America Online, Inc. and Scudder Funds Announce New Advertising Agreement

September 9, 1998

Dulles, VA and Boston, MA, September 9, 1998 -- America Online, Inc., the world's leading Internet online services company [NYSE: AOL], and Scudder Funds, a family of 60 no-load mutual funds with approximately $30 billion in assets, today announced a two-year advertising pact that will provide for Scudder Funds to serve as AOL's premier Mutual Fund advertiser throughout the mutual fund content of America Online Inc.'s two Internet online services, including on AOL's Personal Finance Channel, the most frequently visited channel on AOL and the most popular personal finance destination in cyberspace. Under the agreement, Scudder will be featured prominently within the AOL Mutual Fund Center, including the Mutual Fund Center Main Screen, the Investment Research area, in the Sage and Morningstar areas and on the new Mutual Fund Companies screen which will launch in mid- September and will be found through the Fund Companies button on AOL Mutual Fund Center and Keyword: Fund Companies. As part of the agreement, Scudder will also have a prominent presence in the Personal Finance area of CompuServe, the online service for busy adults. A recent study by market research firm Cyber Dialogue found that a third of all Internet users who manage their investments online turn to the AOL Personal Finance Channel. This agreement will give AOL members easy, one-click access to information about Scudder Funds, along with information on retirement and college tuition planning, and access to Scudder Funds' IRA calculators. The Mutual Fund Center will also provide Scudder Funds' shareholders easier access to account information online. In addition, AOL members will be able to access information about the AARP Investment Program from Scudder, the Scudder University WEB, an interactive educational Website for retirement plan participants, and the Scudder Kemper Baby Boomer site. "AOL continues to attract a growing audience that is very savvy when it comes to investing, and we are excited about this opportunity to continue to build our relationship with the service," said Mark S. Casady, a Managing Director of Scudder Kemper Investments, Inc. and head of the firm's mutual fund business. "Our e-commerce efforts focus on providing service and education to our shareholders, and we are pleased to be able to offer that to AOL and CompuServe members as well." "Enabling our members to access premier mutual fund companies like Scudder is part of what has made AOL's Personal Finance Channel the most popular financial destination in the Internet online world and the main resource for over one third of all Internet users managing their finances online," said Myer Berlow, AOL's Senior Vice President for Interactive Marketing. "We're also pleased to be able to offer Scudder a benefit unique in cyberspace -- positioning across different America Online, Inc. brands, to ensure reaching a broad spectrum of current and potential online investors. Both AOL and CompuServe members appreciate having easy and centralized access to successful investment companies like Scudder." "The community aspects of AOL and CompuServe have made them an excellent forum to reach mutual fund investors," added Iang Jeon, Vice President and Director of the Electronic Commerce Group for Scudder Kemper Investments. "We expect that to continue even as the AOL brands grow and see this partnership as an opportunity to enhance our commitment to providing planning tools and easy access to accounts for investors." Scudder Funds will also be redesigning its AOL presence this fall and adding more information about new mutual fund offerings and fund performance. Retirement planning will be a major focus of the redesigned site. AOL's Personal Finance Channel offers the most comprehensive suite of financial tools and information available in cyberspace. With more than five million regular users - more than three times as many users as the top three Web-based financial sites combined - the Channel enables members to research and trade stocks and mutual funds, conduct their online banking, get the most up-to-date business and market news, access detailed financial data, and chat with other members about market trends and financial information. The Channel maintains over nine million active investment portfolios, with 11,000 new portfolios added every trading day, and provides AOL members with more than 75 million stock quotes per trading day - more than six times the typical daily total just two years ago. In addition, the Channel also generates over 12 million financial graphs per month for AOL users.

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