Document:

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                              AMENDED AND RESTATED
                                 PROMISSORY NOTE

                  THIS AMENDED AND RESTATED PROMISSORY NOTE (the "Note") is made
by the undersigned Patricio E. Northland (the "Executive"), in favor of AT&T
Latin America Corp., a Delaware corporation ("Employer"), as of November 27,
2001.

                  The Executive hereby amends and restates that initial
Promissory Note dated as of January 26, 2001, executed by the Executive for the
principal sum of $9,408,825.78 in favor of the Employer (the "Original Note") as
set forth below.

                  FOR VALUE RECEIVED, the Executive, hereby promises to pay the
Employer, the principal amount of nine million four hundred eight thousand eight
hundred and twenty-five dollars and seventy-eight cents ($9,408,825.78), in
lawful money of the United States of America and in immediately available funds
on March 1, 2010 (the "Stated Maturity Date"), together with interest pursuant
to Section 2 of this Note. The principal sum of $9,408,825.78 may be adjusted
from time to time as provided below, as follows:

                  1. REPAYMENT OF PRINCIPAL. The entire unpaid principal balance
of this Note shall be due and payable, together with all interest and other
charges due hereunder, on the Stated Maturity Date, unless the Note becomes due
and payable pursuant to Sections 5 through 7 of this Note.

                  2. INTEREST. Interest shall accrue on the principal and
accrued but unpaid interest from the date of the Original Note at 5.41% per
annum, semi-annual compounding. Interest shall not be currently payable
hereunder, but shall be due, together with additional accrued interest thereon,
on the stated Maturity Date or, if earlier, when the Note becomes payable
pursuant to Sections 5 through 7 hereof.

                  If any payment which is to be made hereunder is not paid when
due, such payment shall bear interest, payable on demand, at a rate per annum
equal to the rate set forth above plus one percent (1%), but not to exceed the
maximum amount permitted by law.

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                  If the payment of principal or interest on this Note becomes
payable on a Saturday, Sunday or a day on which Employer is to be closed, then
such payment shall be extended to the next succeeding business day with no
additional interest due.

                  3. USE OF FUNDS. Executive acknowledges that the funds
advanced pursuant to the Original Note were used to pay-off Executive's
obligations to Citicorp USA, Inc. under that certain Demand Note (the "Note"),
dated January 21, 2000, executed by Executive in favor of Citicorp USA, Inc.

                  4. VOLUNTARY PREPAYMENTS. Interest and principal on this Note
may be prepaid in whole or in part at any time without premium or penalty, but
with interest on the amount being prepaid through the date of prepayment, with
written notice to Employer received one (1) business day prior to such
prepayment specifying the amount of prepayment. Partial prepayments of principal
shall be in whole multiples of $1,000.

                  5. MANDATORY PREPAYMENT. In the event Employer terminates
Executive's employment for "Cause", or Executive voluntarily terminates his
employment other than for "Good Reason", this Note shall automatically become
due and payable, and Executive shall be required to prepay the outstanding
principal balance of this Note in full, together with any accrued but unpaid
interest thereon, on the date that is no later than thirty (30) days after the
occurrence of such termination of employment. For purposes of this Note, the
terms "Cause" and "Good Reason" shall have the meanings given in the Employment
Agreement, dated as of November 1, 1999, between Executive and Employer.

                  6. MANDATORY PREPAYMENT IN CONNECTION WITH SALE OF STOCK.
Executive hereby covenants and agrees that if Executive shall sell, transfer or
otherwise dispose of any shares of the Class A common stock of the Employer
("Stock;" any such dispositions is referred to as a "Stock Sale"), to any
person, then Executive shall be obligated to, within seven (7) days after
Executive's receipt of the proceeds of such Stock Sale, prepay this Note by an
amount equal to the proceeds of such Stock Sale (less any taxes that are or will
be payable as a result of such Stock Sale) multiplied by a fraction, the
numerator of which shall be the number of shares of Stock sold, transferred or
otherwise disposed of in such Stock Sale and the denominator of which shall be
800,000, which amount shall be automatically due and payable under this Note on
such date; provided, however, that the foregoing amount shall not exceed the
amount then remaining unpaid under this Note. Such prepayment(s) shall be
without penalty, but with interest on the amount required to be prepaid through
the date of prepayment. After any such mandatory prepayment the remaining unpaid
balance of this Note shall continue to bear interest and be payable in
accordance with this Note. Executive covenants and agrees to notify Employer
immediately in writing if Executive sells, transfers or otherwise disposes of
any shares of Stock.

