND ANY
           AMENDMENTS THERETO, BETWEEN AMERICA ONLINE LATIN AMERICA, INC.,
           AMERICA ONLINE, INC. AND RIVERVIEW MEDIA CORP., A COPY OF WHICH IS ON
           FILE AT THE OFFICE OF THE COMPANY. THE HOLDER AND THE OWNER HEREOF IS
           SUBJECT TO THE OBLIGATIONS THEREIN SET FORTH AND CONTAINED AND ANY
           SUCH DISPOSITION OR ENCUMBRANCE IN VIOLATION OF SAID STOCKHOLDERS'
           AGREEMENT SHALL BE NULL AND VOID.

           THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
           REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
           "SECURITIES ACT"), OR ANY SECURITIES REGULATORY AUTHORITY OF ANY

                                       27
<PAGE>

           STATE, AND MAY NOT BE SOLD, ASSIGNED, PLEDGED, ENCUMBERED,
           TRANSFERRED, GRANTED AN OPTION WITH RESPECT TO OR OTHERWISE DISPOSED
           OF IN THE ABSENCE OF SUCH REGISTRATION OR DELIVERY TO THE COMPANY OF
           AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY THAT SUCH
           SALE OR TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE ACT.

         Notwithstanding the foregoing, for so long as this Agreement shall
remain in full force and effect, there shall be inscribed on each certificate of
Voting Stock issued to a Stockholder after March 8, 2002 the following legend in
lieu of the first legend required pursuant to the foregoing:

           THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD,
           TRANSFERRED, PLEDGED, ASSIGNED, HYPOTHECATED OR IN ANY WAY DISPOSED
           OF OR ENCUMBERED EXCEPT PURSUANT TO THE TERMS AND CONDITIONS OF A
           CERTAIN SECOND AMENDED AND RESTATED STOCKHOLDERS' AGREEMENT, DATED AS
           OF MARCH 8, 2002, AND ANY AMENDMENTS THERETO, BETWEEN AMERICA ONLINE
           LATIN AMERICA, INC., AMERICA ONLINE, INC., AOL TIME WARNER INC.,
           ASPEN INVESTMENTS LLC, AND ATLANTIS INVESTMENTS LLC, A COPY OF WHICH
           IS ON FILE AT THE OFFICE OF THE COMPANY. THE HOLDER AND THE OWNER
           HEREOF IS SUBJECT TO THE OBLIGATIONS THEREIN SET FORTH AND CONTAINED
           AND ANY SUCH DISPOSITION OR ENCUMBRANCE IN VIOLATION OF SAID
           STOCKHOLDERS' AGREEMENT SHALL BE NULL AND VOID.

         Section 8.2 LIMITATION OF LIABILITY. IN NO EVENT SHALL ANY PARTY BE
LIABLE TO ANOTHER (OR TO ANY AFFILIATE OF ANOTHER) FOR ANY SPECIAL, INCIDENTAL,
CONSEQUENTIAL, OR PUNITIVE DAMAGES OF ANY KIND OR NATURE WHATSOEVER (INCLUDING
WITHOUT LIMITATION, DAMAGES FOR LOSS OF BUSINESS, PROFITS OR OTHER PECUNIARY
LOSS) ARISING OUT OF THIS AGREEMENT, WHETHER SOUNDING IN TORT, CONTRACT OR ANY
OTHER FORM OF ACTION, EVEN IF THE PARTY AGAINST WHOM SUCH DAMAGES ARE SOUGHT HAS
BEEN ADVISED, HAD REASON TO KNOW, OR IN FACT KNEW OF THE POSSIBILITY OF SUCH
DAMAGES.

                                       28
<PAGE>

                                   ARTICLE IX
                              TERM AND TERMINATION

         Section 9.1 TERM. The term of this Agreement (the "TERM") shall
commence on the Effective Date and shall terminate (i) by mutual agreement of
the Parties in writing, (ii) when the Stockholders have ceased to hold any
shares of Voting Stock in the Company, (iii) by termination pursuant to the
provisions of Section 9.2, or (iv) on June 30, 2048, whichever occurs first.

         Section 9.2 TERMINATION. AOL and AOLTW, on the one hand, and ODC, on
the other hand, at their sole discretion, may terminate this Agreement by
delivering notice of termination and the basis therefor to the other and the
Company, at such time as the other ceases to hold a direct or indirect ownership
interest in Voting Stock greater than 10% percent of the number of shares of
Voting Stock at any time outstanding (or such lower percentage resulting solely
from admission of third-party equity participants pursuant to Section 5.7).

                                    ARTICLE X
                     STANDSTILL PROVISIONS; INDEMNIFICATION

         Section 10.1 LIMITATIONS ON STOCKHOLDERS' OWNERSHIP. Except for
purchases of Company Securities made in accordance with this Article X, each
Stockholder agrees that until December 15, 2003 it will not, nor will it permit
any of its Affiliates other than the Company to directly or indirectly, acquire,
offer or propose to any of the Company's stockholders or any third party to
acquire, solicit an offer to sell or agree to acquire, by purchase, by gift, by
joining a partnership, limited partnership, syndicate or other "group" (as such
term is used in Section 13(d)(3) of the Exchange Act), any Company Securities,
except as follows:

                  (a) a Stockholder may acquire Company Securities as
         consideration for such Stockholder's sale of an asset, property or
         right to the Company;

                  (b) a Stockholder may acquire Company Securities in connection
         with such Stockholder's making of a tender offer or exchange offer for
         not less than 100% of the shares of Company Securities then outstanding
         at a price approved by the disinterested members of the Board of
         Directors of the Company and based upon a fairness opinion delivered to
         the Board of Directors of the Company by a nationally recognized
         investment banking firm;

                  (c) the Stockholders shall have the right to acquire in the
         aggregate shares of Class A Common Stock up to an amount equal to five
         percent (5%) of the aggregate number of shares of Class A Common Stock
         outstanding on the Effective Date, it being understood that for
         purposes of this subsection (c) only, Aspen and Atlantis shall be
         treated as one Stockholder and shall collectively be limited to acquire
         in the aggregate no more than up to an amount equal to five percent

                                       29
<PAGE>

         (5%) of the aggregate number of shares of Class A Common Stock
         outstanding on the Effective Date, and any acquisition of shares of
         Class A Common Stock by AOLTW shall be treated for purposes of this
         subsection (c) only as if they were acquired by AOL;

                  (d) AOL may exercise the Warrant and AOL and the AOLTW
         Permitted Assignees may acquire Notes and Note Conversion Shares;

                  (e) pursuant to the rights of first refusal granted pursuant
         to the provisions of Section 10.1 of the Amended and Restated
         Registration Rights and Stockholders Agreement, dated as of March 30,
         2001, by and between the Company, Banco Itau, S.A. and the other
         parties named therein; and

                  (f) as specifically approved by the Board.

         Notwithstanding the foregoing, nothing in this Section 10.1 shall
prohibit any Stockholder or Affiliate of such Stockholder from acquiring any
Company Securities as a result of any stock dividend, stock split, combination,
reorganization, reclassification or similar event affecting the Company's
capital structure.

         SECTION 10.2 INDEMNIFICATION.

                  (a) If, and to the extent that, the Company, any stockholder
         of the Company or any other Person brings any Action against AOL,
         AOLTW, any AOLTW Permitted Assignees, or ODC or any of their Affiliates
         or Subsidiaries (or any of their officers, directors, agents,
         shareholders, members, partners, Affiliates or Subsidiaries) seeking
         any Damages or injunctive or other equitable relief based on, arising
         out of or relating to any breach or alleged breach of any fiduciary or
         other duty based on any action or inaction which is permitted by the
         provisions of Article THIRD of the Certificate of Incorporation, or
         which is otherwise taken in reliance upon the provisions of said
         Article THIRD, the Company shall, to the fullest extent permitted by
         law, indemnify and hold such Persons harmless from and against all
         Damages arising out of or in connection with any such Action. The right
         to indemnification conferred herein shall include the right to be paid
         by the Company the expenses (including attorneys', accountants',
         experts' and other professionals' fees, costs and expenses) incurred in
         defending any such Action in advance of its final disposition
         (hereinafter, an "ADVANCEMENT OF EXPENSES"); provided, however, that
         if, but only if and then only to the extent, the GCL requires, an
         advancement of expenses incurred by an indemnitee hereunder shall be
         made only upon delivery to the Company of an undertaking (hereinafter,
         an "UNDERTAKING"), by or on behalf of such indemnitee, to repay all
         amounts so advanced if it shall ultimately be determined by final
         judicial decision from which there is no further right to appeal
         (hereinafter, a "FINAL ADJUDICATION") that such indemnitee is not
         entitled to be indemnified for such expenses under this Article THIRD
         or otherwise. The rights to indemnification and to the advancement of
         expenses conferred herein shall be contract rights and, as such, shall
         inure to the benefit of the indemnitee's successors, assigns, heirs,
         executors and administrators.

                                       30
<PAGE>

                  (b) If a claim for indemnification under this Section 10.2 is
         not paid in full by the Company within sixty (60) days after a written
         claim has been received by the Company, except in the case of a claim
         for an advancement of expenses, in which case the applicable period
         shall be twenty (20) days, the indemnitee may at any time thereafter
         bring suit against the Company to recover the unpaid amount of the
         claim. If successful in whole or in part in any such suit, or in a suit
         brought by the Company to recover an advancement of expenses pursuant
         to the terms of an undertaking, the indemnitee shall be entitled to be
         paid also the expense of prosecuting or defending such suit. In (i) any
         suit brought by the indemnitee to enforce a right to indemnification
         hereunder (but not in a suit brought by the indemnitee to enforce a
         right to an advancement of expenses) it shall be a defense that, and
         (ii) any suit brought by the Company to recover an advancement of
         expenses pursuant to the terms of an undertaking, the Company shall be
         entitled to recover such expenses only upon a final adjudication that,
         the indemnitee has not met the applicable standard for indemnification,
         if any, set forth in the GCL. Neither the failure of the Company
         (including the Board, independent legal counsel, or its stockholders)
         to have made a determination prior to the commencement of such suit
         that indemnification of the indemnitee is proper in the circumstances
         because the indemnitee has met the applicable standard of conduct set
         forth herein or in the GCL, nor an actual determination by the Company
         (including its directors, or a committee thereof, independent legal
         counsel, or its stockholders) that the indemnitee has not met such
         applicable standard of conduct, shall create a presumption that the
         indemnitee has not met the applicable standard of conduct or, in the
         case of such a suit brought by the indemnitee, be a defense to such
         suit. In any suit brought by the indemnitee to enforce a right to
         indemnification or to an advancement of expenses hereunder, or brought
         by the Company to recover an advancement of expenses pursuant to the
         terms of an undertaking, the burden of proving that the indemnitee is
         not entitled to be indemnified, or to such advancement of expenses,
         under this Section 10.2 or otherwise, shall be on the Company.

                  (c) The rights to indemnification and to the advancement of
         expenses conferred in this Section 10.2 shall not be exclusive of any
         other right which any person may have or hereafter acquire by any
         statute, the Certificate of Incorporation, the Company's By-laws, or
         any agreement, vote of stockholders or disinterested directors or
         otherwise.

