Document:

<PAGE>
                                                                    EXHIBIT 10.5

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES OR BLUE
SKY LAWS OF ANY STATE AND MAY NOT BE SOLD, OR OTHERWISE TRANSFERRED, IN THE
ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND UNDER
ANY SUCH APPLICABLE STATE LAWS, OR IN VIOLATION OF THE PROVISIONS OF THIS
WARRANT.

<TABLE>
<S>                                                   <C>
Number of Shares of Class A Common Stock: 100,000     Date of Issuance: April 30, 2003
</TABLE>

                                     WARRANT

                        TO PURCHASE CLASS A COMMON STOCK

                                       OF

                        SPANISH BROADCASTING SYSTEM, INC.

                            VOID AFTER APRIL 30, 2006

         THIS IS TO CERTIFY THAT, for value received, International Church of
the FourSquare Gospel (the "Holder") is entitled, subject to the terms and
conditions set forth herein, to purchase from Spanish Broadcasting System, Inc.
(the "Company") 100,000 shares of the Company's Class A Common Stock, par value
$0.0001 per share (the "Class A Common Stock"). The number, character and
Exercise Price (defined below) of such shares of Class A Common Stock are
subject to adjustment as provided herein. The term "Warrant" as used herein
shall include this Warrant and any warrants delivered in substitution,
replacement or exchange therefor as provided herein.

         This Warrant is issued pursuant to that certain Amendment No. 1 dated
as of February 8, 2002 to Time Brokerage Agreement dated as of March 13, 2001,
by and between Holder, as Licensee, and the Company, as Broker.

         1.       TERM OF WARRANT. Subject to the terms and conditions set forth
herein, this Warrant shall be exercisable, in whole only and not in part, during
the term commencing on the date hereof and ending at 5:00 p.m., prevailing local
time in New York, New York, on April 30, 2006, and shall be void thereafter.

         2.       EXERCISE PRICE. The price at which this Warrant may be
exercised shall be $7.67 per share of Class A Common Stock, as adjusted from
time to time pursuant to Section 9 hereof (the "Exercise Price").
<PAGE>
         3.       EXERCISE OF WARRANT.

                  (a)      The purchase right represented by this Warrant shall
be exercisable by the Holder, in whole only and not in part, at any time during
the term hereof upon (i) the surrender of this Warrant and the delivery of a
duly completed and executed Notice of Exercise (in the form of Exhibit A
attached hereto) at the principal office of the Company (listed as the Company's
address in Section 14 herein) or such other office or agency as the Company may
designate by notice pursuant to Section 14 herein, and (ii) payment of the
aggregate Exercise Price equal to the number of shares of Class A Common Stock
being purchased upon exercise of this Warrant multiplied by the Exercise Price
(the "Aggregate Exercise Price") in cash, by certified or official bank check
payable to the order of the Company, or by wire transfer to an account in a bank
designated for such purpose by the Company.

                  (b)      This Warrant shall be deemed to have been exercised
immediately prior to the close of business on the date of its surrender for
exercise and payment as provided above, and the person entitled to receive the
shares of Class A Common Stock issuable upon such exercise shall be treated for
all purposes as the holder of record of such shares as of the close of business
on such date. As promptly as practicable on or after such date, the Company
shall issue and deliver to the person entitled to receive the same, a
certificate for the number of shares of Class A Common Stock issuable upon such
exercise. If such certificate shall be registered in a name other than the name
of the Holder, then funds sufficient to pay all stock transfer taxes which shall
be payable upon the issuance of such certificate shall be paid by the Holder at
the time of exercise of this Warrant and the Company shall not be required to
issue or deliver any certificate until such tax or other charge has been paid by
the Holder.

                  (c)      Notwithstanding any provisions herein to the
contrary, if the Current Market Price (defined below) of one share of Class A
Common Stock is greater than the Exercise Price on the date of calculation, the
Holder shall have the right, at its election, in lieu of delivering the
Aggregate Exercise Price in cash, to instruct the Company in the Notice of
Exercise to retain, in payment of the Aggregate Exercise Price, the number of
shares of Class A Common Stock equal to the quotient of the Aggregate Exercise
Price divided by the Current Market Price. Upon exercise, the Holder shall then
receive the number of shares of Class A Common Stock computed using the
following formula:

                          X = Y(A-B)
                              ------
                              A

Where             X=       the number of shares of Class A Common Stock to be
                           issued by the Company to the Holder;

                  Y=       the number of shares of Class A Common Stock
                           purchasable under the Warrant;

                  A=       the Current Market Price of one share of the
                           Company's Class A Common Stock; and

                                       2
<PAGE>

                  B=       the Exercise Price.

