America Online's Board of Directors Declares Two-for-one Stock Split.

DULLES, Va.--(BUSINESS WIRE)--Oct. 28, 1999--

America Online, Inc. (NYSE:AOL) announced that its Board of Directors, after the Company's Annual Meeting of Stockholders today, has declared a two-for-one split of its common stock.

On November 22, 1999, stockholders will receive one additional share for every share they own on the record date of November 8, 1999. Following the effective date of the split, America Online will have approximately 2.2 billion shares outstanding.

Steve Case, Chairman and Chief Executive Officer of America Online, said: "We are delighted that we are able to split our common stock for the second time this year. We are committed to making ownership of our Company accessible to the average investor, and we are very encouraged by the phenomenal growth in individual shareholder accounts in the past year. We hope that this latest split will make it possible for even more people to share in the promising growth of our Company and our industry as we enter the 21st Century."

Over the past year, America Online has seen its shareholder population expand nearly tenfold to more than two million owners. Its pending split marks the Company's seventh since going public on March 19, 1992.

A stockholder who bought 1,000 shares for $11,500 at the Company's initial public offering and held the stock would, after the latest split, own 128,000 shares valued at approximately $7.8 million based on current prices.

America Online was added to the S&P 500 Index on December 31, 1998, where it now ranks among the top 20 by market capitalization.

The Company also reported that, at its Annual Meeting of Stockholders earlier today, stockholders approved an amendment to the Company's Restated Certificate of Incorporation, increasing the authorized number of shares of common stock from 1.8 billion to 6.0 billion.

The Company's last stock split was effective on February 22, 1999.

About America Online, Inc.

Founded in 1985, America Online, Inc., based in Dulles, Virginia, is the world's leader in interactive services, Web brands, Internet technologies, and e-commerce services.

America Online, Inc. operates: two worldwide Internet services, America Online, with more than 19 million members, and CompuServe, with more than 2.2 million members; several leading Internet brands including ICQ, AOL Instant Messenger and Digital City, Inc.; the Netscape Netcenter and AOL.COM portals; the Netscape Navigator and Communicator browsers; AOL MovieFone, the nation's # 1 movie listing guide and ticketing service; and Spinner Networks and NullSoft, Inc., leaders in Internet music.

Through its strategic alliance with Sun Microsystems, the Company develops and offers easy-to-deploy, end-to-end e-commerce and enterprise solutions for companies operating in the Net Economy.