                                   ARTICLE XI
                                  MISCELLANEOUS

         Section 11.1 CONFIDENTIAL INFORMATION. At all times following the date
hereof, each Party shall keep strictly confidential and not disclose, use,
divulge, publish or otherwise reveal, directly or through another Person:

                  (a) information that a Party indicates to another Party is, or
         that such other Party reasonably should know is, confidential,
         non-public information of a Party or an Affiliate of a Party which was
         disclosed pursuant to the AOL License and AOL OLS Agreement, or

                                       31
<PAGE>

                  (b) any information that a Party indicates to another Party
         is, or that such other Party reasonably should know is, confidential,
         non-public information:

                           (i) relating to the business of any other Party and
                  obtained as a result of the preparation and negotiation of
                  this Agreement, the performance by the Parties of their
                  obligations hereunder, or the joint conduct by the Parties of
                  activities pursuant to this Agreement, or

                           (ii) relating to the business of any Subsidiary of
                  the Company;

         in each case including, but not limited to, documents and/or
         information regarding customers, costs, profits, markets, sales,
         products, product development, key personnel, pricing policies,
         operational methods, technology, know-how, technical processes,
         formulae, or plans for future development of or concerning such other
         Party or Subsidiary (collectively, "CONFIDENTIAL INFORMATION"), except
         as may be necessary for the directors, employees, agents or consultants
         of it and its Affiliates to perform their respective obligations under
         this Agreement or conduct of the Business, in connection with filings
         with Governmental Bodies as required under applicable law, including,
         in particular, the filing of this Agreement and the Registration Rights
         Agreement with the Commission in connection with the initial public
         offering of the Class A Common Stock; provided that, except for the
         filing of this Agreement and the Registration Rights Agreement with the
         Commission, no Party shall make any disclosure required under
         applicable law before providing the applicable Party with a reasonable
         opportunity to seek a protective order. Each Party shall cause any
         Persons receiving Confidential Information in accordance with the terms
         hereof to retain such Confidential Information in strict confidence.
         Upon termination or expiration of this Agreement, each Party shall
         return to the other Parties or destroy, as the other Parties may direct
         in their sole discretion, all memoranda, notes, records, reports and
         other documents (including all copies thereof) relating to the
         Confidential Information of the other Parties and their Subsidiaries
         which such Party may then possess or have under its control. Each Party
         shall certify in writing to another Party within ten (10) Business Days
         of receiving instructions from such other Party regarding the return or
         destruction of such materials of such other Parties that all such
         materials have been returned or destroyed as such other Party has
         directed. If no instruction with respect to the return or destruction
         of such materials is provided to a Party within ten (10) Business Days
         of termination or expiration, such Party shall promptly destroy such
         material. Notwithstanding the foregoing, the following shall not
         constitute Confidential Information: (x) information which was already
         otherwise known to the recipient at the time of its receipt in
         connection with this Agreement, (y) information which is or becomes
         freely and generally available to the public through no wrongful act of
         the recipient or (z) information which is rightfully received by the
         recipient from a third party legally entitled to disclose such

                                       32
<PAGE>

         information without breach by the recipient of this Agreement. In the
         event of any breach of this Section 11.1, a non-breaching Party shall
         have the right, in addition to any other remedy available at law or in
         equity, to (a) pursue its claim either individually or through the
         Company, as such non-breaching Party shall in its sole discretion
         determine, and (b) demand the immediate dismissal of all personnel
         actively or passively participating in such breach.

         Section 11.2 GOVERNING LAW. This Agreement, and the rights and
liabilities of the Parties hereunder, shall be governed by the substantive laws
of the State of Delaware, USA without giving effect to its rules relating to
conflict of laws. To the extent otherwise applicable, the United Nations
Convention on Contracts for the International Sale of Goods shall not apply to
the construction or interpretation of this Agreement. Each Party irrevocably
consents to the exclusive jurisdiction of the state and federal courts located
in the State of Delaware for all disputes arising under or related to this
Agreement, which are subject to litigation hereunder, and to service of process
in any jurisdiction in any such action by means of notice delivered pursuant to
Section 11.6 hereof; provided, however to permit a Party either to enforce a
judgment or to seek injunctive relief, each Party also irrevocably consents to
the jurisdiction of the courts in the place where such judgment enforcement or
injunctive relief is sought. Each Party waives any objection it otherwise may
have to the personal jurisdiction and venue of the courts designated in this
Section 11.2. Notwithstanding the foregoing, for so long as a party is an entity
organized under the laws of the State of Delaware, injunctive relief may be
sought against that party only in the State of Delaware.

         Section 11.3 ENTIRE AGREEMENT. Except for the agreements specifically
referred to in this Agreement, this Agreement constitutes the entire agreement
among the Parties pertaining to the subject matter hereof and supersedes all
prior and contemporaneous agreements (including, in particular, the First
Amended and Restated Stockholders' Agreement and the Joint Venture Agreement,
dated as of December 15, 1998, by and among Federal Communications, S.A., AOL,
Pan Latin Interactive Ventures C.V., a limited partnership organized under the
laws of the Netherlands, and AOL Latin America), understandings, negotiations
and discussions, whether oral or written, of the Parties with respect to the
subject matter hereof. All exhibits referenced herein and attached to this
Agreement are incorporated hereby and shall be treated as if set forth herein.
No amendment, supplement, modification, waiver or termination of this Agreement
shall be implied or be binding unless executed in writing by the Party to be
bound thereby. No waiver of any of the provisions of this Agreement shall be
deemed or shall constitute a waiver of any other provision hereof (whether or
not similar), nor shall waiver constitute a continuing waiver unless otherwise
expressly therein provided.

         Section 11.4 ASSIGNMENT. All of the terms and provisions of this
Agreement by or for the benefit of the Parties shall be binding upon and inure
to the benefit their successors and permitted assigns. The rights and
obligations provided under this Agreement may not be assigned, except in
accordance with the provisions of Section 5.2. Except as expressly provided
herein, nothing herein is intended to confer upon any Person, other than the

                                       33
<PAGE>

Parties and their permitted successors, and permitted assigns as provided
herein, any rights or remedies under or by reason of this Agreement. In
connection with any assignment, sale or transfer of (i) any of the rights to
purchase Initial Notes under the Note Purchase Agreement in accordance with the
terms thereof, (ii) the Notes in accordance with the terms of the Notes or (iii)
the Note Conversion Shares in accordance with this Agreement, in each case to
any AOLTW Permitted Assignee, the Company shall execute and deliver to, and such
assignee shall agree in writing to become a party to (in the event that such
assignee is not yet a party), by executing a counterpart signature page attached
hereto to this Agreement and the Company shall update the Schedule of AOLTW
Permitted Assignees attached hereto to include such assignee.

         Section 11.5 SURVIVAL. Sections 7.1, 8.2, 10.2 and 11.1 shall survive
expiration or termination of this Agreement for any reason, to the extent set
forth in or as necessary to give effect to the applicable provision.

         Section 11.6 NOTICES. All notices, requests, demands and other
communications hereunder shall be in writing in English and shall be deemed to
have been duly given (except as may otherwise be specifically provided herein to
the contrary): (i) if delivered by hand to the Party to whom said notice or
other communication shall have been directed, upon such receipt, (ii) if mailed
by certified or registered mail with postage prepaid, return receipt requested,
on the seventh Business Day after mailing, (iii) if transmitted by telefax, on
the date of transmission, with such transmittal followed by delivery of a
confirmation copy via one of the other methods set out herein, or (iv) if
delivered by electronic mail, on the delivery date, with such transmittal
followed by delivery of a confirmation copy via one of the other methods set out
herein. All notices shall be addressed as set forth below or to any other
address such Party shall notify to the other Party in accordance with this
Section:

If to AOL:                          America Online, Inc.
                                    22000 AOL Way
                                    Dulles, VA  20166-9323, USA
                                    Attn:  President, AOL International
                                    Fax No.:  (703) 265-2502

         with a copy to:            America Online, Inc.
                                    22000 AOL Way
                                    Dulles, VA  20166-9323, USA
                                    Attn:  General Counsel
                                    Fax No.: (703) 265-3992

If to AOLTW:                        AOL Time Warner Inc.
                                    75 Rockefeller Plaza
                                    New York, NY 10019
                                    Attn: Treasurer
                                    Fax: (212) 258-3020

                                       34
<PAGE>

         with copies to:

                                    AOL Time Warner Inc.
                                    75 Rockefeller Plaza
                                    New York, NY 10019
                                    Attn: General Counsel
                                    Fax: (212) 258-3020

If to the Company:                  America Online Latin America, Inc.
                                    6600 N. Andrews Avenue, Suite 500
                                    Fort Lauderdale, FL  33309, USA
                                    Attn:  Chief Executive Officer
                                    Fax No.:  (954) 233-1801

         with a copy to:            America Online Latin America, Inc.
                                    6600 N. Andrews Avenue, Suite 500
                                    Fort Lauderdale, FL  33309, USA
                                    Attn:  General Counsel
                                    Fax No.:  (954) 233-1805

If to Aspen:                        Aspen Investments LLC
                                    c/o Finser Corporation
                                    550 Biltmore Way, Suite 900
                                    Coral Gables, FL  33134, USA
                                    Attn:  President
                                    Fax No.: (305) 441-2880

         with a copy to:            Finser Corporation
                                    550 Biltmore Way, Suite 900
                                    Coral Gables, FL  33134, USA
                                    Attn:  General Counsel
                                    Fax No.:  (305) 447-1389

If to Atlantis:                     Atlantis Investments LLC
                                    c/o Finser Corporation
                                    550 Biltmore Way, Suite 900
                                    Coral Gables, FL  33134, USA
                                    Attn:  President
                                    Fax No.: (305) 441-2880

         with a copy to:            Finser Corporation
                                    550 Biltmore Way, Suite 900
                                    Coral Gables, FL  33134, USA
                                    Attn:  General Counsel
                                    Fax No.:  (305) 447-1389

                                       35
<PAGE>

 If to any other Stockholder:       at such address and facsimile number as such
                                    Stockholder shall have furnished the Company
                                    in writing, with a copy to AOL, AOLTW and
                                    ODC.

         Section 11.7 COUNTERPARTS; FACSIMILES. This Agreement and each of the
exhibits attached hereto may be executed and delivered in one or more
counterparts, each of which shall be deemed to be an original, and all of which
when taken together shall constitute one and the same instrument and shall
become effective when copies hereof, bearing the signatures of each of the
Parties, shall have been received by the Company, ODC, AOL and AOLTW. Facsimile
signatures to this Agreement and each of the exhibits attached hereto shall be
effective if promptly followed by the original signed Agreement or exhibit, as
the case may be.

         Section 11.8 EXPENSES. Except as otherwise expressly provided in the
Stock Purchase Agreement, Note Purchase Agreement each of the Parties shall pay
all of its own legal and other fees and expenses incurred in connection with
this Agreement, the transactions contemplated hereby, and the negotiations
leading to the same.

         Section 11.9 FURTHER ASSURANCES. Each Party shall perform all other
acts and execute and deliver all other documents as may be necessary or
appropriate to carry out the purposes and intent of this Agreement, as
reasonably requested by the other Parties.

         Section 11.10 CONSTRUCTION. The terms and provisions of this Agreement
and the wording used herein shall in all cases be interpreted and construed
simply in accordance with their fair meanings and not strictly for or against
any Party hereto. The captions at the headings of each Section of this Agreement
are for convenience of reference only, and are not intended or to be used or
applied to describe, interpret, construe, define or limit the scope, extent,
intent or operation of this Agreement or of any term or provision hereof.

         Section 11.11 SEVERABILITY. If any provision of this Agreement shall be
held to be incomplete, illegal, invalid or unenforceable, or if it becomes
necessary to amend the Agreement in order to comply with an administrative or
governmental order, the remaining provisions of the Agreement shall stay in
force and the unenforceable, void or incomplete provision shall be replaced by a
valid provision or amendment reflecting the economic and business objectives of
the original Agreement as best as possible.

         Section 11.12 JOINT AND SEVERAL LIABILITY. Notwithstanding anything
contained herein to the contrary, Aspen and Atlantis shall be jointly and
severally liable for each other's obligations and liabilities hereunder.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                                       36
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the day and year first above written.

                                   AMERICA ONLINE LATIN AMERICA, INC.

                                   By:/s/ David A. Bruscino
                                      -----------------------------------------
                                      Name: David A. Bruscino
                                      Title: Vice President

                                   AMERICA ONLINE, INC.

                                   By:/s/ Joseph A. Ripp
                                      -----------------------------------------
                                      Name: Joseph A. Ripp
                                      Title: Chief Financial Officer

                                   ASPEN INVESTMENTS LLC

                                   By:/s/ Joan Burton Jensen
                                      -----------------------------------------
                                      Name: Joan Burton Jensen
                                      Title:

                                   ATLANTIS INVESTMENTS LLC

                                   By:/s/ Joan Burton Jensen
                                      -----------------------------------------
                                      Name: Joan Burton Jensen
                                      Title:

                                   For purposes of Articles I, III, V (but not
                                   Section 5.7 thereof), VI, VIII, IX and XI
                                   and Section 10.2 only

                                   AOL TIME WARNER INC.

