America Online Latin America Announces Advertising and Acquisition Marketing Agreement Between AOL Mexico and American Express in Mexico.

Business Editors/High-Tech Writers

FORT LAUDERDALE, Fla. & MEXICO CITY--(BUSINESS WIRE)--Dec. 4, 2002

America Online Latin America Inc. (NASDAQ-SCM:AOLAC):

-- American Express Cards to be Prominently Promoted Across the AOL Mexico Service and the AOL Mexico Web Site

-- New American Express Members Registering Through AOL Mexico Will Receive Special Benefits and Promotions

America Online Latin America Inc. (NASDAQ-SCM:AOLAC), a leading interactive services provider in Latin America, today announced an interactive marketing agreement between its subsidiary AOL Mexico S. de R.L. de C.V. and American Express Mexico under which the American Express card is being prominently promoted across the AOL Mexico service.

The agreement builds upon an earlier successful program for American Express in which it registered new members by targeting a very specific consumer market segment using the AOL Mexico service.

As part of this agreement, the American Express (AMEX) card is being promoted through various efforts across the AOL Mexico service including online promotions on the AOL Mexico Welcome Screen, creating a special content area for the AMEX card, directing AOL Keyword searches to the AMEX card Web site, and conducting animated polls and surveys of its members. In addition, promotions are also being extended to the AOL Mexico Web site at www.aol.com.mx.

The agreement incorporates an integrated marketing communications campaign with online promotions, direct mail marketing materials through bill inserts, and various consumer advertising initiatives. AOL Latin America's Interactive Marketing group worked hand-in-hand with American Express in Mexico to develop a promotional campaign that would enable American Express to easily and cost-effectively reach their target audience using the online medium as a major element of the campaign.

Eduardo Escalante, President of AOL Mexico, said: "We are very pleased to expand our relationship in Mexico with such a respected global brand as American Express, a company committed to the Mexican market. Working together, we have developed a marketing campaign designed to effectively reach out to a large base of Mexican consumers to introduce them to the American Express card and to the ease and convenience of the AOL interactive experience that more than 1 million Latin American consumers have already made a part of their everyday lives. We are helping our partners, like American Express, achieve their marketing goals through strategic solutions that use interactive tools and promotions to enable them to reach their target audience effectively and cost-efficiently."

Lorenzo Soriano, Marketing Director of American Express Co. (Mexico), commented: "The agreement we announced with AOL Mexico is one more step in our growth strategy in the Mexican market. We are proud to begin this initiative with AOL, a company that will give access to a greater number of potential American Express Cardmembers. This initiative will support our growth and leadership objectives."

About AOL Latin America

America Online Latin America, Inc. (NASDAQ-SCM:AOLAC) is the exclusive provider of AOL-branded services in Latin America and has 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 America Online, 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. America Online's 35 million members worldwide can access content and offerings from AOL Latin America through the International Channels on their local AOL services.

About American Express Company

American Express is an international Travel Related Services Company, offering in Mexico The American Express Card(R), The Gold Card(R), The Platinum Card(R), Corporate Card(R), Gold Corporate Card(R), Corporate Platinum Card(R), The American Express Corporate Purchasing Card(R), American Express(R) Aeromexico, The Gold Card(R) American Express Aeromexico, The Platinum Card(R) American Express Aeromexico, Travel Services, American Express(R) Travelers Cheques, Insurance and Foreign Exchange Services. In addition, it has the American Express Bank (Mexico), which offers the American Express Credit Card(R), The Gold Credit Card American Express(R) and Blue de American Express(R), as well as investment products: Centurion Time Deposit, Centurion Cash, Centurion Cash Plus, Amex MD, Amex 30 and Amex Cob. For further information visit our webpage: http://www.americanexpress.com.mx.