Document:

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                                                                   EXHIBIT 10.21

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT is made and entered into as of this 18th day
of June 1999 (the "Agreement") by and between Total Sports Inc. ("Employer" or
the "Company") and Petra Weishaupt ("Executive").

                                    RECITALS

         WHEREAS, Both the Company and Executive desire to continue their
employment relationship and are willing to do so upon the terms and conditions
hereinafter set forth.

         NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants of the parties set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which are acknowledged,
IT IS HEREBY AGREED AS FOLLOWS:

                                    AGREEMENT

         1.       Employment. Subject to and upon the terms and conditions
                  ----------
herein provided, the Employer hereby agrees to employ the Executive and the
Executive hereby agrees to be employed by the Employer for the term of this
Agreement, which term shall begin as of the Agreement Date and shall continue
until terminated as provided herein.

         2.       Executive Responsibilities. In the performance of Executive's
                  --------------------------
responsibilities, Executive shall be subject to all of Employer's policies,
rules and regulations applicable to Company Executives of comparable status.
Executive shall perform duties consistent with Executive's knowledge, experience
and position with the Company. In performing such duties, Executive shall be
subject to and shall abide by all policies and procedures developed by Employer
for comparable Executives of the Company.

         During the Term, Executive shall devote his entire business time,
energies, skills and attention to the affairs and activities of Employer and the
discharge of his duties and responsibilities.

         3.       Compensation.
                  ------------

                  3.1  Base Salary. In consideration for the services provided
                       -----------
hereunder, Employer shall pay to Executive an annual base salary of $110,000
(the "Base Salary"). The Base Salary shall be payable in conformity with
Employer's customary payroll practices. Such Base Salary shall be subject to
periodic review and adjustment in the sole discretion of the Company's Board of
Directors (the "Board").

                  3.2  Bonus. During the Term of this Agreement, Executive shall
                       -----
be eligible to receive certain incentive payments ("Bonus Compensation") based
upon the achievement by the Company of certain established performance
milestones. Such milestones and the amounts of
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any resulting Bonus Compensation payable to Executive shall be determined by the
Board in its sole discretion.

                  3.3  Additional Compensation. In addition to Base Salary and
                       -----------------------
any Bonus Compensation, Executive shall be eligible for the following additional
compensation.

                  a.   Executive, at Employer's expense, shall be eligible to
         participate in all Executive benefit plans as may be provided by
         Employer from time to time to its Executives on the same basis as other
         Executives of the Company are eligible, subject to and to the extent
         that Executive is eligible under such benefit plans in accordance with
         their respective terms.

                  b.   Executive shall be eligible to participate in any stock
         option, purchase or other equity compensation plans of the Company on
         the same basis as other Executives of the Company are eligible. Grants
         of stock options under Employer's existing stock option programs are
         discretionary.

                  c.   Executive shall be eligible to participate in any annual
         or long-term cash bonus plan that is offered to other Executives of the
         Company on the same basis as such other Executives are eligible.

                  d.   Executive shall be entitled to reasonable periods of paid
         vacation, personal and sick leave during the Term in accordance with
         Employer's policies regarding vacation and leaves for executive
         Executives of the Company.

                  e.   During the Term, Employer shall provide the Executive
         with health insurance, in scope and coverage equivalent to that
         provided to other Executives of the Company.

         4.       Term. The term of this Agreement shall commence and this
                  ----
Agreement (the "Term") shall be effective as of the date hereof (the "Effective
Time")) and shall continue for a term of [three (3) years], unless sooner
terminated as provided herein. Subject to the terms hereof, this Agreement and
Executive's employment hereunder may be terminated by either party prior to the
expiration of the Term, for any reason and with or without prior notice. In
addition, this Agreement shall terminate immediately upon the Executive's death
and may be terminated upon a determination that Executive has become permanently
disabled, as defined in Section 5.4 hereof.

         5.       Termination.
                  -----------

                  5.1  For Cause By Employer.  During the Term, Employer may
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terminate Executive's employment under this Agreement at any time for "Cause."
For purposes of this Agreement, "Cause" means:

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                  a. Executive's conviction of any crime (whether or not
         involving Employer) that constitutes a felony in the jurisdiction
         involved (other than unintentional motor vehicle felonies);

                  b. any act of theft, fraud or embezzlement, or any other
         willful misconduct or dishonest behavior by Executive in connection
         with Executive's work with Employer;

                  c. Executive's continuing failure or refusal to perform
         Executive's reasonably assigned duties (consistent with past practice
         of the Company) under this Agreement in accordance with Section 2
         (other than due to his incapacity due to illness or injury), provided
         that such failure or refusal continues uncorrected for a period of
         thirty (30) days after Executive shall have received written notice
         stating the nature of such failure or refusal; or

                  d. Executive's violation of any of Executive's material
         obligations contained in this Agreement or that certain Nondisclosure
         and Developments Agreement previously executed by Executive.

                  5.2  Without Cause by Employer. During or after the Term,
                       -------------------------
Employer may terminate Executive's employment under this Agreement at any time
and for any reason without Cause. If Employer terminates Executive's employment
pursuant to the provisions of this Section 5.2 during the Term, Executive shall,
in addition to all accrued but unpaid Base Salary and Bonus Compensation through
the date of termination, continue to receive the Base Salary being paid to him
immediately prior to such termination and the benefits provided for in Sections
3.3(a) (except pension, profit-sharing, disability and 401(k) plans) and 3.3(e)
(collectively, the "Severance Payment") for the remainder of the Term (the
"Severance Period"). Executive shall also receive payment for all accrued but
unused vacation pay as of the date of termination. Notwithstanding the
foregoing, if Executive secures employment with another employer during the
Severance Period, then the benefits portion of the Severance Payment shall be
reduced by the amount of other benefits payable to Executive pursuant to such
new employment. In the event of any such termination, Executive shall be
entitled to the applicable Severance Payment set forth above and no further
severance or other compensation benefits. For purposes of this Agreement,
termination "without cause" shall mean the voluntary termination by Executive of
Executive's employment with the Company in the event of (a) a diminution in the
responsibilities of Executive or (b) a reduction in Base Salary of Executive.

                  5.3  By Executive. During the Term, Executive may voluntarily
                       ------------
terminate Executive's employment by giving Employer written notice no less than
two (2) weeks in advance of the effective date of such termination. Except as
set forth above in Section 5.2, if Executive voluntarily terminates Executive's
employment pursuant to the provisions of this Section 5.3 or dies, Executive (or
his estate) shall not be entitled to receive any compensation or benefits for
the period following the date of such termination or death other than the
proceeds of, or payment of any benefits under, any pension plans or other
similar plans in effect on the date thereof. In the event of any such
termination, Executive (or Executive's estate) shall be entitled to accrued and
unpaid salary and vacation through the termination date and no further severance
or other compensation benefits.

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             5.4  Termination for Disability. During the Term, Executive's
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employment may be terminated by either party in the event Executive suffers a
physical or mental disability (as defined below) which in the reasonable opinion
of Employer renders him substantially unable to perform his duties under this
Agreement. Executive shall be deemed to be permanently disabled in the event
that Executive has been unable, for a period of ninety (90) consecutive days or
one hundred eighty (180) nonconsecutive days during any 360-day period, to
perform the services contemplated hereby as a result of incapacity caused by a
physical or mental illness or injury. If Executive is terminated under this
Section 5.4, Executive shall be entitled to such benefits as are generally
available under Employer's disability insurance policies, if any.

         6.  Possession. Executive agrees that upon termination of this
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Agreement, or upon request by Employer, Executive shall turn over to Employer
all documents, files, office supplies and any other material or work product in
Executive's possession or control which were created pursuant to or derived from
Executive's services to Employer.