                                   By:/s/ Raymond G. Murphy
                                      -----------------------------------------
                                      Name: Raymond G. Murphy
                                      Title: Vice President

                                       37
<PAGE>

             AOLTW PERMITTED ASSIGNEES COUNTERPART SIGNATURE PAGE TO
               SECOND AMENDED AND RESTATED STOCKHOLDERS' AGREEMENT

         By execution and delivery of this signature page, the undersigned
hereby agrees to become a Stockholder as defined in that certain SECOND AMENDED
AND RESTATED STOCKHOLDERS' AGREEMENT (the "AGREEMENT") dated as of March 8, 2002
by and among America Online Latin America, Inc., a Delaware corporation (the
"COMPANY"), America Online, Inc., a Delaware corporation ("AOL"), AOL Time
Warner Inc., a Delaware corporation ("AOLTW"), Aspen Investments LLC, a Delaware
limited liability company ("ASPEN"), Atlantis Investments LLC, a Delaware
limited liability company ("ATLANTIS", and together with Aspen, "ODC") and each
of the AOLTW Permitted Assignees listed on the SCHEDULE OF AOLTW PERMITTED
ASSIGNEES thereto for the purposes of Articles I, III, V (but not Section 5.7
thereof), VI, VIII, IX and XI and Section 10.2 only (and only such Articles (or
parts thereof) and such Section 10.2 of the Agreement) and hereby agrees to all
of the provisions of Articles I, III, V (but not Section 5.7 thereof), VI, VIII,
IX and XI and Section 10.2 only of the Agreement and to join in and be bound by
the terms and conditions of Articles I, III, V (but not Section 5.7 thereof),
VI, VIII, IX and XI and Section 10.2 only of the Agreement and shall be deemed
an "Stockholder" under Articles I, III, V (but not Section 5.7 thereof), VI,
VIII, IX and XI and Section 10.2 only thereunder entitled to the benefits and
rights, and subject to the duties and obligations, of Stockholders under
Articles I, III, V (but not Section 5.7 thereof), VI, VIII, IX and XI and
Section 10.2 only thereunder. The undersigned authorizes this signature page to
be attached to the Agreement or counterpart thereof executed by the Company and
the other Stockholders and further agrees to be identified as AOLTW Permitted
Assignee on the SCHEDULE OF AOLTW PERMITTED ASSIGNEES to the Agreement.
Capitalized terms not defined herein shall have the meanings set forth in the
Agreement.

         This signature page may be executed in two counterparts, each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

AOLTW PERMITTED ASSIGNEE

Date:
     --------------------------------------
[AOLTW PERMITTED ASSIGNEE]

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

Mailing Address:
      -----------------------------------------------

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

Business Telephone:
                   ----------------------------------

Telecopier:
         --------------------------------------------
         Title:

                                       1
<PAGE>

                      SCHEDULE OF AOLTW PERMITTED ASSIGNEES

AOLTW PERMITTED ASSIGNEE                                               ADDRESS

                                       2
<PAGE>

                                  SCHEDULE 7.1

                 NON-MONETARY CONTRIBUTIONS AND SERVICES OF ODC

         ODC further agrees that, upon the request of the Company, ODC and its
Affiliates will provide the services set forth in Section II of this Schedule
7.1 at ODC's or its Affiliates' cost.

         ODC further agrees that, upon the request of the Company, with respect
to services set forth in Section III of this Schedule 7.1 that are provided by
ODC or its Affiliates, ODC shall provide such services at ODC MFN Rates. "ODC
MFN RATES" shall mean rates at least as favorable as rates charged by ODC or its
Affiliates at such time to any Person other than ODC Seventy-Five Percent
Affiliates, if any, for substantially similar services, or if ODC or its
Affiliates do not provide substantially similar services to such other Persons,
favorable rates consistent with the intent of this Schedule 7.1. "ODC
SEVENTY-FIVE PERCENT AFFILIATE" means any Person in which Ricardo Cisneros
and/or Gustavo Cisneros and/or their lineal descendants own, directly or
indirectly, individually or collectively, through any other Person or Persons,
at least seventy-five percent (75%) of the equity interests.

         Upon the request of the Company, with respect to services set forth in
Section III of this Schedule 7.1 that are provided by entities in which the
Cisneros Family Members have an equity interest that are not Affiliates of ODC,
ODC shall use its best commercially reasonable efforts to obtain for the benefit
of the Company such services at rates as favorable as those provided to ODC and
its Affiliates other than ODC Seventy-Five Percent Affiliates, or, if such
services are not provided to ODC and such Affiliates, at favorable rates
consistent with the intent of this Schedule 7.1.

         Upon the request of the Company, ODC will use best commercially
reasonable efforts to obtain for the benefit of the Company services provided to
ODC and its Affiliates by third parties in which the Cisneros Family Members do
not have any equity interest on terms as favorable as the terms extended by such
third parties to ODC and its Affiliates other than ODC Seventy-Five Percent
Affiliates, and if such third parties do not provide such services to ODC and
such Affiliates, at favorable rates consistent with the intent of this letter
agreement and Section 7.1 of the Stockholders Agreement.

         With respect to any services obtained from entities in which the
Cisneros Family Members have an equity interest that are not Affiliates of ODC
and third parties in which the Cisneros Family Members do not have any equity
interest, in addition to the rates set forth above payable to such other
entities, the Company shall pay to ODC all reasonable out-of-pocket costs
incurred by ODC and its Affiliates in obtaining such services for the benefit of
the Company.

         In addition to the services set forth in Sections I, II and III of this
Schedule 7.1 ODC will use best commercially reasonable efforts to obtain from
Univision for the benefit of the AOL-US Service, unoccupied advertising air time

                                       3
<PAGE>

at Univision's most favored rates for comparable volumes of air time, until the
Company has purchased $2,000,000 worth of such advertising. For purposes hereof,
"AOL-US SERVICE" shall mean the principal AOL Service provided by AOL to United
States residents on the date hereof, as such service shall be modified from time
to time, and "AOL SERVICES" shall mean the Interactive Services that are PC
Access Services provided worldwide, including the AOL-US Service and any other
international AOL Services, under the brand names America Online(TM) and/or
AOL(TM) existing as of the date hereof or in the future and modified from time
to time.

         With respect to any service provided by ODC or its Affiliates to the
Company or obtained for the benefit of the Company from other entities, a ten
percent (10%) management fee will be charged to the Company where there is
dedicated management involved in providing or obtaining such services for the
Company.

         Notwithstanding anything contained herein, (i) nothing in this Schedule
7.1 shall obligate the Company to purchase services from ODC and/or its
Affiliates, and (ii) any agreements for services provided hereunder where the
Company is to pay ODC and/or its Affiliates, as the case may be, shall be
subject to the Company's and AOL's approval as provided in Article FIFTH, Clause
(c) of the Certificate of Incorporation.

SECTION I. CONTRIBUTIONS PROVIDED AT NO CHARGE:

o        Local market intelligence

o        Leverage existing relationships and contacts (see Attachment 1)

o        Facilitate appropriate high level in-country contacts with governmental
         and regulatory officials to further the Company business in the
         Territory

SECTION  II. SERVICES PROVIDED AT COST*:

o        Legal and regulatory advice

o        Tax services

o        In-market research

o        Financial and administrative services

o        Marketing and advertising services

o        Public relations

* Plus a nominal management fee of 10% where there is dedicated management.

SECTION III. SERVICES PROVIDED OR OBTAINED AT MOST FAVORED OR FAVORABLE RATES*:
(* Plus ODC reasonable, out-of-pocket costs in obtaining services and management
fee where there is dedicated management.)

                                       4
<PAGE>

o    ADVERTISING & PROMOTION: Advertising and promotion at most favored rates
     applicable to comparable volumes of air time on ODC affiliated television
     networks, including unoccupied air time on Venevision, Chilevision,
     Caracol, Rock & Pop and Caribbean Communications Network. Use of available
     vehicles for cross-promotion of services between media properties and the
     Company, including cross-promotion via references to the Company
     Interactive Services on television programs. For example:

>>   ODC will make best commercially reasonable efforts to obtain from Galaxy
     Latin America, unoccupied advertising space to promote the Company in its
     programming line up. In addition, ODC will make best commercially
     reasonable efforts to obtain rights from GLA to promote the Company service
     in DIRECTV's electronic programming grid.

>>   ODC will also make best commercially reasonable efforts to obtain product
     placement in country specific programming through its affiliated
     programming properties in Latin America, including the channels of the
     Cisneros Television group, Clase, I-Sat, Space, Infinito, Uniseries, and
     Jupiter.

>>    ODC will provide the Company with cross promotion and advertising in
      Venevision.com, the web site of Venevision.

>>   ODC will make best commercially reasonable efforts to obtain from Imagen
     Satelital, promotion through its affiliated channels, with the Company as
     its exclusive online service.

>>   ODC will make its best commercially reasonable efforts to obtain from
     Panamco marketing, promotion and distribution in connection with Coca-Cola
     products in the Territory.

o    ELECTRONIC PROGRAMMING: Rights to develop online content based on
     traditional content developed by ODC's controlled programming properties.
     To the extent the rights are available from companies other than ODC's
     controlled properties, ODC shall use best commercially reasonable efforts
     to obtain such rights for the Company. FOR EXAMPLE:

>>    Create virtual electronic environments using the characters and themes of
      Venevision's children and teenager programs;

>>    Reasonable commercial efforts to obtain rights to develop virtual
      electronic environments based on the characters developed by
      non-controlled affiliates of ODC (i.e. Locomotion, Space, I-Sat, Space,
      Infinito, Uniseries, Chilevision.)

>>   Venevision will make best commercially reasonable efforts to arrange for
     its exclusive celebrities to take part periodically in the service's chat
     rooms, provided that these stars participate from their home base in these
     chat rooms.

o     ACCESS TO CUSTOMER DATABASES: Subject to applicable laws, access to
      customer databases of affiliate companies. FOR EXAMPLE:

                                       5
<PAGE>

>>   ODC will make best commercially reasonable efforts to obtain from RSLCOM
     Latin America and GLA access to their subscriber databases for the purpose
     of mailing the AOL client software to the subscribers of such services.

o     DISTRIBUTION OUTLETS: Access to ODC's distribution outlets for the
      distribution of the Company software. FOR EXAMPLE:

>>   GLA has distribution agreements with numerous outlets throughout Latin
     America. ODC will use its best commercially reasonable efforts to secure
     distribution of software through such outlets.

IV.  BUNDLING/MARKETING AGREEMENTS; COMMERCE AGREEMENTS

o    ODC may negotiate to obtain bundling and other marketing and subscriber
     acquisition agreements for the benefit of the Company ("BUNDLING/MARKETING
     AGREEMENTS"). the Company shall pay ODC a royalty for each Subscriber
     registration that results from such Bundling/Marketing Agreements
     ("BOUNTY"). The amount of each Bounty under each Bundling/Marketing
     Agreement shall be mutually agreed upon by ODC and the Company, and subject
     to the approval of the Company and AOL as set forth in Article FIFTH,
     Clause (c) of the Certificate of Incorporation.

o    ODC may negotiate to obtain advertising and/or electronic commerce
     agreements with respect to the Company Interactive Services for the benefit
     of the Company if and as approved by the Company. ("COMMERCE AGREEMENTS").
     the Company shall pay ODC a royalty for each Commerce Extension
     ("COMMISSION"). The amount of the Commission under each Commerce Agreement
     shall be no less than fifteen percent (15%).

