RELEASE: AOL hired NBCU exec Rand Falco as new CEO

Randy Falco Named Chairman and CEO of AOL LLC NEW YORK--Randy Falco, President and COO of the NBC Universal Television Group, has been named Chairman and CEO of AOL LLC, it was announced today by Time Warner Inc.’s Chairman and CEO Dick Parsons and President and COO Jeff Bewkes. In making the announcement, Mr. Parsons said: “Jeff Bewkes and I are very pleased that a top operating executive of Randy Falco’s expertise and experience will be leading AOL into its next stage of development. A key to Time Warner’s digital future, AOL is showing early success in transitioning to an advertising-focused business model, and Randy is a first-rate choice to ensure AOL realizes its promise. We thank Jon Miller for his four years of far-sighted leadership during a difficult time at AOL. We wish him well as he moves into the next phase of his career.” Mr. Bewkes said: “I look forward to working closely with Randy and the talented team at AOL as they increasingly capitalize on the rapid growth of online advertising. With his proven success in operations, business development, video programming and advertising-supported businesses, Randy brings the right tools to run AOL at this important time in its history. I also want to express my gratitude to Jon Miller for his many contributions to the company, including the strategy that we put together earlier this year, which is already bearing fruit." Mr. Falco said: “I’m truly excited about joining the superb teams at AOL and Time Warner. AOL is clearly headed in the right direction, and I have full faith in its future as a leader among Time Warner businesses. My challenge will be to execute on the strategy that I believe will make AOL once again the leader of the online world. I see a tremendous opportunity for meaningful growth at AOL and will work hard with the fine people at AOL to make sure the company lives up to its full potential.” Mr. Miller said: “Rarely do you come into an organization with as many challenges as AOL faced when I arrived and then have the great satisfaction of putting it on sound footing. I’ve had that opportunity at AOL over the past four years, and I’m proud of what we've accomplished. I deeply appreciate the unwavering effort and support from the wonderful people at AOL, and I wish them, Randy and Time Warner all the best in the future.” Mr. Falco’s Background Mr. Falco is the President and COO of the NBC Universal Television Group, responsible for the group’s commercial and operational functions, including network and cable sales, affiliate relations, cable distribution, business development, information technology, network and studio operations, worldwide television distribution, and Telemundo. Mr. Falco also was a General Electric Corporate Officer. Before becoming President and COO in 2005, Mr. Falco served as President of the NBC Universal Television Network Group and as Group President of the NBC Television Network. Previously, he was President of the NBC Television Network and COO, Olympics, for the 2002 Winter Olympic Games in Salt Lake City, the 2000 Summer Olympic Games in Sydney, Australia, the 1996 Summer Olympics in Atlanta, and the 1992 Summer Olympics in Barcelona. He has won a total of six Emmy Awards for these broadcasts. In addition, as President of NBC’s Broadcast and Network Operations division, Mr. Falco was in charge of the facilities and operations of the NBC Television Network worldwide. He was responsible for overseeing the design and creation of the “Today” show’s “Window on the World” studio, MSNBC’s state-of-the-art broadcast facilities in Secaucus, N.J., and the digital conversion of the NBC Television Network. He also served as Vice President of Finance and Administration, NBC Sports, and held several managerial positions in Finance, Technical Operations, and Corporate Strategic Planning after joining NBC in September 1975. Mr. Falco is a graduate of Iona College, where he received his bachelor’s of business administration in finance in 1975 and his master’s of business administration, also in finance, in 1979. He received an honorary doctorate from Iona College in 2001. He’s a board member of the Ronald McDonald House and lives in Pound Ridge, New York, with his wife, Susan, and their three children. About AOL AOL is a global Web services company that operates some of the most popular Web destinations, offers a comprehensive suite of free software and services, runs the country's largest Internet access business, and provides a full set of advertising solutions. A majority-owned subsidiary of Time Warner Inc. (NYSE: TWX), AOL LLC is based in Dulles, Virginia. AOL and its subsidiaries also have operations in Europe, Canada and Asia. Learn more at AOL.com. About Time Warner Inc. Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.

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