         7.  Noncompetition.
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             7.1  Noncompetition Provisions. Executive recognizes and agrees
                  -------------------------
that Employer has many substantial, legitimate business interests that can be
protected only by Executive agreeing not to compete with Employer or its
subsidiaries under certain circumstances. These interests include, without
limitation, Employer's contacts and relationships with its customers, Employer's
reputation and goodwill in the industry, the financial and other support
afforded by Employer, and Employer's rights in its confidential information.
Executive therefore agrees that during his employment with the Company and for
the greater of (i) the one (1) year period of time following the termination of
such employment, regardless of the manner or cause of such termination or (ii)
the period during which Executive is receiving severance payments pursuant to
this Agreement, Executive will not, without the prior written consent of
Employer, engage in any of the following activities within the countries of
North America (the "Protected Zones"), relating to the Protected Businesses (as
defined below):

             a.   engage in, manage, operate, control or supervise, or
         participate in the management, operation, control or supervision of,
         any business or entity which provides products or services competitive
         with those being developed, manufactured, marketed, sold or otherwise
         provided by Employer or its subsidiaries as of the date hereof,
         including but not limited to, any business or entity providing sports
         related content, information or programming over the Internet (the
         "Protected Businesses") in the Protected Zones;

             b.   have any ownership or financial interest, directly or
         indirectly, in any entity in the Protected Zones engaged in the
         Protected Businesses, including, without limitation, as an individual,
         partner, shareholder (other than as a shareholder of a publicly-owned
         corporation in which Executive owns less than 1% of the outstanding
         shares of such corporation), officer, directly, Executive, principal,
         agent or consultant;

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                  c. solicit, acquire or conduct any Protected Business from or
         with any customers of Employer or its subsidiaries (as defined below)
         in the Protected Zones;

                  d. solicit any of the Executives or independent contractors of
         Employer or its subsidiaries or induce any such persons to terminate
         their employment or contractual relationships with any such entities or
         take action contrary to the best interest of the Company; or

                  e. serve as an officer or director of, or hold an equity
         interest in, any entity engaged in any of the Protected Businesses in
         the Protected Zones.

For purposes of this Section 7, customers of Employer or its subsidiaries shall
include those customers to whom Employer or its subsidiaries was providing
products or services at the termination of Executive's employment, or had
proposals outstanding for the provision of services, at the time of such
termination.

                  7.2  Separate Covenants. The parties understand and agree that
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the noncompetition agreement set forth in this Section 7 shall be construed as a
series of separate covenants not to compete: one covenant for each country,
state and province within the Protected Zone, one for each separate line of
business of Employer, and one for each month of the noncompetition period. If
any restriction set forth in this Section 7 is held by a court of competent
jurisdiction to be unenforceable with respect to one or more geographic areas,
lines of business and/or months of duration, then Executive agrees, and hereby
submits, to the reduction and limitation of such restriction to the minimal
effect necessary so that the provisions of this Section 7 shall be enforceable.

                  7.3  Limitation. Nothing contained in this Agreement attached
                       ----------
shall prohibit Executive from utilizing Executive's skill, acumen or experience
after a termination of employment with Employer in any business not in violation
of this Section 7 at any location not in violation of this Section 7.

              8.  Saving Provision. Employer and Executive agree and stipulate
                  ----------------
that the agreements set out in Section 7 above are fair and reasonably necessary
for the protection of the business, goodwill, confidential information, and
other protectable interests of Employer in light of all of the facts and
circumstances of the relationship between Executive and Employer. In the event a
court of competent jurisdiction should decline to enforce those provisions, they
shall be deemed to be modified to restrict Executive to the maximum extent which
the court shall find enforceable; however, in no event shall the above
provisions be deemed to be more restrictive to Executive than those contained
herein.

              9.  Injunctive Relief. Executive acknowledges that the breach or
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threatened breach of any of the nondisclosure or noncompetition covenants
contained herein would give rise to irreparable injury to Employer which injury
would be inadequately compensable in money damages. Accordingly, Employer may
seek and obtain a restraining order and/or injunction prohibiting the breach or
threatened breach of any provision, requirement or covenant of this Agreement,
in addition to and not in limitation of any other legal remedies which may be

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available. Executive further acknowledges and agrees that the agreements set out
above are necessary for the protection of Employer's legitimate goodwill and
business interests and are reasonable in scope and content.

         10.  Enforcement. The provisions of this Agreement shall be enforceable
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notwithstanding the existence of any claim or cause of action against Employer
by Executive or against Executive by Employer, whether predicated on this
Agreement or otherwise.

         11.  Governing Law. This Agreement, the employment relationship
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contemplated herein and any claim arising from such relationship, whether or not
arising under this Agreement, shall be governed by and construed in accordance
with the internal laws of the State of North Carolina, without regard to
conflict of law principles.

         12.  Waiver of Breach. The waiver of any breach of any provision of
              ----------------
this Agreement or failure to enforce any provision hereof shall not operate or
be construed as a waiver of any subsequent breach by any party.

         13.  Modification. This Agreement may be modified, and the rights,
              ------------
remedies and obligations contained in any provision hereof may be waived, only
in accordance with this Section. No waiver by either party or any breach by the
other or any provision hereof shall be deemed to be a waiver of any later or
other breach thereof or as a waiver of any other provision of this Agreement.
This Agreement may not be waived, changed, discharged or terminated orally or by
any course of dealing between the parties, but only by an instrument in writing
signed by the party against whom any waiver, change, discharge or termination is
sought. No modification or waiver by Employer shall be effective without the
consent of at least a majority of the members of the Board of Directors of
Employer then in office at the time of such modification or waiver.

         14.  Entirety. This Agreement, including any exhibits hereto, as it may
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be amended pursuant to the terms hereof, represents the complete and final
agreement of the parties and shall control over any other statement,
representation or agreement by Employer (e.g., as may appear in employment or
policy manuals).

         16.  Survival. The provisions of this Agreement relating to post-
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termination compensation (including, without limitation, the Severance Payment
and related rights), confidentiality and noncompetition shall survive the
expiration or termination of this Agreement.

         17.  Severability. Without in any way limiting the provisions of
              ------------
Section 7.2, in case any one or more of the provisions contained in this
Agreement for any reason shall be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect
any other provision of this Agreement, but this Agreement shall be construed and
reformed to the maximum extent permitted by law.

         18.  Binding Effect; Successors. This Agreement shall inure to the
              --------------------------
benefit of Executive and Executive's heirs, successors, personal representatives
and assigns. Executive acknowledges that the services to be rendered by
Executive thereunder are unique and personal

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in nature. Accordingly, Executive may not assign any of Executive's rights or
delegate any of Executive's duties or obligations under this Agreement. The
Company shall have the right to assign or transfer this Agreement to any
successor of all of its business or assets, provided, however, that the Company
shall require any such successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to assume expressly and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. As used in this
Agreement, "Company" and "Employer" shall mean the Company as hereinbefore
defined and any successor to its business and/or assets as aforesaid which
assumes and agrees to perform this Agreement by operation of law or otherwise.

         IN WITNESS WHEREOF, the undersigned have executed this Employment
Agreement effective as of the day and year first set forth above.

                                    EMPLOYER:
                                    --------

                                    TOTAL SPORTS INC.

                                    By:    /s/ George Schlukbier
                                           -------------------------------------
                                    Name:  George Schlukbier
                                           -------------------------------------
                                    Title: President
                                           -------------------------------------

                                    EXECUTIVE:
                                    ---------

                                    /s/ Petra Weishaupt
                                    --------------------------------------------
                                    Petra WeishauptEXHIBIT 10.04

                                                                October 27, 1999

Yupi Internet, Inc.
605 Lincoln Road
Suite 401
Miami Beach, FL 33139

Gentlemen:

Reference is made to that certain Purchase Agreement dated August 3, 1999 (the
"Purchase Agreement"), between Yupi Internet, Inc. ("Yupi") and Sony Corporation
of America ("Sony"). This letter agreement (the "Letter Agreement") is being
delivered to Yupi in accordance with and subject to Section 1B of the Purchase
Agreement and the other terms thereof and hereof.