                                       6
<PAGE>

                          ATTACHMENT 1 TO SCHEDULE 7.1

                   EXISTING RELATIONSHIPS AS OF AUGUST 7, 2000
<TABLE>
<CAPTION>

------------------------ -------------------------------------------- ---------------------------- -------------------------
    NAME OF COMPANY                  NATURE OF BUSINESS                    AREA OF INFLUENCE                % OWN
------------------------ -------------------------------------------- ---------------------------- -------------------------
<S>      <C>             <C>                                                 <C>                          <C>
1.       Venevision      Open TV network                                       Venezuela                     [ ** ]%
                         Producer of Spanish Language programming
                         in South America
------------------------ -------------------------------------------- ---------------------------- -------------------------
2.       Pueblo Xtra     Chain of supermarkets in the Caribbean               Puerto Rico                    [ ** ]%
         International   Chain of Blockbuster video stores in the         US Virgin Islands
                         Caribbean (approx. 30)
------------------------ -------------------------------------------- ---------------------------- -------------------------
3.       Vtel            Distributors of wireless communications               Venezuela                     [ ** ]%
                         devices from Motorola and other
                         manufacturers
------------------------ -------------------------------------------- ---------------------------- -------------------------
4.       AmericaTel      Provider of nationwide trunking services              Venezuela                     [ ** ]%
------------------------ -------------------------------------------- ---------------------------- -------------------------
5.       Ibero American  Broadcasting private equity fund in Latin           Currently in:                   [ ** ]%
         Media Partners  America                                           Argentina, Chile,
                                                                           Colombia, Portugal
                                                                          Plans for continued
                                                                      expansion in Latin America
------------------------ -------------------------------------------- ---------------------------- -------------------------
5(a) Cisneros TV Group   Distributor of original and third-party               Regional                      [ ** ]%
                         programming for subscription-based TV
                         services (CATV and DTH).
------------------------ -------------------------------------------- ---------------------------- -------------------------
5(b) Chilevision         Open TV network                                         Chile                       [ ** ]%
------------------------ -------------------------------------------- ---------------------------- -------------------------
5(c) Imagen Satelital    Distributor of original and third-party               Regional                      [ ** ]%
                         programming for subscription-based TV            Strongest in Latin
                         services (CATV and DTH)                        America's Southern Cone
                                                                         (Argentina, Chile and
                                                                                Brazil)
------------------------ -------------------------------------------- ---------------------------- -------------------------
5(d) Rock & Pop          All music cable network                                 Chile                       [ ** ]%
                         Owner and operator of three radios stations
------------------------ -------------------------------------------- ---------------------------- -------------------------
5(e) Caribbean           Open TV Network                                   Trinidad & Tobago                 [ ** ]%
     Communications      Newspaper Publisher                                   Barbados
     Network                                                                    Jamaica
                                                                               St. Kitts
------------------------ -------------------------------------------- ---------------------------- -------------------------
5(f) Caracol TV          Broadcast TV                                          Colombia                      [ ** ]%
------------------------ -------------------------------------------- ---------------------------- -------------------------
6.   Galaxy Latin        Satellite delivered direct-to-home                    Regional                      [ ** ]%
     America             television
     (Holding Company)
------------------------ -------------------------------------------- ---------------------------- -------------------------

</TABLE>

                                       7
<PAGE>
<TABLE>
<CAPTION>

------------------------ -------------------------------------------- ---------------------------- -------------------------
    NAME OF COMPANY                  NATURE OF BUSINESS                    AREA OF INFLUENCE                % OWN
------------------------ -------------------------------------------- ---------------------------- -------------------------
<S>      <C>             <C>                                                 <C>                          <C>
7.       RSL             Provider   of   long   distance   telephone           Regional                 Venezuela [ ** ]%
     Communications      services                                                                        Mexico [ ** ]%
                                                                                                         Brazil [ ** ]%
------------------------ -------------------------------------------- ---------------------------- -------------------------
8.   Univision           Open TV Network                                     United States                   [ ** ]%
------------------------ -------------------------------------------- ---------------------------- -------------------------
9.   Galaxy Latin        Galaxy   has  a   network   of   affiliated                                    Venezuela [ ** ]%
     America             companies  in  all  Latin  America.   These                                    Colombia [ ** ]%
10.  (Local              companies   are   generally  the  strongest                                     Brazil [ ** ]%
     operating           (broadcast  or print) media  company in its                                    Argentina [ ** ]%
     companies           country.  All local  partners were selected                                    Pto Rico. [ ** ]%
                         by ODC and ODC has retained  (jointly  with                                  Via Dig (Sp) [ ** ]%
                         Hughes)  the option to  purchase  up to 40%                                  Others up to [ ** ]%
                         of each LOC.
------------------------ -------------------------------------------- ---------------------------- -------------------------
11.  Editora Abril       Publisher of print media                               Brazil                       [ ** ]%
                         Operator of CATV                                                              (Partner in GLA)
                         Provider of DTH
------------------------ -------------------------------------------- ---------------------------- -------------------------
12.  Corporacion         Remote interactive educational services               Regional                      [ ** ]%
     Latinoamericana         Provided through DIRECTV
     de Servicios
     Educativos
13.  (Clase)
------------------------ -------------------------------------------- ---------------------------- -------------------------
14.  Coca-Cola/          Bottler of Coca-Cola products                         Regional                      [ ** ]%
     Panamco
------------------------ -------------------------------------------- ---------------------------- -------------------------

</TABLE>

                                       8<PAGE>

                                                                  EXHIBIT 10.4

                           SECOND AMENDED AND RESTATED
                          REGISTRATION RIGHTS AGREEMENT

         This SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this
"AGREEMENT") is made as of this 8th day of March, 2002 (the "EFFECTIVE DATE"),
by and among 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 (the "COMPANY"), America Online, Inc., a Delaware
corporation having its principal place of business at 22000 AOL Way, Dulles,
Virginia 20166 ("AOL"), AOL Time Warner Inc., a Delaware corporation having its
principal place of business at 75 Rockefeller Plaza, New York, NY 10019
("AOLTW"), Aspen Investments LLC, a Delaware limited liability company having
its principal place of business at 550 Biltmore Way, Suite 900, Coral Gables,
Florida 33134 ("ASPEN"), Atlantis Investments LLC, a Delaware limited liability
company having its principal place of business at 550 Biltmore Way, Suite 900,
Coral Gables, Florida 33134 ("ATLANTIS", and together with Aspen, "ODC") and
each of the AOLTW Subsidiaries (as defined below) of AOLTW listed on the
attached SCHEDULE OF AOLTW SUBSIDIARIES who becomes party to this Agreement from
time to time (each an "AOLTW SUBSIDIARY" and collectively, the "AOLTW
SUBSIDIARIES").

         WHEREAS, the Company, AOL and Riverview Media Corp., a British Virgin
Islands corporation ("RIVERVIEW"), entered into a Registration Rights Agreement,
dated as of August 7, 2000 (the "ORIGINAL AGREEMENT");

         WHEREAS, on August 11, 2000 the Company issued in its initial public
offering 4,000,000 shares of Class A Common Stock (as hereinafter defined) to
each of AOL and Riverview (the "IPO CLASS A COMMON STOCK");

         WHEREAS, pursuant to the AOL-LA Share Transfer and Assignment
Agreement, dated as of December 28, 2000, by and between Riverview, Aspen and
Atlantis (the "ASSIGNMENT AGREEMENT"), Riverview assigned to each of Aspen and
Atlantis all of its right, title and interest in and to 48,649,203 shares of
Series C Preferred Stock (as hereinafter defined), and 2,000,000 shares of IPO
Class A Common Stock;

         WHEREAS, pursuant to the Assignment Agreement Riverview assigned to
Aspen and Atlantis all of its rights and obligations under the Original
Agreement, which rights included certain registration rights with respect to the
Class A Common Stock issuable upon conversion of the Series C Preferred Stock;

         WHEREAS, on March 30, 2001, the Company, AOL, Aspen and Atlantis
entered into an Amended and Restated Registration Rights Agreement dated as of
March 30, 2001 ("the First Amended and Restated Registration Rights Agreement,
which agreement amended and restated the Original Agreement in its entirety;

         WHEREAS, the Company and AOLTW are party to a certain Note Purchase
Agreement (as amended, supplemented or otherwise modified from time to time, the

<PAGE>

"NOTE PURCHASE AGREEMENT") dated as of March 8, 2002 pursuant to which the
Company has agreed to issue and sell to AOLTW (or its permitted assigns) and
AOLTW (or its permitted assigns) has agreed to purchase from the Company an
aggregate principal amount of up to $160 million of the Company's 11% Senior
Convertible Notes due 2007;

         WHEREAS, AOLTW desires any shares of Common Stock issued or issuable,
directly or indirectly, upon conversion of, or as interest on, the Notes, be
subject to the registration rights set forth in the First Amended and Restated
Registration Rights Agreement;

         WHEREAS, pursuant to Section 7.1 of the Note Purchase Agreement, AOLTW
may assign its right to purchase Notes thereunder to any Person who is not a
Competitor (as defined therein) and, after the purchase of any such Notes,
pursuant to Section 4.2 of the Notes, AOLTW (or in the event of an assignment by
AOLTW, such assignee) may assign any such Notes to any Person who is not a
Competitor (as defined therein);

         WHEREAS, if AOLTW makes any such assignment to any AOLTW Subsidiary, in
connection with such assignment and pursuant to Section 5.1(d) of the Note
Purchase Agreement, the Company has agreed to provide such assignee certain
registration rights as described herein;

         WHEREAS, the parties hereto have agreed to permit the Company to grant
such registration rights;

         WHEREAS, the parties hereto desire to amend and restate the First
Amended and Restated Registration Rights Agreement as described herein;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and conditions herein contained, the parties hereto hereby agree as
follows:

         Section 1. DEFINITIONS

         Section 1.1 Capitalized terms used herein without definition have the
meanings assigned to such terms in the Stockholders' Agreement (as defined
herein). As used in this Agreement, the following terms shall have the following
meanings:

         "ADVICE" shall have the meaning given in Section 6(c).

         "AGREEMENT" shall have the meaning given in the Preamble.

         "AOL" shall have the meaning given in the Preamble.

         "AOLTW" shall have the meaning given in the Preamble.

         "AOLTW SUBSIDIARY" means any Subsidiary of AOLTW.

         "ASPEN" shall have the meaning given in the Preamble.

                                       2
<PAGE>

         "ASSIGNMENT AGREEMENT" shall have the meaning given in the third
Whereas Clause.

         "ATLANTIS" shall have the meaning given in the Preamble.

         "BUSINESS DAY" shall mean any day, other than a Saturday or Sunday, on
which federally chartered banks in the United States are open for business.

         "CLASS A COMMON STOCK" means the Class A Common Stock, par value $.01
per share, of the Company.

         "CLASS B COMMON STOCK" means the Class B Common Stock, par value $.01
per share, of the Company.

         "CLASS C COMMON STOCK" means the Class C Common Stock, par value $.01
per share, of the Company.

         "COMMISSION" means the Securities and Exchange Commission, or any
successor agency performing the functions currently performed by the Securities
and Exchange Commission.

         "COMMON STOCK" shall mean the shares of the Company's common stock,
including the shares of Class A Common Stock, Class B Common Stock and Class C
Common Stock, collectively.

         "COMPANY" shall have the meaning given in the Preamble.

         "DEMAND FILING DATE" shall have the meaning given in Section 3.2.

         "DEMAND HOLDER" shall have the meaning given in Section 3.1.

         "DEMAND REGISTRATION" shall have the meaning given in Section 3.1.

         "DEMAND REQUEST" shall have the meaning given in Section 3.1.

         "EFFECTIVE DATE" shall have the meaning given in the Preamble.

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

         "GOVERNMENTAL AUTHORITY" shall mean any domestic or foreign national,
state or municipal or other local government or multi-national body, any
subdivision, agency, commission or authority thereof, or any quasi-governmental
or private body exercising any regulatory authority thereunder and any
corporation, partnership or other entity directly or indirectly owned by or
subject to the control of any of the foregoing.

                                       3
<PAGE>

         "HOLDER" means, as of any date: (A)(i) AOLTW, AOL, ODC (and shall
include Aspen and Atlantis, individually) and, for so long as such Person is a
AOLTW Subsidiary, any AOLTW Subsidiary, and (ii) each other Person to whom any
of them shall have assigned any rights hereunder in accordance with the
provisions of Section 10.6 and (B) who owns Registrable Securities, or
securities convertible into or exchangeable or exercisable for Registrable
Securities, as of such date.

         "INITIATING DEMAND HOLDER" shall have the meaning given in Section 3.1.

         "INDEMNIFIED PERSON" shall have the meaning given in Section 8.3.

         "INDEMNIFYING PARTY" shall have the meaning given in Section 8.3.

         "ITAU REGISTRATION RIGHTS AGREEMENT" shall mean that certain Amended
and Restated Registration Rights and Stockholders' Agreement entered into as of
March 30, 2001 by and among the Company, Banco Itau, S.A., a Brazilian Sociedade
Anonima, Banco Banerj, S.A., a Brazilian Sociedade Anonima, Banco Itau,
S.A.--Cayman Branch, a Brazilian Sociedade Anonima, and Itau Bank Limited, a
Cayman limited liability company, AOL, Aspen and Atlantis.

         "ITAU STOCKHOLDERS" shall mean the Persons included in the definition
of "Stockholders" set forth in the Itau Registration Rights Agreement.

         "LOSSES" shall have the meaning given in Section 8.1.

         "OTHER DEMAND HOLDER" shall have the meaning given to it in Section
3.2.

         "NOTES" shall mean any of the 11% Senior Convertible Notes of the
Company issued under the Note Purchase Agreement and any of the 11% Senior
Convertible Notes of the Company issued thereunder in respect of the payment of
interest on such Notes.

         "ODC" shall have the meaning given in the Preamble.

         "ORIGINAL AGREEMENT" shall have the meaning given in the first Whereas
Clause.

         "PERSON" shall mean an individual, sole proprietorship, corporation,
partnership, limited liability company, joint venture, trust, unincorporated
organization, mutual company, joint stock company, estate, union, employee
organization, bank, trust company, land trust, business trust or other
organization, whether or not a legal entity, or a Governmental Authority.

