AOL Brazil and Credicard Announce Innovative, Co-branded Credit Card; Multimillion-Dollar Online Marketing Program by Credicard -- the Largest Credit Card Company in Brazil.

Business Editors/Hi-Tech Writers

SAO PAULO, BRAZIL--(BUSINESS WIRE)--Aug. 13, 2001

New Card Will Provide Holders Unique Features and a Special

Loyalty Rewards Program

AOL Brasil Ltda., a subsidiary of America Online Latin America, Inc. (Nasdaq:AOLA), and Credicard S.A. Administradora de Cartoes de Credito, the largest credit card company in Brazil with 7.6 million cardholders, today announced plans to launch an innovative, co-branded credit card. The new card will provide customers with the ability to conveniently manage their credit card accounts and America Online Brazil payments online.

The co-branded card will be launched with a multimillion-dollar online marketing program by Credicard targeting potential credit card customers. Holders of the card will benefit from participation in a special loyalty rewards program. The new card will also provide cardholders with the ability to manage their accounts online with an array of e-services including online card applications, online balance consultation and payments, and online customer services. To take further advantage of the ease and convenience of this "paperless" credit card management system, America Online Brazil members who become cardholders will be able to pay their monthly America Online Brazil membership fee directly with the co-branded card.

Charles Herington, President and CEO of AOL Latin America, said: "The development of this co-branded credit card demonstrates just what can be accomplished when leading brands like America Online Brazil and Credicard come together with the customer in mind. This co-branded card will represent a valuable, added benefit to our existing members and will give consumers coming online another compelling reason to use the Internet to conduct credit card transactions. With value-added services like these and a growing membership of more than 885,000 members, AOL Latin America is well on its way to becoming the leading interactive services provider in the region."

Carlos Dan Trostli, President of AOL Brazil, said: "America Online Brazil is thrilled to be working with Credicard to bring consumers in Brazil such an innovative offering with truly special benefits of membership. The new card underscores the convenience and ease-of-use of the interactive medium and its positive impact on Brazilians' everyday lives."

Hector Nevarez, President of Credicard, said: "This co-branded credit card provides our customers with a great opportunity to tie Credicard's product offerings to the interactive medium in a meaningful way. Together with AOL Brazil, we are creating a credit card that takes full advantage of the convenience and ease-of-use of the Internet and will provide tangible benefits for members. We are happy to be able to provide a unique product that will meet a specific set of needs for the Brazilian consumer."

About Credicard S.A.

Credicard has been operating in Brazil for over 30 years and is the largest credit card company in the country with over 7.6 million customers. The Company markets cards with leading brands such as Visa, MasterCard, Redeshop and Diners Club. It is a joint venture between Banco Itau and Unibanco, two of Brazil's largest and most respected banks, together with Citibank.

About America Online Brazil

America Online Brazil was the first localized AOL service launched in Latin America, debuting in November 1999, and achieved the fastest start of any AOL-branded service worldwide. The Company has agreements with more than 90 content partners including regional providers such as CNN and Time and unique local content from providers including Jornal do Brasil. America Online Brazil provides service to more than 170 cities in Brazil.

About America Online Latin America, Inc.

America Online Latin America, Inc. (NASDAQ:AOLA) is the exclusive provider of AOL-branded services in Latin America and has quickly become one of the leading Internet and interactive services providers in the region. AOL Latin America launched its first service, America Online Brazil, in November 1999, and began as a joint venture of America Online, Inc., a wholly owned subsidiary of AOL Time Warner Inc. (NYSE: AOL), and the Cisneros Group of Companies. Banco Itau, a leading Brazilian bank, is also a minority stockholder of AOL Latin America. The Company combines the technology, brand name, infrastructure and relationships of AOL, the world's leader in branded interactive services, with the relationships, regional experience and extensive media assets of the Cisneros Group of Companies, one of the leading media groups in the Americas. The Company currently operates services in Brazil, Mexico and Argentina and serves members of the AOL-branded service in Puerto Rico. It also operates a regional portal accessible at www.aola.com. AOL's 30 million members worldwide can access content and offerings from AOL Latin America through the International Channels on their local AOL services.

This release contains forward - looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding expansion of our subscriber base and future momentum. These forward looking statements are subject to a number of risks and uncertainties, which are described in our Transition Report on Form 10-K for the transition period ended December 31, 2000, and from time to time in other reports we file with the SEC, as well as the following risks and uncertainties: the impact our continued losses will have on our ability to finance our operations, our limited operating history, uncertainty relating to our ability to convert our subscribers into paying subscribers, the actions of our competitors, and our ability to penetrate our markets. Actual results could differ materially from those described in the forward-looking statements.