Document:

<PAGE>

                                                            S&C Draft of 8/31/99

                                                                     Exhibit 4.1

                STANDARD TERMS FOR DEPOSITARY TRUST AGREEMENTS

                                    between

             MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

                                      and

                             THE BANK OF NEW YORK,

                                  as Trustee

                       Dated as of ______________, 1999
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                                             TABLE OF CONTENTS
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                                                 ARTICLE 1 DEFINITIONS AND ASSUMPTIONS
Section 1.1.  Definitions................................................................................1
Section 1.2.  Rules of Construction......................................................................5

                     ARTICLE 2 FORM OF RECEIPTS, DEPOSIT OF SECURITIES, DELIVERY,
                          REGISTRATION OF TRANSFER AND SURRENDER OF RECEIPTS

Section 2.1.  Depositary Trust Agreements................................................................6
Section 2.2.  Creation and Declaration of Trusts; Deposit of Securities..................................6
Section 2.3.  Acceptance by Trustee......................................................................8
Section 2.4.  Form and Transferability of Receipts.......................................................8
Section 2.5.   Delivery of Receipts.....................................................................10
Section 2.6.  Registration; Registration of Transfer; Combination and Split-up of Certificates..........11
Section 2.7.  Surrender of Receipts and Withdrawal of Underlying Securities.............................12
Section 2.8.  Limitations on Delivery, Registration of Transfer and Surrender of Receipts...............13
Section 2.9.  Lost Certificates, Etc....................................................................14
Section 2.10.  Cancellation and Destruction of Surrendered Certificates.................................14
Section 2.11.  Reconstitution Events....................................................................14

                                          ARTICLE 3 CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS

Section 3.1.  Filing Proofs, Certificates and Other Information.........................................16
Section 3.2.  Liability of Owner for Taxes..............................................................16
Section 3.3.  Warranties on Deposit of Shares...........................................................17

                                                  ARTICLE 4 THE UNDERLYING SECURITIES
Section 4.1.  Cash Distributions........................................................................17
Section 4.2.  Distributions Other Than Cash or Securities...............................................17
Section 4.3.  Distributions in Securities...............................................................18
Section 4.4.  Rights Offerings..........................................................................19
Section 4.5.  Fixing of Record Date.....................................................................19
Section 4.6.  Reports...................................................................................20
Section 4.7.  Voting Instructions for Underlying Securities.............................................20
Section 4.8.  Changes Affecting Underlying Securities...................................................21
Section 4.9.  Withholding...............................................................................22
Section 4.10.  Limitation on Distributions..............................................................22
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                                          ARTICLE 5 THE TRUSTEE AND THE INITIAL DEPOSITOR
<S>                                                                                                    <C>
Section 5.1.  Maintenance of Office and Transfer Books by the Trustee...................................22
Section 5.2.  Prevention or Delay in Performance by the Initial Depositor or the Trustee................23
Section 5.3.  Obligations of the Initial Depositor and the Trustee......................................24
Section 5.4.  Resignation or Removal of the Trustee; Appointment of Successor Trustee...................26
Section 5.5.  Indemnification...........................................................................27
Section 5.6.  Charges of Trustee........................................................................29
Section 5.7.  Retention of Trust Documents..............................................................30
Section 5.8.  Federal Securities Law Filings............................................................30
Section 5.9.  Prospectus Delivery.......................................................................30

                                                  ARTICLE 6 AMENDMENT AND TERMINATION
Section 6.1.  Amendment.................................................................................31
Section 6.2.  Early Termination.........................................................................31

                                                        ARTICLE 7 MISCELLANEOUS
Section 7.1.   Counterparts.............................................................................33
Section 7.2.   Third-Party Beneficiaries................................................................33
Section 7.3.   Severability.............................................................................34
Section 7.4.   Owners and Beneficial Owners as Parties; Binding Effect..................................34
Section 7.5.   Notices..................................................................................34
Section 7.6.   Governing Law............................................................................35
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                                                               EXHIBIT A
FORM OF DEPOSITARY TRUST AGREEMENT.....................................................................A-1

                                                               EXHIBIT B
FORM OF CERTIFICATE EVIDENCING RECEIPTS................................................................B-1
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                                     -iii-
<PAGE>

          STANDARD TERMS FOR DEPOSITARY TRUST AGREEMENTS agreed to as of
_______________, 1999 (these "Standard Terms"), between MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED, a Delaware corporation (the "Initial Depositor")
and THE BANK OF NEW YORK, a New York banking corporation, as trustee (the
"Trustee").

                              W I T N E S S E T H :

          WHEREAS, from time to time, the Initial Depositor and the Trustee may
enter into one or more depositary trust agreements providing for the deposit
with the Trustee of specified Securities (as hereinafter defined), the creation
of Depositary Trust Receipts representing the Securities so deposited and the
execution and delivery of certificates evidencing the Depositary Trust Receipts;
and

          WHEREAS, the Initial Depositor and the Trustee wish to establish the
general terms and conditions of such depositary trust agreements and the form of
the certificates evidencing Depositary Trust Receipts;

          NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained in these Standard Terms, the parties hereby agree as
follows:

                                   ARTICLE 1
                          DEFINITIONS AND ASSUMPTIONS

          Section 1.1.  Definitions.  Except as otherwise specified in these
                        -----------
Standard Terms or in the applicable Depositary Trust Agreement or as the context
may otherwise require, the following terms have the respective meanings set
forth below for all purposes of these Standard Terms and the applicable
Depositary Trust Agreement.
<PAGE>

          "Beneficial Owner" means any Person owning a beneficial interest in
any  Receipt.

          "Closing Date" means the day on which the initial deposit of
Securities is to be made, which date may be specified in the applicable
Depositary Trust Agreement.

          "Commission" means the Securities and Exchange Commission of the
United States or any successor governmental agency in the United States.

          "Corporate Trust Office" means the office of the Trustee at which its
depositary receipt business is administered which, at the date of these Standard
Terms, is 101 Barclay Street, New York, New York 10286.

          "Deliver" means (a) when used with respect to Securities, either (i)
one or more book-entry transfers of such Securities to an account at DTC
designated by the Person entitled to such delivery for further credit as
specified by such Person or (ii) in the case of Securities for which DTC book-
entry settlement is not available, the delivery of certificates evidencing such
Securities to the Person entitled to such delivery, duly endorsed for transfer
or accompanied by proper instruments of transfer and (b) when used with respect
to Receipts, either (i) one or more book-entry transfers of Receipts to an
account at DTC designated by the Person entitled to such delivery for further
credit as specified by such Person or (ii) in the event DTC ceases to make its
book-entry settlement system available for the Receipts, execution and delivery
at the Corporate Trust Office of the Trustee of one or more certificates
evidencing such Receipts.

                                      -2-
<PAGE>

          "Depositary Trust Agreement" means a depositary trust agreement
entered into by the Initial Depositor and the Trustee pursuant to these Standard
Terms which incorporates by reference these Standard Terms.

          "Depositor" means any Person who deposits Securities into the Trust,
either for its own account or on behalf of another Person who is the owner
or beneficial owner of such Securities.

          "Depositor Order" means a written order or request signed in the name
of the Initial Depositor or any other Depositor, as applicable.

          "DTC" means The Depository Trust Company, its nominees and their
respective successors.

          "Initial Depositor" means Merrill Lynch, Pierce, Fenner & Smith
Incorporated, a Delaware corporation, or its successor.

          "Issuance Denomination" is defined in Section 2.4, subject to increase
as provided in Sections 4.3 and 4.8.

          "Owner" means the Person in whose name a Receipt is registered in the
books of the Trustee maintained for that purpose.

          "Person" means any individual, limited liability company, corporation,
partnership, joint venture, association, joint stock company, trust (including
any trust beneficiary), unincorporated organization or government or any agency
or political subdivision thereof.

                                      -3-
<PAGE>

          "Receipt" means a depositary trust receipt which is issued under the
Depositary Trust Agreement  and which represents the Owner's right to receive
the Underlying Securities which must be deposited into the Trust for issuance of
a Receipt plus any other Underlying Securities received by the Trustee with
respect to such Underlying Securities and held by the Trustee under the
Depositary Trust Agreement at such time.  The Trustee shall only accept for
deposit whole Securities and shall not issue Receipts except to the extent
such Receipts represent, in the aggregate, whole Underlying Securities.

          "Registrar" means any bank or trust company having an office in the
Borough of Manhattan, The City of New York, which shall be appointed to register
Receipts and transfers of Receipts as herein provided.

          "Restricted Securities" means  Securities, or Receipts representing
such Securities, which are acquired directly or indirectly from the issuer or
its affiliates (as defined in Rule 144 under the Securities Act of 1933) in a
transaction or chain of transactions not involving any public offering, or which
are held by an officer or director (or person performing similar functions) or
other affiliate of the issuer,  or which would require registration under the
Securities Act of 1933 in connection with the public offer and sale thereof in
the United States, or which are subject to other restrictions on sale or deposit
under the federal securities laws of the United States, a shareholder agreement
or the corporate documents of the issuer.

          "Round Lot"  means 100.

                                      -4-
<PAGE>

          "Securities" means any shares of a class of securities which must be
deposited for issuance of Receipts.

          "Securities Issuer" means,  as of any time, the issuer of a class of
Securities.

          "Securities Registrar" means the entity that presently carries out the
duties of registrar for any Securities or any successor as registrar for any
Securities and any other appointed agent of a Securities Issuer for the transfer
and registration of Securities.

          "Surrender" means, when used with respect to Receipts, (a) one or more
book-entry transfers of Receipts to the DTC account of the Trustee or (b)
surrender to the Trustee at its Corporate Trust Office of one or more
certificates evidencing such Receipts, in each case in a Round Lot or an
integral multiple thereof.

          "Trust" means the trust entity created by the Depositary Trust
Agreement.

          "Trustee" means The Bank of New York, a New York banking corporation,
in its capacity as Trustee under the Depositary Trust Agreement, or any
successor as Trustee thereunder.

          "Underlying Securities" means, as of any time, Securities of each of
the classes and in the quantities required by the Depositary Trust Agreement to
be deposited in the Trust for the issuance of Receipts and which are  at such
time deposited under the applicable Depositary Trust Agreement and any other
securities, property or cash received by the Trustee in respect thereof and at
such time held hereunder.

                                      -5-
<PAGE>

          Section 1.2.  Rules of Construction.  Unless the context otherwise
                        ---------------------
requires:

          (i)  a term has the meaning assigned to it;

         (ii)  an accounting term not otherwise defined has the meaning assigned
to it in accordance with generally accepted accounting principles as in effect
in the United States from time to time;

        (iii)  "or" is not exclusive;

         (iv)  the words "herein", "hereof", "hereunder" and other words of
similar import refer to these Standard Terms  or the Depositary Trust Agreement
as a whole and not to any particular Article, Section or other subdivision;

          (v)  "including" means including without limitation; and

         (vi)  words in the singular include the plural and words in the plural
include the singular.

                              ARTICLE 2

              FORM OF RECEIPTS, DEPOSIT OF SECURITIES, DELIVERY,
              REGISTRATION OF TRANSFER AND SURRENDER OF RECEIPTS

          Section 2.1.  Depositary Trust Agreements.  Each Depositary Trust
                        ---------------------------
Agreement entered into between the Initial Depositor and the Trustee for the
purposes set

                                      -6-
<PAGE>

forth herein shall be in substantially the form of Exhibit A to these Standard
Terms and shall provide that these Standard Terms shall be incorporated by
reference into, and form a part of, such Depositary Trust Agreement.

          Section 2.2.  Creation and Declaration of Trusts; Deposit of
                        ----------------------------------------------
Securities.  (a)  The Initial Depositor, concurrently with the execution and
----------
delivery of the Depositary Trust Agreement, does hereby agree to deposit with
the Trustee under the Depositary Trust Agreement all the right, title and
interest of the Initial Depositor in, to and under Securities, of each of
the classes and in the quantities necessary to create Receipts in accordance
with Section 2 of the Depositary Trust Agreement in effect at the time of
deposit.   Unless otherwise specified in the Depositary Trust Agreement, such
deposit shall include all cash dividends and distributions in respect of such
Securities.  The Initial Depositor shall make such deposit on or prior to the
Closing Date.

          (b) From time to time after the date of the Depositary Trust
Agreement, a Depositor may deposit with the Trustee, in the manner specified in
subsection (a), Securities, of each of the classes and in the quantities
necessary to create Receipts in accordance with Section 2 of the Depositary
Trust Agreement in effect at the time of deposit by Delivery of such Securities
to the Trustee.

          (c) The Trustee shall only accept for deposit whole Securities and
shall not issue Receipts except to the extent such Receipts represent, in the
aggregate, whole Underlying Securities.

          (d) The Trust shall not engage in any business or activities
other than  those required or authorized by these Standard Terms or incidental
and necessary to carry out the duties and responsibilities set forth in the
Depositary Trust

                                      -7-
<PAGE>

Agreement. Other than issuance of the Receipts, the Trust shall not issue or
sell any certificates or other obligations or otherwise incur, assume or
guarantee any indebtedness for money borrowed.

          (e)  Anything herein to the contrary notwithstanding, the Trustee
does not assume any of the duties, responsibilities, obligations or liabilities
of the Initial Depositor or any other Depositor in respect of the Underlying
Securities.

          (f)  Underlying Securities shall be held by the Trustee at such
place and in such manner as the Trustee shall determine.

          Section 2.3.  Acceptance by Trustee.  The Trustee will hold the
                        ---------------------
Underlying Securities for the benefit of the Owners for the purposes, and
subject to and limited by the terms and conditions, set forth in these Standard
Terms and the applicable  Depositary Trust Agreement.

          Section 2.4.  Form and Transferability of Receipts.  (a)  The
                        ------------------------------------
certificates evidencing Receipts shall be substantially in the form set forth in
Exhibit B annexed to these Standard Terms, with appropriate insertions,
modifications and omissions, as hereinafter provided or as may be provided in
the Depositary Trust Agreement.  The Issuance Denominations of a certificate
shall be  any integral multiple of a Round Lot of Receipts, subject to increase
or decrease as provided in Sections 4.3 and 4.8.  No Receipt shall be entitled
to any benefits under the Depositary Trust Agreement or be valid or obligatory
for any purpose unless a certificate evidencing such Receipt shall have been
executed by the Trustee by the manual or facsimile signature

                                      -8-
<PAGE>

of a duly authorized signatory of the Trustee and, if a Registrar (other than
the Trustee) for the Receipts shall have been appointed, countersigned by the
manual or facsimile signature of a duly authorized officer of the Registrar. The
Trustee shall maintain books on which the registered ownership of each Receipt
and transfers, if any, of such registered ownership shall be recorded.
Certificates evidencing Receipts bearing the manual or facsimile signature of a
duly authorized signatory of the Trustee and Registrar, if applicable, who was
at the time such certificates were executed a proper signatory of the Trustee or
Registrar, if applicable, shall bind the Trustee, notwithstanding that such
signatory has ceased to hold such office prior to the delivery of such
certificates.