         "PREFERRED STOCK" means any of the Company's preferred stock, including
(i) preferred stock designated by the Company from time to time under its
certificate of incorporation and (ii) the Series B Preferred Stock, Series C
Preferred Stock and Series F Redeemable Preferred Stock.

                                       4
<PAGE>

         "PROCEEDING" means an action, claim, suit, investigation or proceeding
(including, without limitation, an investigation or partial proceeding, such as
a deposition), whether commenced or threatened.

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

         "REGISTER," "REGISTERED" and "REGISTRATION," whether or not
capitalized, mean and refer to a registration effected by preparing and filing a
Registration Statement in compliance with the Securities Act and applicable
rules and regulations thereunder, and the declaration or ordering of the
effectiveness of such Registration Statement.

         "REGISTRABLE SECURITIES" means any shares of Class A Common Stock held
or acquired from time to time by, or issuable at any time to, any Holder,
including upon (a) conversion of shares of Class B Common Stock or Class C
Common Stock issuable upon exercise of the Warrant or conversion of the Series B
Preferred Stock, Series C Preferred Stock or Series F Preferred Stock; (b)
exercise of the Warrant; (c) conversion of any Notes or (d) payment of dividends
or interest in the form of capital stock; PROVIDED, HOWEVER, if AOLTW or an
AOLTW Subsidiary assigns any of its rights to purchase Notes under the Note
Purchase Agreement pursuant to Section 7.1 thereof or transfers any of the Notes
held by it pursuant to the terms of such Notes, in each case, to any Person that
is not a Subsidiary of AOLTW, any shares of Class A Common Stock issued or
issuable to such Person upon conversion of the Notes held by such Person shall
not be deemed "Registrable Securities" for purposes of this Agreement; and
PROVIDED, FURTHER, that the shares of Class A Common Stock that are Registrable
Securities shall cease to be Registrable Securities (x) upon the consummation of
any sale of such shares pursuant to (i) an effective Registration Statement
under the Securities Act or (ii) Rule 144, (y) at such time as such shares of
Class A Common Stock (which are issued or which may become issued upon
conversion, exchange or exercise of any other security) become eligible for sale
under Rule 144(k) under the Securities Act and (z) with respect to any Holder,
on the first date when all of the Registrable Securities then held by such
Holder are eligible for sale during a single three month period under Rule 144.

         "REGISTRATION EXPENSES" shall have the meaning given in Section 7.

         "REGISTRATION STATEMENT" means any Registration Statement including the
Prospectus, amendments and supplements to such Registration Statement or
Prospectus, including pre- and post-effective amendments, all exhibits thereto,
and all material incorporated by reference in such Registration Statement to be
filed pursuant to the terms of this Agreement.

                                       5
<PAGE>

         "RULE 144" means Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "RULE 158" means Rule 158 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "RULE 415" means Rule 415 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "SECURITIES ACT" means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder, as amended.

         "SERIES B PREFERRED STOCK" means the Series B Redeemable Convertible
Preferred Stock, par value $.01 per share, of the Company.

         "SERIES C PREFERRED STOCK" means the Series C Redeemable Convertible
Preferred Stock, par value $.01 per share, of the Company.

         "SERIES F PREFERRED STOCK" means the Series F Redeemable Convertible
Preferred Stock, par value $.01 per share, of the Company.

         "STOCKHOLDERS' AGREEMENT" means the Second Amended and Restated
Stockholders' Agreement, dated as of March 8, 2002, by and among the Company,
AOLTW, AOL and ODC, as the same may be amended, supplemented or restated from
time to time.

         "SUBSIDIARY" shall have the meaning assigned to such term in the Note
Purchase Agreement.

         "UNDERWRITTEN OFFERING" means a registration in connection with which
securities of the Company are sold to an underwriter for reoffering to the
public pursuant to an effective Registration Statement.

         "WARRANT" shall mean the warrant issued by the Company to AOL on August
7, 2000 to purchase 16,541,250 shares of Series B Preferred Stock and/or Class B
Common Stock and/or Class A Common Stock (as such number may be increased or
decreased in accordance with the terms of such Warrant).

         Section 2. "PIGGY-BACK" REGISTRATIONS

         Section 2.1 If at any time the Company shall determine to register for
its own account or the account of others under the Securities Act (including (i)
in connection with a public offering by the Company or (ii) a demand for
registration made by any stockholder of the Company excluding a Demand Request

                                       6
<PAGE>

made pursuant to Section 3) any of its equity securities (other than on Form S-4
or Form S-8 or their then equivalents relating to shares of Common Stock to be
issued solely in connection with any acquisition of an entity or business or
shares of Common Stock issuable in connection with stock option or other
employee benefit plans) it shall promptly give reasonable written notice to each
Holder of such determination and if, within 30 days after receipt of such
notice, any such Holder shall so request in writing (which request shall specify
the number of Registrable Securities proposed to be sold by such Holder), the
Company shall use its best efforts to include in such Registration Statement all
such Registrable Securities, the Holders of which have so requested the
registration thereof, to be registered under the Securities Act. If such
registration is a demand registration initiated by the Company on behalf of any
Itau Stockholders pursuant to the Itau Registration Rights Agreement, each
Holder who requests inclusion of any of such Holder's Registrable Securities in
such demand registration shall, to the extent required to by Section 3.6 of the
Itau Registration Rights Agreement, accept such applicable provisions of the
Itau Registration Rights Agreement (including Section 6 thereto) as the Itau
Stockholders may reasonably request.

         Section 2.2 If, in connection with any Underwritten Offering pursuant
to Section 2.1 or Section 3 hereof, a managing underwriter shall impose a
limitation on the number of shares of Common Stock that may be included in such
Underwritten Offering because, in such underwriter's judgment, such limitation
is necessary to effect an orderly public distribution, the number of shares to
be included in the Underwritten Offering shall be allocated as set forth in
Section 2.3.

         Section 2.3 For purposes of this Section 2 and Section 3, in any
circumstance in which all of the Registrable Securities and other shares of
Common Stock or other securities of the Company (including shares of Common
Stock issued or issuable upon conversion of any outstanding securities of the
Company) with registration rights (the "OTHER SHARES") requested on behalf of
the Holders or other selling stockholders to be included in a registration,
cannot be so included as a result of limitations on the aggregate number of
Registrable Securities and Other Shares that may be so included, the number of
Registrable Securities and Other Shares that may be so included, if any, shall
be determined as follows: (i) if such registration statement is a registration
initiated by the Company for its own account, the number of Registrable
Securities and Other Shares that may be included, shall be allocated (a) first,
to the Company for securities being sold for its own account, (b) second, to any
Itau Stockholders and any Holders who timely exercised their piggy-back
registration rights under the Itau Registration Rights Agreement and hereunder,
respectively, PRO RATA based upon their percentage ownership of the aggregate
number of shares requested by such Itau Stockholders and Holders to be included
in such registration, and (c) thereafter, to all other holders of equity
securities of the Company entitled to piggy-back rights who timely exercised
such rights, PRO RATA based upon their percentage ownership of the aggregate
number of shares requested by such other holders to be included in such

                                       7
<PAGE>

registration; (ii) if such registration is a demand registration initiated by
the Company on behalf of any Itau Stockholders pursuant to the Itau Registration
Rights Agreement, the number of Registrable Securities and Other Shares that may
be included shall be allocated (a) first, to such Itau Stockholders PRO RATA
based upon their percentage ownership of the aggregate number of shares
requested by such Itau Stockholders to be included in such registration, (b)
second, to any Holders who timely exercised their piggy-back registration rights
hereunder PRO RATA based upon such Holders' percentage ownership of the
aggregate number of shares requested by such Holders to be included in such
registration, (c) third, to all other holders of securities of the Company
entitled to piggy-back rights who timely exercised such rights, PRO RATA based
upon their percentage ownership of the aggregate number of shares requested by
such other holders to be included in such registration, and (d) thereafter, to
the Company for securities being sold for its own account; (iii) if such
registration is a Demand Registration initiated by the Company on behalf of any
Demand Holders pursuant to Section 3 hereof, the number of Registrable
Securities and Other Shares that may be included shall be allocated (a) first,
to such Demand Holders pro rata based upon their percentage ownership of the
aggregate number of shares requested by such Demand Holders to be included in
such registration, (b) second, to any Itau Stockholders and all other holders of
securities of the Company who timely exercised their piggy-back registration
rights, pro rata based upon such Itau Stockholders' and holders' percentage
ownership of the aggregate number of shares requested by such Itau Stockholders
and holders to be included in such registration, and (c) thereafter, to the
Company for securities being sold for its own account; and (iv) if such
registration is a demand registration initiated by the Company on behalf of any
holder or holders of securities of the Company entitled to demand registration
rights (other than on behalf of the Itau Stockholders pursuant to the Itau
Registration Rights Agreement or on behalf of the Holders pursuant to Section 3
hereof), the number of Registrable Securities and Other Shares that may be
included shall be allocated (a) first, to such demanding holder(s) PRO RATA
based upon their percentage ownership of the aggregate number of shares
requested by such demanding holders to be included in such registration, (b)
second, to any Itau Stockholders and any Holders who timely exercised their
piggy-back registration rights under the Itau Registration Rights Agreement and
hereunder, respectively, PRO RATA based upon their percentage ownership of the
aggregate number of shares requested by such Itau Stockholders and Holders to be
included in such registration, (c) third, to all other holders of securities of
the Company entitled to piggy-back rights who timely exercised such rights, PRO
RATA based upon their percentage ownership of the aggregate number of shares
requested by such other holders to be included in such registration, and (d)
thereafter, to the Company for securities being sold for its own account. The
Company shall not limit the number of Registrable Securities to be included in a
registration pursuant to this Agreement in order to include shares held by
stockholders with no registration rights.

         Section 3. "DEMAND" REGISTRATIONS

         Section 3.1 Each Holder may, from time to time, make a written request
(each a "DEMAND REQUEST") for registration under the Securities Act (a "DEMAND
REGISTRATION") of all or part of the Registrable Securities held by such Holder
(with respect to any Demand Request, a Holder making the initial demand for
registration is herein referred to as the "INITIATING DEMAND HOLDER" and,
together with any Other Demand Holders (as defined in Section 3.2), is herein
referred to as the "DEMAND HOLDERS"); provided, however, that the Registrable
Securities requested to be registered shall, on the date that the Demand Request
is delivered, (i) constitute at least one percent (1%) of the shares of Common
Stock outstanding, which shall include all shares of Common Stock issuable upon
conversion or exchange of all then outstanding Preferred Stock, or (ii) have an
aggregate minimum market value of at least $50,000,000 before calculation of
underwriting discounts and commissions. Each Demand Request shall specify the
number of Registrable Securities proposed to be sold by such Demand Holder.

                                       8
<PAGE>

         Section 3.2 Within 15 days after receipt of each Demand Request, the
Company shall give written notice (the "DEMAND EXERCISE NOTICE") of such Demand
Request to all Holders of Registrable Securities. The Company shall include in a
Demand Registration (i) the Registrable Securities of the Initiating Demand
Holder and (ii) the Registrable Securities of any other Holder (collectively,
the "OTHER DEMAND HOLDERS") that shall have made a written request to the
Company for inclusion thereof in such registration (which request shall specify
the number of Registrable Securities proposed to be sold by such Other Demand
Holder) within 30 days after the receipt of the Demand Exercise Notice. The
Company shall use its best efforts to cause a Registration Statement covering
such of the Registrable Securities as may be requested by any Demand Holders
thereof to be filed with the Commission not later than 120 days after receipt of
a Demand Request (the "DEMAND FILING DATE") and shall use all commercially
reasonable efforts to cause the same to be declared effective by the Commission
as promptly as practicable after such filing. Both the Demand Request and any
request by an Other Demand Holder to join in such Demand Request pursuant to
this Section 3.2 shall be considered a single Demand Request.

         Section 3.3 Notwithstanding any other provision set forth in this
Section 3, no Holder shall be entitled to deliver a Demand Request within 90
days after the effectiveness of any Registration Statement filed (i) by the
Company pursuant to an Underwritten Offering by the Company or (ii) on behalf of
any Demand Holder or any other Holder of demand registration rights with respect
to the Common Stock.

