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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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 D5 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) 10/24/2003
	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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock, par value $.01 per share	10/24/2003		X		3,963,292	A	$8	31,976,132	D
Class A Common Stock, par value $.01 per share	10/24/2003		X		1,980,459	A	$8	33,956,591	D
Class A Common Stock, par value $.01 per share	10/24/2003		X		1,320,833	A	$8.1207	35,277,424	I	See footnote(1)
Class A Common Stock, par value $.01 per share	10/24/2003		X		713,250	A	$8.0784	35,990,674	I	See footnote(1)
Class A Common Stock, par value $.01 per share	10/24/2003		X		1,320,834	A	$3.0306	37,311,508	I	See footnote(1)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Call Option for Class A Common Stock	$8	10/24/2003		X(2)			3,963,292	10/24/2003	10/24/2003	Class A Common Stock	3,963,292	(3)	0	D
Call Option for Class A Common Stock	$8	10/24/2003		X(2)			1,980,459	10/24/2003	10/24/2003	Class A Common Stock	1,980,459	(3)	0	D
Call Option for Class A Common Stock	$8.1207	10/24/2003		X(4)			1,320,833	10/24/2003	10/24/2003	Class A Common Stock	1,320,833	(3)	0	I	See footnote(1)(5)
Call Option for Class A Common Stock	$8.0784	10/24/2003		X(4)			713,250	10/24/2003	10/24/2003	Class A Common Stock	713,250	(3)	0	I	See footnote(1)(5)
Call Option for Class A Common Stock	$3.0364	10/24/2003		X(4)			1,320,834	10/24/2003	10/24/2003	Class A Common Stock	1,320,834	(3)	0	I	See footnote(1)(5)
Put Option for Class A Common Stock	$8	10/24/2003		E(2)			3,963,292	10/24/2003	10/24/2003	Class A Common Stock	3,963,292	$0	0	D
Put Option for Class A Common Stock	$8	10/24/2003		E(2)			1,980,459	10/24/2003	10/24/2003	Class A Common Stock	1,980,459	$0	0	D
Put Option for Class A Common Stock	$8.1207	10/24/2003		E(4)			1,320,833	10/24/2003	10/24/2003	Class A Common Stock	1,320,833	$0	0	I	See footnote(1)(5)
Put Option for Class A Common Stock	$8.0784	10/24/2003		E(4)			713,250	10/24/2003	10/24/2003	Class A Common Stock	713,250	$0	0	I	See footnote(1)(5)
Put Option for Class A Common Stock	$3.0364	10/24/2003		E(4)			1,320,834	10/24/2003	10/24/2003	Class A Common Stock	1,320,834	$0	0	I	See footnote(1)(5)

Explanation of Responses:

1. Banco Ita??, S.A. ("Ita??") may be deemed to beneficially and indirectly own all of the shares held by Ita?? Bank, Ltd. ("Ita?? Bank", a Cayman Limited Liability Company and a wholly-owned subsidiary of Ita??. Ita??sa - Investimentos Ita??, S.A., a Brazilian sociedade an??nima ("Ita??sa"), Companhia ESA, a Brazilian sociedade an??nima ("ESA"), Olavo Egydio Setubal, Maria de Lourdes Egydio Villela, Alfredo Egydio Arruda Villela Filho, Ana Lucia de Mattos Barretto Villela, Ricardo Villela Marino, Rodolfo Villela Marino, Alfredo Egydio Setubal, Jose Luiz Egydio Setubal, Maria Alice Setubal, Olavo Egydio Setubal Junior, Paulo Setubal Neto, Ricardo Egydio Setubal and Roberto Egydio Setubal may be deemed collectively to beneficially and indirectly own such shares. The report is made on behalf of each such person and each such person disclaims beneficial ownership except to the extent of its, her or his respective pecuniary interest therein.

2. 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.

3. No separate premium was paid for the option; rather each option was issued in consideration and as a part of the entire transaction by which such option was acquired or written.

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.

5. 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. The signature of each such person or an authorized representative thereof will be retained as required by SEC rules.

Remarks:

	BANCO ITAU, S.A.	10/31/2003
	** 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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