America Online Latin America Announces Move to NASDAQ SmallCap Market.

Business Editors/Hi-Tech Writers

FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--June 20, 2002

America Online Latin America (NASDAQ:AOLA) today announced that it has received approval from the NASDAQ Stock Market to transfer its listing from the National Market to the SmallCap Market (SCM). The move will become effective at the opening of trading on Friday, June 21, 2002. The Company's class A common stock will continue trading under its current symbol: AOLA.

Charles Herington, President and CEO of America Online Latin America, said: "AOL Latin America has become a major player in the Latin America Internet market and is continuing to strengthen its business for the future, with a focus on delivering the easiest and most convenient online experience to our more than 1 million members. In view of current economic conditions in the region, our key near-term objectives include improving the revenue contribution of our member base and achieving further operating efficiencies. As we pursue this strategy, listing on the NASDAQ SmallCap Market will allow AOL Latin America to maintain a liquid trading profile on a well regulated and transparent market."

The NASDAQ SmallCap Market operates under the same NASDAQ trading rules and uses the same electronic, screen-based dealer market as the NASDAQ National Market (NM).

About AOL Latin America

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 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 (from the U.S.) members of the AOL-branded service in Puerto Rico. It also operates a regional portal accessible at www.aola.com. America Online's 34 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 (i) the expected results of recent initiatives to improve the revenue contribution of our membership base and further operating efficiencies, (ii) the effect of listing on the Nasdaq SmallCap Market and (iii) our ability to strengthen our business over the long term. These forward-looking statements are subject to a number of risks and uncertainties, which are described in our Annual Report on Form 10-K for the period ended December 31, 2001, and from time to time in other reports we file with the SEC, as well as the following risks and uncertainties: our limited cash position, 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, uncertainty regarding the success of our targeting marketing initiatives and technology designed to improve validation, the actions of our competitors, future trading in our stock and our ability to penetrate our markets. Actual results could differ materially from those described in the forward-looking statements.