         Section 3.4 The Company may defer the filing (but not the preparation)
of a Registration Statement required by this Section 3 until a date not later
than 120 days after the Demand Filing Date if:

                  (a) at the time the Company receives the Demand Request, there
         is (i) material non-public information regarding the Company which the
         Board reasonably determines not to be in the Company's best interest to
         disclose and which the Company is not otherwise required to disclose,
         or (ii) there is a significant business opportunity (including but not
         limited to the acquisition or disposition of assets (other than in the
         ordinary course of business) or any merger, consolidation, tender offer
         or other similar transaction) available to the Company which the Board
         reasonably determines not to be in the Company's best interest to
         disclose; or

                  (b) prior to receiving the Demand Request, the Board had
         determined to effect an Underwritten Offering and the Company had taken
         substantial steps and is proceeding with reasonable diligence to effect
         such offering.

A deferral of the filing of a Registration Statement pursuant to this Section
3.5 shall be lifted, and the requested Registration Statement shall be filed
promptly, if, (x) in the case of a deferral pursuant to clause (a)(i), the
material non-public information is made public by the Company, (y) in the case
of a deferral pursuant to clause (a)(ii), the significant business opportunity
is disclosed by the Company or is terminated, or (z) in the case of a deferral
pursuant to clause (b), the proposed registration for the Company's account is
abandoned. In order to defer the filing of a Registration Statement pursuant to
this Section 3.5, the Company shall promptly (but in any event within 10 days),

                                       9
<PAGE>

upon determining to seek such deferral, deliver to each Demand Holder a
certificate signed by an executive officer of the Company stating that the
Company is deferring such filing pursuant to this Section 3.5 and an
approximation of the anticipated delay. Within 20 days after receiving such
certificate, the holders of a majority of the Registrable Securities held by the
Demand Holders for which registration was previously requested may withdraw such
Demand Request by giving written notice to the Company.

         Section 4. REGISTRATION PROCEDURES

         Whenever any Holder has requested that any Registrable Securities be
registered pursuant to this Agreement, the Company shall use its best efforts to
effect the registration of such Registrable Securities and in furtherance
thereof the Company shall:

                  (a) prepare and file with the Commission on any appropriate
         form under the Securities Act with respect to such Registrable
         Securities and use its best efforts to cause such Registration
         Statement to become effective;

                  (b)(i) prepare and file with the Commission such amendments,
         including post-effective amendments and supplements to the Registration
         Statement as may be necessary to keep the Registration Statement
         continuously effective as to the applicable Registrable Securities for
         a period of not less than 180 days (or (1) such lesser period as is
         necessary for the underwriters in an underwritten offering to sell
         unsold allotments or (2) such longer period as may be commercially
         reasonable if such Registration Statement is for a shelf registration
         conducted pursuant to the provisions of Rule 415 (or any similar
         provisions then in force) promulgated under the Securities Act); (ii)
         cause the related Prospectus to be amended or supplemented by any
         required Prospectus supplement, and, as so supplemented or amended, to
         be filed pursuant to Rule 424 (or any similar provisions then in force)
         promulgated under the Securities Act; (iii) respond as promptly as
         possible to any comments received from the Commission with respect to
         the Registration Statement or any amendment thereto and, as promptly as
         possible, provide the Holders true and complete copies of all
         correspondence from and to the Commission relating to the Registration
         Statement; and (iv) comply in all material respects with the provisions
         of the Securities Act and the Exchange Act with respect to the
         disposition of all Registrable Securities covered by the Registration
         Statement during the applicable period in accordance with the intended
         methods of disposition by the Holders thereof set forth in the
         Registration Statement as so amended or in such Prospectus as so
         supplemented;

                  (c) (i) furnish to the Holders of Registrable Securities to be
         sold, their counsel and any managing underwriters, copies of all such
         documents proposed to be filed, which documents (other than those
         incorporated by reference) will be subject to the review of such
         Holders, their counsel and such managing underwriters, and (ii) cause
         its officers and directors, counsel and independent certified public
         accountants to respond to such inquiries as shall be necessary, in the
         reasonable opinion of respective counsel to such Holders and such
         underwriters, to conduct a reasonable investigation within the meaning
         of the Securities Act;

                                       10
<PAGE>

                  (d) notify the Holders of Registrable Securities to be sold,
         their counsel and any managing underwriters as promptly as possible
         (and in the case of (i), below, not less than five (5) days prior to
         such filing) and confirm such notice in writing no later than one (1)
         Business Day following the day:

                           (i) when a Prospectus or any Prospectus supplement or
                  post-effective amendment to the Registration Statement is
                  proposed to be filed;

                           (ii) when the Commission notifies the Company whether
                  there will be a "review" of such Registration Statement and
                  whenever the Commission comments in writing on such
                  Registration Statement;

                           (iii) when the Registration Statement or any
                  post-effective amendment thereto has become effective;

                           (iv) of any request by the Commission or any other
                  Federal or state governmental authority for amendments or
                  supplements to the Registration Statement or Prospectus or for
                  additional information;

                           (v) of the issuance by the Commission of any stop
                  order suspending the effectiveness of the Registration
                  Statement covering any or all of the Registrable Securities or
                  the initiation of any Proceedings for that purpose;

                           (vi) when any of the representations and warranties
                  of the Company contained in any agreement (including any
                  underwriting agreement) contemplated hereby shall cease to be
                  true and correct in all material respects;

                           (vii) of the receipt by the Company of any
                  notification with respect to the suspension of the
                  qualification or exemption from qualification of any of the
                  Registrable Securities for sale in any jurisdiction, or the
                  initiation or threatening of any Proceeding for such purpose;
                  and

                           (viii) of the occurrence of any event that makes any
                  statement made in the Registration Statement or Prospectus or
                  any document incorporated or deemed to be incorporated therein
                  by reference untrue in any material respect or that requires
                  any revisions to the Registration Statement, Prospectus or
                  other documents so that, in the case of the Registration
                  Statement or the Prospectus, as the case may be, it will not
                  contain any untrue statement of a material fact or omit to
                  state any material fact required to be stated therein or
                  necessary to make the statements therein, in light of the
                  circumstances under which they were made, not misleading;

                  (e) use its best efforts to avoid the issuance of, or, if
         issued, obtain the withdrawal of (i) any order suspending the
         effectiveness of the Registration Statement or (ii) any suspension of
         the qualification (or exemption from qualification) of any of the
         Registrable Securities for sale in any jurisdiction, at the earliest
         practicable moment;

                                       11
<PAGE>

                  (f) if requested by any managing underwriter, if any
         Registrable Securities are to be sold in connection with an
         Underwritten Offering, (i) promptly incorporate in a Prospectus
         supplement or post-effective amendment to the Registration Statement
         such information as the Company reasonably agrees should be included
         therein and (ii) thereafter make all required filings of such
         Prospectus supplement or such post-effective amendment as soon as
         practicable;

                  (g) furnish to each Holder of Registrable Securities to be
         sold, their counsel and any managing underwriters, without charge, at
         least one conformed copy of each Registration Statement and each
         amendment thereto, including financial statements and schedules, all
         documents incorporated or deemed to be incorporated therein by
         reference, and all exhibits to the extent requested by such Person
         (including those previously furnished or incorporated by reference)
         promptly after the filing of such documents with the Commission;

                  (h) promptly deliver to each Holder of Registrable Securities
         to be sold, their counsel, and any underwriters, without charge, as
         many copies of the Prospectus or Prospectuses (including each form of
         Prospectus) and each amendment or supplement thereto as such Persons
         may reasonably request; and the Company hereby consents to the use of
         such Prospectus and each amendment or supplement thereto by each of the
         selling Holders and any underwriters in connection with the offering
         and sale of the Registrable Securities covered by such Prospectus and
         any amendment or supplement thereto;

                  (i) prior to any public offering of Registrable Securities,
         use its best efforts to register or qualify or cooperate with the
         selling Holders, any underwriters and their counsel in connection with
         the registration or qualification (or exemption from such registration
         or qualification) of such Registrable Securities for offer and sale
         under the securities or Blue Sky laws of such jurisdictions within the
         United States as any selling Holder or underwriter requests in writing,
         to keep each such registration or qualification (or exemption
         therefrom) effective for at least 180 days (or such shorter period as
         the applicable Registration Statement shall be effective)and to do any
         and all other acts or things necessary or advisable to enable the
         disposition in such jurisdictions of the Registrable Securities covered
         by a Registration Statement; provided, however, that the Company shall
         not be required to qualify generally to do business in any jurisdiction
         where it is not then so qualified or to take any action that would
         subject it to general service of process in any such jurisdiction where
         it is not then so subject or subject the Company to any material tax in
         any such jurisdiction where it is not then so subject;

                  (j) cooperate with the selling Holders and any managing
         underwriters to facilitate the timely preparation and delivery of
         certificates representing Registrable Securities to be sold pursuant to
         a Registration Statement, which certificates shall be free, to the
         extent permitted by applicable law, of all restrictive legends, and to
         enable such Registrable Securities to be in such denominations and
         registered in such names as any such managing underwriters or Holders
         may request at least two Business Days prior to any sale of Registrable
         Securities;

                                       12
<PAGE>

                  (k) upon the occurrence of any event contemplated by Section
         4(d)(viii) of this Agreement, as promptly as possible, prepare a
         supplement or amendment, including a post-effective amendment, to the
         Registration Statement or a supplement to the related Prospectus or any
         document incorporated or deemed to be incorporated therein by
         reference, and file all other required documents so that, as thereafter
         delivered, neither the Registration Statement nor such Prospectus will
         contain an untrue statement of a material fact or omit to state a
         material fact required to be stated therein or necessary to make the
         statements therein, in light of the circumstances under which they were
         made, not misleading;

                  (l) use its best efforts to cause all Registrable Securities
         relating to such Registration Statement to be listed on the securities
         exchange, quotation system, market or over-the-counter bulletin board
         on which similar securities issued by the Company are then listed;

                  (m) enter into such agreements (including an underwriting
         agreement in form, scope and substance as is customary in Underwritten
         Offerings) and take all such other actions in connection therewith
         (including those reasonably requested by any managing underwriters in
         order to expedite or facilitate the disposition of such Registrable
         Securities, and those reasonably requested by the selling Holders
         whether or not an underwriting agreement is entered into) to:

                           (i) make such representations and warranties to such
                  selling Holders and such underwriters as are customarily made
                  by issuers to underwriters in underwritten public offerings,
                  and confirm the same if and when requested;

                           (ii) in the case of an Underwritten Offering, obtain
                  and deliver copies thereof to the managing underwriters, if
                  any, of opinions of counsel to the Company and updates thereof
                  addressed to each such underwriter, in form, scope and
                  substance reasonably satisfactory to any such managing
                  underwriters and counsel to the selling Holders covering the
                  matters customarily covered in opinions requested in
                  Underwritten Offerings and such other matters as may be
                  reasonably requested by such counsel and underwriters;

                           (iii) immediately prior to the effectiveness of the
                  Registration Statement, and, in the case of an Underwritten
                  Offering, at the time of delivery of any Registrable
                  Securities sold pursuant thereto, obtain and deliver copies to
                  the selling Holders and the managing underwriters, if any, of
                  "cold comfort" letters and updates thereof from the
                  independent certified public accountants of the Company (and,
                  if necessary, any other independent certified public
                  accountants of any Subsidiary (as defined in the Stockholders'
                  Agreement) of the Company or of any business acquired by the
                  Company for which financial statements and financial data is,
                  or is required to be, included in the Registration Statement),
                  addressed to each selling Holder and each of the underwriters,
                  if any, in form and substance as are customary in connection
                  with Underwritten Offerings;

                                       13
<PAGE>

                           (iv) if an underwriting agreement is entered into,
                  the same shall contain indemnification provisions and
                  procedures no less favorable to the selling Holders and the
                  underwriters than those set forth in Section 8 of this
                  Agreement (or such other provisions and procedures acceptable
                  to the managing underwriters and such selling Holders); and

                           (v) deliver such documents and certificates as may be
                  reasonably requested by the selling Holders, their counsel and
                  any managing underwriters to evidence the continued validity
                  of the representations and warranties made pursuant to clause
                  (i) above and to evidence compliance with any customary
                  conditions contained in the underwriting agreement or other
                  agreement entered into by the Company;

                  (n) make available for inspection by the selling Holders, any
         representative of such Holders, any underwriter participating in any
         disposition of Registrable Securities, and any attorney or accountant
         retained by such selling Holder or underwriters, at the offices where
         normally kept, during reasonable business hours, all financial and
         other records, pertinent corporate documents and properties of the
         Company and its subsidiaries, and cause the officers, directors, agents
         and employees of the Company and its subsidiaries to supply all
         information in each case reasonably requested by any such Holder,
         representative, underwriter, attorney or accountant in connection with
         the Registration Statement; provided, however, that any information
         that is determined in good faith by the Company to be of a confidential
         nature at the time of delivery of such information shall be kept
         confidential by such Persons, unless: (i) disclosure of such
         information is required by court or administrative order or is
         necessary to respond to inquiries of regulatory authorities; (ii)
         disclosure of such information, in the opinion of counsel to such
         Person, is required by law; (iii) such information becomes generally
         available to the public other than as a result of a disclosure or
         failure to safeguard by such Person; or (iv) such information becomes
         available to such Person from a source other than the Company and such
         source is not known by such Person to be bound by a confidentiality
         agreement with the Company;