The "Current Market Price" shall mean the closing price per share of the Class A
Common Stock on the day immediately preceding the day as of which the Current
Market Price is being determined. The closing price shall be the last reported
sale price on the principal national securities exchange on which the shares are
listed or admitted to trading, or if the shares are not so listed or admitted to
trading, the last reported sale price as officially quoted on The Nasdaq Stock
Market or through a similar organization if The Nasdaq Stock Market is no longer
reporting such information. If shares of the Class A Common Stock are not listed
or admitted to trading on any exchange or quoted through The Nasdaq Stock Market
or any similar organization, the Current Market Price shall be determined in
good faith by the Company's Board of Directors.

         4.       NO FRACTIONAL SHARES OR SCRIP. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. In lieu of any fractional share to which the Holder would otherwise be
entitled, the Company shall make a cash payment equal to the Current Market
Price of one share of Class A Common Stock multiplied by such fraction.

         5.       REPLACEMENT OF WARRANT. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an
indemnity agreement reasonably satisfactory in form and substance to the Company
or, in the case of mutilation, on surrender and cancellation of this Warrant,
the Company shall execute and deliver, in lieu of this Warrant, a new warrant of
like tenor and equal amount.

         6.       NO RIGHTS AS STOCKHOLDER. This Warrant shall not entitle the
Holder to any rights as a stockholder of the Company.

         7.       WARRANT REGISTER. The Company shall maintain a register (the
"Warrant Register") containing the name and address of the Holder. The Company
may treat the Holder as shown on the Warrant Register as the absolute owner of
this Warrant for all purposes and shall not be affected by any notice to the
contrary.

         8.       RESERVATION OF STOCK. The Company covenants that during the
term that this Warrant is exercisable, the Company shall reserve from its
authorized and unissued Class A Common Stock a sufficient number of shares to
provide for the issuance of Class A Common Stock upon the exercise hereof.

         9.       ADJUSTMENTS. The Exercise Price and the number and type of
shares purchasable hereunder are subject to adjustment from time to time as
follows:

                  9.1      STOCK SPLIT, SUBDIVISION OR COMBINATION OF SHARES. If
         during the period that this Warrant remains outstanding and unexpired,
         the Company shall split or subdivide the securities as to which
         purchase rights exist under this Warrant into a different number of
         securities of the same class, the Exercise Price for such securities
         shall be proportionately

                                       3
<PAGE>

         decreased, and the number of shares of such securities for which this
         Warrant may be exercised shall be proportionately increased. If during
         the period that this Warrant remains outstanding and unexpired, the
         Company shall combine the securities as to which purchase rights exist
         under this Warrant into a different number of securities of the same
         class, the Exercise Price for such securities shall be proportionately
         increased and the number of shares of such securities for which this
         Warrant may be exercised shall be proportionately decreased.

                  9.2      ADJUSTMENTS FOR DIVIDENDS IN STOCK OR OTHER
         SECURITIES. If during the period that this Warrant remains outstanding
         and unexpired, the Company shall take a record of the holders of Class
         A Common Stock for the purpose of entitling them to receive a dividend,
         without payment therefor, payable in additional stock or other
         securities of the Company, then this Warrant shall represent the right
         to acquire, in addition to the number of shares of Class A Common Stock
         receivable upon exercise of this Warrant, the amount of such additional
         stock or other securities of the Company that the Holder would have
         received if the Holder had exercised this Warrant in full to purchase
         shares of Class A Common Stock and had been the record holder of such
         shares on the date that the Company took a record of the holders of
         Class A Common Stock for the purpose of entitling them to receive such
         dividend.

                  9.3      MERGER, SALE OF ASSETS, REORGANIZATION,
         RECLASSIFICATION. If during the period that this Warrant remains
         outstanding and unexpired, there shall be (i) a merger or consolidation
         of the Company with or into another corporation in which the Company is
         not the surviving entity and by which the shares of the Company's
         capital stock outstanding immediately prior to the merger are converted
         by virtue of the merger into other property, whether in the form of
         securities, cash, or otherwise, (ii) a sale or transfer of all or
         substantially all of the Company's properties and assets to any other
         person, or (iii) a capital reorganization or reclassification of the
         Class A Common Stock (other than a combination or subdivision of shares
         otherwise provided for herein), then, lawful provision shall be made so
         that, upon the basis and the terms and in the manner provided in this
         Warrant, the Holder, upon the exercise hereof at any time after the
         consummation of such event, shall be entitled to purchase, in lieu of
         the shares of Class A Common Stock for which this Warrant could have
         been exercised immediately prior to such consummation, the stock or
         other securities, cash or property which the Holder would have been
         entitled to receive upon such consummation if the Holder had exercised
         this Warrant for such shares of Class A Common Stock immediately prior
         thereto, subject to adjustment as nearly equivalent as possible to the
         adjustments provided for in this Section 9. If the per share
         consideration payable to the Holder in connection with any such event
         is in a form other than cash or marketable securities, then the value
         of such consideration shall be determined in good faith by the
         Company's Board of Directors. In all events, appropriate adjustment (as
         determined in good faith by the Company's Board of Directors) shall be
         made in the application of the provisions of this Warrant such that the
         Holder's rights and interest in this Warrant shall be applicable after
         such event, to the greatest extent possible, in relation to any shares
         or other property deliverable after that event upon exercise of this
         Warrant.

