America Online's Board of Directors Authorizes Two-for-One Stock Split

February 10, 1998

Dulles, VA, February 10, 1998 -- America Online, Inc. (NYSE: AOL) announced today that its Board of Directors has voted to declare a two-for-one split of the Company's common stock. On March 16, 1998, stockholders will receive one additional share for every share they own on the record date of February 23. Following the March 16 effective date of the split, America Online will have approximately 220 million shares outstanding. 'We're proud that AOL has proven to be popular not only with our members but also with stockholders. Ideally this split makes us more accessible to smaller investors, enabling all of our stockholders to share in the growth of America Online and become active participants in the rapid development of the interactive medium,' said Steve Case, Chairman and Chief Executive Officer of America Online. AOL's pending stock split marks its fourth as a public company since November 23, 1994. A stockholder who bought 1,000 shares for $11,500 at the Company's initial public offering on March 19, 1992 and held the stock would, after March 16, 1998, own 16,000 shares valued at approximately $880,000 based on today's prices. The Company also reported that at a special meeting of stockholders on Friday, February 6, 1998, an amendment was approved to the Company's Restated Certificate of Incorporation to increase the authorized number of shares of common stock from 300,000,000 to 600,000,000.

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