                  (o) comply in all material respects with all applicable rules
         and regulations of the Commission and make generally available to its
         security holders earnings statements satisfying the provisions of
         Section 11(a) of the Securities Act and Rule 158 not later than 45 days
         after the end of any 12-month period (or 90 days after the end of any
         12-month period if such period is a fiscal year) (i) commencing at the
         end of any fiscal quarter in which Registrable Securities are sold to
         underwriters in a firm commitment or best efforts Underwritten Offering
         and (ii) if not sold to underwriters in such an offering, commencing on
         the first day of the first fiscal quarter of the Company after the
         effective date of the Registration Statement, which statement shall
         conform to the requirements of Rule 158;

                  (p) require each selling Holder to furnish to the Company
         information regarding such Holder and the distribution of such
         Registrable Securities as is required by law to be disclosed in the
         Registration Statement, and the Company may exclude from such

                                       14
<PAGE>

         registration the Registrable Securities of any such selling Holder who
         unreasonably fails to furnish such information within a reasonable time
         after receiving such request. If the Registration Statement refers to
         any such Holder by name or otherwise as the holder of any securities of
         the Company, then such Holder shall have the right to require (if such
         reference to such Holder by name or otherwise is not required by the
         Securities Act or any similar Federal statute then in force) the
         deletion of the reference to such Holder in any amendment or supplement
         to the Registration Statement filed or prepared subsequent to the time
         that such reference ceases to be required; and

                  (q) not file a Registration Statement to which the Holder of a
         majority of the Registrable Securities covered thereby or its counsel
         or any managing underwriter shall reasonably object in writing within
         three (3) Business Days of their receipt thereof.

         Section 5. [RESERVED]

         Section 6. HOLDERS' COVENANTS

         Each Holder hereby covenants and agrees that:

                  (a) it will not sell any Registrable Securities under the
         Registration Statement until it has received notice from the Company
         that such Registration Statement and any post-effective amendments
         thereto have become effective;

                  (b) it and its officers, directors or Affiliates (as defined
         in the Stockholders' Agreement), if any, will comply with the
         Prospectus delivery requirements of the Securities Act as applicable to
         them in connection with sales of Registrable Securities pursuant to a
         Registration Statement;

                  (c) upon receipt of a notice from the Company of the
         occurrence of any event of the kind described in Section 4(d)(iv), (v),
         (vi), (vii) and (viii) of this Agreement, such Holder will forthwith
         discontinue disposition of such Registrable Securities under the
         Registration Statement until such Holder's receipt of the copies of the
         supplemented Prospectus and/or amended Registration Statement or until
         it is advised in writing (the "ADVICE") by the Company that the use of
         the applicable Prospectus may be resumed, and, in either case, has
         received copies of any additional or supplemental filings that are
         incorporated or deemed to be incorporated by reference in such
         Prospectus or Registration Statement.

         Section 7. REGISTRATION EXPENSES

         Except to the extent limited by the applicable state law, all fees and
expenses incident to the performance of or compliance with this Agreement by the
Company shall be borne by the Company whether or not pursuant to an Underwritten
Offering and whether or not any Registration Statement is filed or becomes
effective and whether or not any Registrable Securities are sold pursuant to any
Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation (i) all registration and filing fees

                                       15
<PAGE>

(including, without limitation, fees and expenses (A) with respect to filings
required to be made with any securities exchange or market on which Registrable
Securities are required hereunder to be listed, and (B) in compliance with state
securities or Blue Sky laws (including, without limitation, fees and
disbursements of counsel for the Holders in connection with Blue Sky
qualifications of the Registrable Securities and determination of the
eligibility of the Registrable Securities for investment under the laws of such
jurisdictions as the managing underwriters, if any, determine)); (ii) printing
expenses (including, without limitation, expenses of printing certificates for
Registrable Securities and of printing Prospectuses if the printing of
Prospectuses is requested by the managing underwriters, if any; (iii) messenger,
telephone and delivery expenses; (iv) fees and disbursements of counsel for the
Company; (v) Securities Act liability insurance, if the Company desires such
insurance; (vi) fees and expenses of all other Persons retained by the Company
in connection with the consummation of the transactions contemplated by this
Agreement; and (vii) all of the internal expenses of the Company incurred in
connection with the consummation of the transactions contemplated by this
Agreement (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties, the expense of any
annual audit, the fees and expenses incurred in connection with the listing of
the Registrable Securities on any securities exchange as required hereunder (all
such expenses being referred to herein as "REGISTRATION EXPENSES"); provided,
however, that except as expressly set forth herein, in no event shall
Registration Expenses include any underwriting discounts, commissions, or fees
attributable to the sale of the Registrable Securities or any counsel,
accountants or other Persons retained by the Holders incurred in connection with
the consummation of the transactions contemplated by this Agreement.

         Section 8. INDEMNIFICATION AND CONTRIBUTION

         Section 8.1 INDEMNIFICATION BY THE COMPANY. The Company shall,
notwithstanding any termination of this Agreement, indemnify and hold harmless
AOLTW, AOL, Aspen, Atlantis, each Holder and any seller of any Registrable
Securities covered by any Registration Statement which is or was a party hereto
and the officers, directors, affiliates, partners, employees, agents, brokers,
investment advisors and counsel of each of them and each underwriter of the
Registrable Securities and their officers, directors, affiliates, partners and
any broker or dealer through whom such shares may be sold and each Person, if
any, who controls (within the meaning of Section 15 of the Securities Act) such
indemnified Person or any such underwriter (such indemnified Persons, the
"INDEMNIFIED SELLING PERSONS"), to the fullest extent permitted by applicable
law, from and against any and all losses, claims, damages, liabilities, costs
(including, without limitation, costs of preparation and reasonable attorneys'
fees) and expenses (collectively, "LOSSES"), as incurred, arising out of or
relating to any untrue or alleged untrue statement of a material fact contained
in any Registration Statement, any Prospectus or any form of Prospectus or in
any amendment or supplement thereto or in any preliminary Prospectus, or arising
out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in
the case of any Prospectus or form of Prospectus or supplement thereto, in light
of the circumstances under which they were made) not misleading (in the case of
any Prospectus or form of Prospectus or supplement thereto, in light of the
circumstances under which they were made), except to the extent, but only to the
extent, that such untrue statements or omissions are based solely upon

                                       16
<PAGE>

information regarding such Indemnified Selling Person furnished in writing to
the Company by such Indemnified Selling Person expressly for use therein, which
information was reasonably relied on by the Company for use therein or to the
extent that such information relates to such Indemnified Selling Person or such
Indemnified Selling Person's proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such
Indemnified Selling Person expressly for use in any Registration Statement, such
Prospectus or such form of Prospectus or in any amendment or supplement thereto.
The Company shall notify the Indemnified Selling Persons under this Section 8.1
promptly of the institution, threat or assertion of any Proceeding of which the
Company is aware in connection with the transactions contemplated by this
Agreement. Such indemnity and reimbursement of costs and expenses shall survive
the sale, transfer or other disposition of any Registrable Securities by any
Indemnified Selling Person.

         Section 8.2 INDEMNIFICATION BY HOLDERS. Each Holder of Registrable
Securities that are included in the securities as to which any registration
under Section 2 or Section 3 is being effected shall, severally and not jointly,
indemnify and hold harmless the Company, its directors, officers, agents and
employees, each Person who controls the Company (within the meaning of Section
15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, agents or employees of such controlling Persons, to the fullest extent
permitted by applicable law, from and against all Losses (as determined by a
court of competent jurisdiction in a final judgment not subject to appeal or
review) arising solely out of or based solely upon any untrue statement of a
material fact contained in any Registration Statement, any Prospectus, or any
form of Prospectus, or arising solely out of or based solely upon any untrue
statement or omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading to the extent, but only
to the extent, that such untrue statement or omission is contained or omitted,
as the case may be, in any information furnished in writing by such Holder to
the Company specifically for inclusion in the Registration Statement or such
Prospectus and that such information was reasonably relied upon by the Company
for use in the Registration Statement, such Prospectus or such form of
Prospectus or to the extent that such information relates to such Holder or such
Holder's proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in
the Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto. In no event shall the liability of any selling
Holder hereunder be greater in amount than the dollar amount of the net proceeds
received by such Holder upon the sale of the Registrable Securities giving rise
to such indemnification obligation.

         Section 8.3 CONDUCT OF INDEMNIFICATION PROCEEDINGS.

                  (a) If any Proceeding shall be brought or asserted against any
         Person entitled to indemnity hereunder (an "INDEMNIFIED PERSON"), such
         Indemnified Person promptly shall notify the Person from whom indemnity
         is sought (the "INDEMNIFYING PARTY") in writing, and the Indemnifying
         Party shall assume the defense thereof, including the employment of
         counsel reasonably satisfactory to the Indemnified Person and the
         payment of all fees and expenses incurred in connection with defense
         thereof; provided, that the failure of any Indemnified Person to give
         such notice shall not relieve the Indemnifying Party of its obligations
         or liabilities pursuant to this Agreement, except (and only) to the

                                       17
<PAGE>

         extent that it shall be finally determined by a court of competent
         jurisdiction (which determination is not subject to appeal or further
         review) that such failure shall have proximately and materially
         adversely prejudiced the Indemnifying Party.

                  (b) An Indemnified Person shall have the right to employ
         separate counsel in any such Proceeding and to participate in the
         defense thereof, provided, however, the fees and expenses of such
         counsel shall be at the expense of such Indemnified Person or Persons
         unless: (1) the Indemnifying Party has agreed in writing to pay such
         fees and expenses; or (2) the Indemnifying Party shall have failed
         promptly to assume the defense of such Proceeding and to employ counsel
         reasonably satisfactory to such Indemnified Person in any such
         Proceeding; or (3) the named parties to any such Proceeding (including
         any impleaded parties) include both such Indemnified Person and the
         Indemnifying Party, and such Indemnified Person shall have been advised
         by counsel that a conflict of interest is likely to exist if the same
         counsel were to represent such Indemnified Person and the Indemnifying
         Party (in which case, if such Indemnified Person notifies the
         Indemnifying Party in writing that it elects to employ separate counsel
         at the reasonable expense of the Indemnifying Party, the Indemnifying
         Party shall not have the right to assume the defense thereof and such
         counsel shall be at the reasonable expense of the Indemnifying Party).
         The Indemnifying Party shall not be liable for any settlement of any
         such Proceeding effected without its written consent, which consent
         shall not be unreasonably withheld. No Indemnifying Party shall,
         without the prior written consent of the Indemnified Person, effect any
         settlement of any pending Proceeding in respect of which any
         Indemnified Person is a party, unless such settlement includes an
         unconditional release of such Indemnified Person from all liability on
         claims that are the subject matter of such Proceeding.

                  (c) All fees and expenses of the Indemnified Person (including
         reasonable fees and expenses to the extent incurred in connection with
         investigating or preparing to defend such Proceeding in a manner not
         inconsistent with this Section) shall be paid to the Indemnified
         Person, as incurred, within ten (10) Business Days of written notice
         thereof to the Indemnifying Party (regardless of whether it is
         ultimately determined that an Indemnified Person is not entitled to
         indemnification hereunder; provided, that the Indemnifying Party may
         require such Indemnified Person to undertake to reimburse all such fees
         and expenses to the extent it is finally judicially determined that
         such Indemnified Person is not entitled to indemnification hereunder).

         Section 8.4 CONTRIBUTION.