          (b) The certificates evidencing Receipts may be endorsed with or have
incorporated in the text thereof such legends or recitals or modifications not
inconsistent with the provisions of the Depositary Trust Agreement as may be
required by the Trustee or required to comply with any applicable law or
regulations thereunder or with the rules and regulations of any securities
exchange upon which Receipts may be listed or to conform with any usage with
respect thereto, or to indicate any special limitations or restrictions to which
any particular Receipts are subject by reason of the date of issuance of the
Underlying Securities or otherwise.

          (c) The Initial Depositor and the Trustee will apply to DTC for
acceptance of the Receipts in its book-entry settlement system.  Receipts
deposited with DTC shall be represented by one or more global certificates which
shall be registered in the name of Cede & Co., as nominee for DTC, and shall
bear the following legend:

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
          OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO
          THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER,
          EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
          NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
          AUTHORIZED REPRESENTATIVE OF

                                      -9-
<PAGE>

          DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
          IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
          PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
          IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
          AN INTEREST HEREIN.

          (d) So long as the Receipts are eligible for book-entry settlement
with DTC and such settlement is available, unless otherwise required by law,
notwithstanding anything to the contrary in the Depositary Trust Agreement, all
Receipts shall be evidenced by one or more global certificates registered in the
name of a nominee of DTC and no person acquiring beneficial ownership of such
Receipts shall receive or be entitled to receive physical delivery of Receipts.
Ownership of beneficial interests in Receipts evidenced by such global
certificate or certificates shall be shown on, and the transfer of such
ownership shall be effected only through, records maintained by (i) DTC or (ii)
institutions that have accounts with DTC.

          (e) If, at any time when Receipts are evidenced by a global
certificate, DTC ceases to make its book-entry settlement system available for
such Receipts, the Trustee shall issue separate certificates evidencing Receipts
to the DTC book-entry settlement system participants entitled thereto, with such
additions, deletions and modifications to the Depositary Trust Agreement and to
the form of certificate evidencing Receipts as the Initial Depositor and the
Trustee may, from time to time, agree.

          (f) Title to a certificate evidencing Receipts (and to the Receipts
evidenced thereby), when properly endorsed or accompanied by proper
instruments of transfer, shall be transferable by delivery with the same effect
as in the case of a negotiable instrument under the laws of New York; provided,
                                                                      --------
however, that the Trustee, notwithstanding any notice to the contrary, may treat
-------
the Owner of  Receipts as the

                                      -10-
<PAGE>

absolute owner thereof for the purpose of determining the person entitled to
distribution of dividends or other distributions or to any notice provided for
in the Depositary Trust Agreement and for all other purposes.

          Section 2.5.   Delivery of Receipts.  Upon receipt by the Trustee of
                        ---------------------
any deposit pursuant to Section 2.2, together with a Depositor Order and the
other documents required as above specified, if any, the Trustee, subject to the
terms and conditions of the applicable Depositary Trust Agreement, shall Deliver
to or upon the written order of the Depositor the number of Receipts issuable in
respect of such deposit, provided such number is an integral multiple of an
Issuance Denomination, but only upon payment to the Trustee of the fees and
expenses of the Trustee as provided in Section 5.6 and of all taxes and
governmental charges and fees payable in connection with such deposit and the
transfer of the Underlying Securities.

          Section 2.6.  Registration; Registration of Transfer; Combination and
                        -------------------------------------------------------
Split-up of Certificates.  (a) The Trustee shall keep or cause to be kept a
-------------------------
register of Owners of Receipts and shall provide for the registration of
Receipts and the registration of transfers and exchanges of Receipts.

          (b) The Trustee, subject to the terms and conditions of these Standard
Terms and the applicable Depositary Trust Agreement, shall register transfers of
ownership of Receipts on its transfer books from time to time, upon any
Surrender of a certificate evidencing such Receipts in any integral multiple of
a Round Lot, by the Owner in person or by a duly authorized attorney, properly
endorsed or accompanied by proper instruments of transfer, and duly stamped as
may be required by the laws of the State of New York and of the United States of
America.  Thereupon the Trustee shall execute a new certificate or certificates
evidencing such Receipts in any integral multiple

                                      -11-
<PAGE>

of a Round Lot requested, and deliver the same to or upon the order of the
Person entitled thereto.

          (c) The Trustee, subject to the terms and conditions of these Standard
Terms and the applicable Depositary Trust Agreement, shall, upon Surrender of a
certificate evidencing Receipts for the purposes of effecting a split-up or
combination of such certificate or certificates, execute and deliver one or more
new certificate or certificates evidencing such Receipts in any integral
multiple of a Round Lot requested.

          (d) The Trustee may appoint one or more co-transfer agents for the
purpose of effecting transfers, combinations and split-ups of Receipts at
designated transfer offices on behalf of the Trustee.  In carrying out its
functions, a co-transfer agent may require evidence of authority and compliance
with applicable laws and other requirements by Owners or Persons entitled to
Receipts and will be entitled to protection and indemnity to the same extent as
the Trustee.

          Section 2.7.  Surrender of Receipts and Withdrawal of Underlying
                        --------------------------------------------------
Securities.  (a)   Upon Surrender at the Corporate Trust Office of the Trustee
----------
of a Round Lot of Receipts or integral multiple thereof for the purpose of
withdrawal of the Underlying Securities represented thereby, and upon payment of
the fee of the Trustee in connection with the Surrender of Receipts as provided
in Section 5.6 and payment of all taxes and charges payable in connection with
such Surrender and withdrawal of the Underlying Securities, and subject to the
terms and conditions of the applicable Depositary Trust Agreement, including,
without limitation, Section 4.10, the Owner of such Receipts shall be entitled
to Delivery of the amount of Underlying Securities at the time represented by
such Receipts.  Delivery of such Underlying Securities may be made by (i)
Delivery of Securities to such Owner or as ordered by such Owner and (ii) any

                                      -12-
<PAGE>

available  form of delivery of any other securities, property and cash to which
such Owner is then entitled to such Owner or as ordered by such Owner.  The
Trustee shall make such delivery as promptly as practicable.

          (b) A certificate evidencing Receipts Surrendered for such purposes
may be required by the Trustee to be properly endorsed in blank or accompanied
by proper instruments of transfer in blank, and if the Trustee so requires, the
Owner thereof shall execute and deliver to the Trustee a written order directing
the Trustee to cause the Underlying Securities being withdrawn to be delivered
to or upon the written order of a Person or Persons designated in such order.
Thereupon the Trustee shall Deliver through the facilities of DTC or, if
applicable, at its Corporate Trust office, subject to Sections 2.8, 3.1, 3.2 and
4.10 and to the other terms and conditions of the Depositary Trust Agreement, to
or upon the written order of the Person or Persons designated in the order
delivered to the Trustee as above provided, the amount of Underlying Securities
represented by such Receipts.

          Section 2.8.  Limitations on Delivery, Registration of Transfer and
                        -----------------------------------------------------
Surrender of Receipts.  (a)  As a condition precedent to the Delivery,
---------------------
registration of transfer, split-up, combination or Surrender (including, for the
avoidance of doubt, any Surrender in connection with an exchange) of any Receipt
or withdrawal of any Underlying Securities, the Trustee or Registrar may require
payment from the Depositor of Securities or the presentor of the Receipts of a
sum sufficient to reimburse it for any tax or other charge and any stock
transfer or registration fee with respect thereto (including any such tax or
charge and fee with respect to Securities being deposited or withdrawn) and
payment of any applicable fees as herein provided, may require the production of
proof satisfactory to it as to the identity and genuineness of any signature and
may also require compliance with any regulations the Trustee may establish

                                      -13-
<PAGE>

consistent with the provisions of the Depositary Trust Agreement, including,
without limitation, this Section 2.8.

          (b) The Delivery of Receipts against deposits of Securities,  the
registration of transfer of Receipts or the Surrender of Receipts for the
purpose of withdrawal of Underlying Securities may be suspended, generally or in
particular instances, during any period when the transfer books of the Trustee
are closed or the transfer books of a Securities Issuer are closed or if any
such action is deemed necessary or advisable by the Trustee at any time or from
time to time, subject to the provisions of the following sentence.
Notwithstanding any other provision of any applicable Depositary Trust Agreement
or the Receipts, the Surrender of Receipts and withdrawal of Underlying
Securities may not be suspended except for (i) temporary delays caused by
closing the transfer books of the Trustee or a Securities Issuer, (ii) the
payment of fees, taxes and applicable charges, and (iii) compliance with any
U.S. laws or governmental regulations relating to the Receipts or to the
withdrawal of the Underlying Securities.  Without limitation of the foregoing,
the Trustee shall not knowingly accept for deposit under the Depositary Trust
Agreement any Securities required to be registered under the provisions of the
Securities Act of 1933, as amended, for the public offer and sale thereof in the
United States unless a registration statement is in effect as to such Securities
for such offer and sale.

          Section 2.9.  Lost Certificates, Etc.  In case any certificate
                        ----------------------
evidencing Receipts shall be mutilated, destroyed, lost or stolen, the Trustee
shall execute and deliver a new certificate of like tenor in exchange and
substitution for such mutilated certificate upon cancellation thereof, or in
lieu of and in substitution for such destroyed, lost or stolen certificate.
Before the Trustee shall execute and deliver a new certificate in substitution
for a destroyed, lost or stolen certificate, the Owner thereof shall have (a)

                                      -14-
<PAGE>

filed with the Trustee (i) a request for such execution and delivery before the
Trustee has notice that the Receipts have been acquired by a bona fide purchaser
and (ii) a sufficient indemnity bond, and (b) satisfied any other reasonable
requirements imposed by the Trustee.

          Section 2.10.  Cancellation and Destruction of Surrendered
                         -------------------------------------------
Certificates.  All certificates evidencing Receipts Surrendered to the Trustee
------------
shall be canceled by the Trustee.  The Trustee is authorized to destroy
certificates so canceled.

          Section 2.11.  Reconstitution Events.  (a) If any class of Securities
                         ---------------------
ceases to be outstanding as a result of a merger, consolidation or other
corporate combination of the Securities Issuer and Section 4.8 does not apply,
the Trustee shall, if it has actual knowledge of such event, to the extent
lawful and feasible and subject to Section 4.10, distribute any securities
which shall be received by the Trustee in exchange for or in conversion of or in
respect of Underlying Securities which are not Securities issued by a Securities
Issuer to the Owners in proportion to their ownership of Receipts.  Effective on
the date that such Securities cease to be outstanding, such class of Securities
shall cease to be part of the Securities which must be deposited for
issuance of Receipts.

          (b) If  any class of Securities is delisted from trading on its
primary exchange or market and is not listed for trading on another national
securities exchange or through NASDAQ within five business days from the date of
such delisting, the Trustee shall, if it has actual knowledge of such event, to
the extent lawful and feasible and subject to Section 4.10, distribute the
Underlying Securities of such class to the Owners in proportion to their
ownership of Receipts.  Effective on the date of such distribution,

                                      -15-
<PAGE>

such class of Securities shall cease to be a part of the securities which must
be deposited for issuance of Receipts.

          (c) In the event that any Securities Issuer no longer has a class of
common stock registered under section 12 of the Securities Exchange Act of 1934,
as amended, the Trustee shall, if  it has actual knowledge of such event, to the
extent lawful and feasible and subject to Section 4.10, distribute the
Underlying Securities of such Securities Issuer to the Owners in proportion to
their ownership of Receipts.  Effective on the date of such distribution, such
class of Securities shall cease to be part of the securities which must be
deposited for issuance of Receipts.

          (d) If the Commission determines that a Securities Issuer is an
investment company under the Investment Company Act of 1940, and the Trustee has
actual knowledge of such Commission determination, then the Trustee shall, to
the extent lawful and feasible and subject to Section 4.10, distribute the
Underlying Securities of such Securities Issuer to the Owners in proportion to
their ownership of Receipts.  Effective on the date of such distribution, such
class of Securities shall cease to be part of the securities which must be
deposited for issuance of Receipts.

                                      -16-
<PAGE>

                                   ARTICLE 3
                   CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS

          Section 3.1.  Filing Proofs, Certificates and Other Information.  Any
                        -------------------------------------------------
Person presenting Securities for deposit or any Owner of Receipts may be
required from time to time to file with the Trustee such proof of citizenship or
residence, exchange control approval, or such information relating to the
registration on the books of any  Securities Issuer or Securities Registrar, if
applicable, to execute such certificates and to make such representations and
warranties, as the Trustee may require.  The Trustee may withhold the Delivery
or registration of transfer of any Receipts or the delivery of any Underlying
Securities until such proof or other information is filed or such certificates
are executed or such representations and warranties made.

          Section 3.2.  Liability of Owner for Taxes.  If any tax or other
                        ----------------------------
charge shall become payable with respect to any Receipts or any Underlying
Securities represented thereby, such tax or other charge shall be payable by the
Owner of such Receipts to the Trustee.  The Trustee shall refuse to effect
any registration of transfer of such Receipts or any withdrawal of
Underlying Securities represented by such Receipt until such payment is made,
and may withhold any dividends or other distributions, or may sell for the
account of the Owner thereof Underlying Securities constituting any multiples of
the securities which must be deposited for issuance of Receipts, and may
apply such dividends or other distributions or the proceeds of any such sale in
payment of such tax or other charge and the Owner of such Receipt shall remain
liable for any deficiency.

          Section 3.3.  Warranties on Deposit of Shares.
                        -------------------------------

                                      -17-
<PAGE>

  Every Person depositing Securities under the Depositary Trust Agreement shall
be deemed thereby to represent and warrant that such Securities and each
certificate therefor are validly issued and fully paid, that the person making
such deposit is duly authorized to do so and that at the time of delivery, such
Securities are free and clear of any lien, pledge, encumbrance, right, charge or
claim (other than the rights created by the Depositary Trust Agreement).  Every
such person shall also be deemed to represent that such Securities are not, and
Receipts representing such Securities would not be, Restricted Securities.  Such
representations and warranties shall survive the deposit of Securities, issuance
of Receipts or termination of the Depositary Trust Agreement.