                                       4
<PAGE>

         10.      CERTIFICATES OF ADJUSTMENTS; NOTICES.

                  (a)      Whenever the Exercise Price or number or type of
shares purchasable hereunder shall be adjusted or readjusted pursuant to Section
9 herein, the Company shall issue a certificate signed by its Chief Financial
Officer setting forth, in reasonable detail, the event requiring the adjustment
or readjustment, the amount of the adjustment or readjustment, the method by
which such adjustment or readjustment was calculated, the Exercise Price and
number of shares purchasable hereunder after giving effect to such adjustment or
readjustment and the amount, if any, of other property to be received upon
exercise of this Warrant after giving effect to such adjustment or readjustment.
The Company shall deliver a copy of such certificate to the Holder in accordance
with Section 14 herein.

                  (b)      In the event:

                           (i)      that the Company shall take a record of the
         holders of its Class A Common Stock (or other stock or securities at
         the time receivable upon the exercise of this Warrant) for the purpose
         of entitling them to receive any dividend in stock or other securities;
         or

                           (ii)     of any capital reorganization of the
         Company, any reclassification of the capital stock of the Company, any
         consolidation or merger of the Company with or into another
         corporation, or any conveyance of all or substantially all of the
         assets of the Company to another person; or

                           (iii)    of any voluntary dissolution, liquidation or
         winding-up of the Company,

then, and in each such case, the Company shall mail or cause to be mailed to the
Holder a notice specifying, as the case may be, (A) the date on which a record
is to be taken for the purpose of such dividend, and stating the amount and
character of such dividend, or (b) the date on which such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or
winding-up is to take place, and the date, if any is to be fixed, as of which
the holders of record of Class A Common Stock (or such other stock or securities
at the time receivable upon the exercise of this Warrant), shall be entitled to
exchange their shares of Class A Common Stock (or such other stock or securities
at the time receivable upon exercise of this Warrant), for securities or other
property deliverable upon such reorganization, reclassification, consolidation,
merger, conveyance, dissolution, liquidation or winding-up. Such notice shall be
mailed at least 15 days prior to the date therein specified for the occurrence
of any of the foregoing events.

                  (c)      All notices pursuant to this Section 9 shall be given
in the manner set forth in Section 14 herein.

                                       5
<PAGE>
         11.      RESTRICTIVE LEGEND ON STOCK CERTIFICATE. A certificate for
shares issued upon exercise of this Warrant, unless at the time of exercise such
shares are registered under the Securities Act, shall bear a legend in
substantially the following form:

                  THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
                  UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE AND ARE
                  SUBJECT TO THE CONDITIONS SPECIFIED IN A CERTAIN WARRANT DATED
                  APRIL 30, 2003, BY AND BETWEEN SPANISH BROADCASTING SYSTEM,
                  INC. AND INTERNATIONAL CHURCH OF THE FOURSQUARE GOSPEL, COPIES
                  OF WHICH WARRANT ARE AVAILABLE FOR INSPECTION AT THE PRINCIPAL
                  OFFICE OF SPANISH BROADCASTING SYSTEM, INC. THE SHARES
                  REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, OR OTHERWISE
                  TRANSFERRED, IN THE ABSENCE OF SUCH REGISTRATION OR AN
                  EXEMPTION THEREFROM UNDER SUCH ACT AND UNDER ANY SUCH
                  APPLICABLE STATE LAWS, OR IN VIOLATION OF THE PROVISIONS OF
                  THE WARRANT. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF
                  THIS CERTIFICATE, AGREES TO BE BOUND BY THE PROVISIONS OF SUCH
                  WARRANT.

         12.      NO TRANSFER. This Warrant may not be transferred in whole or
in part.

         13.      AMENDMENTS. This Warrant may not be modified or amended
without the written consent of the Company and the Holder.

         14.      GOVERNING LAW. This Warrant shall be governed by and construed
in accordance with the laws of the State of Delaware.

         15.      NOTICES. All notices and other communications required or
permitted hereunder shall be in writing and shall be deemed to have been given
if (i) personally delivered by hand or by messenger, (ii) mailed by registered
or certified mail, postage prepaid and return receipt requested or (iii) sent by
a nationally recognized overnight courier service for next morning delivery. Any
such notice shall be deemed to have been received on the date of personal
delivery; on the fourth day after deposit in the U.S. mail if mailed by
registered or certified mail; and on the day after delivery to a nationally
recognized overnight courier service. Notices shall be addressed as follows (or
to such other address as a party requests by written notice):

                If to Holder, to:  International Church of the FourSquare Gospel
                                   1910 W. Sunset Boulevard

                                       6
<PAGE>
                                     Los Angeles, CA 90026-0176
                                     Attention: Brent R. Morgan

         with a copy (which shall not constitute notice) to:

                                     Farrand Cooper, P.C.
                                     235 Montgomery Street, Suite 905
                                     San Francisco, CA 94104
                                     Attention: Stephen R. Farrand, Esq.