1.       SONY OBLIGATIONS

         (a) DELIVERY OF SONY SERVICES In consideration for Yupi's sale to Sony
of certain Shares (as defined in the Purchase Agreement), and in connection with
the parties' execution of each of the Purchase Agreement, the Shareholders
Agreement, and the Registration Agreement (as defined in the Purchase Agreement)
(collectively, the "Agreements"), Sony hereby agrees to Deliver to Yupi, during
the Commitment Period, Sony Services having an aggregate Agreed Value of the
Commitment Amount, all on the terms and conditions set forth in this Letter
Agreement. As used in this Letter Agreement:

                  (i)   "Deliver" and "Delivery" shall have the meanings set
         forth in subparagraph 2(b) hereof.

                  (ii)  "Commitment Amount" means $29,300,000;

                  (iii) "Commitment Period" shall mean the period commencing on
         the date of this Letter Agreement (or, if later, the date of the
         Closing (as defined in the Purchase Agreement)), and ending on the date
         on which Sony has Delivered Sony Services for an aggregate Agreed Value
         of the Commitment Amount. The parties currently anticipate that the
         Commitment Period will not be greater than three (3) years, but
         acknowledge that the Commitment Period may be less than or reasonably
         more than such time period.

                  (iv) "Yupi Properties" shall mean (i) any properties listed on
         Exhibit A hereto and (ii) any properties developed, acquired or
         operated by Yupi and associated with the Yupi family of internet
         services during the Commitment Period.

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                  (v) "Sony Services" means the services and products described
         on Exhibit B hereto. The parties acknowledge that the Sony Services
         constitute a wide range of potential activities which the parties may
         jointly undertake during the Commitment Period for the purposes of
         marketing and promoting the Yupi Properties. It is expressly understood
         by the parties that these specific illustrations on Exhibit B are
         intended to serve as a blueprint for a dynamic and fluid relationship
         between Sony and Yupi and that in conjunction with good faith
         discussions between the parties, certain of these opportunities may not
         be readily available at a given point in time, and that certain of the
         illustrative Sony Services may be altered, substituted or otherwise
         modified by the parties.

                  (vi) "Agreed Value" means the value for the Sony Services (or
         component thereof) concerned, as set forth on Exhibit B hereto, or any
         subsequent mutually agreed value set forth on any Agreed Plan (as
         defined in subparagraph 2(a) hereof) or as otherwise agreed by the
         parties from time to time in accordance with this Letter Agreement.
         Each of Yupi and Sony agree that the values set forth on Exhibit B in
         respect of each Sony Service listed thereon accurately represent the
         fair value of such Sony Service as described thereon, as fully
         Delivered during the Commitment Period, subject to the subsequent
         agreement of the parties as described in the preceding sentence.

                  (viii) "Agreed Sony-Included Costs" means, in respect of each
         Sony Service (or component thereof), the costs identified as "Agreed
         Sony-Included Costs" on Exhibit B hereto, or any subsequent mutually
         agreed costs set forth on any Agreed Plan (as defined in subparagraph
         2(a) hereof) or as otherwise agreed by the parties from time to time in
         accordance with this Letter Agreement.

                  (ix) "Agreed Sony-Provided Intellectual Property" means, in
         respect of each Sony Service (or component thereof), the copyright (or,
         where noted, other intellectual property rights) identified as "Agreed
         Sony-Provided Intellectual Property" on Exhibit B hereto, or any
         subsequent mutually agreed rights set forth on any Agreed Plan (as
         defined in subparagraph 2(a) hereof) or as otherwise agreed by the
         parties from time to time in accordance with this Letter Agreement, and
         the rights set forth subparagraph 1(c) hereof.

Sony Services shall be selected and Delivered in the manner and at the times
specified in the applicable Agreed Plan pursuant to subparagraph 2(a) hereof. In
respect of each Sony Service (or component thereof), Sony shall be responsible
for (and shall only be responsible for) the Agreed Sony-Included Costs. In
fulfilling its obligations under this Letter Agreement, Sony will draw upon the
institutional knowledge and experience of itself and certain of its affiliated
companies, including Sony Music Entertainment Inc., InfoBeat LLC and Sony
Pictures Entertainment Inc. In entering into this Letter Agreement, Yupi and
Sony intend that the Yupi Properties will be Sony's preferred Spanish-language
portal, and Yupi and Sony will each use good faith efforts to effectuate this
intent.

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         (b) SONY/YUPI RELATIONSHIP Even after the termination of the Commitment
Period, but only so long as Sony (or any of its subsidiaries or affiliates)
holds at least 50% of the Shares being acquired under the Purchase Agreement (as
adjusted to reflect stock splits, dividends, combinations, and
recapitalizations), and only so long as Yupi remains a leader in the
Spanish-language entertainment portal market (the "Subparagraph 1(b) Period"),
Sony shall (i) continuously regard Yupi as a strategic component of Sony's
investment portfolio; and (ii) use commercially reasonable efforts to make
available to Yupi a reasonable selection of the Sony Services specified in
paragraph 13 of Exhibit B. Notwithstanding anything to the contrary in the
preceding sentence, in the event Sony exercises its Non-Branded Services Option
as provided in paragraph 3 hereof, then at all times during the Subparagraph
1(b) Period after such exercise, Sony shall be obligated to comply with the
provisions of clause (i), but not the provisions of clause (ii), of the
preceding sentence. Sony's failure to comply with this Section 1(b) shall not
constitute a breach of Sony's material obligations under this Letter Agreement.

         (c) AGREED SONY-PROVIDED INTELLECTUAL PROPERTY "Delivery" shall mean,
in respect of each Sony Service (or component thereof), the royalty-free
granting of a non-exclusive license, on such terms as are customary in the
music, film, television, or internet industry (as applicable), for the use set
forth in the applicable Agreed Plan, in and to the Agreed Sony-Provided
Intellectual Property identified on Exhibit B (or Agreed Plan or as otherwise
agreed by the parties) in respect of such Sony Service or component thereof. In
respect of any Sony Service which includes trademarks, trade names, or logos of
any Sony property, "Delivery" shall include a royally-free non-exclusive license
to use such trademark, trade name, or logo as contemplated. In respect of any
Sony Service which includes, as set forth on Exhibit B, any copyright interest
owned or controlled by Sony in any sound recording in an audio or audiovisual
recording, or in any album artwork, "Delivery" shall include a royally-free
non-exclusive license to use such copyright as contemplated. In connection
therewith, Sony and Yupi shall negotiate and execute customary license
agreements for the Sony-Provided Intellectual Property.

         (d) FUTURE RELATIONSHIP The parties agree to negotiate in good faith
the terms and conditions for extending the additional cross-marketing and
cross-promotional relationship after the Commitment Period.

2.       PROCEDURE

         (A) REPRESENTATIVES; MONTHLY MEETINGS A group consisting of an equal
number of Yupi and Sony representatives (the "Representatives") shall meet on a
monthly basis (or at such other frequency as reasonably determined by Sony, but
no less frequently than every six months) throughout the Commitment Period (the
"Monthly Meetings"). At each such Monthly Meeting, the parties shall agree upon
an "Agreed Plan" in accordance with section 2(a)(i) below, AND shall make the
"Determination" in accordance with section 2(a)(ii) below. As used herein,
"Period" means each month (or

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such other period as reasonably determined by Sony, but no less frequently than
every six months) throughout the Commitment Period.

                  (i) AGREED PLAN At each Monthly Meeting, Yupi shall present
         its proposed business and operating plan for the next-succeeding
         Period. Such proposed plan shall include a detailed description of
         every Sony Service which Yupi requests to be Delivered, and the
         preferred timing of such Delivery, during the Period. Sony shall assess
         for Yupi the availability of the Sony Services requested and other
         factors that affect its ability to Deliver the requested Sony Services
         during the Period concerned. Taking these factors into consideration,
         the Representatives shall mutually agree upon the Sony Services to be
         Delivered during such Period, and, if necessary, on any modifications
         to the Agreed Values, Agreed Sony-Included Costs, or Agreed
         Sony-Provided Intellectual Property thereof. The operating and business
         plan including such agreed Sony Services and Agreed Values, Agreed
         Sony-Included Costs, and Agreed Sony-Provided Intellectual Property
         shall be deemed the "Agreed Plan" for the Period concerned. Each of
         Yupi and Sony hereby acknowledge that the plan attached hereto as
         Exhibit C constitutes the Agreed Plan for the Period of the first six
         months of the Commitment Period to the best of the parties' ability to
         ascertain as of the date of this Letter Agreement, and that the values
         set forth next to the Sony Services listed thereon constitute the
         Agreed Values for such Services in such Period (unless such Agreed
         Values or other terms are subsequently changed by mutual agreement of
         the parties).