                                   ARTICLE 4
                           THE UNDERLYING SECURITIES

          Section 4.1.  Cash Distributions.  Whenever the Trustee shall receive
                        ------------------
any cash dividend or other cash distribution on any Underlying Securities, the
Trustee shall distribute the amount thus received (net of the fees of the
Trustee as provided in Section 5.6, if applicable) to the Owners entitled
thereto, in proportion to the number of Receipts held by them respectively;
provided, however, that in the event that the respective Securities Issuer or
--------  -------
the Trustee shall be required to withhold and does withhold from such cash
dividend or such other cash distribution an amount on account of taxes, the
amount distributed to the Owners shall be reduced accordingly.  The Trustee
shall distribute only such amount, however, as can be distributed without
attributing to any Owner a fraction of one cent.  Any such fractional amounts
shall be rounded to the nearest whole cent and so distributed to Owners entitled
thereto.

          Section 4.2.  Distributions Other Than Cash or Securities.  Subject to
                        -------------------------------------------
the provisions of Sections 4.8 and 5.6, whenever the Trustee shall receive any
distribution other than a distribution described in Sections 4.1,  4.3 or 4.4
or any distribution

                                      -18-
<PAGE>

which would otherwise be distributed hereunder except that the Trustee deems
such distribution not to be lawful and feasible, the Trustee shall, subject to
Section 4.10, cause the securities or property received by it to be distributed
to the Owners entitled thereto, in proportion to the number of Receipts held by
them respectively, in any manner that the Trustee may deem equitable and
practicable for accomplishing such distribution;
provided, however, that if in the opinion of the Trustee such distribution
--------  -------
cannot be made proportionately among the Owners entitled thereto, or if for any
other reason (including, but not limited to, any requirement that a Securities
Issuer or the Trustee withhold an amount on account of taxes or other
governmental charges or that such securities must be registered under the
Securities Act of 1933 in order to be distributed to Owners) the Trustee deems
such distribution not to be feasible, the Trustee shall adopt such method as it
deems equitable and practicable for the purpose of effecting such distribution,
including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and the net proceeds of any such
sale (net of the fees of the Trustee as provided in Section 5.6) shall be
distributed by the Trustee to the Owners entitled thereto as in the case of a
distribution received in cash.

          Section 4.3.  Distributions in Securities.  If any distribution upon
                        ---------------------------
any Underlying Securities consists of a dividend in, or free distribution of,
Securities, the Trustee shall, to the extent lawful and feasible, retain
such Securities under the Depositary Trust Agreement, and, in such case,  the
(i) the amount of such Securities so retained in respect of each Receipt shall
be added to the classes and quantities of securities which must be deposited for
issuance of Receipts and (ii) the number of Receipts in an Issuance
Denomination may be increased or decreased by the Trustee to the lowest multiple
of 100 Receipts such that no fractional shares are thereby represented in such
Issuance Denomination.

                                      -19-
<PAGE>

          Section 4.4.   Rights Offerings.  (a)  If a Securities Issuer offers
                         ----------------
or causes to be offered to the holders of any Underlying Securities any  rights
to subscribe for additional Securities or other securities, the Trustee shall
have discretion in accordance with this Section 4.4 as to the procedure to be
followed in making such rights available to any Owners or in disposing of such
rights on behalf of Owners and making the net proceeds available to Owners or,
if by the terms of such rights offering or for any other reason (including the
absence of an effective registration statement covering the distribution of
securities underlying the rights), the Trustee may not make such rights
available to any Owners or dispose of such rights and make the net proceeds
available to Owners, then the Trustee shall allow the rights to lapse.

          (b) The Trustee will not offer rights to Owners unless both the rights
and the securities to which such rights relate are either exempt from
registration under the Securities Act of 1933 with respect to a distribution to
all Owners or are registered under the provisions of such Act.

          (c) The Trustee shall not be responsible for any failure to determine
that it may be lawful or feasible to make such rights available to Owners in
general or any Owner in particular.

          Section 4.5.   Fixing of Record Date.  Whenever any cash dividend or
                         ---------------------
other cash distribution shall become payable or any distribution other than cash
shall be made, or whenever the Trustee receives notice of any meeting of or
solicitation of proxies from holders of any Underlying Securities, or whenever a
fee shall be charged by the Trustee under Section 5.6, or whenever for any
reason there is a reconstitution or other event under the Depositary Trust
Agreement that causes a change in the composition of the securities which must
be deposited for issuance of Receipts, or whenever the Trustee

                                      -20-
<PAGE>

shall find it necessary or convenient in respect of any matter, the Trustee
shall fix a record date (a) for the determination of the Owners who shall be (i)
entitled to receive such dividend or distribution or the net proceeds of the
sale thereof, (ii) entitled to give instructions to the Trustee for the exercise
of voting rights at any such meeting or solicitation or (iii) required to pay
such fee, or (b) on or after which each Receipt will represent such changed
group of Securities. In the case of subsections (a)(i) and (a)(ii) of this
Section 4.5, the Trustee shall use its reasonable efforts to ensure that, to the
extent practicable, the record date set hereunder will be the same as the record
date set by the Securities Issuer. Subject to the terms and conditions of the
Depositary Trust Agreement, the Owners on such record date shall be entitled, as
the case may be, to receive the amount distributable by the Trustee with respect
to such dividend or other distribution or the net proceeds of sale thereof, or
to give voting instructions, or to act in respect of any other such matter, or
shall be obligated to pay such fee.

          Section 4.6.  Reports.  The Trustee shall, to the extent lawful,
                        -------
forward to Owners any reports and communications, including any proxy statement
or other soliciting material, received from a Securities Issuer which are
received by the Trustee as the holder of the Underlying Securities or its
appointed agent, unless such reports and communications have been forwarded
directly to Owners by such Securities Issuer or its appointed agent.

          Section 4.7.  Voting Instructions for Underlying Securities.  Upon
                        ---------------------------------------------
receipt by the Trustee or its appointed agent of notice of any meeting of, or
solicitation of proxies from, holders of Underlying Securities, the Trustee
shall, to the extent lawful,  mail to the Owners a notice, the form of which
notice shall be in the sole discretion of the Trustee, which shall contain (a)
such information as is contained in such notice of meeting or solicitation, and
(b) a statement that the Owners as of the close of business on a specified

                                      -21-
<PAGE>

record date will be entitled, subject to applicable law and the provisions of
the corporate documents of the  Securities Issuer, to instruct the Trustee as to
the exercise of the voting rights, if any, or giving of proxies, as applicable,
in respect of the amount of Underlying Securities represented by their
respective Receipts and (c) a statement as to the manner in which such
instructions may be given.  Upon the written request of an Owner of a Receipt on
such record date, received on or before the date established by the Trustee for
such purpose, the Trustee shall endeavor, insofar as practicable, to vote or
cause to be voted, or to give a proxy, as applicable, in respect of the amount
of Underlying Securities represented by such Receipt in accordance with the
instructions set forth in such request.  The Trustee shall not vote or attempt
to exercise the right to vote that attaches to, or give a proxy with respect to,
Underlying Securities other than in accordance with such instructions.

          Section 4.8.  Changes Affecting Underlying Securities.  (a)  In
                        ---------------------------------------
circumstances where the provisions of Sections 2.11 and 4.3 do not apply, upon
any change in nominal value, change in par value, split-up, consolidation or any
other reclassification of any Underlying Securities, or upon any
recapitalization, reorganization, merger or consolidation or sale of assets
affecting the issuer of any Underlying Security, if the relevant Securities
Issuer survives such event, the Trustee shall, to the extent lawful and
feasible, retain such Securities under the Depositary Trust Agreement, and, in
such case, the (A) the amount of such Securities so retained in respect of
each Receipt shall be added to the classes and quantities of securities which
must be deposited for issuance of Receipts and (B) the number of Receipts
in an Issuance Denomination may be increased or decreased by the Trustee to the
lowest multiple of 100 Receipts such that no fractional shares are thereby
represented in such Issuance Denomination.

                                      -22-
<PAGE>

          (b) Securities of any class which are surrendered by the Trustee in
connection with any such conversion or exchange shall, effective on the date of
such surrender, no longer be part of the securities which must be deposited
for issuance of Receipts.  In any such case, or in the case of an event to which
Section 2.11 applies,  the Trustee may call for the Surrender of outstanding
certificates evidencing Receipts to be exchanged for new certificates
specifically describing any applicable change in the classes and quantities of
securities which must be deposited for issuance of Receipts.

          Section 4.9.  Withholding.  In the event that the Trustee determines
                        -----------
that any distribution in property (including Securities and rights to subscribe
therefor) is subject to any tax or other charge which the Trustee is obligated
to withhold, notwithstanding anything to the contrary in these Standard Terms or
the applicable Depositary Trust Agreement, the Trustee may by public or private
sale dispose of all or a portion of such property (including Securities and
rights to subscribe therefor) in such amounts and in such manner as the Trustee
deems  necessary and practicable to pay any such taxes or charges and the
Trustee shall distribute the net proceeds of any such sale after deduction of
such taxes or charges to the Owners entitled thereto in proportion to the number
of Receipts held by them respectively.

          Section 4.10.  Limitation on Distributions.  Notwithstanding any
                         ---------------------------
provision of the Depositary Trust Agreement which requires or permits the
Trustee to distribute or Deliver any securities to Owners, the Trustee shall not
distribute to any Owner any fraction of a share.  Instead, the Trustee shall, to
the extent lawful, sell the aggregate of such fractions and distribute the net
proceeds to the Owners entitled thereto as in the case of a distribution
received in cash.

                                      -23-
<PAGE>

                                   ARTICLE 5
                     THE TRUSTEE AND THE INITIAL DEPOSITOR

          Section 5.1.  Maintenance of Office and Transfer Books by the Trustee.
                        -------------------------------------------------------
(a)  Until termination of this Depositary Trust Agreement in accordance with its
terms, the Trustee shall maintain in the Borough of Manhattan, The City of New
York, facilities for the execution and Delivery, registration, registration of
transfers and Surrender of Receipts in accordance with the provisions of these
Standard Terms and the applicable Depositary Trust Agreement.

          (b) The Trustee shall keep books for the registration of Receipts and
transfers of Receipts which at all reasonable times shall be open for inspection
by the Owners.

          (c) The Trustee may close the transfer books at any time or from time
to time.

          (d) If any Receipts evidenced thereby are listed on one or more stock
exchanges in the United States, the Trustee shall act as Registrar or appoint a
registrar or one or more co-registrars for registry of such receipts in
accordance with any requirements of such exchange or exchanges.

          Section 5.2.  Prevention or Delay in Performance by the Initial
                        -------------------------------------------------
Depositor or the Trustee.  Neither the Initial Depositor nor the Trustee nor any
------------------------
of their respective directors, employees, agents or affiliates shall incur any
liability to any Owner or Beneficial Owner of any Receipt, if by reason of any
provision of any present or future

                                      -24-
<PAGE>

law or regulation of the United States or any other country, or of any
governmental or regulatory authority or stock exchange, or by reason of any
provision, present or future, of the corporate documents of any Securities
Issuer, or by reason of any provisions of any securities issued or distributed
by any Securities Issuer, or any offering or distribution thereof, or by reason
of any act of God or war or other circumstances beyond its control, the Initial
Depositor or the Trustee shall be prevented or forbidden from, or be subject to
any civil or criminal penalty on account of, doing or performing any act or
thing which by the terms of these Standard Terms or the applicable Depositary
Trust Agreement it is provided shall be done or performed; nor shall the Initial
Depositor or the Trustee incur any liability to any Owner or Beneficial Owner of
any Receipt by reason of any non-performance or delay, caused as aforesaid, in
the performance of any act or thing which by the terms of these Standard Terms
or the applicable Depositary Trust Agreement it is provided shall or may be done
or performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in these Standard Terms or the applicable Depositary
Trust Agreement. Where, by the terms of an offering or distribution to which
Sections 2.11, 4.2 or 4.4 applies, or for any other reason, it is not lawful and
feasible to make such distribution or offering available to Owners, and the
Trustee may not dispose of such distribution or offering on behalf of such
Owners and make the net proceeds available to such Owners, then the Trustee
shall not make such distribution or offering available to Owners and shall allow
any rights, if applicable, to lapse.

          Section 5.3.  Obligations of the Initial Depositor and the Trustee.
                        ----------------------------------------------------
(a) Neither the Initial Depositor nor the Trustee assumes any obligation nor
shall they be subject to any liability under these Standard Terms or the
applicable Depositary Trust Agreement to any Owner or Beneficial Owner of any
Receipt (including, without limitation, liability with respect to the validity
or worth of the Underlying Securities),

                                      -25-
<PAGE>

except that each agrees to perform its respective obligations specifically set
forth in these Standard Terms and the applicable Depositary Trust Agreement
without negligence or bad faith.

          (b) Neither the Initial Depositor nor the Trustee shall be under any
obligation to prosecute any action, suit or other proceeding in respect of any
Underlying Securities or in respect of the Receipts.

          (c) Neither the Initial Depositor nor the Trustee shall be liable for
any action or non-action by it in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Securities for deposit,
any Owner or any other person believed by it in good faith to be competent to
give such advice or information.

          (d) The Trustee shall not be liable for any acts or omissions made by
a successor Trustee whether in connection with a previous act or omission of the
Trustee or in connection with any matter arising wholly after the resignation of
the Trustee, provided that in connection with the issue out of which such
potential liability arises the Trustee performed its obligations without
negligence or bad faith while it acted as Trustee.

          (e) The Trustee shall not be responsible for any failure to carry out
any instructions to vote any of the Underlying Securities, or for the manner in
which any such vote is cast or the effect of any such vote, provided that any
such action or non-action is without negligence or bad faith.

          (f) Except as specifically provided in Section 4.6, the Trustee shall
have no obligation to monitor or to obtain any information concerning the
business or

                                      -26-
<PAGE>

affairs of any Securities Issuer or to advise Owners or Beneficial Owners of any
event or condition affecting any Securities Issuer.

          (g) The Trustee shall have no obligation to comply with any direction
or instruction from any Owner or Beneficial Owner regarding Receipts except to
the extent specifically provided in these Standard Terms or any applicable
Depositary Trust Agreement.

          (h) The Trustee shall be a fiduciary under these Standard Terms and
the applicable Depositary Trust Agreement; provided, however, that the fiduciary
                                           --------  -------
duties and responsibilities and liabilities of the Trustee shall be limited by,
and shall be only those specifically set forth in, these Standard Terms and the
applicable Depositary Trust Agreement.

          Section 5.4.  Resignation or Removal of the Trustee; Appointment of
                        -----------------------------------------------------
Successor Trustee.  (a)  The Trustee may at any time resign as Trustee hereunder
-----------------
by written notice of its election so to do, delivered to the Initial Depositor,
and such resignation shall take effect upon the appointment of a successor
Trustee and its acceptance of such appointment as hereinafter provided.