         If to the Company, to:

                                     Spanish Broadcasting System, Inc.
                                     2601 South Bayshore Drive, PH II
                                     Coconut Grove, Florida 33133
                                     Attention: Joseph A. Garcia

         with a copy (which shall not constitute notice) to:

                                     Kaye Scholer LLP
                                     425 Park Avenue
                                     New York, New York 10022-3598
                                     Attention: William E. Wallace, Jr., Esq.

         16.      SEVERABILITY. If any provision of this Warrant is held to be
prohibited by or invalid under applicable law, then such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Warrant.

         17.      HEADINGS. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part
of this Warrant.

                                       7
<PAGE>
         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed as of April 30, 2003 by its duly authorized officer and its corporate
seal to be impressed hereon and attested by its Secretary.

                               SPANISH BROADCASTING SYSTEM, INC.

                               By: /s/ Raul Alarcon, Jr.
                                  ------------------------------------------
                                   Name:  Raul Alarcon, Jr.
                                   Title: Chairman of the Board of Directors,
                                          Chief Executive Officer and President

Attest:

By: /s/ Joseph A. Garcia
    -------------------------------------
      Name:  Joseph A. Garcia
      Title: Executive Vice President,
             Chief Financial Officer and Secretary

                                       8
<PAGE>
                                                                       EXHIBIT A

                               NOTICE OF EXERCISE

         The undersigned registered owner of the attached Warrant irrevocably
exercises the attached Warrant in full for the purchase of 100,000 shares of
Class A Common Stock of SPANISH BROADCASTING SYSTEM, INC. and herewith makes
payment therefor, all at the price and on the terms and conditions specified in
the attached Warrant, and requests that a certificate for the shares of Class A
Common Stock hereby purchased (and any securities or other property issuable
upon such exercise) be issued in the name of the undersigned and delivered to
the undersigned at the address below.

         In exercising the attached Warrant, the undersigned hereby confirms and
acknowledges that the shares of Class A Common Stock to be issued are being
acquired solely for the account of the undersigned and not as a nominee for any
other party, and for investment, and that the undersigned shall not offer, sell
or otherwise dispose of any such shares of Class A Common Stock except under
circumstances that will not result in a violation of the Securities Act of 1933,
as amended, or any state securities laws.

Dated:
      --------------------

                                     Signature:
                                               ------------------------------
                                               Registered Owner

                                               ------------------------------
                                               Print Name

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

                                               ------------------------------
                                               Address

                                       9<PAGE>
                                                                   EXHIBIT 10.1

                  PRIVATE INSTRUMENT OF TRANSACTION AND RELEASE

Through the present Private Instrument of Transaction and Release ("Instrument
of Transaction") entered into on this April 30, 2003, by and between Mr. Carlos
Dan Trostli ("Mr. Trostli"), AOL Brasil Ltda. and America Online Latin America,
Inc. (jointly "AOL"), individually called "Party" and collectively "Parties".

WHEREAS Mr. Trostli has rendered services to AOL Brasil as its President and
General Manager as of May 7, 2001;

WHEREAS Mr. Trostli's labor agreement was terminated on May 31, 2003;

WHEREAS Mr. Trostli acknowledges, for all purposes and effects that he has
received and enjoyed, at all proper times, all the amounts and rights which were
AOL's responsibility and were entitled to him by the Brazilian law, by his labor
agreement and by the collective bargaining agreement applicable to his
professional category, and further acknowledges as correct, after having
checked, the amounts that, due to the termination of his agreement, are stated
in the attached Instrument of Termination of Labor Agreement ("Exhibit A"),
submitted to the union which represents his professional category for approval
and ratification;

WHEREAS Mr. Trostli's labor agreement assured him privileges and benefits not
set forth by law, particularly, but not limited to, indemnification equivalent
to twelve months of his basic payment, yearly unemployment bonus, medical/dental
and life insurance coverage throughout the twelve months subsequent to his labor
agreement termination or until the time of the beginning of a new job (whichever
occurs first);

WHEREAS Mr. Trostli, through the present instrument of transaction, undertakes
the commitment of keeping secret and not to make use, for his own benefit or the
benefit of third parties, of any information, projects, copyrights, know-how,
etc., owned by AOL;

WHEREAS, through this instrument of transaction, Mr. Trostli agrees not to
compete with AOL for the time period of one (1) year counted as of his release
from the latter, which prevents him from working for any company that has a
coinciding, similar or competing activity from that performed by AOL, whether as
an employee, service provider, consultant or partner, the Parties, by means of
the present transaction, agree that the aforementioned shall be governed under
the rules stipulated hereinafter;

