AOL Time Warner: World's First Internet-Age Media and Communications Company.

     Business Editors

     --(BUSINESS WIRE)--Jan. 10, 2000--

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       America Online, Inc.                       Time Warner Inc.

                          Companies At a Glance


Headquarters:  Dulles, VA             Headquarters:  New York City, NY
Founded 1985                          Formed in 1990
Employees: 12,100                     Employees: 70,000
FY 1999 revenue:  $4.8 billion        1998 revenue:  $26.8 billion
FY 1999 net income:  $762.0 million   1998 net income:  $168 million
AOL:  2.35 billion shares outstanding TWX:  1.5 billion fully diluted
                                      shares outstanding
Market Value:  $164 billion           Market Value:  $97 billion

               Strength in Every Segment of the Media Value Chain

World's largest online service             Strongest franchises in TV
                                           entertainment
Services in 15 countries and 7 languages   World's foremost news
                                           brand - CNN
World's largest dial-up narrowband network Most successful premium TV
                                           network - HBO
Leading interactive technology development Foremost creator of
                                           publishing brands
Most popular e-commerce platform           Leading global music
                                           company
No. 1 downloaded music player              International leader in
                                           filmed entertainment
No. 1 and No. 2 Instant Messaging
products                                   Most technologically
                                           advanced cable systems

                   Reaching Audiences Around the World

20 million AOL members                     1 billion with access to a
                                           CNN service
2.2 million CompuServe members             35 million HBO U.S.
                                           subscribers
3.4 million international members          120 million magazine
                                           readers
50 million AIM users                       13 million cable
                                           subscribers
50 million ICQ registrants                 3 of 5 top-rated
                                           basic-cable networks
20 million Netcenter registrants           320,000+ Road Runner
                                           customers
1.4 million simultaneous online users

                    World-Class Brands and Businesses

America Online                            HBO
CompuServe                                CNN
Netscape                                  TNT
ICQ                                       Cartoon Network
AOL MovieFone                             Time
AOL Instant                               People
   Messenger                              Sports Illustrated
Digital City                              Warner Music
Spinner                                   Warner Bros.
Winamp                                    The WB
                                          Looney Tunes
                                          Time Warner Cable
                                          Road Runner
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     --30--eb/ny*


     KEYWORD:  VIRGINIA
     INDUSTRY KEYWORD:  COMPUTERS/ELECTRONICS TELECOMMUNICATIONS
INTERNET ENTERTAINMENT E-COMMERCE MERGERS/ACQ PUBLISHING