                  (a) If a claim for indemnification under Section 8.1 or 8.2 is
         unavailable to an Indemnified Person because of a failure or refusal of
         a governmental authority to enforce such indemnification in accordance
         with its terms (by reason of public policy or otherwise), then each
         Indemnifying Party, in lieu of indemnifying such Indemnified Person,
         shall contribute to the amount paid or payable by such Indemnified
         Person as a result of such Losses, in such proportion as is appropriate
         to reflect the relative fault of the Indemnifying Party and Indemnified
         Person in connection with the actions, statements or omissions that

                                       18
<PAGE>

         resulted in such Losses as well as any other relevant equitable
         considerations. The relative fault of such Indemnifying Party and
         Indemnified Person shall be determined by reference to, among other
         things, whether any action in question, including any untrue or alleged
         untrue statement of a material fact or omission or alleged omission of
         a material fact, has been taken or made by, or relates to information
         supplied by, such Indemnifying Party or Indemnified Person, and the
         parties' relative intent, knowledge, access to information and
         opportunity to correct or prevent such action, statement or omission.
         The amount paid or payable by a party as a result of any Losses shall
         be deemed to include, subject to the limitations set forth herein, any
         reasonable attorneys' or other reasonable fees or expenses incurred by
         such party in connection with any Proceeding to the extent such party
         would have been indemnified for such fees or expenses if the
         indemnification provided for in this Section was available to such
         party in accordance with its terms. In no event shall the liability of
         any selling Holder hereunder be greater in amount than the dollar
         amount of the net proceeds received by such Holder upon the sale of the
         Registrable Securities giving rise to such indemnification obligation.

                  (b) The parties hereto agree that it would not be just and
         equitable if contribution pursuant to this Section 8 were determined by
         pro rata allocation or by any other method of allocation that does not
         take into account the equitable considerations referred to in the
         immediately preceding paragraph. Notwithstanding the provisions of this
         Section 8, no Holder shall be required to contribute, in the aggregate,
         any amount in excess of the amount by which the proceeds actually
         received by such Holder from the sale of the Registrable Securities
         subject to the Proceeding exceeds the amount of any damages that such
         Holder has otherwise been required to pay by reason of such untrue or
         alleged untrue statement or omission or alleged omission. No Person
         guilty of fraudulent misrepresentation (within the meaning of Section
         11(f) of the Securities Act) shall be entitled to contribution from any
         Person who was not guilty of such fraudulent misrepresentation.

                  (c) The indemnity and contribution agreements contained in
         this Section 8 are in addition to any liability that the Indemnifying
         Parties may have to the Indemnified Persons.

         Section 8.5 RULE 144. The Company covenants that:

                  (a) it will file the reports required to be filed by the
         Company under the Securities Act and the Exchange Act, so as to enable
         the Holders to sell Registrable Securities pursuant to Rule 144 under
         the Securities Act;

                  (b) it shall cooperate with any Holder in connection with any
         sale, transfer or other disposition by such Holder of any Registrable
         Securities pursuant to Rule 144 under the Securities Act;

                  (c) it will take such action as any Holder may reasonably
         request, all to the extent required from time to time to enable such
         Holder to sell its Common Stock without registration under the

                                       19
<PAGE>

         Securities Act within the limitation of the exemptions provided by Rule
         144 promulgated under the Securities Act, including providing any legal
         opinions; and

                  (d) upon the request of any Holder, it shall deliver to such
         Holder a written certification of a duly authorized officer as to
         whether it has complied with such requirements.

         Section 9. TERM OF REGISTRATION RIGHTS.

         The rights of Holders with respect to the registration rights granted
pursuant to this Agreement shall remain in effect, subject to the terms hereof,
so long as there are Registrable Securities (excluding, for the avoidance of
doubt, rights granted pursuant to Section 8) or securities which are directly or
indirectly convertible or exchangeable for Registrable Securities issued and
outstanding.

         Section 10. MISCELLANEOUS.

         Section 10.1 ENTIRE AGREEMENT; AMENDMENTS. This Agreement contains the
entire understanding of the parties with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral or written, with
respect to such matters.

         Section 10.2 NOTICES. Any and all notices or other communications or
deliveries required or permitted to be provided pursuant to this Agreement shall
be in writing and shall be deemed to have been received (a) upon hand delivery
(receipt acknowledged) or delivery by telex (with correct answer back received),
telecopy or facsimile (with transmission confirmation report) at the address or
number designated below (if delivered on a Business Day during normal business
hours where such notice is to be received), or the first Business Day following
such delivery (if delivered on a Business Day after normal business hours where
such notice is to be received) or (b) on the second Business Day following the
date of mailing by express courier service, fully prepaid, addressed to such
address, or upon actual receipt of such mailing, whichever shall first occur.
The address for the Company shall be: America Online Latin America, Inc., 6600
N. Andrews Avenue, Suite 500, Fort Lauderdale, FL 33309, USA; Attention: Chief
Executive Officer; fax: (954) 772-7089. The addresses for each Holder shall be
maintained by the Company. Copies of all notices shall be sent to America Online
Latin America, Inc., 6600 N. Andrews Avenue, Suite 500, Fort Lauderdale, FL
33309, USA; Attention: General Counsel; fax: (954) 233-1805, or such other
address as may be designated in writing hereafter, in the same manner, by such
Person. The address for the AOLTW Subsidiaries shall be as set forth on the
SCHEDULE OF AOLTW SUBSIDIARIES for each of the AOLTW Subsidiaries.

         Section 10.3 REMEDIES. In the event of a breach by the Company or by a
Holder of any of their obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate

                                       20
<PAGE>

compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

         Section 10.4 NO INCONSISTENT AGREEMENTS. Neither the Company nor any of
its Subsidiaries has, as of the date hereof, nor shall the Company or any of its
Subsidiaries, on or after the date of this Agreement, enter into any agreement
with respect to its securities that is inconsistent with the rights granted to
the Holders in this Agreement or otherwise conflicts with the provisions hereof.
Neither the Company nor any of its Subsidiaries has previously entered into any
agreement granting any registration rights with respect to any of its securities
to any Person. Without limiting the generality of the foregoing, the Company
shall not grant to any Person the right to request the Company to register any
securities of the Company under the Securities Act unless the rights so granted
are subject in all respects to the prior rights in full of the Holders, and are
not otherwise in conflict or inconsistent with the provisions of this Agreement.

         Section 10.5 AMENDMENTS AND WAIVERS. No provision of this Agreement may
be waived or amended except in a written instrument signed, in the case of an
amendment, by the Company and the Holders; or, in the case of a waiver, by the
party against whom enforcement of any such waiver is sought. No waiver of any
default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of
any other provision, condition or requirement hereof, nor shall any delay or
omission of any party to exercise any right hereunder in any manner impair the
exercise of any such right accruing to it thereafter. Notwithstanding the
foregoing, no such amendment shall be effective to the extent that it applies to
less than all of the Holders. The Company shall not offer or pay any
consideration to a Holder for consenting to such an amendment or waiver unless
the same consideration is offered to each Holder and the same consideration is
paid to each Holder which consents to such amendment or waiver.

         Section 10.6 SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of
the parties. The rights of each Holder hereunder, including the right to have
the Company register for resale Registrable Securities in accordance with the
terms of this Agreement, shall be automatically assignable by each Holder
together with the Registrable Securities, or the securities into or for which
such Registrable Securities are convertible, exchangeable or exercisable, to
which such rights relate if: (a) the Holder agrees in writing with the
transferee or assignee to assign such rights, and a copy of such agreement is
furnished to the Company within a reasonable time after such assignment, (b) the
Company is, within a reasonable time after such transfer or assignment,
furnished with written notice of (i) the name and address of such transferee or
assignee, and (ii) the securities with respect to which such registration rights
are being transferred or assigned, (c) the transferee or assignee agrees in
writing with the Company to be bound by all of the provisions of this Agreement,
(e) such transfer shall have been made in accordance with the applicable
requirements of any agreement applicable to the transfer of such shares,
including, without limitation, the Stockholders' Agreement and (f) in the case
of an assignee of AOLTW that is an AOLTW Subsidiary, such AOLTW Subsidiary has
executed and delivered to the Company an AOLTW Subsidiary Counterpart Signature
Page. The rights to assignment shall apply to the Holders' (and to subsequent)
successors and assigns.

                                       21
<PAGE>

         Section 10.7 NO THIRD-PARTY BENEFICIARIES. This Agreement is intended
for the benefit of the parties hereto and their respective successors and
permitted assigns and is not for the benefit of, nor may any provision hereof be
enforced by, any other person.

         Section 10.8 CUMULATIVE REMEDIES. The remedies provided herein are
cumulative and not exclusive of any remedies provided by law.

         Section 10.9 SEVERABILITY. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

         Section 10.10 GOVERNING LAW. This Agreement, and the rights and
liabilities of the parties hereunder, shall be governed by the substantive laws
of the State of Delaware, USA without giving effect to its rules relating to
conflict of laws. Each party hereto irrevocably consents to the exclusive
jurisdiction of the state and federal courts located in the State of Delaware
for all disputes arising under or related to this Agreement, which are subject
to litigation hereunder, and to service of process in any jurisdiction in any
such action by means of notice delivered pursuant to Section 10.2 hereof;
provided, however to permit a party either to enforce a judgment or to seek
injunctive relief, each party also irrevocably consents to the jurisdiction of
the courts in the place where such judgment enforcement or injunctive relief is
sought. Each party waives any objection it otherwise may have to the personal
jurisdiction and venue of the courts designated in this Section 10.10.
Notwithstanding the foregoing, for so long as a party is an entity organized
under the laws of the State of Delaware, injunctive relief may be sought against
that party only in the State of Delaware.

         Section 10.11 COUNTERPARTS; FACSIMILES. This Agreement may be executed
and delivered in one or more counterparts (including, in the case of any AOLTW
Subsidiary, the AOLTW Subsidiary Counterpart Signature Page), each of which
shall be deemed to be an original, and all of which when taken together shall
constitute one and the same instrument, and shall become effective when copies
hereof, bearing the signatures of each of the parties shall have been received
by the Company, AOLTW, AOL and ODC. Facsimile signatures to this Agreement shall
be effective if promptly followed by the original signed Agreement.

              [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       22
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the day and year first above written.

                          AMERICA ONLINE LATIN AMERICA, INC.

                          By:   /s/ DAVID A. BRUSCINO
                                -----------------------------------------------
                                Name: David A. Bruscino
                                Title: Vice President

                          AMERICA ONLINE, INC.

                          By:   /s/ JOSEPH A. RIPP
                                -----------------------------------------------
                                Name: Joseph A. Ripp
                                Title: Chief Financial Officer

                          AOL TIME WARNER INC.

                          By:   /s/ RAYMOND G. MURPHY
                                -----------------------------------------------
                                Name: Raymond G. Murphy
                                Title:  Vice President

                          ASPEN INVESTMENTS LLC

                          By:   /s/ JOAN BURTON JENSEN
                                -----------------------------------------------
                                Name: Joan Burton Jensen
                                Title:

                          ATLANTIS INVESTMENTS LLC

                          By:   /s/ JOAN BURTON JENSEN
                                -----------------------------------------------
                                Name: Joan Burton Jensen
                                Title:

                                       23
<PAGE>

                     ASSIGNEE COUNTERPART SIGNATURE PAGE TO
            SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

         By execution and delivery of this signature page, the undersigned
hereby agrees to become a Holder as defined in that certain SECOND AMENDED AND
RESTATED REGISTRATION RIGHTS AGREEMENT (the "AGREEMENT") dated as of the 8th day
of March, 2002 by and among America Online Latin America, Inc., a Delaware
corporation (the "COMPANY"), America Online, Inc., a Delaware corporation
("AOL"), AOL Time Warner Inc., a Delaware corporation, ("AOLTW"), Aspen
Investments LLC, a Delaware limited liability company ("ASPEN"), Atlantis
Investments LLC, a Delaware limited liability company ("ATLANTIS", and together
with Aspen, "ODC") and each of the AOLTW Subsidiaries listed on the SCHEDULE OF
AOLTW SUBSIDIARIES thereto and hereby agrees to all of the provisions of the
Agreement and to join in and be bound by the terms and conditions of the
Agreement and, for so long as the undersigned meets the definition of "Holder"
set forth in the Agreement, shall be deemed a "Holder" thereunder, entitled to
the benefits and rights, and subject to the duties and obligations, of Holders
thereunder. The undersigned authorizes this signature page to be attached to the
Agreement or counterpart thereof executed by the Company and the other Holders
and further agrees to be identified as a Holder on the SCHEDULE OF AOLTW
SUBSIDIARIES to the Agreement. Capitalized terms not defined herein shall have
the meanings set forth in the Agreement.

         This signature page may be executed in two counterparts, each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

Date:
     ------------------------------------------

AOLTW SUBSIDIARY

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

Mailing Address:

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

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

Business Telephone:
                   ---------------------------

Telecopier:
           -----------------------------------

THE COMPANY:

America Online Latin America, Inc.

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

                                       24
<PAGE>

                         SCHEDULE OF AOLTW SUBSIDIARIES

AOLTW SUBSIDIARY                                                       ADDRESS

                                       25

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