          (b) If at any time the Trustee is in material breach of its
obligations under the Depositary Trust Agreement and the Trustee fails to cure
such breach within 30 days after receipt by the Trustee of written notice from
the Initial Depositor or Owners of 25% or more of the outstanding Receipts
specifying such default and requiring the Trustee to cure such default, the
Initial Depositor, acting on behalf of the Owners, may remove the Trustee by
written notice delivered to the Trustee in the manner provided

                                      -27-
<PAGE>

in Section 7.5, and such removal shall take effect upon the appointment of the
successor Trustee and its acceptance of such appointment as hereinafter
provided.

          (c) In case at any time the Trustee acting hereunder shall resign or
be removed, the Initial Depositor, acting on behalf of the Owners, shall use its
reasonable efforts to appoint a successor Trustee, which shall be a bank or
trust company having an office in the Borough of Manhattan, The City of New
York.  Every successor Trustee shall execute and deliver to its predecessor and
to the Initial Depositor, acting on behalf of the Owners, an instrument in
writing accepting its appointment hereunder, and thereupon such successor
Trustee, without any further act or deed, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor; but such predecessor,
nevertheless, upon payment of all sums due it and on the written request of the
Initial Depositor, acting on behalf of the Owners, shall execute and deliver an
instrument transferring to such successor all rights and powers of such
predecessor hereunder, shall duly assign, transfer and deliver all right, title
and interest in the Underlying Securities to such successor, and shall deliver
to such successor a list of the Owners of all outstanding Receipts.  The Initial
Depositor or any such successor Trustee shall promptly mail notice of the
appointment of such successor Trustee to the Owners.

          (d) Any corporation into or with which the Trustee may be merged,
consolidated or converted shall be the successor of such Trustee without the
execution or filing of any document or any further act.

     Section 5.5.  Indemnification.  (a)  The Initial Depositor shall indemnify
                   ---------------
the Trustee, its directors, employees, agents and affiliates against, and hold
each of them harmless from, any loss, liability, cost, expense or judgment
(including, but not limited to, the fees and expenses of counsel) (collectively
"Indemnified Amounts") which is

                                      -28-
<PAGE>

incurred by any of them and which arises out of acts performed or omitted
pursuant to the provisions of these Standard Terms or any Depositary Trust
Agreement, as the same may be amended, modified or supplemented from time to
time, or any filings with or submissions to the Commission in connection with or
with respect to such Receipts (which by way of illustration and not by way of
limitation, include any registration statement and any amendments or supplements
thereto filed with the Commission or any periodic reports or updates that may be
filed under the Securities Exchange Act of 1934, as amended, or any failure to
make any filings or submissions to the Commission which are required to be made
in connection with or with respect to such Receipts), except that the Initial
Depositor shall not have any obligations under this Section 5.5(a) to pay
Indemnified Amounts incurred as a result of and attributable to (i) the
negligence or bad faith of, or material breach of the terms of this Agreement
by, the Trustee, (ii) written information regarding the name and address of the
Trustee furnished in writing to the Initial Depositor (and not materially
changed or altered) expressly for use in the registration statement filed with
the Commission relating to the Receipts, or (iii) any misrepresentations or
omissions made by a Depositor (other than Initial Depositor) in connection with
such Depositor's offer and sale of Receipts.

          (b) The Trustee shall indemnify the Initial Depositor, its directors,
employees, agents and affiliates against, and hold each of them harmless from,
any Indemnified Amounts (i) caused by the negligence or bad faith of the Trustee
or (ii) arising out of any written information regarding the name and address of
the Trustee furnished in writing to the Initial Depositor (and not materially
changed or altered) expressly for use in the registration statement filed with
the Commission relating to the Receipts.

                                      -29-
<PAGE>

          [(c)  If the indemnification provided for in this Section 5.5 is
unavailable or insufficient to hold harmless the indemnified party under
subsection (a) or (b) above, then the indemnifying party shall contribute to the
Indemnified Amounts referred to in subsection (a) or (b) above (i) in such
proportion as is appropriate to reflect the relative benefits received by the
Initial Depositor on the one hand and the Trustee on the other hand from the
offering of the Receipts which are the subject of the action or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Initial
Depositor on the one hand and the Trustee on the other hand in connection with
the action, statement or omission which resulted in such Indemnified Amount as
well as any other relevant equitable considerations.  The relative benefits
received by the Initial Depositor on the one hand and the Trustee on the other
shall be deemed to be in the same proportions as the total commissions from the
offering of the Receipts which are the subject of the action (before deducting
expenses) received by the Initial Depositor bear to the total fees received by
the Trustee from the offering of such Receipts.  The relative fault shall be
determined by reference to, among other things, whether any untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact which from which the action arises relates to information
supplied by the Initial Depositor or the Trustee and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such untrue statement or omission or the act or omission from which the action
arises.  The amount of Indemnified Amounts referred to in the first sentence of
this subsection (c) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any action or claim which is the subject of this subsection (c).]

                                      -30-
<PAGE>

          Section 5.6.  Charges of Trustee.  The following charges shall be
                        ------------------
incurred by any party depositing or withdrawing Securities or by any party
Surrendering Receipts or to whom Receipts are Delivered or any Owner, as
applicable: (1) taxes and  charges and other fees payable in respect of the
Underlying Securities assessed by third-party custodians, depositories, transfer
agents, and other service providers in the ordinary course of their
respective businesses (whether in connection with the deposit of Securities or
withdrawal of Underlying Securities or otherwise), (2) a fee of $10 or less per
100 Receipts for the execution and Delivery of Receipts pursuant to Section 2.5,
and the Surrender of Receipts pursuant to Section 2.7,  and (3) a fee which
shall accrue on the first day of each calendar quarter at a rate of $.02 or less
per Receipt per quarter for the Trustee's services as such under the Depositary
Trust Agreement (which fee shall be assessed against Owners of record as of the
date or dates set by the Trustee in accordance with Section 4.5 and shall be
collected at the Trustee's discretion by deducting such fee from one or more
cash dividends or other cash distributions); provided, however, that with
                                             --------  -------
respect to the aggregate fee accrued in any calendar year under this clause
(3) with respect to each Receipt, the Trustee will waive that portion which
exceeds the total cash dividends and other cash distributions the record
date for which falls in such calendar year and payable with respect to such
Receipt.

          Section 5.7.  Retention of Trust Documents.  The Trustee is authorized
                        ----------------------------
to destroy those documents, records, bills and other data compiled during the
term of the Depositary Trust Agreement at the times permitted by the laws or
regulations governing the Trustee.

                                      -31-
<PAGE>

          Section 5.8.  Federal Securities Law Filings.  The Initial
                        ------------------------------
Depositor shall (i) prepare and file a registration statement with the
Commission and take such action as is necessary from time to time to qualify the
Receipts for offering and sale under the federal securities laws of the United
States, including the preparation and filing of amendments and supplements to
such registration statement, (ii) promptly notify the Trustee of any amendment
or supplement to the registration statement or prospectus, of any order
preventing or suspending the use of any prospectus, of any request for the
amending or supplementing of the registration statement or prospectus or if
any event or circumstance occurs as a result of which the registration statement
or prospectus, as then amended or supplemented, would include an untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading, (iii) provide the Trustee from time to time with
copies, including copies in electronic form, of the prospectus, as amended and
supplemented, in such quantities as the Trustee may request and (iv) prepare and
file any periodic reports or updates that may be required under the Securities
Exchange Act of 1934, as amended.

          Section 5.9.  Prospectus Delivery.  The Trustee shall, if required by
                        -------------------
the federal securities laws of the United States, in any manner permitted by
such laws, deliver at the time of issuance of Receipts, a copy of the relevant
prospectus, as amended and supplemented at such time, to each Person depositing
Underlying Securities into the Trust for issuance of Receipts.

                                   ARTICLE 6
                           AMENDMENT AND TERMINATION

                                      -32-
<PAGE>

          Section 6.1.  Amendment.  The Trustee and the Initial Depositor may
                        ---------
amend any provisions of the Depositary Trust Agreement without the consent of
any Owner.  Any amendment that imposes or increases any fees or charges
(other than taxes and other charges, registration fees or other
such expenses), or that otherwise prejudices any substantial existing right
of the Owners will not become effective until 30 days after notice of such
amendment is given to the Owners.  Every Owner and Beneficial Owner, at the time
any amendment so becomes effective, shall be deemed, by continuing to hold any
Receipt or an interest therein, to consent and agree to such amendment and to be
bound by the Depositary Trust Agreement as amended thereby.  In no event shall
any amendment impair the right of the Owner of any Receipt to Surrender such
Receipt and receive therefor the Underlying Securities represented thereby,
except in order to comply with mandatory provisions of applicable law.

          Section 6.2.  Early Termination.  (a)  The Trust shall terminate by
                        -----------------
the Trustee mailing notice of such termination to the Owners of all Receipts
then outstanding at least 30 days prior to the date set for termination if any
of the following occurs:

          (i) The Trustee is notified that the Receipts are delisted from a
     national securities exchange and are not approved for listing on another
     national securities exchange within 5 business days of their delisting;

          (ii) Owners of at least 75% of the outstanding Receipts notify the
     Trustee that they elect to terminate the Trust; or

          (iii)  60 days shall have expired after the Trustee shall have
     delivered to the Initial Depositor and the Owners a written notice of its
     election to resign and a

                                      -33-
<PAGE>

     successor trustee shall not have been appointed and accepted its
     appointment as provided in Section 5.4.

     (b) On and after the date of termination, the Owner of a Receipt will, upon
(i) Surrender of such Receipt at the Corporate Trust Office of the Trustee, (ii)
payment of the fee of the Trustee for the Surrender of Receipts referred to in
Section 2.7, and (iii) payment of any applicable taxes or charges, be entitled
to Delivery, to him or upon his order, of the amount of Underlying Securities
evidenced by such Receipt.  If any Receipts shall remain outstanding after the
date of termination, the Trustee thereafter shall discontinue the registration
of transfers of Receipts, shall suspend the distribution of dividends or other
distribution to the Owners thereof, and shall not give any further notices or
perform any further acts under these Standard Terms or the applicable Depositary
Trust Agreement, except that the Trustee shall continue to collect dividends and
other distributions pertaining to Underlying Securities and hold the same
uninvested and without liability for interest, shall sell rights as provided in
these Standard Terms or the applicable Depositary Trust Agreement, and shall
continue to deliver Underlying Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of
any rights or other property, in exchange for Receipts Surrendered to the
Trustee (after deducting or upon payment of, in each case, the fee of the
Trustee set forth in 5.6 for the Surrender of Receipts, any expenses for the
account of the Owner of such Receipts in accordance with the terms and
conditions of the Depositary Trust Agreement, and any applicable taxes or
charges).  At any time after the expiration of one year following the date of
termination, the Trustee may sell the Underlying Securities then held hereunder
and may thereafter hold uninvested the net proceeds of any such sale, together
with any other cash then held by it hereunder, unsegregated and without
liability for interest, for the pro rata benefit of the Owners of Receipts which
                                --- ----
have not theretofore been Surrendered, such Owners thereupon becoming

                                      -34-
<PAGE>

general creditors of the Trustee with respect to such net proceeds. After making
such sale, the Trustee shall be discharged from all obligations under these
Standard Terms with respect to the Receipts and the applicable Depositary Trust
Agreement, except to account for such net proceeds and other cash (after
deducting, in each case, the fee of the Trustee for the Surrender of Receipts,
any fees of the Trustee due and owing from the Owner of such Receipts pursuant
to Section 5.6, any expenses for the account of the Owner of such Receipts in
accordance with the terms and conditions of the Depositary Trust Agreement, and
any applicable taxes or governmental charges). Upon the termination of the
applicable Depositary Trust Agreement, the Initial Depositor shall be discharged
from all obligations under such Depositary Trust Agreement except for its
obligations to the Trustee under Section 5.5.

                                   ARTICLE 7
                                 MISCELLANEOUS

          Section 7.1.   Counterparts.  These Standard Terms and each Depositary
                         ------------
Trust Agreement may be executed in any number of counterparts, each of which
shall be deemed an original and all of such counterparts shall constitute one
and the same instrument.  Copies of these Standard Terms and the applicable
Depositary Trust Agreement shall be filed with the Trustee and shall be open to
inspection by any Owner of a Receipt during business hours.

          Section 7.2.   Third-Party Beneficiaries.  These Standard Terms and
                         --------------------------
each Depositary Trust Agreement are for the exclusive benefit of the respective
parties hereto and thereto, and shall not be deemed to give any legal or
equitable right, remedy or claim whatsoever to any other person.

                                      -35-
<PAGE>

          Section 7.3.   Severability.  In case any one or more of the
                         ------------
provisions contained in these Standard Terms or the applicable Depositary Trust
Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein or therein shall in no way be affected,
prejudiced or disturbed thereby.

          Section 7.4.   Owners and Beneficial Owners as Parties; Binding
                         ------------------------------------------------
Effect.  The Owners, Beneficial Owners and Depositors from time to time
shall be parties to the applicable Depositary Trust Agreement and shall be
bound by all of the terms and conditions hereof and thereof and of the Receipts
by their acceptance of Receipts or any interest therein or by their depositing
Securities, as the case may be.

          Section 7.5.   Notices.  (a)  Any and all notices to be given to the
                         -------
Initial Depositor shall be deemed to have been duly given if personally
delivered or sent by mail or cable, telex or facsimile transmission confirmed by
letter, addressed to Merrill Lynch, Pierce, Fenner & Smith Incorporated,
World Financial Center, New York, New York  10281, Attention:  Director,
Customized Investments, or any other place to which the Initial Depositor may
have transferred its principal office with notice to the Trustee.

          (b) Any and all notices to be given to the Trustee shall be deemed to
have been duly given if personally delivered or sent by mail or cable, telex or
facsimile transmission confirmed by letter, addressed to The Bank of New York,
101 Barclay Street, 22-W, New York, New York 10286, Attention: ADR
Administration, or any other place to which the Trustee may have transferred its
Corporate Trust Office with notices to the Initial Depositor.

                                      -36-
<PAGE>

          (c) Any and all notices to be given to any Owner shall be deemed to
have been duly given if personally delivered or sent by mail or cable, telex or
facsimile transmission confirmed by letter, addressed to such Owner at the
address of such Owner as it appears on the transfer books of the Trustee, or, if
such Owner shall have filed with the Trustee a written request that notices
intended for such Owner be mailed to some other address, at the address
designated in such request.

          (d) Delivery of a notice sent by mail or cable, telex or facsimile
transmission shall be deemed to be effected at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a cable,
telex or facsimile transmission) is deposited, postage prepaid, in a post-office
letter box.  The Trustee may, however, act upon any cable, telex or facsimile
transmission received by them, notwithstanding that such cable, telex or
facsimile transmission shall not subsequently be confirmed by letter as
aforesaid.

