America Online Stock Split History

America Online, Inc. declared seven 2-for-1 stock splits after becoming a public company in March 1992.

Payable Date	Ratio of Split
11/22/99	2 for 1
02/22/99	2 for 1
11/17/98	2 for 1
03/16/98	2 for 1
11/28/95	2 for 1
04/27/95	2 for 1
11/23/94	2 for 1

Historic TW Inc. Stock Split History

Historic TW Inc. stock split four times between 1976 and its merger with America Online. If you would like information about stock splits that occurred prior to 1976, please contact Time Warner Investor Relations at 866-INFO-TWX.

Payable Date	Ratio of Split
12/15/98	2 for 1
9/10/92	4 for 1
10/1/81	2 for 1
10/1/76	2 for 1

Note: the 1981 & 1976 splits mentioned are for Historic TW Inc.'s predecessor, Time Inc.