AOL Time Warner Names Robert M. Kimmitt Executive Vice President for Global and Strategic Policy.

Business Editors/Hi Tech Writers

NEW YORK--(BUSINESS WIRE)--June 14, 2001

Former Commerce One President and U.S. Ambassador to Germany To

Oversee Worldwide Public Policy Initiatives and Operations

AOL Time Warner Inc. (NYSE: AOL) today announced the appointment of Robert M. Kimmitt as the Company's executive vice president for global and strategic policy, effective July 1.

Mr. Kimmitt will also serve on the Company's Executive Committee.

Reporting to AOL Time Warner's Chairman Steve Case, Mr. Kimmitt, 53, currently vice chairman of the board and president of Commerce One, Inc., will oversee AOL Time Warner's worldwide public policy initiatives. George Vradenburg, who previously held this position, will become an Advisor to the Company.

In making the announcement, Mr. Case said: "Bob Kimmitt has had a distinguished career in international business, law, finance and government, and we're fortunate to have someone of his caliber oversee our global public policy operations. He has a deep understanding of the policy issues affecting AOL Time Warner as well as the complex challenges facing businesses in a technology-driven world. Bob's strong leadership skills and wide range of business and government experiences will be helpful as we pursue our goal of becoming the most valued and respected company in the world -- and particularly helpful as we expand our businesses in Europe and throughout the world."

Jerry Levin, chief executive officer of AOL Time Warner, said: "It is unusual to find an executive who has held significant positions of responsibility in government, and who has also had significant private sector operating responsibility. We're delighted to welcome Bob Kimmitt to AOL Time Warner and are confident he will play a critical role in shaping our Company's policies and future."

Mr. Kimmitt said: "This is a great opportunity to work with Steve Case, Jerry Levin and the rest of AOL Time Warner's senior management team. AOL Time Warner is at the forefront of policy areas that will help shape the future of the converging Internet, communications and media industries. In my new role, I'm looking forward to developing and advocating global public policy positions that will help the Company lead this convergence and take full advantage of its tremendous worldwide growth opportunities."

Mr. Case added: "As a key member of our senior management team during one of the most transformational periods in our Company's history, George Vradenburg has been an influential and effective advocate for our Company's public policy positions. We're pleased George will now focus his attention on industry initiatives that will help ensure we are successful in building a medium we can be proud of."

At Commerce One, Mr. Kimmitt was responsible for the company's global sales, services, and business development activities. He also chaired the board of Commerce One Europe.

Prior to joining Commerce One, Mr. Kimmitt was a partner in the law firm of Wilmer, Cutler & Pickering, where he specialized in international transactions. Previously, he served as a managing director of Lehman Brothers, based in New York and Washington. Prior to joining Lehman Brothers, he held a series of high-level government posts, serving as U.S. Ambassador to Germany, Under Secretary of State for Political Affairs, General Counsel to the U.S. Treasury Department, and Deputy Assistant to the President for National Security Affairs at the White House.

In addition to Commerce One, Mr. Kimmitt serves on the boards of Allianz Life Insurance Co. of North America, Mannesmann AG, Siemens AG, United Defense Industries, Inc., and Xign Corp., as well as Georgetown University and numerous non-profit organizations involved in foreign affairs. He graduated with a B.S. degree from the U.S. Military Academy at West Point and a J.D. degree from Georgetown University Law Center.

AOL Time Warner (NYSE:AOL) is the world's first Internet-powered media and communications company, whose industry-leading businesses include interactive services, cable systems, publishing, music, networks and filmed entertainment.