AOL Launches Italian Web Portal www.aol.it

AOL Europe today announced the launch of AOL.it, a new dedicated
portal service for Italy. AOL.it will be free to anyone using the Web
and will offer email, instant messaging, photo and video services, in
addition to exciting tailored content including local sports,
entertainment and celebrity news.

AOL is a leading provider of Web services, with 234 million unique
visitors worldwide, and a strong heritage based on over 20 years of
operation. It is rated amongst the most trusted platforms on the
Internet and already operates successful portals in the UK, Germany,
Netherlands, France and Austria. The launch of AOL.it marks the
beginning of an ambitious expansion programme in Europe. Within 18
months, AOL plans to launch local portals in 14 different
international countries, a number of which will be in Europe.

AOL.it offers Italian consumers an attractive online destination,
which brings together a range of content, interactive services and
safety features into one place. It will offer email with an unlimited
storage option and unrivalled safety and spam protection, as well as
integrated instant messaging and social networking applications, such
as AOL Foto and AOL Video.

Dana Dunne, Chief Executive Officer of AOL Europe said: "We're
very pleased to be launching AOL.it. Italy is a rapidly growing online
market, with high broadband penetration and huge opportunities for
online advertising. Launching a dedicated portal here will help us
compete for both users and advertisers. AOL has the heritage, the
infrastructure and the scale to offer Italy a strong local portal that
meets the needs of online users."

Among the features of the new AOL.it portal are:

-- AOL's easy-to-use email service with an unlimited storage
option, industry-leading spam blocking, and powerful security
protections against viruses. Early adopters of AOL's services
in Italy will benefit from taking their pick of email
addresses, as the launch of a new country specific AOL name
space makes many first name / last name email address
combinations available.

-- AOL's leading instant messaging featuring offline messages,
picture sharing, personalization, grouped messaging, and
simultaneous multiple accounts.

-- AOL's Foto service allowing unlimited storage of images at
original resolution, and easy sharing via blogs, IM and email.

-- AOL's Video product featuring video uploading and sharing
tools, as well as the ability to edit videos before uploading
them.

-- A powerful Web search product, powered by Google, that helps
users find the local or international information they need.

-- Numerous content channels including News, Sports,
Celebrity, Cinema and Games. More channels will be added over
time.

-- The ability to share content easily within both AOL's
community and with internet users across the globe.

Dunne continued: "Europe is one of the key engines of growth for
AOL. This market is growing faster than the US with online advertising
spending in Western Europe forecast to grow by 25% per year until
2009.* By launching dedicated portals that have real appeal in local
markets, we are well placed to take advantage of this opportunity. We
expect to cover over 95% of the Europe online market within 18 months.

AOL is already extremely successful in Europe, and the launch of
this new portal underlines our commitment to the continent. We
understand the needs of the local markets and are building on our
heritage to create local language portals that are appealing to
consumers and advertisers alike."

The Italy portal launch is the latest in AOL's efforts to grow its
worldwide audience. Over the past year, AOL has transitioned itself to
a global Web-based, advertising supported company. AOL is focused on:
products and programming leadership on the Web; rapid international
growth; and building a world-leading advertising network. In recent
months, AOL has revamped its product and programming lineup, launched
portals in India, Austria and the Netherlands, and has acquired
several advertising businesses, including AdTech, TACODA, and Third
Screen Media.

* Source: "Advertising Forecast 2006" by Zenithoptimedia

About AOL Europe

AOL Europe is a subsidiary of Time Warner-owned AOL LLC, a global
Web services company that operates some of the most popular Web
destinations, offers a comprehensive suite of free software and
services, runs one of the largest Internet access businesses in the
US, and provides a full set of advertising solutions.

The Italian portal is operated by AOL Global Operations Limited.
AOL already operates dedicated portals in the UK, France, Germany,
Netherlands and Austria. AOL Germany was voted the most trusted online
brand for the seventh year running in a recent poll conducted in the
country.