                  (ii) DETERMINATION At each Monthly Meeting, the
         Representatives shall determine (the "Determination"), in respect of
         the Period just then completed, the extent to which Sony Delivered the
         Sony Services described in the Agreed Plan during the Period concerned,
         and shall then credit to Sony, towards the Commitment Amount, the
         Agreed Value of each such Delivered Sony Service as set forth in
         Exhibit B (or, as applicable, in the Agreed Plan concerned). In making
         such Determination, the Representatives shall take into account the
         factors described in subparagraph 2(b) hereof affecting Delivery. In
         respect of the Sony Services described in paragraph 13 of Exhibit B,
         the parties agree that the full value of such Sony Services shall be
         credited towards the Commitment Amount as of the date of Closing.

         (b) DELIVERY Sony shall be deemed to have "Delivered" each Sony Service
listed on an Agreed Plan by (i) making available such Services in accordance
with the "Delivery Standard" in respect of such Sony Service as is set forth on
Exhibit B or an Agreed Plan (or as otherwise agreed by the parties) and (ii)
using commercially reasonable efforts to achieve the agreed-upon objectives.
Notwithstanding the foregoing, Sony shall not be deemed to have Delivered a
particular Sony Service, if Yupi has used commercially reasonable efforts to
take advantage of the specific services and, where applicable, has implemented
the necessary technology, licenses, support and infrastructure to exploit the
services, but intervening or superceding events outside of Yupi's control render
Yupi unable to exploit such services. In such instances, Sony and

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Yupi shall discuss in good faith an appropriate credit to Sony for level of
support and assistance which had been provided for the project and shall agree
on a comparable substitute Sony Services of a similar value which will be made
available. Whenever reference is made to an "artist" or "artists" in Exhibit B,
Sony and Yupi shall mutually agree on the selection of the artist.

         (c) CROSS-DIVISIONAL REVIEW The following representatives of Sony (or
representatives of comparable seniority, relevant experience and effectiveness
within each one of their divisions), and the following representatives of Yupi
(or representatives of comparable seniority, relevant experience and
effectiveness within each one of their divisions), shall discuss, at such
regular times throughout the Commitment Period as such representatives can
reasonably agree (with a goal of meeting on a quarterly basis), by conference
call or meeting, the status of the delivery of the Sony Services and the overall
relationship of the parties:
                  Fred Ehrlich, Sony Music
                  Yair Landau, Sony Pictures
                  Elizabeth Coppinger, Sony Corporation of America
                  Chief Executive Officer of Yupi
                  Chief Financial Office of  Yupi

3.       SONY TERMINATION OPTION Notwithstanding anything to the contrary in
this Letter Agreement or in any of the Agreements, Sony shall have the option (a
"Sony Termination Option"), exercisable by notice to Yupi (the "Sony Termination
Option Notice"), to terminate the Commitment Period and all of Sony's
obligations under this Letter Agreement upon payment to Yupi of the Penalty
Amount.

As used herein, "Penalty Amount" means

                  (i) the amount by which the Commitment Amount exceeds the
         aggregate Agreed Value of Sony Services Delivered by Sony hereunder
         prior to the date of Sony' Termination Option Notice (the "Balance
         Amount") (as used for purposes of the calculation of the "Penalty
         Amount," in addition to credit accorded to Sony through and including
         all of the Determinations which have been made prior to the date of the
         Sony Termination Option Notice, the parties shall make a Determination
         for a period up to the Sony Termination Option Notice and Sony shall be
         accordingly credited for all other Sony Services which it has Delivered
         prior to such date); and

                  (ii) fifty percent (50%) of the Balance Amount.

4.       SONY CONVERSION OPTION Notwithstanding anything to the contrary in this
Letter Agreement or in any of the Agreements, in the event of any Option Event
(defined below), Sony shall have the option, exercisable by notice to Yupi at
any time after the occurrence of the Option Event concerned (the "Conversion
Option Notice"), to convert the remainder of its obligations under this Letter
Agreement to the Modified Agreement defined below. As used herein, "Option
Event" means any one of the following:

                                     Page 5
<PAGE>

                  (i) If during the Commitment Period any of the Yupi Properties
         incorporates, or the Yupi Properties in general incorporate, on a
         repeated and consistent basis, content developed by Yupi or its
         third-party content providers that contains a significant portion of
         pornographic, obscene or other illegal content, and Yupi fails to
         remove such content from any such Yupi Properties within thirty (30)
         days after its receipt of Sony's notice requesting that it do so; or

                  (ii) If during the Commitment Period any Yupi Property (or any
         service or entity operated by any Yupi Property) materially and
         systematically consists primarily of materials owned or developed by
         (and therefore affords preferential treatment vis-a-vis similar
         material owned by Sony) a direct competitor of Sony in any of the music
         publishing, recording, record (or music video) production and
         distribution, film production and distribution, or television
         production and distribution businesses, and Yupi fails to correct such
         situation within thirty (30) days after its receipt of Sony's notice
         requesting that it do so; or

                  (iii) If at any time during the Commitment Period any Yupi
         Property possesses, or the Yupi Properties in general possess, a
         consistent material ill reputation within the target audience to the
         extent that the association of Sony with Yupi or with such Yupi
         Property or Properties could reasonably cause a material adverse effect
         on the reputation of, or otherwise cause material embarrassment to or
         materially diminish the value of, the operating divisions or properties
         of Sony, and Yupi fails to correct such situation within thirty (30)
         days after the receipt of Sony's notice requesting that it do so; or

                  (iv) If at any time during the Commitment Period the "Yupi
         Value" (as defined below) is lower than Three Hundred Million US
         Dollars (US $300,000,000). As used in this section (iv), "Yupi Value"
         means, until such time as Yupi is subject of an initial public
         offering, the fair market value of all of the outstanding equity of
         Yupi, as reasonably determined by one of the "blue chip" top tier
         investment banking firm (which Yupi shall have the right to contest
         with a report by another "blue chip" top tier investment banking firm),
         and, after an initial public offering, the then-current market
         capitalization of Yupi.

         As used herein, the "Modified Agreement" shall mean this Letter
         Agreement, modified as follows:

                  (i) In the event of an Option Event under section 4 (iv), in
         respect of the balance of Sony Services up to the Commitment Amount,
         which Sony has not Delivered as of the date of the Conversion Option
         Notice (the "Remaining Obligation"), Sony shall only be obligated to
         Deliver Non-Branded Services, and

                                     Page 6
<PAGE>

                  (ii) In the event of an Option Event under sections 4(i) (ii),
         or (iii) hereof, in respect of the Remaining Obligation, Sony shall be
         obligated to Deliver Non-Branded Services in respect of those Yupi
         Properties which are the basis for the Option Event (as well as any
         other Yupi Properties which a reasonable consumer would understand to
         be significantly associated with the Yupi Property that is the basis
         for the Option Event), and shall continue to Deliver all Sony Services
         in respect of all other Yupi Properties. As used herein, "Non-Branded
         Services" means those Sony Services which are not identified primarily
         by and whose benefit is not primarily derived from association with the
         Sony trade name (or the trade names of any material Sony properties).