          Section 7.6.   Governing Law.  This Depositary Trust Agreement and the
                         -------------
Receipts shall be interpreted and all rights hereunder and thereunder and
provisions hereof and thereof shall be governed by the substantive laws (but not
the choice of law rules)  of the State of New York.

                                      -37-
<PAGE>

          IN WITNESS WHEREOF, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
and THE BANK OF NEW YORK have duly executed these Standard Terms as of the day
and year first set forth above.

                              MERRILL LYNCH, PIERCE, FENNER &
                                SMITH INCORPORATED

                                 By:
                                 --------------------------------
                                    Steven G. Budurtha
                                    First Vice President

                              THE BANK OF NEW YORK,
                                as Trustee

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

                                      -38-
<PAGE>

                                                                       EXHIBIT A

                              [NAME OF TRUST]

                     [FORM OF] DEPOSITARY TRUST AGREEMENT

             DEPOSITARY TRUST AGREEMENT dated as of __________ (this "Depositary
Trust Agreement"), between MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, a
Delaware corporation (the "Initial Depositor"), THE BANK OF NEW YORK, a New York
banking corporation, as trustee (the "Trustee"), and all Holders and Beneficial
Owners (each as hereinafter defined) from time to time of Depositary Trust
Receipts issued hereunder and all Depositors (as hereinafter defined) from time
to time.

          Section 1.  Incorporation of Standard Terms.  The Standard Terms for
                      -------------------------------
Depositary Trust Agreements agreed to as of ____________, 1999 (the "Standard
Terms"), between the Initial Depositor and the Trustee are hereby incorporated
by reference into and made a part of this Depositary Trust Agreement.  If there
is any conflict between the provisions of this Depositary Trust Agreement and
the Standard Terms, the provisions of this Depositary Trust Agreement shall
control.

          Section 2.  Securities to be Deposited.  Initially, the securities
                      --------------------------
which must be deposited for issuance of one Receipt and which shall be
represented thereby shall be as follows:

                                                 Quantity which
                                              must be deposited
     Issuer and Title of Security                per Receipt
     ----------------------------           ---------------------

     [Issuer and title of security]                [Quantity]
     [Issuer and title of security]                [Quantity]

; provided, however, that if an event to which Section 2.11 of the Standard
  --------  -------
Terms applies or an event described in Sections 4.3 or 4.8 of the Standard Terms
occurs, the definition of the securities that must be deposited for issuance of
one Receipt shall be changed as provided in such Sections, if applicable.

          Section 3.  Creation and Declaration of Trust; Termination Date.  The
                      ---------------------------------------------------
trust created hereby shall be known as [Name of Trust], for which the Trustee,
                                        -------------
or the Initial Depositor to the extent provided herein, may conduct the business
of the Trust, make and

                                      A-1
<PAGE>

execute contracts, and sue and be sued. [The termination date of the Trust will
be December 31, 2039].

          Section 4.  Closing.  The "Closing Date" shall be [specify date].
                      -------                                ------------

          IN WITNESS WHEREOF, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
and THE BANK OF NEW YORK have duly executed this agreement as of the day and
year first set forth above.  All Owners and Beneficial Owners shall become
parties hereto upon acceptance by them of Receipts issued in accordance with the
terms hereof or any interest therein, and all Depositors shall become parties
hereto upon depositing any Securities hereunder.

                              MERRILL LYNCH, PIERCE, FENNER &
                                SMITH INCORPORATED

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

                              THE BANK OF NEW YORK,
                                as Trustee

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

                                      A-2
<PAGE>

                                                                       EXHIBIT B

                              [Form of Receipt]

THE RECEIPTS EVIDENCED HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING
SECURITIES (AS DEFINED IN THE  DEPOSITARY TRUST AGREEMENT REFERRED TO HEREIN)
HELD BY THE TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND
ARE NOT GUARANTEED BY THE INITIAL DEPOSITOR OR THE TRUSTEE OR ANY OF THEIR
RESPECTIVE AFFILIATES.  NEITHER THE RECEIPTS NOR THE UNDERLYING SECURITIES ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE AGENT
AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

                                      B-1
<PAGE>

                           DEPOSITARY TRUST RECEIPTS
                                   ISSUED BY
                                [NAME OF TRUST]
                        REPRESENTING [COMMON STOCK] OF

                             [LIST COMPANIES HERE]

                       THE BANK OF NEW YORK, as Trustee

No.                                                             CUSIP NO.

          THE BANK OF NEW YORK, as Trustee (hereinafter called the "Trustee"),
hereby certifies that CEDE & CO., as nominee of the Depositary Trust Company, or
registered assigns, IS THE OWNER OF  *  Depositary Trust Receipts issued by
[Name of Trust], each representing the securities described in the within-
--------------
mentioned Depositary Trust Agreement.  At the date hereof, each Receipt
represents the right to receive the following securities:

                                       Quantity Initially
                  Issuer and Title       Represented by
                     of Security          Each Receipt
                ------------------------------------------

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

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

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

which are deposited under the Depositary Trust Agreement referred to herein at
the Corporate Trust Office of the Trustee.  The specification of the securities
represented by each Receipt is subject to change as provided in the Depositary
Trust Agreement.  The Trustee's Corporate Trust Office is located at a different
address than its principal executive office.  Its Corporate Trust Office is
located at 101 Barclay Street, New York, New York 10286, and its principal
executive office is located at One Wall Street, New York, New York 10286.

                THE TRUSTEE'S CORPORATE TRUST OFFICE ADDRESS IS
                  101 BARCLAY STREET, NEW YORK, NEW YORK 10286

------------------
*  That number of Receipts held at The Depository Trust Company at any given
point in time.

                                      B-2
<PAGE>

(1)  THE DEPOSITARY TRUST AGREEMENT.
     ------------------------------

     This Receipt is issued upon the terms and conditions set forth in the
Depositary Trust Agreement, dated as of _________, 1999 (the "Depositary Trust
Agreement"), agreed to by and among the Initial Depositor, the Trustee, all
Owners and Beneficial Owners from time to time of Receipts issued thereunder and
all Depositors.  By becoming an Owner or Beneficial Owner, or by depositing
Securities, such Person agrees to become a party to the Depositary Trust
Agreement and become bound by all the terms and conditions thereof.  The
Depositary Trust Agreement sets forth the rights of Owners and the rights and
duties of the Trustee in respect of the Securities deposited thereunder and any
and all other securities, property and cash from time to time received in
respect of such Securities and held thereunder (such Securities, other
securities, property, and cash are herein called "Underlying Securities").
Copies of the Depositary Trust Agreement are on file at the Trustee's Corporate
Trust Office in New York City.

     The statements made on the face and reverse of this Receipt are summaries
of certain provisions of the Depositary Trust Agreement and are qualified by and
subject to the detailed provisions of the Depositary Trust Agreement, to which
reference is hereby made.  Capitalized terms not defined herein shall have the
meanings set forth in the Depositary Trust Agreement.

(2)  SURRENDER OF RECEIPTS AND WITHDRAWAL OF SECURITIES.
     --------------------------------------------------

     Upon Surrender at the Corporate Trust Office of the Trustee of a Round Lot
of  Receipts or integral multiples thereof for the purpose of withdrawal of the
Underlying Securities represented thereby, and upon payment of the fee of the
Trustee in connection with the Surrender of Receipts as provided in Section 5.6
of the Standard Terms and payment of all taxes and charges payable in connection
with such Surrender and withdrawal of the Underlying Securities, and subject to
the terms and conditions of the applicable Depositary Trust Agreement,
including, without limitation, Section 4.10 thereof, the Owner of such Receipts
shall be entitled to Delivery of the amount of Underlying Securities at the time
represented by such Receipts.  Delivery of such Underlying Securities may be
made by (i) Delivery of Securities to such Owner or as ordered by such Owner and
(ii) any available  form of delivery of any other securities, property and cash
to which such Owner is then entitled to such Owner or as ordered by such Owner.
The Trustee shall only deliver whole Underlying Securities upon Surrender of
Receipts representing such Underlying Securities.

(3)  REGISTRATION OF TRANSFERS, SPLIT-UPS AND COMBINATIONS OF CERTIFICATES;
     ----------------------------------------------------------------------
     LIMITATIONS.
     -----------

     The transfer of ownership of Receipts evidenced by this certificate is
registrable on the books of the Trustee at its Corporate Trust Office by the
Owner hereof in person or by a duly authorized attorney, upon Surrender of this
certificate evidencing Receipts,

                                      B-3
<PAGE>

properly endorsed or accompanied by proper instruments of transfer, and duly
stamped as may be required by the laws of the State of New York and of the
United States of America. This certificate evidencing Receipts may be split up
into other such certificates, each evidencing any integral multiple of a Round
Lot of Receipts, or may be combined with other certificates evidencing Receipts
into one such certificate, in each case evidencing the same aggregate number of
Receipts as the certificate or certificates Surrendered.

     As a condition precedent to the Delivery, registration of transfer, split-
up, combination or Surrender (including, for the avoidance of doubt, any
Surrender in connection with an exchange) of any Receipt or withdrawal of any
Underlying Securities, the Trustee or Registrar may require payment from the
Depositor of Securities or the presentor of the Receipts of a sum sufficient to
reimburse it for any tax or other charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect
to Securities being deposited or withdrawn) and payment of any applicable fees
as herein provided, may require the production of proof satisfactory to it as to
the identity and genuineness of any signature and may also require compliance
with any regulations the Trustee may establish consistent with the provisions of
the Depositary Trust Agreement, including, without limitation, Section 2.8 of
the Standard Terms.

     The Delivery of Receipts against deposits of Securities,  the registration
of transfer of Receipts or the Surrender of Receipts for the purpose of
withdrawal of Underlying Securities may be suspended, generally or in particular
instances, during any period when the transfer books of the Trustee are closed
or the transfer books of a Securities Issuer are closed or if any such action is
deemed necessary or advisable by the Trustee at any time or from time to time
for any reason, subject to the provisions of the following sentence.
Notwithstanding any other provision of any applicable Depositary Trust Agreement
or the Receipts, the Surrender of Receipts and withdrawal of Underlying
Securities may not be suspended subject to only (i) temporary delays caused by
closing the transfer books of the Trustee or a Securities Issuer, (ii) the
payment of fees, taxes and similar charges, and (iii) compliance with any U.S.
laws or governmental regulations relating to the Receipts or to the withdrawal
of the Underlying Securities.  Without limitation of the foregoing, the Trustee
shall not knowingly accept for deposit under the Depositary Trust Agreement any
Securities required to be registered under the provisions of the Securities Act
of 1933, as amended, for the public offer and sale thereof in the United States
unless a registration statement is in effect as to such Securities for such
offer and sale.

(4)  RECONSTITUTION EVENTS
     ---------------------

                                      B-4
<PAGE>

     If any class of Securities ceases to be outstanding as a result of
a merger, consolidation or other corporate combination of the Securities Issuer
and Section 4.8 of the Standard Terms does not apply, the Trustee shall, if
it has actual knowledge of such event, to the extent lawful and feasible and
subject to Section 4.10 of the Standard Terms, distribute any securities
which shall be received by the Trustee in exchange for or in conversion of or in
respect of Underlying Securities which are not Securities issued by a Securities
Issuer to the Owners in proportion to their ownership of Receipts.  Effective on
the date that such Securities cease to be outstanding, such class of Securities
shall cease to be part of the securities which must be deposited for
issuance of Receipts.

          (b) If  any class of Securities is delisted from trading on its
primary exchange or market and is not listed for trading on another national
securities exchange or through NASDAQ within five business days from the date of
such delisting, the Trustee shall, if it has actual knowledge of such event, to
the extent lawful and feasible and subject to Section 4.10 of the Standard
Terms, distribute the Underlying Securities of such class to the Owners in
proportion to their ownership of Receipts.  Effective on the date of such
distribution, such class of Securities shall cease to be a part of the
securities which must be deposited for issuance of Receipts.

          (c) In the event that any Securities Issuer no longer has a class of
common stock registered under section 12 of the Securities Exchange Act of 1934,
as amended, the Trustee shall, if  it has actual knowledge of such event, to the
extent lawful and feasible and subject to Section 4.10 of the Standard Terms,
distribute the Underlying Securities of such Securities Issuer to the Owners in
proportion to their ownership of Receipts.  Effective on the date of such
distribution, such class of Securities shall cease to be part of the
securities which must be deposited for issuance of Receipts.

          (d) If the Commission determines that a Securities Issuer is an
investment company under the Investment Company Act of 1940, and the Trustee has
actual knowledge of such Commission determination, then the Trustee shall, to
the extent lawful and feasible and subject to Section 4.10 of the Standard
Terms, distribute the Underlying Securities of such Securities Issuer to the
Owners in proportion to their ownership of Receipts.  Effective on the date of
such distribution, such class of Securities shall cease to be part of the
securities which must be deposited for issuance of Receipts.

(5)  LIABILITY OF OWNER FOR TAXES.
     ----------------------------

     If any tax or other governmental charge shall become payable with respect
to any Receipts or any Underlying Securities represented thereby, such tax or
other governmental charge shall be payable by the Owner hereof to the Trustee.
The Trustee

                                      B-5
<PAGE>

shall refuse to effect any registration of transfer of such Receipts
or any withdrawal of Underlying Securities represented by such Receipt until
such payment is made, and may withhold any dividends or other distributions, or
may sell for the account of the Owner hereof Underlying Securities constituting
any multiples of the securities which must be deposited for issuance of
Receipts, and may apply such dividends or other distributions of the proceeds of
any such sale in payment of such tax or other charge and the Owner hereof shall
remain liable for any deficiency.

(6)  WARRANTIES ON DEPOSIT OF SECURITIES.
     -----------------------------------

     Every Person depositing Securities under the Depositary Trust Agreement
shall be deemed thereby to represent and warrant that such Receipts and each
certificate therefor are validly issued and fully paid, that the person making
such deposit is duly authorized to do so and that at the time of delivery, such
Securities are free and clear of any lien, pledge, encumbrance, right, charge or
claim (other than the rights created by the Depositary Trust Agreement).  Every
such person shall also be deemed to represent that such Securities are not, and
Receipts representing such Securities would not be, Restricted Securities.  Such
representations and warranties shall survive the deposit of Securities, issuance
of Receipts or termination of the Depositary Trust Agreement.

(7)  FILING PROOFS, CERTIFICATES AND OTHER INFORMATION.
     -------------------------------------------------

     Any person presenting Securities for deposit or any Owner of a Receipt may
be required from time to time to file with the Trustee such proof of citizenship
or residence, exchange control approval, or such information relating to the
registration on the books of any Securities Issuer or Securities Registrar, if
applicable, to execute such certificates and to make such representations and
warranties, as the Trustee may require.  The Trustee may withhold the Delivery
or registration of transfer of any Receipts or the delivery of any Underlying
Securities until such proof or other information is filed or such certificates
are executed or such representations and warranties made.