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                  7. DEFAULTS. If any of the following events shall occur: (1)
Executive fails to make the mandatory prepayment required under paragraphs 5 or
6 of this Note in accordance with the provisions of said paragraphs, or (2) any
Event of Default under the Amended and Restated Security Agreement dated as of
November 27, 2001 by and between the Executive and the Employer, then, at the
option of Employer, this Note and all other obligations of Executive shall
become due and payable forthwith, upon declaration to that effect by Employer,
with notice to Executive, anything contained herein or in any other document,
instrument or agreement to the contrary notwithstanding. This Note shall become
immediately and automatically due and payable, without presentment, demand,
protest or notice of any kind, upon the commencement by or against Executive of
a case or proceeding under any bankruptcy, insolvency or other law relating to
the relief of debtors, the readjustment, composition or extension of
indebtedness or reorganization or liquidation.

                  8. FORGIVENESS OF NOTE. The Employer shall forgive this Note
and Executive shall be released of all his obligations under this Note in the
event that (i) Employer terminates Executives employment for reason other than
"Cause," or (ii) Executive terminates his employment with the Employer for "Good
Reason," in each case, as of the date of such termination.

                  9. PLEDGE OF SECURITY; FULL RECOURSE. As security for the full
and timely payment of this Note, Executive hereunder pledges and grants to
Employer a security interest in the 800,000 shares of Class A common stock of
the Employer (the "Pledged Stock") that were received by Executive in connection
with the merger of FirstCom Corporation into a wholly-owned subsidiary of the
Employer in exchange for shares of FirstCom Corporation common stock purchased
by Executive pursuant to the Restricted Stock Purchase Agreement, dated as of
October 31, 1999, between the Executive and FirstCom Corporation. In the event
of any default in the payment of this Note, Employer shall have and may exercise
any and all remedies available at law or in equity with respect to the Pledged
Stock. Employer will work in good faith with the Executive to release shares of
Pledged Stock that the Executive proposes to sell or otherwise dispose of in a
Stock Sale in a manner that will facilitate such proposed sale or other
disposition while protecting the legitimate interests of Employer.

                  Notwithstanding the foregoing, Executive acknowledges that
this Note is a full recourse note and that Executive is liable for full payment
of this Note without regard to the value at any time or from time to time of the
Pledged Stock.

                  10. NO RIGHT TO CONTINUED EMPLOYMENT. Nothing in this Note
shall be deemed to confer on Executive any right to continue in the employ of
Employer or any of its subsidiaries, or to interfere with or limit in any way
the right of Employer or any such subsidiary to terminate such employment at any
time.

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                  11. COSTS. The party prevailing in any dispute regarding
Employer's collection of this Note, enforcement of the obligations of Executive
hereunder or the administration, supervision, preservation or protection of
Employer's rights in connection herewith shall be entitled to reimbursement on
demand of all reasonable costs and expenses in connection therewith, including,
but not limited to, reasonable attorneys' fees and expenses.

                  12. GOVERNING LAW. THE PROVISIONS OF THIS NOTE SHALL BE
CONSTRUED AND INTERPRETED AND ALL RIGHTS AND OBLIGATIONS HEREUNDER DETERMINED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS.

                  13. ADVICE OF COUNSEL. Executive acknowledges that he has had
the opportunity to obtain the advice of counsel of his own choosing in entering
into this Note and the transactions contemplated hereby. Executive is fully
aware of the contents of this Note and its legal effect and is entering into
this Note without threat, coercion, fraud or duress of any kind. Executive is
not relying on any representation, statement, warranty of any party regarding
this Note or the transaction contemplated hereby.

                  14. COUNTER-CLAIMS, SET-OFF. Executive waives the right to
interpose any counterclaim or set-off of any kind in any litigation relating to
this Note or the transaction contemplated hereby.

                  15. ASSIGNMENT. This Note shall be assignable in full or in
part by Employer without the consent of Executive. No obligation or rights of
Executive hereunder can be assigned or transferred without the prior written
consent of Employer.

                  16. NO WAIVER; CUMULATIVE REMEDIES. No failure on the part of
Employer to exercise, and no delay in exercising, any right, remedy or power
hereunder shall operate as waiver thereof, nor shall any single or partial
exercise by Employer of any right, remedy or power hereunder preclude any other
or future exercises of any other right, remedy or power.

                  Each and every right, remedy and power hereby granted to
Employer or allowed it by law or other agreement shall be cumulative and not
exclusive of any other, and may be exercised by Employer from time to time.