4.       YUPI REMEDY In the event that Sony fails to Deliver, within any six
(6)-month period during the Commitment Period ("6-Month Period"), a substantial
portion of the Sony Services specifically scheduled to be Delivered, pursuant to
one or more Agreed Plans, during such 6-Month Period, such Sony Services not so
Delivered (or such other Sony Services as the parties mutually determined in
good faith to be of an equivalent Agreed Value) shall be required to be
Delivered during the next succeeding six (6)-month period ("Subsequent 6-Month
Period") and shall be deemed incorporated in the Agreed Plan or Agreed Plans
covering such Subsequent 6-Month Period. If such Sony Services are still not
substantially Delivered by Sony within such Subsequent 6-Month Period, Yupi
shall deliver to Sony a written notice of such failure to Deliver (a
"Non-Delivery Notice"). Sony shall have three (3) months after its receipt of
such Non-Delivery Notice (the "Cure Period") to cure such Non-Delivery, which
cure shall be accomplished by Delivery of the Sony Services of an Agreed Value
equivalent to the Sony Services not Delivered (such equivalent Sony Services as
reasonably agreeable to Yupi). In the event Sony fails to so cure within the
Cure Period as provided herein, Yupi shall have as its sole remedy the option,
exercisable by notice to Sony at any time after the Cure Period, to terminate
the Commitment Period and all of Yupi's and Sony's obligations under the Letter
Agreement, and to demand that Sony pay to Yupi, promptly upon final adjudication
of a breach by Sony of this Letter Agreement, the Penalty Amount.

5.       MISCELLANEOUS.

         (a) All notices under this Letter Agreement shall be in writing and
shall be given by courier or other personal delivery or by registered or
certified mail at the appropriate address first listed above or at a substitute
address designated by notice by the party concerned. Each notice to Sony shall
be addressed for the attention of the Senior Vice President, Business Affairs &
Administration, of Sony Music, A Group of Sony Music Entertainment Inc. ("Sony
Music"), 550 Madison Avenue, New York, New York 10022, and a copy of each notice
to Sony shall be sent simultaneously to the Sony Music Entertainment Inc. Law
Department for the attention of its Senior Vice President and General Counsel.
Each notice to YUPI shall be addressed for the attention of its President at 605
Lincoln Road, Suite 401, Miami Beach, Florida 33139 and a copy of each notice to
YUPI shall be sent simultaneously to Testa, Hurwitz & Thibeault, LLP, 125 High
Street, Boston, MA 02110, Attention, Stephen A. Hurwitz, Esq. Notices shall

                                     Page 7
<PAGE>

be deemed given when mailed or, if personally delivered, when so delivered,
except that a notice of change of address shall be effective only from the date
of its receipt.

         (b) This Letter Agreement contains the entire understanding of the
parties hereto relating to its subject matter. No change or termination of this
Letter Agreement shall be binding upon either party hereto unless it is made by
an instrument signed by an authorized officer of such party.

         (c) Each of Yupi and Sony (each, an "Assigning Party") may assign its
rights under this Letter Agreement in whole or in part to any subsidiary,
affiliated or controlling corporation to any person owning or acquiring a
substantial portion of the stock or assets of such Assigning Party, or to any
partnership or other venture in which such Assigning Party participates, and
such rights may be similarly assigned by any assignee. No such assignment shall
relieve such Assigning Party of any of its obligations hereunder. Any purported
assignment by YUPI or Sony in violation of this subparagraph shall be void.

         (d) Neither party shall be entitled to recover damages by reason of any
breach by the other party of its material obligations, unless the breaching
party has failed to remedy the breach within a reasonable period of time
following receipt of notice thereof, or as otherwise provided herein.

         (e) THIS LETTER AGREEMENT HAS BEEN ENTERED INTO IN THE STATE OF NEW
YORK, AND THE VALIDITY, INTERPRETATION AND LEGAL EFFECT OF THIS LETTER AGREEMENT
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
ENTERED INTO AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK (WITHOUT GIVING
EFFECT TO ANY CONFLICT OF LAW PRINCIPLES UNDER NEW YORK LAW).

         (f) In entering into this Letter Agreement, and in providing services
pursuant hereto, each of Yupi and Sony have and shall have the status of an
independent contractor. Nothing herein contained shall contemplate or constitute
Yupi as Sony's agent or employee, or Sony as Yupi's agent or employee, and
nothing herein shall constitute a partnership, joint venture or fiduciary
relationship between Yupi and Sony.

Very truly yours,

SONY CORPORATION OF AMERICA

By: /S/ KENNETH L. NEES
    --------------------------
       An Authorized Signatory

AGREED:

                                     Page 8
<PAGE>

YUPI INTERNET, INC.

By: /S/ OSCAR COEN
    ---------------------------
        An Authorized Signatory

                                     Page 9
<PAGE>

                                    EXHIBIT A

to the Letter Agreement, dated October 27, 1999, between Yupi Internet, Inc. and
Sony Corporation of America
--------------------------------------------------------------------------------

                                 YUPI PROPERTIES

www.Yupi.com
www.ciudadfutura.com
www.charlas.com
www.pregonero.com
www.el-agora.com
www.lettera.net
www.metabusca.com

                                    Page 10
<PAGE>

                                    EXHIBIT B

to the Letter Agreement, dated October 27, 1999, between Yupi Internet, Inc. and
                          Sony Corporation of America
--------------------------------------------------------------------------------

                                  SONY SERVICES

1.       MULTIMEDIA CD'S:  THE INCLUSION ON SONY MUSIC ENHANCED CDS OF (I) LINKS
TO WWW.YUPI.COM OR ANOTHER YUPI PROPERTY, OR (II) BUNDLED YUPI-OWNED SOFTWARE
(ON AN ESTIMATED [CONFIDENTIAL TREATMENT REQUESTED]/*/ ENHANCED CD UNITS).
     o    Delivery Standard: (i) Facilitate the contact between the Yupi
          Representative and the appropriate Sony Music person responsible for
          inclusion of such multimedia material; explain the key personnel, the
          timing deadlines for inclusion of multimedia material; and (ii)
          Discuss with Yupi which Yupi page will serve as a jump page and what
          will be highlighted, as well as pointers for consumers to access the
          enhanced portion on the CD
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ per manufactured
          CD. Note that, on the assumption that there will be [CONFIDENTIAL
          TREATMENT REQUESTED]/*/ enhanced CDs with this material, the estimated
          overall valuation is [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

2.       UVILLE (SONY MUSIC'S MUSIC PORTAL SITE) (A) IN "RELATED LINK" FOR LATIN
ARTISTS, UVILLE CAN INCLUDE A LINK TO YUPI SITE; (B)YUPI TO SUPPLY NEWS AND YUPI
TO SPONSOR AREA; (C) SONY CAN TRANSLATE CERTAIN MUTUALLY-AGREED CONTENT TO
SPANISH AND HAVE SOME BILINGUAL CONTENT AS AGREED; (D) YUPI WILL BE PART OF
INITIAL PRESS RELEASE - HIGHLIGHTED; AND (E) YUPI AND SONY WILL WORK TOGETHER AS
UVILLE EVOLVES TO INCLUDE YUPI IN OTHER APPROPRIATE OFFERINGS
     o    Delivery Standard: Facilitate contact between the Yupi Representative
          and the appropriate Uville person responsible for each aspect of
          integration (technical linking, editorial, translation of content,
          insertions). Explain the key personnel, the timing deadlines for
          inclusion of Yupi content (including press release).
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

3.       INFOBEAT

         (A)      INCLUSION ON INFOBEAT GENERALLY:

                  (I) YUPI COULD HAVE PERMANENT BRICK AND/OR BANNER ADS ON
                  E-MAILS TO AN APPROPRIATE TARGET SECTION (MUTUALLY AGREED) OF
                  INFOBEAT SUBSCRIBERS

