America Online Announces Successful Completion of Equity Offering

Dulles, VA, June 30, 1998 -- America Online, Inc. (NYSE: AOL) announced today its successful completion of a public offering of Common Stock jointly underwritten by Morgan Stanley Dean Witter and Lehman Brothers. The 4.9 million share offering raised a total of approximately $500 million in new equity, which the Company said it intends to use for general operating purposes, including investing in the continued growth of its business and providing greater flexibility to capitalize on the growing number of opportunities available as the industry continues to consolidate. Closing is scheduled for Thursday.

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