AOL Time Warner to Rename Company ``Time Warner''.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 18, 2003

The AOL Time Warner Board of Directors today voted to rename the company "Time Warner Inc." The Company expects to complete the name change process - including adoption of the "TWX" ticker symbol on the New York Stock Exchange - in the next few weeks.

Chairman and Chief Executive Officer Dick Parsons said: "We believe that our new name better reflects the portfolio of our valuable businesses and ends any confusion between our corporate name and the America Online brand name for our investors, partners and the public.

"Today, all of our businesses - from America Online, Warner Bros. Entertainment, New Line Cinema, TBS and CNN to Time Warner Cable, HBO, Time Inc., The WB and Warner Music Group - are making important contributions to the whole company.

"I have been extremely gratified to find that our people are working with renewed energy, enthusiasm and collegiality. We're more prepared than ever to continue to make progress toward achieving our strategic priorities for the rest of this year and into 2004."

About AOL Time Warner Inc.

AOL Time Warner Inc. is the world's leading media and entertainment company, whose businesses include filmed entertainment, interactive services, television networks, cable systems, publishing and music.