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 11
<PAGE>

               o    Delivery Standard: Work with Yupi to assess [CONFIDENTIAL
                    TREATMENT REQUESTED]/*/, and to facilitate contact between
                    the Yupi Representative and the appropriate InfoBeat person
                    responsible for ad insertions. Assist in ad preparation.
               (II) [CONFIDENTIAL TREATMENT REQUESTED]/*/
               o    Delivery Standard: [CONFIDENTIAL TREATMENT REQUESTED]/*/
               (II) INVOLVEMENT IN ENTERTAINMENT PRODUCT
                      I) LATIN MUSIC AREA TO BE "SPONSORED BY YUPI"
               o    Delivery Standard: Facilitate contact between the Yupi
                    Representative and the appropriate InfoBeat person
                    responsible for sponsorship banners in this area.
               o      II) LINKS ACROSS RELEVANT PAGES
               o    Delivery Standard: Facilitate contact between the Yupi
                    Representative and the appropriate InfoBeat person
                    responsible for links; assist in link preparation.
                      III) [CONFIDENTIAL TREATMENT REQUESTED]/*/
               o    Delivery Standard: [CONFIDENTIAL TREATMENT REQUESTED]/*/
               o    (V) INVOLVEMENT IN NEWS PRODUCT: LATIN NEWS AREA TO INCLUDE
                    CONTENT PROVIDED BY YUPI AND HAVE LINKS TO YUPI SITE
               o    Delivery Standard: Yupi to provide InfoBeat with Latin music
                    news content [CONFIDENTIAL TREATMENT REQUESTED]/*/; InfoBeat
                    will include such content with links to appropriate target
                    e-mail.
     o    Delivery Standard: See each separate element above,
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ (see breakdown on
          Exhibit C)
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

(II) [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Delivery Standard: [CONFIDENTIAL TREATMENT REQUESTED]/*/
          Agreed Value:      [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 12
<PAGE>

     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

4. [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Delivery Standard: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

5.  SONY MUSIC AUDIO RECORDINGS

(I) LICENSE FOR 30-SECOND AUDIO SAMPLES WITH THUMBNAIL OF ALBUM ART FOR MUSIC
PREVIEWS IN CONNECTION WITH RECORD-PURCHASE E-COMMERCE OFFERS; LINKS TO
SONY-AFFILIATED VIRTUAL RECORD RETAILER. PROMOTIONAL ONLY

     o    Delivery Standard: Facilitate contact with Sony Music licensing
          personnel; audio clips and album art files made available in correct
          format.
     o    Agreed value: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

          (II) [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Delivery Standard: Facilitate contact with Sony Music licensing
          personnel; [CONFIDENTIAL TREATMENT REQUESTED]/*/ made available in
          correct format.
     o    Agreed value: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 13
<PAGE>

(III) [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Delivery Standard: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

6.        SONY MUSIC VIDEO RECORDINGS
          (I) LICENSE FOR 30-SECOND VIDEO SAMPLES WITH THUMBNAIL OF ALBUM ART
          FOR MUSIC PREVIEWS IN CONNECTION WITH RECORD-PURCHASE E-COMMERCE
          OFFERS; LINKS TO SONY-AFFILIATED VIRTUAL RECORD RETAILER.

     o    Delivery Standard: Facilitate contact with Sony Music licensing
          personnel; video clips and album art files made available in correct
          format.
     o    Agreed value: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

         (II) LICENSE FOR APPROXIMATELY [CONFIDENTIAL TREATMENT REQUESTED]/*/
          FULL-LENGTH VIDEO TRACKS FOR NON-PERSONALIZED, NON-INTERACTIVE,
          STREAMING-VIDEO INTERNET WEBCASTS OF U.S. ARTISTS. U.S. DIGITAL
          MILLENNIUM COPYRIGHT ACT TO BE USED AS FRAMEWORK FOR PROGRAMMING
          PARAMETERS.
     o    Delivery Standard: Facilitate contact with Sony Music licensing
          personnel; audio tracks made available in correct format.
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ (Actual value
          dependent upon usage and attributable revenue streams).
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

7.       [CONFIDENTIAL TREATMENT REQUESTED]/*/

     o    Delivery Standard: (i) [CONFIDENTIAL TREATMENT REQUESTED]/*/

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 14
<PAGE>

     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

8.        SONY MUSIC SPECIAL PRODUCT COMPILATIONS: [CONFIDENTIAL TREATMENT
REQUESTED]/*/ LICENSING SONY MUSIC MASTERS (BACK-CATALOG TRACKS) FOR USE IN
YUPI-BRANDED PROMOTIONAL SAMPLERS ([CONFIDENTIAL TREATMENT REQUESTED]/*/ TRACKS
PER RECORD). PROMOTION ONLY ON YUPI PROPERTIES

     o    Delivery Standard: Facilitate contact between the Yupi Representative
          and the appropriate Sony Music Special Products person responsible;
          explain the key personnel and timing deadlines; (ii) where license
          terms otherwise agreed, [CONFIDENTIAL TREATMENT REQUESTED]/*/
          (estimated [CONFIDENTIAL TREATMENT REQUESTED]/*/)
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ (Actual value
          dependent upon masters being licensed, number of units distributed and
          scope of distribution).
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

9.        MASTER-USE LICENSES (YUPI ADS): [CONFIDENTIAL TREATMENT REQUESTED]/*/
FOR USE IN LICENSING SONY MUSIC MASTERS CONNECTION WITH YUPI ADVERTISING SPOTS
IN VARIOUS MEDIA -- I.E., INTERNET, TELEVISION AND RADIO. [CONFIDENTIAL
TREATMENT REQUESTED]/*/
     o    Delivery Standard: Facilitate contact between the Yupi Representative
          and the appropriate Sony Music Special Products person responsible;
          explain the key personnel and timing deadlines Agreed Value:
          [CONFIDENTIAL TREATMENT REQUESTED]/*/ EACH 6-MONTH PERIOD (Actual
          value dependent upon masters being licensed, number of units
          distributed and scope of distribution).
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

10.       ADDITIONAL SONY MUSIC MARKETING COMMITMENTS: SONY MUSIC TO MAKE
AVAILABLE TO YUPI A "BUCKET" OF VARIOUS MARKETING OPPORTUNITIES IN ADDITION TO
THOSE SPECIFICALLY SET FORTH ABOVE, SUCH AS BY WAY OF ILLUSTRATION, "BATTLE OF
THE BANDS" COMPETITIONS, TRIPS TO RECORDING STUDIO, DEMOS, SNEAK PREVIEWS. THE
FOLLOWING DETAILS COVER ONLY THOSE EXAMPLES DISCUSSED TO DATE. ACTUAL ITEMS WILL
VARY.

     (A) BATTLE OF THE BANDS:
     o    Delivery Standard: Facilitate contact between the Yupi Representative
          and the appropriate Sony Music person responsible; explain the key
          personnel

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 15
<PAGE>

          and timing deadlines; (ii) Provide content and schedule templates,
          assist in development of contest rules; (iii) provide agreed-upon
          prize for winner (which may be tour of recording studio, meeting with
          record company personnel (A&R?), MAYBE a demo recording contract), as
          determined by Sony. Yupi to put promo on its sites. Sony A&R team to
          review and choose winner.
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ per contest
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

     (B) SONY TO PROVIDE [CONFIDENTIAL TREATMENT REQUESTED]/*/ E-ATTACHMENTS
     WHICH COMBINE MUSIC AND GRAPHICS [CONFIDENTIAL TREATMENT REQUESTED]/*/ EACH
     o    Delivery Standard: Work with Yupi to design and create e-attachments
          Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ per e-attachment
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

     (C) SONY MUSIC WILL PROVIDE FUN/FAST GAMES FOR YUPI CONSUMERS
     o    Delivery Standard: Work with Yupi to design and create games
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ per game,
          depending on content
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

     (D) FOR EGREETINGS: WE WILL PROVIDE SELECT MUSIC (10 SECONDS)
     o    Delivery Standard: Work with Yupi to design and create e-greetings and
          mutually select music (subject to rights and availability)
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ per music sample
          in e-greeting
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

11.      BANNER ADVERTISING: INVENTORY OF BANNER ADS TO BE MADE AVAILABLE
ACROSS SONY-OWNED INTERNET SITES, TO BE REASONABLY DRAWN UPON BY YUPI AT SUCH
TIMES AND IN SUCH QUANTITIES AS AGREED UPON IN GOOD FAITH BY SONY AND YUPI.
NON-SPONSORSHIP ONLY. ALL BANNERS ON SONY RELATED WEBSITES, ARTIST WEBSITES
     o    Delivery Standard: FACILITATE CONTACT BETWEEN Yupi and appropriate
          Sony Music personnel for ad banners; explain timing deadlines and key
          personnel. Size of ad buys to be mutually agreed.
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/. Estimated value
          to Yupi: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 16
<PAGE>