(8)  CHARGES OF TRUSTEE.  The following charges shall be incurred by any party
     ------------------
depositing or withdrawing Securities or by any party Surrendering Receipts or to
whom Receipts are Delivered or any Owner, as applicable: (1) taxes and charges
and other fees payable in respect of the Underlying Securities assessed by
third-party custodians, depositories, transfer agents, and other service
providers in the ordinary course of their respective businesses (whether in
connection with the deposit of Securities or withdrawal of Underlying Securities
or otherwise), (2) a fee of $10 or less per 100 Receipts for the execution and
Delivery of Receipts pursuant to Section 2.5 of the Standard Terms, and the
Surrender of Receipts pursuant to Section 2.7 Standard Terms, and (3) a fee
which shall accrue on the first day of each calendar quarter at a rate of $.02
or less per Receipt per quarter for the Trustee's services as such under the
Depositary Trust Agreement (which fee shall be assessed against Owners of

                                      B-6
<PAGE>

record as of the date or dates set by the Trustee in accordance with
Section 4.5 of the Standard Terms and shall be collected at the Trustee's
discretion by deducting such fee from one or more cash dividends or other
cash distributions); provided, however, that with respect to the aggregate
                     --------  -------
fee accrued in any calendar year under this clause (3) with respect to each
Receipt, the Trustee will waive that portion which exceeds the total cash
dividends and other cash distributions the record date for which falls in
such calendar year and payable with respect to such Receipt.

(9)  TITLE TO RECEIPTS.
     -----------------

     It is a condition of the Receipts and every successive Owner of the
Receipts by accepting or holding a certificate for Receipts consents and agrees,
that title to such certificate (and the Receipts evidenced thereby) , when
properly endorsed or accompanied by proper instruments of transfer, is
transferable by delivery with the same effect as in the case of a negotiable
instrument under the laws of New York; provided, however, that the Trustee,
                                       --------  -------
notwithstanding any notice to the contrary, may treat the person in whose name
Receipts are registered on the books of the Trustee as the absolute owner
thereof for the purpose of determining the person entitled to distribution or
dividends or other distributions or to any notice provided for in the Depositary
Trust Agreement and for all other purposes.

(10) VALIDITY OF RECEIPTS.
     --------------------

     Receipts shall not be entitled to any benefits under the Depositary Trust
Agreement or be valid or obligatory for any purpose, unless a certificate
evidencing such Receipts shall have been executed by the Trustee by the manual
or facsimile signature of a duly authorized signatory of the Trustee and, if a
Registrar for the Receipts shall have been appointed, countersigned by the
manual or facsimile signature of a duly authorized officer of the Registrar.

(11) REPORTS; INSPECTION OF TRANSFER BOOKS.
     -------------------------------------

     The issuer of each class of Securities is subject to the periodic reporting
requirements of the Securities Exchange Act of 1934 and, accordingly, files
certain reports with the Securities and Exchange Commission (herein called the
"Commission").  Such reports will be available for inspection and copying at the
public reference facilities maintained by the Commission located at 450 Fifth
Street, NW, Washington, DC 20549.

      The Trustee shall, to the extent lawful, forward to Owners, any reports
and communications, including any proxy statement or other soliciting material,
received from a Securities Issuer which are received by the Trustee as the
holder of the Underlying Securities, unless such reports and communications have
been forwarded directly to Owners by such Securities Issuer.

                                      B-7
<PAGE>

     The Trustee shall keep books for the registration of Receipts and transfers
of Receipts which at all reasonable times shall be open for inspection by the
Owners.

(12) DIVIDENDS AND DISTRIBUTIONS.
     ---------------------------

     Whenever the Trustee shall receive any cash dividend or other cash
distribution on any Underlying Securities, the Trustee shall, subject to the
Depositary Trust Agreement, distribute the amount thus received (net of the fees
of the Trustee as provided in the Depositary Trust Agreement, if applicable) to
the Owners of Receipts entitled thereto; provided, however, that in the event
                                         --------  -------
that the respective Securities Issuer or the Trustee shall be required to
withhold and does withhold from such cash dividend or such other cash
distribution in respect of any Underlying Securities an amount on account of
taxes, the amount distributed to the Owners of the Receipts representing such
Underlying Securities shall be reduced accordingly.

     Subject to the provisions of Sections 4.8 and 5.6 of the Standard Terms,
whenever the Trustee shall receive any distribution other than a distribution
described in Sections 4.1, 4.3 or 4.4 of the Standard Terms  or a
distribution which would otherwise be distributed under the Depositary Trust
Agreement except that the Trustee deems such distribution not to be lawful and
feasiable, the Trustee shall, subject to Section 4.10 of the Standard Terms,
cause the securities or property received by it to be distributed to the Owners
of Receipts entitled thereto, in any manner that the Trustee may deem equitable
and practicable for accomplishing such distribution; provided, however, that if
                                                     --------  -------
in the opinion of the Trustee such distribution cannot be made proportionately
among the Owners of Receipts entitled thereto, or if for any other reason
(including, but not limited to, any requirement that a Securities Issuer or the
Trustee withhold an amount on account of taxes or other governmental charges or
that such securities must be registered under the Securities Act of 1933 in
order to be distributed to Owners) the Trustee deems such distribution not to be
feasible, the Trustee shall adopt such method as it deems equitable and
practicable for the purpose of effecting such distribution, including, but not
limited to, the public or private sale of the securities or property thus
received, or any part thereof, and the net proceeds of such sale (net of the
fees of the Trustee as provided in Section 5.6 of the Standard Terms) shall be
distributed by the Trustee to the Owners entitled thereto as in the case of a
distribution received in cash.

     If any distribution upon any Underlying Securities consists of a dividend
in, or free distribution of, Securities, the Trustee shall, to the extent
lawful and feasible, retain such Securities under the Depositary Trust
Agreement, and, in such case,  the (i) the amount of such Securities so retained
in respect of each Receipt shall be added to the classes and quantities of
securities which must be deposited for issuance of Receipts and (ii) the
number of Receipts in an Issuance Denomination may be increased

                                      B-8
<PAGE>

or decreased by the Trustee to the lowest multiple of 100 Receipts such that no
fractional shares are thereby represented in such Issuance Denomination.

     In the event that the Trustee determines that any distribution in property
(including Securities and rights to subscribe therefor) is subject to any tax or
other charge which the Trustee is obligated to withhold, notwithstanding
anything to the contrary in the Standard Terms or the applicable Depositary
Trust Agreement, the Trustee may by public or private sale dispose of all or a
portion of such property (including Securities and rights to subscribe therefor)
in such amounts and in such manner as the Trustee deems necessary and
practicable to pay any such taxes or charges and the Trustee shall distribute
the net proceeds or any such sale after deduction of such taxes or charges to
the Owners entitled thereto.

(13) RIGHTS OFFERINGS.
     ----------------

     (a) If a  Securities Issuer offers or cause to be offered to the holders of
any Underlying Securities any  rights to subscribe for additional Securities or
other securities, the Trustee shall have discretion in accordance with Section
4.4 of the Standard Terms as to the procedure to be followed in making such
rights available to any Owners or in disposing of such rights on behalf of
Owners and making the net proceeds available to Owners or, if by the terms of
such rights offering or for any other reason (including the absence of an
effective registration statement covering the distribution of securities
underlying the rights), the Depositary may not make such rights available to any
Owners or dispose of such rights and make the net proceeds available to Owners,
then the Trustee shall allow the rights to lapse.

     (b) The Trustee will not offer rights to Owners unless both the rights and
the securities to which such rights relate are either exempt from registration
under the Securities Act of 1933 with respect to a distribution to all Owners or
are registered under the provisions of such Act.

     (c) The Trustee shall not be responsible for any failure to determine that
it may be lawful or feasible to make such rights available to Owners in general
or any Owner in particular.

(14) RECORD DATES.
     ------------

     Whenever any cash dividend or other cash distribution shall become payable
or any distribution other than cash shall be made, or whenever the Trustee
receives notice of a meeting of or solicitation of proxies from holders of any
Underlying Securities, or whenever a fee shall be changed by the Trustee under
Section 5.6 of the Standard Terms, or whenever for any reason there is a
reconstitution or other event under the Depositary Trust Agreement that causes a
change in the composition of the Securities which must be

                                      B-9
<PAGE>

deposited for issuance of Receipts, or whenever the Trustee shall find it
necessary or convenient in respect of any matter, the Trustee shall fix a record
date (a) for the determination of the Owners who shall be (i) entitled to
receive such dividend, distribution or rights or the net proceeds of the sale
thereof or (ii) entitled to give instructions for the exercise of voting rights
at any such meeting or solicitation, or (iii) required to pay such fee, or (b)
on or after which each Receipt will represent such changed group of Securities,
subject to the provisions of the Depositary Trust Agreement. In the case of
subsections (a)(i) and (a)(ii) of this Article (13), the Trustee shall use its
reasonable efforts to ensure that, to the extent practicable, the record date
set under the Depositary Trust Agreement will be the same as the record date set
by the Securities Issuer.

(15) VOTING OF UNDERLYING SECURITIES.
     -------------------------------

     Upon receipt by the Trustee or its appointed agent of notice of any meeting
of, or solicitation of proxies from, holders of Underlying Securities, the
Trustee shall, to the extent lawful,  mail to the Owners a notice which shall
contain (a) such information as is contained in such notice of meeting or
solicitation, (b) a statement that the Owners of Receipts as of the close of
business on a specified record date will be entitled, subject to applicable law
and the provisions of the corporate documents of  the Securities Issuer, to
instruct the Trustee as to the exercise of the voting rights, if any, or giving
of proxies, as applicable, in respect of the amount of Underlying Securities
represented by their respective Receipts and (c) a statement as to the manner in
which such instructions may be given.  Upon the written request of an Owner of a
Receipt on such record date, received on or before the date established by the
Trustee, the Trustee shall endeavor, insofar as practicable, to vote or cause to
be voted, or to give a proxy, as applicable, in respect of the amount of
Underlying Securities represented by such Receipt in accordance with the
instructions set forth in such request.  The Trustee shall not vote or attempt
to exercise the right to vote that attaches to, or give a proxy with respect to,
Underlying Securities other than in accordance with such instructions.

(16) CHANGES AFFECTING UNDERLYING SECURITIES.
     ---------------------------------------

     (a)  In circumstances where the provisions of Sections 2.11 and 4.3 of the
Standard Terms do not apply, upon any change in nominal value, change in par
value, split-up, consolidation or any other reclassification of any Underlying
Securities, or upon any recapitalization, reorganization, merger or
consolidation or sale of assets affecting the issuer of any Underlying Security,
if the relevant Securities Issuer survives such event, the Trustee shall, to the
extent lawful and feasible, retain such Securities under the Depositary Trust
Agreement, and, in such case, the (A) the amount of such Securities so retained
in respect of each Receipt shall be added to the classes and quantities of
Securities which must be deposited for issuance of Receipts and (B) the number
of Receipts in an Issuance Denomination may be increased or decreased

                                      B-10
<PAGE>

by the Trustee to the lowest multiple of 100 Receipts such that no fractional
shares are thereby represented in such Issuance Denomination.

     (b) Securities of any class which are surrendered by the Trustee in
connection with any such conversion or exchange shall, effective on the date of
such surrender, no longer be part of the securities which must be deposited for
issuance of Receipts. In any such case, or in the case of an event to which
Section 2.11 of the Standard Terms applies, the Trustee may call for the
Surrender of outstanding certificates evidencing Receipts to be exchanged for
new certificates specifically describing any applicable change in the classes
and quantities of securities which must be deposited for issuance of
Receipts.

(17) LIABILITY OF THE INITIAL DEPOSITOR AND THE TRUSTEE.
     --------------------------------------------------

     Neither the Initial Depositor nor the Trustee nor any of their respective
directors, employees, agents or affiliates shall incur any liability to any
Owner or Beneficial Owner of any Receipt, if by reason of any provision of any
present or future law or regulation of the United States or any other country,
or of any governmental or regulatory authority or stock exchange, or by reason
of any act of God or war or other circumstances beyond its control, the Initial
Depositor or the Trustee shall be prevented or forbidden from, or be subject to
any civil or criminal penalty on account of, doing or performing any act or
thing which by the terms of the Standard Terms or the applicable Depositary
Trust Agreement it is provided shall be done or performed; nor shall the Initial
Depositor or the Trustee incur any liability to any Owner or Beneficial Owner of
any Receipt by reason of any non-performance or delay, caused as aforesaid, in
the performance of any act or thing which by the terms of the Standard Terms or
the applicable Depositary Trust Agreement it is provided shall or may be done or
performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in the Standard Terms or the applicable Depositary Trust
Agreement.   Where, by the terms of an offering or distribution to which
Sections 2.11, 4.2 or 4.4 of the Standard Terms applies, or for any
other reason, it is not lawful and feasible to make such distribution or
offering available to Owners, and the Trustee may not dispose of such
distribution or offering on behalf of such Owners and make the net proceeds
available to such Owners, then the Trustee shall not make such distribution or
offering available to Owners and shall allow any rights, if applicable, to
lapse.  The Trustee shall not be subject to any liability with respect to the
validity or worth of the Underlying Securities.  Neither the Initial Depositor
nor the Trustee shall be under any obligation to prosecute any action, suit or
other proceeding in respect of any Underlying Securities or in respect of the
Receipts.  Neither the Initial Depositor nor the Trustee shall be liable for any
action or non-action by it in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Securities for deposit,
any Owner or Beneficial Owner, or any other person believed by it in good faith
to be competent to give such advice or information.

                                      B-11
<PAGE>

The Trustee shall not be liable for any acts or omissions made by a successor
depositary whether in connection with a previous act or omission of the Trustee
or in connection with any matter arising wholly after the resignation of the
Trustee, provided that in connection with the issue out of which such potential
liability arises the Trustee performed its obligations without negligence or bad
faith while it acted as Trustee. The Trustee shall not be responsible for any
failure to carry out any instructions to vote any of the Underlying Securities,
or for the manner in which any such vote is cast or the effect of any such vote,
provided that any such action or non-action is without negligence or bad faith.
Except as specifically provided in Section 4.6 of the Standard Terms, the
Trustee shall have no obligation to monitor or to obtain any information
concerning the business or affairs of any Securities Issuer or to advise Owners
or Beneficial Owners of any event or condition affecting any Securities Issuer.
The Trustee shall have no obligation to comply with any direction or instruction
from any Owner or Beneficial Owner regarding Receipts except to the extent
specifically provided in the Standard Terms or any applicable Depositary Trust
Agreement. The Trustee shall be a fiduciary under the Standard Terms and the
applicable Depositary Trust Agreement; provided, however, that the fiduciary
duties and responsibilities and liabilities of the Trustee shall be limited by,
and shall be only those specifically set forth in, the Standard Terms and the
applicable Depositary Trust Agreement. No disclaimer of liability under the
Securities Act of 1933 is intended by any provision of the Depositary Trust
Agreement.