                  17. SEVERABILITY. Every provision of this Note is intended to
be severable; if any term or provision of this Note shall be invalid, illegal or
unenforceable for any reason whatsoever, the validity, legality and
enforceability of the remaining provisions hereof shall not in any way be
affected or impaired.

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                  18. HEADINGS. The section headings in this Note are for
convenience only and are not intended to affect the construction of the
provisions of this Note.

WITNESS                                     Executive

By:/s/ Christopher W. Carrion                  /s/ Patricio E. Northland
   -------------------------                  ---------------------------
Name: Christopher W. Carrion                   Patricio E. Northland

                                       5<PAGE>
                              AMENDED AND RESTATED
                               SECURITY AGREEMENT

                  THIS AMENDED AND RESTATED SECURITY AGREEMENT (this "Security
Agreement") dated as of November 27, 2001, is made and entered into by and
between Patricio E. Northland, an individual (the "Pledgor"), and AT&T Latin
America Corp., a Delaware corporation (the "Company").

                                    RECITALS

                  WHEREAS, the Pledgor and the Company previously entered into a
Security Agreement dated as of January 26, 2001 (the Original Security
Agreement") in connection with a Promissory Note executed by the Pledgor in
favor of the Company dated as of January 26, 2001 (the "Original Note"); and

                  WHEREAS, the Pledgor has executed an Amended and Restated
Promissory Note (the "Amended Note") which cancels and replaces the Original
Note; and

                  WHEREAS, the Pledgor wishes to grant security and assurance to
the Company in order to secure the payment of the Amended Note, and to that
effect the Pledgor wishes to pledge to the Company certain collateral.

                                    AGREEMENT

                  NOW, THEREFORE, in consideration of the foregoing and for
other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

                  1. CANCELLATION OF ORIGINAL SECURITY AGREEMENT. The Original
Security Agreement is hereby canceled and superseded in its entirety and
replaced by this Security Agreement.

                  2. DEFINITIONS. All capitalized terms used in this Security
Agreement and not otherwise defined shall have the meanings given to them in the
Employment Agreement, dated as of November 1, 1999, among Pledgor, the Company
and Frantis, Inc. (formerly known as FirstCom Corporation).

                  3. PLEDGE OF SECURITY. Pledgor hereby pledges and assigns to
the Company, and hereby grants to the Company a security interest in, all of the
Pledgor's right, title and interest in and to the 800,000 shares of Class A
common stock of the Company (the "Pledged Stock") that were received by
Executive in connection with the merger of FirstCom Corporation into a
wholly-owned subsidiary of the Company in exchange for shares of FirstCom common
stock purchased by Executive pursuant to the Restricted Stock Purchase

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Agreement, dated as of October 31, 1999, between the Pledgor and FirstCom
Corporation, and the certificates representing such shares, and all dividends,
cash, instruments, chattel paper and other rights, property, products or
proceeds from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such shares (the "Pledged
Collateral").

                  4. SECURITY FOR OBLIGATIONS. This Security Agreement secures,
and all of the Pledged Collateral is collateral security for, the prompt payment
or performance in full when due, of all obligations of every nature of the
Pledgor under the Amended Note (including, without limitation, interest that but
for the filing of a petition in bankruptcy with respect to the Pledgor, would
accrue on such obligations), and all obligations of every nature of the Pledgor
now or hereafter existing under this Security Agreement.

                  5. DELIVERY OF PLEDGED COLLATERAL. The Company acknowledges
that Pledgor previously delivered all certificates or instruments representing
or evidencing the Pledged Collateral to the Company and such certificates or
instruments are held by the Company.

                  6. REPRESENTATIONS, WARRANTIES AND COVENANTS. The Pledgor
hereby represents, warrants and/or covenants as follows:

                  (a) This Security Agreement is the legally valid and binding
         obligation of the Pledgor, enforceable against him in accordance with
         its terms, except as enforcement may be limited by bankruptcy,
         insolvency, reorganization, moratorium or similar laws or equitable
         principles relating to or limiting creditors' rights generally.

                  (b) The Pledgor's place of residence is currently Miami,
         Florida.

                  7. ADMINISTRATION OF SECURITY. The following provisions shall
govern the administration of the Pledged Collateral:

                  (a) Until the Pledgor has fully paid all outstanding principal
         and other amounts accruing under the Amended Note, (i) the Company
         shall apply all dividends payable to the Pledgor with respect to all
         Pledged Collateral held by the Pledgor first to accrued interest, then
         to other amounts owing and then to principal under the Amended Note,
         and (ii) the Pledgor shall apply all proceeds of the sale of any or all
         of the Pledged Collateral as prescribed in Section 6 of the Amended
         Note.