WHEREAS, aiming at preventing eventual litigations stemming from queries that
may arise, either directly or indirectly, from any legal relationship existing
between the Parties, the Parties have decided to enter into the present
instrument, on the grounds of the Brazilian labor legislation and other
applicable ones;
<PAGE>
                                                                               2

THUS, taking into consideration the end of the relationship, of the clauses and
mutual understandings, the agreement and other considerations herein contained,
the Parties state, through the present instrument of Transaction, the following:

1.       Regarding the end of the relationship, the clauses and mutual
understandings, and eventual agreements set forth up to now, AOL agrees to pay
Mr. Trostli, in addition to the amounts paid, as established in Exhibit A, the
gross amount in real equivalent to three hundred and fifteen thousand and two
hundred and sixty North-American dollars (US$315,260.00).

         1.1.     Out of the amount set forth above in Clause 1, the portion of
                  one hundred and fifty-seven thousand North-American dollars
                  (US$ 157,000.00) corresponds to the full indemnification
                  payment arisen from the termination without cause of the labor
                  agreement.

         1.2      As part of the payment set forth above in Clause 1, AOL shall
                  yield to Mr. Trostli the vehicle of the make Audi, model A6,
                  year 2001, plaque DEC 4488, which is already in Mr. Trostli's
                  possession by virtue of the terminated labor agreement, for
                  the amount of eighty thousand real (R$ 80.000,00), making
                  clear that the Parties agree that such an amount corresponds
                  to eighty per cent (80%) of the vehicle's market value. Thus,
                  the Parties agree that: 1) Mr. Trostli shall remain in the
                  possession of the vehicle; 2) within the term of thirty (30)
                  days, AOL shall see to the necessary documents for the
                  transference of the vehicle to Mr. Trostli, including, without
                  limitation, the Release of any debts related to the vehicle's
                  leasing agreement; 3) Mr. Trostli shall be responsible for the
                  vehicle as well as for all its costs and taxes as of the
                  aforementioned date; 4) Mr. Trostli shall request the
                  transference of the vehicle to his name before the competent
                  authorities within a thirty (30)-day term as of the documents
                  delivery by AOL; and 5) the eventual taxes related to the
                  vehicle's disposal shall be borne by AOL, pursuant to the
                  terms of the legislation in force.

The remaining amount of two hundred and eighty-nine thousand, one hundred and
seventeen North-American dollars (US$ 289,117.00) will be paid on March 13,
2003, through a payable-to-the order-of check in Mr. Trostli's name to be made
available at AOL's address. In order to translate the aforementioned amount into
real the exchange rate of the closing of the commercial dollar sale of the day
previous to that of the payment multiplied by 1,05 shall be used.

                  1.2.1    Out of the total amount set forth in 1.3, the portion
                           of twenty-four thousand North-American dollars (US$
                           24,000.00) corresponds to the full compliance of
                           items 9(a), (b) and (c) of clause 9 of the present
                           instrument.

2.       Complying with the terminated agreement, AOL will continue to make
available the medical/dental insurance coverage for the twelve months subsequent
to the termination of the labor agreement or until the time of the beginning of
a new job (whichever occurs first), in the same levels and conditions in force
during the labor agreement.
<PAGE>
                                                                               3

3.       Complying with the terminated agreement, AOL will continue to make
available the life insurance coverage for the twelve months subsequent to the
termination of the labor agreement or until the time of the beginning of a new
job (whichever occurs first), in the same levels and conditions in force during
the labor agreement.

4.The    Parties further agree that, as long as Mr. Trostli unfailingly complies
with all the terms and conditions of the present instrument and its exhibits,
AOL will pay to him, as set forth in the terminated agreement and complying with
the terms and conditions of its Program of Participation in the Results related
to the year 2003, on the payment date applicable to all its employees, but not
later than April 15, 2004, the amount in real equivalent to thirty-seven
thousand and five hundred North-American dollars (US$ 37,500.00) translated into
real in the rate of the of the closing of the commercial dollar sale of the day
previous to that of the payment, for his performance related to the period of
the fiscal year of 2003, previous to the termination of the labor agreement,
multiplied by 1,05.

5.       AOL agrees to retain firm Ernst & Young, until the limit of five
thousand North-American dollars (US$ 5,000.00) for the purpose of providing
consulting services and making Mr. Trostli's annual statements of Income Tax
adjustment, related to the fiscal year of 2002, in Brazil and in the United
States. Any differences of over-payment shall be directly paid to AOL or
reimbursed to it by Mr. Trostli. Any differences of under-payment shall be
delivered to Mr. Trostli. As regards the fiscal year of 2003, Mr. Trostli shall
personally bear the costs of his annual statement.