(18) RESIGNATION OR REMOVAL OF THE TRUSTEE.
     -------------------------------------

     (a) The Trustee may at any time resign as Trustee under the Depositary
Trust Agreement by written notice of its election so to do, delivered to the
Initial Depositor, and such resignation shall take effect upon the appointment
of a successor Trustee and its acceptance of such appointment.

     (b) If at any time the Trustee is in material breach of its obligations
under the Depositary Trust Agreement and the Trustee fails to cure such breach
within 30 days after receipt by the Trustee of written notice from the Initial
Depositor or the Owners of 25% or more of the outstanding Receipts
specifying such default and requiring the Trustee to cure such default, the
Initial Depositor, acting on behalf of the Owners, may remove the Trustee by
written notice delivered to the Trustee, and such removal shall take effect upon
the appointment of the successor Trustee and its acceptance of such appointment.

     (c) In case at any time the Trustee acting hereunder shall resign or be
removed, the Initial Depositor, acting on behalf of the Owners, shall use its
reasonable efforts to appoint a successor Trustee, which shall be a bank or
trust company having an office in the Borough of Manhattan, The City of New
York.

                                      B-12
<PAGE>

(19) AMENDMENT.
     ---------

     The Trustee and the Initial Depositor may amend any provisions of the
Depositary Trust Agreement without the consent of any Owner.  Any amendment that
imposes or increases any fees or charges (other than taxes and other
charges, registration fees or other such expenses), or that otherwise
prejudices any substantial existing right of the Owners will not become
effective until 30 days after notice of such amendment is given to the Owners.
Every Owner and Beneficial Owner, at the time any amendment so becomes
effective, shall be deemed, by continuing to hold any Receipt or an interest
therein, to consent and agree to such amendment and to be bound by the
Depositary Trust Agreement as amended thereby.  In no event shall any amendment
impair the right of the Owner of any Receipt to Surrender such Receipt and
receive therefor the Underlying Securities represented thereby, except in order
to comply with mandatory provisions of applicable law.

                                      B-13
<PAGE>

(20) EARLY TERMINATION OF DEPOSITARY TRUST AGREEMENT.
     -----------------------------------------------

     (a) The Trust shall terminate by the Trustee mailing notice of such
termination to the Owners of all Receipts then outstanding at least 30 days
prior to the date set for termination if any of the following occurs:

             (i) The Trustee is notified that the Receipts are delisted from a
     national securities exchange and are not approved for listing on another
     national securities exchange within 5 business days of their
     delisting;

          (ii) Owners of at least 75% of the outstanding Receipts notify the
     Trustee that they elect to terminate the Trust; or

          (iii)  60 days shall have expired after the Trustee shall have
     delivered to the Initial Depositor and the Owners a written notice of its
     election to resign and a successor trustee shall not have been appointed
     and accepted its appointment.

     (b) On and after the date of termination, the Owner of a Receipt will, upon
(a) Surrender of such Receipt at the Corporate Trust Office of the Trustee, (b)
payment of the fee of the Trustee for the Surrender of Receipts referred to in
Section 2.7 of the Standard Terms, and (c) payment of any applicable taxes or
charges, be entitled to Delivery, to him or upon his order, of the amount of
Underlying Securities evidenced by such Receipt.  If any Receipts shall remain
outstanding after the date of termination, the Trustee thereafter shall
discontinue the registration of transfers of Receipts, shall suspend the
distribution of dividends or other distribution to the Owners thereof, and shall
not give any further notices or perform any further acts under these Standard
Terms or the applicable Depositary Trust Agreement, except that the Trustee
shall continue to collect dividends and other distributions pertaining to
Underlying Securities and hold the same uninvested and without liability for
interest, shall sell rights as provided in these Standard Terms or the
applicable Depositary Trust Agreement, and shall continue to deliver Underlying
Securities, together with any dividends or other distributions received with
respect thereto and the net proceeds of the sale of any rights or other
property, in exchange for Receipts Surrendered to the Trustee (after deducting
or upon payment of, in each case, the fee of the Trustee set forth in 5.6 of the
Standard Terms for the Surrender of Receipts, any expenses for the account of
the Owner of such Receipts in accordance with the terms and conditions of the
Depositary Trust Agreement, and any applicable taxes or charges).  At any time
after the expiration of one year following the date of termination, the Trustee
may sell the Underlying Securities then held hereunder and may thereafter hold
uninvested the net proceeds of any such sale, together with any other cash then
held by it hereunder, unsegregated and without liability for interest, for the
pro rata benefit of the Owners of Receipts which have not theretofore been
--- ----
Surrendered, such Owners thereupon becoming general creditors of the Trustee
with respect to such net proceeds.

                                      B-14
<PAGE>

After making such sale, the Trustee shall be discharged from all obligations
under these Standard Terms with respect to the Receipts and the applicable
Depositary Trust Agreement, except to account for such net proceeds and other
cash (after deducting, in each case, the fee of the Trustee for the Surrender of
Receipts, any fees of the Trustee due and owing from the Owner of such Receipts
pursuant to Section 5.6 of the Standard Terms, any expenses for the account of
the Owner of such Receipts in accordance with the terms and conditions of the
Depositary Trust Agreement, and any applicable taxes or charges). Upon the
termination of the applicable Depositary Trust Agreement, the Initial Depositor
shall be discharged from all obligations under such Depositary Trust Agreement
except for its obligations to the Trustee under Section 5.5 of the Standard
Terms.

                                      B-15<PAGE>

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

                                     FORM OF

                             STOCKHOLDERS' AGREEMENT

                                  by and among

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

                             AMERICA ONLINE, INC.,
                             a Delaware corporation,

                                       and

                             RIVERVIEW MEDIA CORP.,
                      a British Virgin Islands corporation

                          DATED AS OF _________, 2000
<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

ARTICLE I DEFINITIONS .....................................................    2

 Section 1.1 Definitions ..................................................    2
 Section 1.2 Usage Generally; Interpretation ..............................    9

ARTICLE II  PURPOSE .......................................................   10

 Section 2.1  Purpose .....................................................   10
 Section 2.2  No Partnership ..............................................   10
 Section 2.3  Voting ......................................................   10

ARTICLE III VOTING PROVISIONS .............................................   10

 Section 3.1  Voting Agreements ...........................................   10

ARTICLE IV  NON-COMPETITION ...............................................   11

 Section 4.1  Non-Competition with the Company ............................   11
 Section 4.2  Repurchase Upon Breach ......................................   13

ARTICLE V  RESTRICTIONS ON TRANSFERS ......................................   17

 Section 5.1  Prohibited Transfers ........................................   17
 Section 5.2  Permitted Transfers .........................................   17
 Section 5.3  Rights of First Refusal .....................................   18
 Section 5.4  Closing Deliveries ..........................................   20
 Section 5.5  Direct Comprehensive Competitor .............................   20
 Section 5.6  Purchase of the ODC Holdings; Installment Payments ...........  21
 Section 5.7  Third-Party Equity Participants ..............................  21

ARTICLE VI  AOL OBLIGATIONS ...............................................   23

ARTICLE VII  DEFAULT IN CAPITAL CONTRIBUTIONS; ODC
    ADDITIONAL PROTECTIONS; ODC NON-MONETARY
 OBLIGATIONS ..............................................................   24

 Section 7.1  Default in Capital Contributions ............................   24
 Section 7.2  [Intentionally Omitted]...............Error! Bookmark not defined.
 Section 7.3  ODC Non-Monetary Contributions ..............................   25

ARTICLE VIII  OTHER AGREEMENTS; LEGENDS ...................................   25

 Section 8.1  Legends .....................................................   25
 Section 8.2  Limitation of Liability .....................................   26
 Section 8.3  Registration Rights .........................................   23

ARTICLE IX  TERM AND TERMINATION ..........................................   26

 Section 9.1  Term ........................................................   26
 Section 9.2  Termination .................................................   26

ARTICLE X  STANDSTILL PROVISIONS; INDEMNIFICATION .........................   26

 Section 10.1  Limitations on Holders' Ownership ..........................   27
 Section 10.2  Indemnification ............................................   27

ARTICLE XI  MISCELLANEOUS .................................................   29

 Section 11.1  Confidential Information ...................................   29
 Section 11.2  Governing Law ..............................................   30
 Section 11.3  Entire Agreement ...........................................   30

                                        i
<PAGE>

Section 11.4  Assignment ..................................................   30
Section 11.5  Survival ....................................................   31
Section 11.6  Notices .....................................................   31
Section 11.7  Counterparts; Facsimiles ....................................   32
Section 11.8  Expenses ....................................................   32
Section 11.9  Further Assurances ..........................................   32
Section 11.10  Construction ...............................................   32
Section 11.11  Severability ...............................................   32

                                      ii
<PAGE>

                             STOCKHOLDERS' AGREEMENT

     This STOCKHOLDERS' AGREEMENT (this "Agreement") is made as of this ____ day
                                         ---------
of _________, 2000 (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"), and
                                                              ---
Riverview Media Corp., a British Virgin Islands corporation ("ODC"). AOL and ODC
                                                              ---
are sometimes hereinafter referred to, collectively, as the "Stockholders" and,
                                                             ------------
individually, as a "Stockholder."
                    -----------

          WHEREAS, the Company has an authorized capital of _________ shares of
common stock, consisting of ________ shares of Class A Common Stock, par value
$.01 per share (the "Class A Common Stock"), __________ shares of Class B Common
                     --------------------
Stock, par value $.01 per share (the "Class B Common Stock"), __________ shares
                                      --------------------
of Class C Common Stock, par value $.01 per share (the "Class C Common Stock",
                                                        --------------------
and collectively with the Class A Common Stock and the Class B Common Stock, the
"Common Stock"), and _________ shares of Preferred Stock, par value $.01 per
 ------------
share (the "Preferred Stock"), consisting of ________ shares of Series B
            ---------------
Redeemable Convertible Preferred Stock, par value $.01 per share (the "Series B
                                                                       --------
Preferred Stock"), and __________ shares of Series C Redeemable Convertible
---------------
Preferred Stock, par value $.01 per share (the "Series C Preferred Stock" and
                                                ------------------------
collectively with the Series B Preferred Stock, the "Preferred Stock");
                                                     ---------------

     WHEREAS, as of the date hereof AOL owns all of the issued and outstanding
shares of Series B Preferred Stock and ODC owns all of the issued and
outstanding shares of Series C Preferred Stock;

     WHEREAS, AOL and ODC and their permitted transferees may elect to convert
the shares of Series B Preferred Stock and Series C Preferred Stock into shares
of Class B Common Stock and Class C Common Stock, respectively, and thereafter
AOL and ODC and their permitted transferees may elect to convert the shares of
Class B Common Stock and Class C Common Stock into shares of Class A Common
Stock;

     WHEREAS, upon the transfer of ownership of any shares of Series B Preferred
Stock or Series C Preferred Stock, other than a transfer permitted under Section
5.2 or pursuant to the provisions of the Certificate of Incorporation (as
defined herein), such shares shall, automatically and with no further action
being required by any party to such transfer or otherwise, be converted into
shares of Class B Common Stock or Class C Common Stock at the Conversion Rate
then in effect and thereafter each such share of Class B Common Stock or Class C
Common Stock, as applicable, immediately and automatically shall be converted
into one share of Class A Common Stock;

     WHEREAS, upon the transfer of ownership of any shares of Class B Common
Stock or Class C Common Stock, other than a transfer permitted under Section 5.2
or pursuant to the Certificate of Incorporation, such shares shall,
automatically and with no further action being
<PAGE>

required by any party to such transfer or otherwise, be converted into shares of
Class A Common Stock at a rate of one share of Class A Common Stock for each
share of Class B Common Stock or Class C Common Stock;

     WHEREAS, the Company, AOL and ODC have agreed that the Company shall, at
the request of a Holder (as defined herein), register under the Securities Act
(as defined herein) and register or qualify under any applicable state
securities or Blue Sky laws, shares of Class A Common Stock owned from time to
time by such Holder so as to permit the Holder to sell in the public markets the
shares of Class A Common Stock into which such shares of Class B Common Stock
and Class C Common Stock are converted;

     WHEREAS, the Company, AOL and ODC have agreed on certain restrictions with
respect to the transfer of shares of Series B Preferred Stock, Series C
Preferred Stock, Class B Common Stock and Class C Common Stock;

     WHEREAS, the Company has prepared and filed with the Commission (as defined
herein) a registration statement on Form S-1 (File No. 333-_____), including a
prospectus, and one or more amendments thereto, covering the registration of
shares of Class A Common Stock under the Securities Act, which registration
statement has been declared effective; 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 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

                                       2
<PAGE>

common control with"), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the
ownership of voting securities 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 [**************] ([**]%) of the Access Service
Permanent Subscribers of the Company in the Territory, provided that such
Persons in the aggregate have at least [*****] 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 [*******] ([**]%) of
the Access Service Permanent Subscribers of the Company in Brazil, provided that
such Persons have at least [*******] 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 by and between AOL
      -----------
and AOL Latin America, in substantially the form of Exhibit A hereto.
                                                    ---------

     "AOL Marks" has the meaning set forth in the AOL License.
      ---------

     "AOL OLS Agreement" shall mean the AOL Online Services Agreement by and
      -----------------
between AOL and AOL Latin America, in substantially the form of Exhibit B
                                                                ---------
hereto.

     "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.

     "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.

     "Board" or "Board of Directors" shall mean the Board of Directors of the
      -----      ------------------
Company.

                                       3
<PAGE>

     "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 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 Incorporation" shall mean the Certificate of Incorporation
      ----------------------------
of the Company as in effect as of the date of this Agreement, as the same may be
amended from time to time in accordance with the terms thereof.

     "CIS License" shall mean the CIS License Agreement by and between AOL and
      -----------
AOL Latin America, in substantially the form of Exhibit C hereto.
                                                ---------

     "CIS Marks" has the meaning given in the CIS OLS Agreement.
      ---------

     "CIS OLS Agreement" shall mean the CIS Online Services Agreement by and
      -----------------
between CompuServe and AOL Latin America in substantially the form of Exhibit D
                                                                      ---------
hereto.

     "Cisneros Family" 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.