                  (b) The Company will work in good faith with the Pledgor to
         the Pledged Collateral if and to the extent that the Pledgor proposes
         to sell or otherwise dispose of such Pledged Collateral in a manner
         that will facilitate such proposed sale or other disposition while
         protecting the legitimate interests of the Company.

                  (c) The Pledgor shall immediately upon request by the Company
         and in confirmation of the security interests hereby created, execute
         and deliver to the Company such further instruments, deeds, transfers,
         assurances and agreements, in form and substance as the Company

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         requests, including any financing statement and amendments thereto, or
         any other documents, as required under New York law and any other
         applicable law to protect the security interests created hereunder.

                  8. EVENTS OF DEFAULT. The occurrence of any of the following
events will constitute an "Event of Default":

                  (a) Failure of the Pledgor to pay any principal, interest or
         other amount due under the Amended Note when due, whether at stated
         maturity, by acceleration, demand or otherwise; or

                  (b) Failure of the Pledgor to perform or observe any term,
         covenant or agreement as required pursuant to this Security Agreement
         or the Amended Note; or

                  (c) Death of the Pledgor; or

                  (d) A court having jurisdiction enters a decree or order for
         relief in respect of the Pledgor in an involuntary case under the
         United States Code entitled "Bankruptcy" (as now and hereinafter in
         effect, or any successor thereto, the "Bankruptcy Code") or any
         applicable bankruptcy, insolvency or other similar law now or hereafter
         in effect, which decree or order is not stayed; or any other similar
         relief is granted under any applicable federal or state law; or an
         involuntary case is commenced against the Pledgor under any applicable
         bankruptcy, insolvency or other similar law now or hereafter in effect;
         or a decree or order of a court having jurisdiction for the appointment
         of a receiver, liquidator, sequestrator, trustee, custodian or other
         officer having similar powers over the Pledgor or over all or a
         substantial part of his property is entered; or the involuntary
         appointment of an interim receiver, trustee or other custodian of the
         Pledgor for all or a substantial part of his property occurs; or a
         warrant of attachment, execution or similar process is issued against
         any substantial part of the property of the Pledgor, and, in the case
         of any event described in this clause (d), such event continues for 60
         days unless dismissed, bonded or discharged; or

                  (e) An order for relief is entered with respect to the
         Pledgor, or the Pledgor commences a voluntary case under the Bankruptcy
         Code or any applicable bankruptcy, insolvency or other similar law now
         or hereafter in effect, or consents to the entry of an order for relief
         in an involuntary case, or to the conversion of an involuntary case to
         a voluntary case, under any such law, or consents to the appointment of
         or taking possession by a receiver, trustee or other custodian for all
         or a substantial part of his property; or the Pledgor makes an
         assignment for the benefit of creditors; or the Pledgor is unable or
         fails, or admits in writing his inability, to pay his debts as such
         debts become due.

                  9. REMEDIES IN CASE OF AN EVENT OF DEFAULT.

                  (a) If an Event of Default occurs and is continuing, the
         Company shall have all of the remedies of a secured party under New
         York law, and, without limiting the foregoing, shall have the right,
         subject to any necessary regulatory approvals, to sell, assign and

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         deliver the whole or, from time to time, any part of the Pledged
         Collateral, or any interest in any part thereof. Notwithstanding the
         foregoing, the Company may elect to retain such shares rather than
         selling them to a third party, in which case the Company shall be
         deemed to have purchased such shares for a per share price equal to the
         closing price of a share of such Common Stock, as reported on the
         national exchange market on which such Common Stock is traded, on the
         date the related Event of Default occurs (the "Default Date Value"), or
         if the Company sells such shares to a third party, the per share
         proceeds of any such sale shall be deemed, for purposes of this
         Security Agreement, to be equal to the greater of the net sale proceeds
         per share and the Default Date Value.

                  (b) Neither failure nor delay on the part of the Company to
         exercise any right, remedy, power or privilege provided for herein or
         by statute or at law or in equity shall operate as a waiver thereof,
         nor shall any single or partial exercise of any such right, remedy,
         power or privilege preclude any other or further exercise thereof or
         the exercise of any other right, remedy, power or privilege.