6.       Income Tax and social contributions due over the amounts set forth in
Exhibit B shall be borne by the Parties pursuant to the terms of the applicable
legislation, being AOL authorized to discount the amounts due by Mr. Trostli.

7.       By receiving the aforementioned amounts, Mr. Trostli grants AOL, its
shareholders, colligated companies, affiliates, direct and indirect controlling
companies, its partners, subsidiaries, managers, directors or any other company
of the same economic group, including the companies of the economic group of AOL
Time Warner and of the Cisneros Group of Companies, AOL's controlling company,
its employees and directors, at any title, the fullest, most complete, general
and irrevocable release concerning each and all possible rights/payments, of any
order and/or nature, stemming from his relationship with AOL or from the
termination of the contracted party.

8.       Provided that Mr. Trostli unfailingly complies with all the terms and
conditions of the present instrument and its exhibits, he shall be able, at any
moment, within the period of one year as of the termination of his labor
agreement, request that AOL retain outplacement services with a specialized firm
indicated by him, for assistance in Trostli's re-placement in the work market.
The costs of such a service will be fully borne by Mr. Trostli, who shall
anticipate to AOL all the necessary amounts for the fulfillment of the
obligation stipulated in this clause, through the presentation to AOL of such
amounts, on the grounds of the proposal of the provider of such services.
<PAGE>
                                                                               4

8.1.     In case of violation of the present clause, AOL shall pay Mr. Trostli,
besides the losses and damages corresponding to the damages to property arisen
from the violation of the obligation contained in Clause 8 above, the amount in
real equivalent to forty-five thousand American dollars (US$ 45,000.00),
translated in the rate of the of the closing of the commercial dollar sale of
the day previous to that of the payment.

9.       Mr. Trostli agrees to:

         a)       keep absolute secrecy regarding the information which, dealt
                  with as secret by AOL, he came to know during the validity of
                  his agreement, abstaining from using it in his own benefit or
                  in the benefit of third parties, or, in any way convey the
                  aforementioned information, data, projects, copyrights,
                  know-how and similar ones, under the penalty of answering, in
                  the form of the law, for the damages caused due to the breach
                  of the commitment assumed with the execution of the labor
                  agreement entered into on March 7. 2001, particularly
                  regarding the rules about confidentiality and industrial
                  property set forth in clauses 11 and 12 of the aforementioned
                  labor agreement;

         b)       abstain from working, for the period of one (1) year, counted
                  as of the termination of his labor agreement, in any
                  activities whatsoever of: 1) internet portals which compete
                  with AOL; 2) access providing to internet, whether as an
                  employee, service provider, partner, individual or in any
                  other form, in the United States and in the Latin American
                  countries, independently of the place for the performance of
                  such activities;

         c)       not to make any public statements of negative or untrue nature
                  about AOL, its shareholders, affiliates, direct and indirect
                  controlling companies, partners, subsidiaries, managers,
                  directors or any other company of the same economic group,
                  including the companies of the AOL Time Warner's economic
                  group and of the Cisneros Group of Companies, AOL's
                  controlling companies, its employees and directors.

                  9.1.     In case of violation of the present clause, Mr.
                           Trostli shall pay AOL, besides the damages
                           corresponding to the damages to property arisen from
                           the violation of the items (a), (b) and (c), the
                           amount established in the criminal clause regularly
                           set forth between the Parties pursuant to the terms
                           of clause 12 hereinafter, and shall also lose the
                           right to receive the amounts set forth in clause 4 of
                           the present instrument of transaction;

                  9.2.     Mr. Trostli further states, for all purposes and
                           effects of law, that, by virtue of his having
                           received the aforementioned amounts, he has no
                           further claims and has nothing else to receive from
                           AOL, at any title;

                  9.3.     For the purposes of the non-competition clause, set
                           forth in item 9 (b) above, besides the
                           afore-specified term, Mr. Trostli is aware and agrees
                           that the said clause is valid for the Brazilian
                           territory and for the territories of the countries
                           where the companies of the same group of AOL's
                           operate.
<PAGE>
                                                                               5

10.      Mr. Trostli declares that the restrictions and clauses set forth in the
present instrument of transaction are reasonable and necessary for the
protection of the business and for AOL's interests and that they are not
overbroad, overlong or unfair.

11.      The Parties expressly state and agree that, regarding the object of the
present Instrument of Transaction and other covenants herein set forth (a) there
are no other agreements, either oral or written, entered into between the
Parties, with the exception of Exhibit B; and (b) the present Instrument of
Transaction (i) represents the final and most complete negotiation between the
Parties herein established; (ii) prevails over any negotiation, offers,
proposals, agreements, commitments, promises, acts, conducts, representations,
statements, assertions and understandings, either previous or contemporary, oral
or written, express or implicit that there have been between Mr. Trostli and
AOL, including but not limited to the present agreement and (iii) cannot be
altered or opposed by any oral agreement subsequent to the present instrument.
This document can be entered into in several counterparts, and each one shall
have the same force and effect as the original.