12.      SONYMUSIC.COM AND OTHER SONY MUSIC LATIN-RELATED WEBSITES:

         (A)      LATIN NEWS AND E-MAIL - "SPONSORED BY YUPI"
     o    Delivery Standard: Facilitate contacts between Yupi and appropriate
          Sony Music personnel for news and e-mail inclusion; placement of
          agreed links (from Sony to Yupi) as provided by Yupi. ad banners;
          explain timing deadlines and key personnel. Size of ad buys to be
          mutually agreed.
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ IN FIRST 6 MONTHS;
          [CONFIDENTIAL TREATMENT REQUESTED]/*/ IN EACH SUBSEQUENT 6-MONTH
          PERIOD
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/
         (B)   [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Delivery Standard: Work with Yupi to develop search engine; facilitate
          contacts
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ IN FIRST 6 MONTHS;
          [CONFIDENTIAL TREATMENT REQUESTED]/*/ IN EACH
          SUBSEQUENT 6-MONTH PERIOD
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

13.      SONY BRANDING; EXPERTISE, KNOWLEDGE AND CONTACTS MUSIC, FILM,
TELEVISION, CONSUMER ELECTRONICS, PERSONAL COMPUTER, INTERNET AND E-MAIL
DELIVERY SERVICES INDUSTRIES; INDUSTRY GOODWILL AND BRANDING ASSOCIATED WITH
YUPI'S STRATEGIC ALLIANCE WITH SONY AND ITS AFFILIATED COMPANIES; THE
FACILITATION OF INTRODUCTIONS, CONTACTS AND RELATIONSHIPS WITHIN AND AMONG THE
VARIOUS SONY OPERATING COMPANIES AND THEIR RESPECTIVE BUSINESS UNITS, LOOK INTO
SOE HELPING WITH AD SALES IN THE US, ADVICE ON GROWTH PLANS, BUSINESS
DEVELOPMENT, PARTNERS ETC.
     o    Delivery Standard: DEEMED DELIVERED AT CLOSING
     o    Agreed Value [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

14.      ON-AIR PROMOTIONAL TIME ON SONY TELEVISION PROPERTIES IN LATIN AMERICA
AND SPAIN
     o    Delivery Standard: Advise Yupi on available ad spots; facilitate
          contact between Yupi and Sony Music personnel; Yupi delivers all
          creative elements.
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ (Actual value
          dependent upon usage, day-parts and particular properties involved).
          [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

15.       [CONFIDENTIAL TREATMENT REQUESTED]/*/

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 17
<PAGE>

[CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Delivery Standard: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

16. ADDITIONAL SONY PICTURES MARKETING COMMITMENTS SONY PICTURES TO MAKE
AVAILABLE TO YUPI A "BUCKET" OF VARIOUS MARKETING AND CONTENT PARTNERSHIP
OPPORTUNITIES IN ADDITION TO THOSE SPECIFICALLY SET FORTH ABOVE, SUCH AS BY WAY
OF ILLUSTRATION, GAME MODULES (E.G., "STEWART LITTLE"), SCREENSAVERS, (E.G.,
"MEN IN BLACK") A CO-BRANDED NEWSLETTER (E.G., "SHOWBIZ SCOOP") AND E-POSTCARDS.
                [AGGREGATE VALUE TO YUPI: [CONFIDENTIAL TREATMENT REQUESTED]/*/]
     o    Delivery Standard: As agreed on a project-by-project basis.
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

17.      MEDIA BLITZ PLAN FOR YUPI (A) JOINT EFFORT ON MEDIA PLAN; AND
[CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Delivery Standard: Facilitate contact between the Yupi Representative
          and the appropriate Young and Rubicam person on press release and
          media plan. Consult with Yupi on media plan. [CONFIDENTIAL TREATMENT
          REQUESTED]/*/. Ad buys to be completed by Yupi.
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/
18.      COLLECTIBLES: SONY WILL MAKE AVAILABLE CHARITY COLLECTIBLES ON YUPI
SITE
     o    Delivery Standard: As requested and as they become available, Sony
          will make collectible items available for inclusion on a Yupi site.
          Sony will coordinate securing rights to collectibles.
     o    Agreed Value: based on value of collectible; estimated aggregate value
          [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 18
<PAGE>

     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

19.      PR SERVICE: AVAILABILITY OF SONY-HIRED PR CONSULTANT

     o    Delivery Standard: Facilitate contact between the Yupi Representative
          and Sony's Pr consultant to seek to get Yupi's name in high level
          business trades to draw attention to and enhance the yupi brands ion
          the investment world. Arrange an initial meeting between this
          consultant and Yupi management, and arrange such follow-up meetings as
          agreed to be appropriate. Written progress reports.
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ month
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

20.      VIDEO: PRIVATE LABEL VIDEO CHANNEL ON YUPI SITE WITH SPANISH LANGUAGE
ARTISTS
     o    Delivery Standard: Work with Yupi to develop private label video
          channel with Spanish language artists. To the extent Yupi provides
          content, Sony will [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ for first six
          months; [CONFIDENTIAL TREATMENT REQUESTED]/*/ for each subsequent
          6-month period
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

21.      E-MAZING:
         A) WE WILL CONVERT OUR TIPS TO SPANISH, HIRE SPANISH EDITOR
         B) WE WILL CREATE NEW JOINTLY AGREED UPON TIPS
         C) PLACEMENT OF ADS TO PROMOTE YUPI ON EMAZING SITE
         D) YUPI IS CO-BRANDED SPONSOR
         E) YUPI SEARCH BOX INCLUDED AT SONY'S OPTION
         F) CIUDAD FUTURA PROMOTIONS AND TARGETED TIPS
         G) WILL BE PART OF PRESS RELEASE CONCERNING SONY MUSIC PURCHASE AS
         WELL AS NEW TIPS
         H) WE WILL FEATURE YUPI'S OWN EMAIL NEWSLETTER PROMINENTLY (TIPS,
         START-O-MATIC). SHARE NAMES AND AD REVENUES (AFTER AD COSTS)
         I) YUPI BRANDED STARTOMATIC PAGE
                  I) BEST SPANISH NEWS SITES AND RELEVANT CONTENT
                  II) EMAZING TO PROMOTE SPANISH VERSION
     o    Delivery Standard: As detailed above.
     o    Agreed Value: [CONFIDENTIAL TREATMENT REQUESTED]/*/ for (a) through
          (h); for (i), [CONFIDENTIAL TREATMENT REQUESTED]/*/ for first six
          months and [CONFIDENTIAL TREATMENT REQUESTED]/*/ for each subsequent
          6-month period
     o    Agreed Sony-Included Costs: [CONFIDENTIAL TREATMENT REQUESTED]/*/
     o    Agreed Sony-Provided Intellectual Property: [CONFIDENTIAL TREATMENT
          REQUESTED]/*/

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 19
<PAGE>

                                    EXHIBIT C

  to the Letter Agreement, dated October 27, 1999, between Yupi Internet, Inc.
                        and Sony Corporation of America
--------------------------------------------------------------------------------

SIX MONTH PLAN (AS AGREED UPON BY RUDI AND ARIANE ON MONDAY JULY 19TH) WITH
INITIAL GUIDELINES ON VALUES FOR THE FOLLOWING 6 MONTHS

         All the following action steps will be complemented by major PR
coverage

         Yupi needs to execute and promote these initiatives

<TABLE>
<CAPTION>
ACTION STEPS AND DELIVERABLES                                                           VALUE TO BE DRAWNDOWN
-----------------------------                                                           ---------------------
<S>                                                                                     <C>