                  10. TERMINATION OF SECURITY INTEREST. The Company agrees that
the security interests and all other rights granted to the Company hereunder
with respect to the Pledged Collateral shall terminate promptly upon the earlier
of (i) the full and complete satisfaction of all of the Pledgor's obligations
under the Amended Note, (ii) the sale of the Pledged Collateral, provided that
the Pledgor makes arrangements reasonably satisfactory to the Company to apply
the net after tax proceeds of any such sale to repay the Loan to the extent
prescribed in the Amended Note, or (iii) forgiveness of the Amended Note
pursuant to Section 8 of the Amended Note.

                  11. ASSIGNMENTS AND TRANSFERS. Except as explicitly permitted
pursuant to the terms of this Security Agreement, the Pledgor will not sell,
assign, transfer or otherwise dispose of, or grant any option with respect to,
or mortgage, pledge or otherwise encumber the Pledged Collateral or any interest
therein.

                  12. COMPLIANCE WITH REGULATIONS G, T, U AND X. The Pledgor and
the Company hereby agree that no part of the proceeds of the Loan will be used
by the Pledgor to purchase or carry any margin stock within the meaning of
Regulations G, T, U and X of the Board of Governors of the Federal Reserve
System. The Pledgor has not taken and will not knowingly take any action that
would cause this Security Agreement or the Amended Note to violate any
regulation of the Board of Governors of the Federal Reserve System or to violate
the Securities Exchange Act of 1934, in each case as in effect now or as the
same may hereinafter be in effect.

                  13. ATTORNEY-IN-FACT. The Company or its successors are hereby
appointed the attorney-in-fact of the Pledgor for the purpose of carrying out
the provisions of this Security Agreement and taking any action and executing
any instrument that the Company reasonably may deem necessary or advisable to
accomplish the purposes hereof at any time after the occurrence of an Event of
Default. This appointment as attorney-in-fact is irrevocable and coupled with an
interest.

                  14. EXPENSES. The Pledgor shall pay to the Company upon demand
the amount of any and all costs and expenses, including the reasonable fees and

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expenses of its counsel and of any experts and agents, that the Company may
incur in connection with (i) the exercise or enforcement of any of the rights of
the Company hereunder, or (ii) the failure by the Pledgor to perform or observe
any of the provisions hereof.

                  15. NOTICES. All notices or other communications required or
permitted to be given hereunder shall be delivered in the same manner as set
forth in the Employment Agreement.

                  16. REASONABLE CARE. The Company shall be deemed to have
exercised reasonable care in the custody and preservation of the Pledged
Collateral in its possession if the Pledged Collateral is accorded treatment
substantially equal to that which the Company accords its own property. Except
to the extent required by law, the Company shall have no responsibility for (i)
asserting or taking action with respect to calls, conversion, exchanges,
maturities, tenders or other matters relative to any Pledged Collateral, whether
or not the Company has or is deemed to have knowledge of such matters, or (ii)
taking any necessary steps to preserve rights against any parties with respect
to the Pledged Collateral.

                  17. MISCELLANEOUS.

                  (a) The provisions of this Security Agreement shall inure to
         the benefit of the successors and assigns of the Company. The Pledgor
         shall not assign or transfer any of his benefits or obligations arising
         under this Security Agreement.

                  (b) If any provision of this Security Agreement is held to be
         invalid, illegal or unenforceable, the validity, legality and
         enforceability of the remaining provisions shall not in any way be
         affected or impaired thereby, and the parties shall negotiate in good
         faith to replace that provision with a new, valid and enforceable
         provision reflecting the same allocation of burdens and benefits as the
         stricken provision.

                  (c) This Security Agreement embodies the complete agreement
         and understanding between the parties hereto with respect to the
         subject matter hereof and supersedes and preempts any prior
         understandings, agreements or representations by or between the
         parties, written or oral, that may have related to the subject matter
         hereof in any way.

                  (d) The headings in this Security Agreement are for
         convenience only and shall not affect the construction hereof.

                  (e) The Pledgor and the Company agree that there shall be no
         interpretation of the terms of this Security Agreement against the
         Company because the Company drafted this Security Agreement.

                  (f) THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND
         INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW
         YORK.

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                  (g) This Security Agreement may be amended only in a writing
         designated as an amendment and signed by the Pledgor and the Company.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Security Agreement to be executed and delivered as of the date first above
written.

                                      /s/ PATRICIO E. NORTHLAND
                                      ------------------------------------
                                      PATRICIO E. NORTHLAND

                                      AT&T LATIN AMERICA CORP.

                                      By: /s/ Marie Santana
                                         --------------------------------

                                      Title: Vice President, Human Resources
                                            --------------------------------

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