     "Class A Common Stock" has the meaning set forth in the recitals above.
      --------------------

     "Class B Common Stock" has the meaning set forth in the recitals above.
      --------------------

     "Class C Common Stock" has the meaning set forth in the recitals above.
      --------------------

     "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" has the meaning set forth in the recitals above.
      ------------

     "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.

                                       4
<PAGE>

     "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.
      --------------

     "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, with respect to any Common Stock of the
      -----------------
Company as of any date, the average closing price for the 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. 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-

                                       5
<PAGE>

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.

     "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.

     "Holder" shall mean, as of any date, a holder of Series B Preferred Stock,
      ------
Series C Preferred Stock, Class B Common Stock or Class C Common Stock
outstanding on such date.

     "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).
      ------------------

                                       6
<PAGE>

     "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.

     "Parent Entity" has the meaning given in the Certificate of Incorporation.
      -------------

     "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.

     "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" has the meaning set forth in the recitals above.
      ---------------

     "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.
      -----------------------------

                                       7
<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 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" has the meaning set forth in the recitals above.
      ------------------------

     "Series C Preferred Stock" has the meaning set forth in the recitals above.
      ------------------------

     "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 [************] ([**]%) of the Access Service Permanent Subscribers of the
Company in the Territory, provided that such Person has at least [*****] PC
Access Service Permanent Subscribers in the Territory, or (b) having Access
Service Permanent Subscribers in Brazil equal to or greater than [**********
****] ([**]%) of the Access Service Permanent Subscribers of the Company in
Brazil, provided that such Person has at least [*****] 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.

     "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 assets.

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

     "Term" has the meaning given in Section 9.1.
      ----

                                       8
<PAGE>

     "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).

     "Warrant" shall mean that certain warrant of even date herewith and 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 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 shall be deemed a Wholly Owned Affiliate of
ODC.

     "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.

                                       9
<PAGE>

                                   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 PC
     Access Services, AOL-branded TV Access Services, AOL-branded Wireless
     Access Services, and Internet Portal Services in the Territory; and
     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:

                                       10
<PAGE>

          (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.

                                   ARTICLE IV
                                 NON-COMPETITION

     Section 4.1  Non-Competition with the Company
                  --------------------------------

          (a)(i) Subject to the cure provisions of Section 4.2(b), from the
     Effective Date until December 15, 2003 and thereafter for so long as each
     of AOL and ODC, together with their respective Wholly-Owned Affiliates 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 as contemplated
     in Section 5.7 hereof, (2) the issuance of any Company Securities by the
     Company or (3) the issuance of any Company Securities upon exercise of the
     Warrant) neither 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 Stockholder, 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(b), from ________,
     2000 until ___________, 2005 and thereafter for so long as each of AOL and
     ODC, together with their respective Wholly-Owned Affiliates and, with
     respect to ODC only, Cisneros

                                       11
<PAGE>

     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) neither AOL nor any Special Affiliate thereof shall, directly
     or indirectly, independently of the Company or the other Stockholder,
     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(b), from ________,
     2000 until __________, 2005 neither ODC nor any Special Affiliate thereof
     shall, directly or indirectly, independently of the Company or the other
     Stockholder, 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 Affiliate or other entity in which a Party or the Cisneros Family holds
     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 holds a direct and/or indirect ownership interest of greater than
     fifty percent (50%). 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

                                       12
<PAGE>

     Significant Competitor or taken together are Aggregated Significant
     Competitors, unless ODC or the Cisneros Family has 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:

               (i) Traditional Media Services;

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

               (iii) AOL's GlobalNet 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 the other Stockholder, then, in addition to other remedies
     available herein or under law or equity, if

                                       13
<PAGE>

     ODC or one of its 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 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 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 AOL
     common 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 Stockholder
     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 Stockholder may, at
     its option, purchase all of the

                                       14
<PAGE>

     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 Acquiring Party shall use
     its commercially reasonable efforts (subject to any applicable
     confidentiality obligations) to notify the other Stockholder 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 Stockholder 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 the other
     Stockholder, 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 the other Stockholder
     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 the other Stockholder 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 Competitor providing PC Access Services (or, in
          the case of ODC

                                       15
<PAGE>

          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 the other Stockholder, 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 the other Stockholder 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, either 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 AOL common 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 AOL 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 AOL stock that does not
     disrupt the market therefor. Notwithstanding the foregoing, if for any
     reason ODC does not sell its AOL stock or any portion thereof within
     forty-five (45) days of receipt of such AOL stock or, if later, within the
     timetable agreed upon, AOL cannot and does not guarantee that the AOL stock
     given to ODC will be equivalent in value to the cash Installment Payments.

          (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

                                       16
<PAGE>

     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 Stockholder
     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, neither Stockholder nor any of their respective Affiliates, including
any direct or indirect beneficial owner or ultimate parent of any such entity
(including 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. Except 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 Stockholder.

     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 Wholly Owned
          Affiliate or Parent Entity of a Stockholder 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;

                                       17
<PAGE>

               (iii) Up to twenty percent (20%) of the shares of Voting Stock of
          such Stockholder to transferees that comprise members of the Cisneros
          Family and/or Employees of the Stockholders, 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
          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 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 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 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 this Section 5.2(a), 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 Transfer of any Company Securities other than Class
     A Common Stock pursuant to this Section 5.2(a), the transferee shall
     execute and deliver to the non-transferring Stockholder and the Company
     such documents as may reasonably be requested by the non-transferring
     Stockholder and/or the Company to evidence the same.

          (b) Each Stockholder may Transfer some or all of the shares of Voting
     Stock owned by it to the other Stockholder.

          (c) Each 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.
                  -----------------------

                                       18
<PAGE>

          (a) Except with respect to Transfers permitted pursuant to Section
     5.2, if a Stockholder wants to Transfer any shares of Voting Stock to any
     other Person (other than to a Restricted Transferee or 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 (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 (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,
     but not for purposes of any subsequent transaction) 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.

                                       19
<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
                                                        -----------
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

                                       20
<PAGE>

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, [**********************].

     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 of the Stockholders 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 one
     Stockholder commences negotiations (e.g., making a formal proposal
     regarding a significant deal point) it shall provide notice to the other
     Stockholder and the Company which shall have the right to participate in
     any and all such negotiations. Either Stockholder 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 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

                                       21
<PAGE>

          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 the Stockholders), 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 the Stockholders (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 pursuant to the
     Call Option, ODC shall be

                                       22
<PAGE>

     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 either Stockholder 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 Stockholder
     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.

                                   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) shall have the registration rights set forth
in the Registration Rights Agreement attached hereto as Exhibit E (the
                                                        ---------
"Registration Rights Agreement"). The parties agree that, subject to the advance
------------------------------
notice requirements set forth in the Certificate of Incorporation, any such
conversion, exercise or exchange shall, except as otherwise expressly set forth
herein or in the Certificate of Incorporation, 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.

                                       23
<PAGE>

                                   ARTICLE VII
                       DEFAULT IN CAPITAL CONTRIBUTIONS;
                          ODC ADDITIONAL PROTECTIONS;
                          ODC NON-MONETARY OBLIGATIONS

     Section 7.1  Default in Capital Contributions. ODC shall make additional
                  --------------------------------
capital contributions to AOL Latin America in installments in the amounts and on
the dates set forth on Schedule 7.1 hereto. Upon any default by ODC in the
timely payment of the full amount of any of such capital contributions, the
Company and AOL shall have the right to effect any or all of the following
remedies:

          (a) The Company shall have all remedies available at law or in equity
     if any such contribution is not so made. Interest shall accrue on the
     unpaid amount thereof at the Default Rate from the date due until the date
     paid in full. If any legal proceedings relating to the failure of ODC to
     make such a contribution are commenced by the Company, the prevailing party
     in such proceedings shall be entitled to its reasonable attorneys' fees and
     costs in such proceeding. In addition, for the period commencing on the
     first day of the month in which such default occurs until such default is
     cured, ODC and each of its Affiliates and Subsidiaries shall not be
     entitled to any dividends or other distributions in respect of any of their
     Company Securities, which dividends and distributions shall be applied to
     the amount of such defaulted contribution and, to the extent not to
     applied, be paid to ODC and its Affiliates, as applicable, promptly after
     such default shall be fully cured by ODC.

          (b) If any such default shall continue for a period of five (5) days
     after the due date of any such capital contribution, then, notwithstanding
     the Company's and/or AOL's exercise of any additional remedy hereunder, ODC
     shall be deemed to have granted AOL an option to acquire an irrevocable
     proxy to vote all Voting Stock, including without limitation, all shares of
     Series C Preferred Stock and Class C Common Stock, then owned beneficially
     or of record by ODC and/or any of ODC's Subsidiaries or Affiliates, in such
     manner as AOL shall determine in its sole discretion except as expressly
     set forth in paragraph (c) below, including, without limitation, for the
     removal of one or more Class C Directors (as such term is defined in the
     Certificate of Incorporation). Such proxy shall be deemed to be issued to
     AOL immediately upon delivery by AOL of written notice to the Company (the
     "Exercise Notice"), with a copy to ODC, to the effect that AOL has elected
      ---------------
     to exercise the option granted herein to obtain such proxy. Such proxy
     shall continue in full force and effect until the first to occur of (i) the
     date on which payment in full is made by or on behalf of ODC in the full
     amount of any such defaulted contribution, with interest thereon from the
     date due until the date so paid at the Default Rate and (ii) the last date
     on which such proxy legally may be voted by AOL in accordance with the
     provisions of the GCL.

          (c) If, but only if, any such default shall continue for a period of
     thirty (30) days after the due date of any such capital contribution, AOL
     shall have the right to use the proxy granted pursuant to paragraph (b)
     above to vote all of ODC's shares of Voting Stock to effect the conversion
     of all of ODC's and its Subsidiaries and Affiliates' Class C

                                       24
<PAGE>

     Common Stock and Series C Preferred Stock into Class A Common Stock and/or
     approve one or more amendments to the Certificate of Incorporation
     necessary to effect such conversion.

          (d) AOL shall have the right, but not the obligation, to pay the
     amount of any such defaulted contribution on ODC's behalf. If AOL exercises
     such right, AOL shall be deemed to have made a loan to ODC in the amount so
     paid by AOL, which loan shall be payable on demand and shall bear interest
     from the date of such payment by AOL until paid in full by ODC at the per
     annum interest rate equal to the Default Rate. If ODC defaults in payment
     on demand of any such amount, AOL shall be able to exercise, in addition to
     any other remedies available to it, the remedies set forth in Sections
     7.1(b) and (c) above.

     Section 7.2.  [Intentionally Omitted]

     Section 7.3  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 in any side agreement between the Company,
AOL and ODC 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 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 _____________, 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

                                       25
<PAGE>

      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 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.

     Section 8.2  LIMITATION OF LIABILITY.  IN NO EVENT SHALL EITHER PARTY BE
                  -----------------------
LIABLE TO THE OTHER (OR TO ANY AFFILIATE OF THE OTHER) 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.

                                   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.  Either Stockholder, at its sole discretion, may
                  -----------
terminate this Agreement by delivering notice of termination and the basis
therefor to the other Stockholder and the Company, at such time as the other
Stockholder 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

                                       26
<PAGE>

     Section 10.1  Limitations on Holders' Ownership.  Except for purchases of
                   ---------------------------------
Company Securities made in accordance with this Article X, each Holder 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 Holder may acquire Company Securities as consideration for such
     Holder's sale of an asset, property or right to the Company;

          (b) a Holder may acquire Company Securities in connection with such
     Holder'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 Holders 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;

          (d) AOL may exercise the Warrant; and

          (e)  as specifically approved by the Board.

     Notwithstanding the foregoing, nothing in this Section 10.1 shall prohibit
any Holder or Affiliate of such Holder 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 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

                                       27
<PAGE>

     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.

          (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.

                                       28
<PAGE>

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

          (b) any information that a Party indicates to the other Party is, or
     that the 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 Party may direct in its sole
     discretion, all memoranda, notes, records, reports and other documents
     (including all copies thereof) relating to the Confidential Information of
     the other Parties and the Subsidiaries which such Party may then possess or
     have under its control. Each Party shall certify in writing to the other
     Party within ten (10) Business Days of receiving instructions from the
     other Party regarding the return or destruction of such materials of the
     other Party that all such materials have been returned or destroyed as the
     other Party has directed. If no instruction with respect to the return or

                                       29
<PAGE>

     destruction of such materials is provided to the other Party within ten
     (10) Business Days of termination or expiration, the Party possessing such
     materials shall promptly destroy them. 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 information
     without breach by the recipient of this Agreement. In the event of any
     breach of this Section 11.1, either 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 the 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.

     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 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

                                       30
<PAGE>

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 Parties and their permitted successors, and permitted assigns as
provided herein, any rights or remedies under or by reason of this Agreement.

     Section 11.5  Survival.  Sections 7.1, 7.3, 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

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

If to the Company:      America Online Latin America, Inc.
                        6600 N. Andrews Avenue, Suite 500
                        Fort Lauderdale, FL  33309, USA
                        Attn:  President
                        Fax No.:  (954) 772-7089

     with a copy to:    Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
                        One Financial Center
                        Boston, MA  02111, USA
                        Attn:  Peter S. Lawrence, Esquire
                        Fax No.:  (617) 542-2241

                                       31
<PAGE>

If to ODC:              Riverview Media Corp.
                        325 Waterfront Drive
                        Wickhams Cay
                        Road Town, Tortola
                        British Virgin Islands
                        Attn:  Legal Department
                        Fax No.: (284) 494-4980

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

     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 and AOL. 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. The Company shall pay all of its own legal and
                   --------
other fees and expenses and the expenses of the Stockholders, 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.

                                       32
<PAGE>

                 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                                       33
<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: _________________________________
                              Name: _______________________________
                              Title: ______________________________

                              AMERICA ONLINE, INC.

                              By: _________________________________
                              Name: _______________________________
                              Title: ______________________________

                              RIVERVIEW MEDIA CORP.

                              By: _________________________________
                              Name: _______________________________
                              Title: ______________________________

                                       34
<PAGE>

                                  SCHEDULE 7.1

                            ODC CONTRIBUTION SCHEDULE

 Date                                 Amount

 First Business Day of Q2 2000     $13,000,000

 First Business Day of Q3 2000     $10,000,000

 First Business Day of Q4 2000     $ 6,000,000

 First Business Day of Q1 2001     $ 6,000,000

 First Business Day of Q2 2001     $ 3,000,000

 First Business Day of Q3 2001     $ 3,000,000

* "Q" means calendar quarter. For example, first Business Day of Q2 would be the
first Business Day of April, first Business Day of Q3 would be the first
Business Day of July, and so forth.

                                       35

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