SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BANCO ITAU S A

(Last)

(First)

(Middle)

PRACA ALFREDO EGYDIO DE SOUZA ARANHA

NO.100 TORRE ITAUSA

(Street)

SAO PAULO

04344-902

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
AMERICA ONLINE LATIN AMERICA INC [ AOLA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock, par value $.01 per share	08/29/2003		X		3,963,292	A	$8	28,012,840	D
Class A Common Stock, par value $.01 per share	08/29/2003		X		1,320,833	A	$8.1991	7,925,000	I	see footnotes⁽¹⁾⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Put Option for Class A Common Stock (obligation to buy)	$8	08/29/2003		X⁽³⁾			3,963,292	08/29/2003	08/29/2003	Class A Common Stock	3,963,292	$8	0	D
Put Option for Class A Common Stock (obligation to buy)	$8.1991	08/29/2003		X⁽⁴⁾			1,320,833	08/29/2003	08/29/2003	Class A Common Stock	1,320,833	$8.1991	0	I	see footnotes (1) (2)

Explanation of Responses:

1. Banco Itau, S.A., a Brazilian corporation (Sociedade Anonima) ("Itau") may be deemed to beneficially and indirectly own all of the shares held by Itau Bank, Ltd., a Cayman Limited Liability Company ("Itau Bank"). Itausa ??? Investimentos Itau, S.A., a Brazilian Sociedade Anonima ("Itausa") , Companhia ESA, a Brazilian corporation (Sociedade Anonima) ("ESA"), Maria de Lourdes Egydio Villela, Ricardo Villela Marino, Rodolfo Villela Marino, Roberto Egydio Setubal, Olavo Egydio Setubal, Olavo Egydio Setubal Junior, Alfredo Egydio Arruda Villela Filho, Ana Lucia de Mattos Barretto Villela, Alfredo Egydio Setubal, Jose Luiz Egydio Setubal, Maria Alice Setubal, Paulo Setubal Neto and Ricardo Egydio Setubal may be deemed collectively to beneficially and indirectly own such shares.

2. The principal business address of (i) Itau, Maria de Lourdes Egydio Villela, Rodolfo Villela Marino, Itausa, ESA, Ricardo Villela Marino, Roberto Egydio Setubal, Olavo Egydio Setubal, Olavo Egydio Setubal Junior and Alfredo Egydio Setubal is Praca Alfredo Egydio de Souza Aranha, No. 100 Torre Itausa, Sao Paulo, Brazil, (ii) Alfredo Egydio Arruda Villela Filho is Av. dos Carinas, 635, Sao Paulo-SP, Brazil, (iii) Ana Lucia de Mattos Barretto Villela is Rua Jerico, 255, Sao Paulo-SP, Brazil, (iv) Jose Luiz Egydio Setubal is Rua Dr. Jesuino Maciel, 345, Sao Paulo-SP, Brazil, (v) Maria Alice Setubal is Rua Dante Carraro, 68, Sao Paulo-SP, Brazil, (vii) Paulo Setubal Neto is Av. Paulista, 1938, Sao Paulo-SP, Brazil and (viii) Ricardo Egydio Setubal is Rua Santa Catarina, 1, Sao Paulo-SP, Brazil.

3. Itau previously entered into derivative securities transactions with respect to the underlying shares of America Online Latin America, Inc. Class A Common Stock, par value $.01 per share ("Shares") with UBS, AG, a bank organized under the laws of Switzerland ("UBS"). Itau purchased call options from UBS to repurchase such Shares and issued put options to UBS to require Itau to repurchase such Shares pursuant to confirmations entered into between Itau and UBS under a Master Agreement, dated as of October 23, 1997, between Itau and UBS. Itau retained the right to direct the voting of, ultimate control over the disposition of, and pecuniary interest in, all such Shares. Each of the foregoing is a European-style option.

4. Itau Bank previously entered into derivative securities transactions with respect to the underlying Shares with Goldman Sachs International, a company incorporated under the laws of England and Wales ("Goldman"). Itau Bank purchased call options from Goldman to repurchase such Shares and issued put options to Goldman to require Itau Bank to repurchase such Shares pursuant to confirmations entered into between Itau Bank and Goldman under a Master Agreement, dated as of August 22, 2000, between Itau Bank and Goldman. Itau Bank retained the right to direct the voting of, ultimate control over the disposition of, and pecuniary interest in, all such Shares. Each of the foregoing is a European-style option.

Remarks:

	BANCO ITAU, S.A.	09/04/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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