12.      In case Mr. Trostli violates any clause of this agreement, particularly
clause 9 and its items (a), (b) and (c), for this kind of breach of the present
Instrument of Transaction, AOL shall have the right to receive from Mr. Trostli,
as a criminal clause, the amount in real equivalent to one hundred thousand
American dollars (US$ 100,000.00), corresponding to nearly twenty per cent (20%)
of the amount involved in the present instrument of transaction, translated to
the rate of the closing of the commercial dollar sale of the day previous to
that of the payment.

13.      The present instrument sets right each and every controversy eventually
existing between the Parties, being that in no circumstances it shall be
interpreted as an admission or confession, on the part of any of the Parties, of
any past, present or future responsibility or obligation, concerning the other
Party, at any title.

14.      Any notification which may be given by one Party to the other, by
virtue of the present instrument, shall be made in writing and conveyed by means
of registered mail, with Receipt Notice, forwarded to the addresses indicated in
the Introduction, or to any other address that the Parties may eventually
indicate.

15.      The present instrument binds the Parties and their respective
successors (whether by legal provision or by any other form) and their
authorized assignees, but, neither the present instrument nor any of the rights,
interests and obligations set forth herein, can be transferred by any of the
Parties without the previous express consent of the other Party.

16.      Each Party declares and guarantees that it has had the opportunity of
carefully reading and revising the present instrument, having, inclusive, been
assisted by their respective attorneys and that they have understood its
content, clauses, aims and effects, and that each Party is entering into and
executing the present instrument on its own free will.
<PAGE>
                                                                               6

17.      The present instrument represents the sole, exclusive, total and
complete agreement between the Parties regarding its object. In case of
omission, the Parties invoke articles 840 to 850 of the New Brazilian Civil
Code, where relevant.

18.      In case any of the provisions of the present Agreement is considered
unlawful, invalid or unfeasible before the current or future legal provisions,
the other provisions shall remain in full effect.

19.      The present instrument was entered into and must be interpreted and
governed pursuant to the Brazilian laws. The Parties mutually agree and elect
the court of the County of the Capital of the State of Sao Paulo to settle any
issues arisen from this instrument.

In witness whereof, the Parties execute the present instrument in two (2)
counterparts of equal form and content, in the presence of the two (2)
undersigned witnesses.

                                   Sao Paulo, May 1, 2003.

                                   /s/ Carlos Dan Trostli
                                   --------------------------------------------
                                   Carlos Dan Trostli

                                   /s/ David A. Bruscino
                                   --------------------------------------------
                                   America Online Latin America, Inc.

                                   /s/ Milton Camargo
                                   --------------------------------------------
                                   AOL Brasil Ltda.

Witnesses::

1. -  /s/ Isabela Nitzsche Nobre Machado
      -------------------------------------------
      Name: Isabela Nitzsche Nobre Machado
      Identity Card no:

2. -
      -------------------------------------------
      Name:
      Identity Card no:

<PAGE>
                                   EXHIBIT A

<TABLE>

<S>                                                     <C>
---------------------------------------------------------------------------------------------------------------
                                 INSTRUMENT OF TERMINATION OF LABOR AGREEMENT
---------------------------------------------------------------------------------------------------------------
Board of Officers:                                                Cost Center: PRESIDENCY
---------------------------------------------------------------------------------------------------------------
                                          Employer's Identification
---------------------------------------------------------------------------------------------------------------
01 National  Registry of Legal Entities/ Center of      02 Corporate Name
Statistics and Information
03.032.579/002-43                                       AOL Brasil Ltda

---------------------------------------------------------------------------------------------------------------
03 Address (site, n(0), floor, flat)                    04 Area
MARGINAL DO RIO PINHEIROS 5200                          MORUMBI
---------------------------------------------------------------------------------------------------------------
05 Town/City           06 Unit of the        07 Zip Code           08 National           09 National
SAO PAULO              Federation            05693000              Classification of     Registry of Legal
                       SP                                          Economic Activity     Entities /Center of
                                                                   6420305               Statistics and
                                                                                         Information
                                                                                         Requesting Party/Work
                                                                                             --
---------------------------------------------------------------------------------------------------------------
                                          Employee's Identification
---------------------------------------------------------------------------------------------------------------
10 Program of Social Integration/ Program for the       11 Name
Formation of Civil Servants' Patrimony
                                                        CARLOS EDUARDO DAN A TROSTLI
---------------------------------------------------------------------------------------------------------------
12 Address                                              13 Area

---------------------------------------------------------------------------------------------------------------
14 Town/City                 15 Unit of the Federation  16 Zip Code                 17 Labor Card (n(0),
SAO PAULO                    SP                                                     series, unit of the
                                                                                    Federation)