1) Major launch event and press announcement to be worked on immediately after          $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
closing

         a) [CONFIDENTIAL TREATMENT REQUESTED]/*/

2)  Advertising:  All Banners on Sony related websites, artist websites:                [CONFIDENTIAL TREATMENT REQUESTED]/*/
         a)  [CONFIDENTIAL TREATMENT REQUESTED]/*/ CPM's
         b)  Size of ad buy to be determined
         c)  Non sponsorship

3)  [CONFIDENTIAL TREATMENT REQUESTED]/*/                                               $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
         a) [CONFIDENTIAL TREATMENT REQUESTED]/*/                                       (if special occurrences, parties will
                                                                                        discuss extra value added)
         [CONFIDENTIAL TREATMENT REQUESTED]/*/

4)  Multimedia:
         a)  [CONFIDENTIAL TREATMENT REQUESTED]/*//unit for all
         CD's manufactured with Yupi software                                           $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        per unit

         b) Discuss plan on highlighting to
         people that software is on CD

5)  Emazing:                                                                            $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        for first 6 months,
                                                                                        $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        next 6 mo.
         a) We will convert our tips to Spanish, hire Spanish editor
         b) We will create new jointly agreed upon tips
         c) Emazing to promote across site
         d) Yupi is cobranded sponsor

                  i) Use their search
</TABLE>

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 20
<PAGE>

<TABLE>
<S>                                                                                     <C>
                  ii) Ciudad Futura promotions and targeted tips

         e)  DELETED
         f)  Will be part of press release concerning Sony Music
                   purchase as well as new Tips
         g) We will feature Yupi's own email newsletter prominently

         h) Yupi branded Startomatic page                                               $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        for the first 6 months,
                                                                                        $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        next 6 mo.
                  i) best Spanish news sites and relevant content
                  ii) Emazing to promote Spanish version

6)  uville.com:                                                                         $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        for the first 6 months,
                                                                                        $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        next 6 mo.
         a) In "related link" for Latin artists - we will include a link to Yupi
         b) Yupi to supply news and Yupi to sponsor area
         c) We could convert some of our information to Spanish and have some
         bilingual report
         d) Will be part of initial press release - highlighted

7)  InfoBeat:
         a) Yupi could have permanent brick and/or banner ads                           $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
         targeted across [CONFIDENTIAL TREATMENT REQUESTED]/*/ subs                     equivalent value (per 6 month period)
         b) Could be some form of search on our site                                    tbd
         c) [CONFIDENTIAL TREATMENT REQUESTED]/*/                                       $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        per name per usage
         d) Involvement in Entertainment Product                                        $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        per 6 month period
                  i) Latin music area to be sponsored by Yupi
                  ii) Links across relevant pages
                  iii) [CONFIDENTIAL TREATMENT REQUESTED]/*/ in Latin
                       area, to have Yupi presence
         e) Involvement in News Product                                                 $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                  i) Latin news area to include content provided by Yupi                per 6 month period
                  and have links to Yupi site

12.      SONYMUSIC.COM AND OTHER SONY MUSIC LATIN-RELATED WEBSITES:

         a)  Latin News and e-mail - sponsored by Yupi                                  $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        for 6 months
                                                                                        $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        for next 6 months
         b)  [CONFIDENTIAL TREATMENT REQUESTED]/*/

9)  [CONFIDENTIAL TREATMENT REQUESTED]/*/:
         a)  License 30 second audio                                                    $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        per 6 month period
         b)  License 30 second video                                                    $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        per 6 month period
         c)  Allow Yupi to use [CONFIDENTIAL TREATMENT REQUESTED]/*/
                  videos - non- personalized -                                          $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        per 6 month period
                  they provide all bandwidth and are responsible
                  for publishing
         d)  Allow use of full songs in non personalization form                        $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        per 6 month period
</TABLE>

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 21
<PAGE>

<TABLE>
<S>                                                                                     <C>
         e)  [CONFIDENTIAL TREATMENT REQUESTED]/*/                                      $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        depending on [CONFIDENTIAL TREATMENT
                  (only available on sonymusic.com and Yupi)                            REQUESTED]/*/
                   - with press release
         f)  [CONFIDENTIAL TREATMENT REQUESTED]/*/: In the next 6 months,
                  we will commit to:                                                    $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        base for 6 months and an additional
                                                                                        $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        per high profile event (e.g.- IPO,
                                                                                        Xmas) depending on [CONFIDENTIAL TREATMENT
                                                                                        REQUESTED]/*/ availability
                  [CONFIDENTIAL TREATMENT REQUESTED]/*/

         g)  Battle of the Bands:  We will work with Yupi to do a battle of the         $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
         bands                                                                          per battle
         g) SMSP compilations:                                                          $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ and
                                                                                        the [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        rates after 6 months

                  We will make available up to [CONFIDENTIAL TREATMENT
                   REQUESTED]/*/ units at [CONFIDENTIAL TREATMENT REQUESTED]/*/
                   rates
         h)  Master Use:                                                                $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ per
                  We will make available at [CONFIDENTIAL TREATMENT                     6 month period
                   REQUESTED]/*/ rates

         i)   DELETED
         j)   We will provide [CONFIDENTIAL TREATMENT REQUESTED]/*/ e-attachments
                   which combine music and graphics for Yupi fans (can also be
                   used on site                                                         $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ each
         k)  Sony Music will provide fun/fast games for Yupi consumers                  $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ a
                                                                                        game
         l)  for egreetings: we will provide select music (10 seconds)                  $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ per
                                                                                        music

10)  SPE:
         a)  Make available and used [CONFIDENTIAL TREATMENT REQUESTED]/*/ of
                   advertising at [CONFIDENTIAL TREATMENT REQUESTED]/*/                 $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                   second on air mention                                                (next 6 mo. to depend on
                                                                                        inventory and Yupi preference)
          Work with Evan to develop and action plan and determine spot inventory
         for next 6 months

         b)  [CONFIDENTIAL TREATMENT REQUESTED]/*/, screenings, chats, contests,        $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ in
                   giveaways, merch                                                     first 6 months
                  i) Showbiz Scoop to be translated and include Latin news

11)  Collectibles:
         a)  Will make available charity collectibles on Yupi site                      $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ in
                   [CONFIDENTIAL TREATMENT REQUESTED]/*/                                first 6 months (next 6 mo. to at least be
                                                                                         matched)

12)  Video:  Will make available private label video channel on Yupi site with          $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ and
                                                                                        then $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        for next 6 months
</TABLE>

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 22
<PAGE>

<TABLE>
<S>                                                                                     <C>
                     [CONFIDENTIAL TREATMENT REQUESTED]/*/

13) [CONFIDENTIAL TREATMENT REQUESTED]/*/                                               $ [CONFIDENTIAL TREATMENT REQUESTED]/*/
                                                                                        and then
                                                                                        $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ for
                                                                                        next 6 months
                  [CONFIDENTIAL TREATMENT REQUESTED]/*/

14) PR:
concentrate on Yupi                                                                     $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ for
                                                                                        6 months (next 6 months at [CONFIDENTIAL
                                                                                        TREATMENT REQUESTED]/*/ rate, depending on
                                                                                        need)

15) Media blitz plan for Yupi                                                           $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ for
         a) joint effort on media plan                                                  6 months (next 6 months depending on need,
                                                                                        will incl. [CONFIDENTIAL TREATMENT
                                                                                        REQUESTED]/*/ rates)
         b) [CONFIDENTIAL TREATMENT REQUESTED]/*/

16)  Sony Branding                                                                      $ [CONFIDENTIAL TREATMENT REQUESTED]/*/ in
                                                                                        first 6 months (available thereafter as part
                                                                                        of relationship)
         For example;
         a) access and facilitation to Sony and industry contacts
         b) Expertise in email delivery and strategy
         c) Look into SOE helping with ad sales in US
         d) Advice on growth plans, acquisitions, biz dev, partners etc
</TABLE>

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

/*/[CONFIDENTIAL TREATMENT REQUESTED] INDICATES MATERIAL THAT HAS BEEN OMITTED
AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED
MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO
RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

                                    Page 23

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