---------------------------------------------------------------------------------------------------------------
18 National Registry of Individual    19 Date of Birth                    20 Mother's Name
Taxpayers

---------------------------------------------------------------------------------------------------------------
                                            Data of the Agreement
---------------------------------------------------------------------------------------------------------------
21 Pay for Purpose of        22 Admission Date          23 Date of Prior Notice     24 Date of Dismissal
Termination
                                05/07/2001                 03/31/2003                  03/31/2003
55.580,45
---------------------------------------------------------------------------------------------------------------
25 Reason for Dismissal      26 Dismissal Code          27 Alimony                  28 Employee's Category
 DISMISSAL WITHOUT CAUSE
                                    01                     -----                               1
---------------------------------------------------------------------------------------------------------------

</TABLE>
<PAGE>
<TABLE>

<S>                                                                  <C>                <C>
---------------------------------------------------------------------------------------------------------------
                                       List of the Termination Amounts
---------------------------------------------------------------------------------------------------------------
Payments                                                        Reference             Amount

1020 Indemnified Prior Notice                                        30,00              55.580,45
1030 Proportional Vacations                                          12,00              55.580,45
1031 1/3 Additional Proportional Vacations                           12,00              18.526,82
1032 Salary Difference                                                  --             116.115,02
1046 Indemnification                                                    --              55.580,45
1057 13rd Termination Salary                                          1,00               4.631,70
1062 13rd Termination Salary                                          3,00              13.895,11

46 TOTAL GROSS                                                                         319.910,00
---------------------------------------------------------------------------------------------------------------
Discounts                                                       Reference             Amount
 TRANSLATOR'S NOTE:
INSS = National Institute of Social Security
IRRF =  Withholding Income Tax

2027  INSS 13rd Salary                                               11,00                 171,77
2029 Advance Payment 13rd Salary                                        --              27.790,23
2031 INSS Termination                                                11,00                 171,77
2032 IRRF Termination                                                27,50              31.373,86
2063 IRRF Vacations Termination                                      27.50              19.868,97
2064 IRRF 13rd Salary Termination                                    27,50               4.537,11
2226 Dentalcare                                                         --                  28,80
2422 Ticket Meal                                                        --                  39,60
2427 Healthcare                                                         --                 430,52
---------------------------------------------------------------------------------------------------------------
54 TOTAL OF DISCOUNTS                                            84.412,63
---------------------------------------------------------------------------------------------------------------
55  NET AMOUNT TO BE RECEIVED                                    235.497,37
---------------------------------------------------------------------------------------------------------------
                                         FORM OF THE TERMINATION ACT
---------------------------------------------------------------------------------------------------------------
56 Place and Date of  Receipt                           57 Stamp and Signature of Employer or Representative

SAO PAULO - 04/09/2003                                  AOL BRASIL LTDA
---------------------------------------------------------------------------------------------------------------
58 Employee's Signature                                 59 Signature of the Employee's Legal Responsible Party
                                                          ---
       --
---------------------------------------------------------------------------------------------------------------
60- Ratification
Free assistance has been rendered to the employee, pursuant to the terms of
477,ss.1st of the Consolidation of the Labor Laws, in this act having the
effective payment of the aforementioned specified termination amounts been
effected.

-------------------------------
Place and date

--------------------------------
Assistant's stamp and signature
---------------------------------------------------------------------------------------------------------------
61  Employee's Fingerprint                              62       Fingerprint of the Legal Responsible Party

---------------------------------------------------------------------------------------------------------------
63 Identification of the Ratifying Body
---------------------------------------------------------------------------------------------------------------
64 Receipt by the Bank (date and stamp)
---------------------------------------------------------------------------------------------------------------
ASSISTANCE IN THE ACT OF TERMINATION OF AGREEMENT IS FREE

</TABLE>
<PAGE>
                                                                               7

EXHIBIT B

Chart stating the amounts to be acquitted:

<TABLE>
<CAPTION>
                                           REFERENCE AMOUNTS                   AMOUNT (US$)
<S>                                                                           <C>
1     Indemnification for termination of agreement                            157,000.00

2     Air tickets Brazil-United States                                         5,000.00

3     Salary differences arisen from exchange variation                       14,907.53

4     Benefit from vehicle purchase (20% of the vehicle's market value)        7,362.50

5     Convencional fine                                                       20,800.00

6     Vacations due 2002/2003 + 1/3                                           27,700.00

7     Confidentiality Agreement, Non-Competition and Ownership Rights         24,000.00

8     Payment of aid for education purposes                                    1,000.00

9     Differences of the Unemployed Compensation Fund  + 40%                  30,650.00

10    Reflexes of the utility salary on the 13th salary                        2,600.00

11    Reflexes of the utility salary on Vacations + 1/3                        2,500.00

TOTAL                                                                        315,607.50
</TABLE>

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