© 2009 AOL LLC. AOL and the AOL logo are trademarks of AOL LLC and may not be used without written permission. AOL Overview & IPO Steve Hosley, SVP, and GM Ad Operations and Self Service Cindy Gallagher, VP & Asst Controller

2 Agenda AOL’s Transformation AOL’s Current Business Model AOL’s Spin-off from Time Warner

AOL’s Transformation AOL has transformed itself from a member-based business to an advertising-supported business focused on delivering great content. 3 August 5, 2006 AOL Announces it is now Free AOL has historically been characterized as a 20 year old “member-based” company. In 2006 its walled garden of sites and became accessible by its millions of members. Since then, it has been assembling itself as a world- class content provider supported by advertising. Infrastructure has undergone a transformation to support the new business The challenge is to dial up on-line advertising at the same rate as membership declines

AOL Today A leading Web network – 98.5M Unique Visitors (UVs) in October 2009 – 4 th largest property in U.S. 4 AOL is focused on attracting and engaging consumers and providing valuable online advertising services. ~3B Revenues ~8,000 employees 73 sites in over 18 countries Today, AOL is a leading global Web services company with an extensive suite of brands and offerings and worldwide audience. 9 #1-ranked entities in their category - Spinner.com, AOL Music, BlackVoices, Lemondrop, PoliticsDaily.com, Theboombox.com, Theboot.com, Pawnation.com and Stylelist.com (6 #2-ranked) No. 2 mapping site – MapQuest Additionally, AOL’s U.S. Access business serves as a valuable distribution channel for AOL’s consumer offerings. No. 1 advertising network – Advertising.com – reaches 90% of U.S. online audience

AOL Goes Public 5 AOL’s Mission: To inform, entertain and connect the world. AOL is looking forward to its future as an independent content-driven company. Thursday, December 10 th AOL common stock will begin trading on the New York Stock Exchange.

AOL’s Business Strategy 6 AOL = Content + Ads + Communications Content. Content. Producing high quality, premium digital content at massive scale. Advertising Advertising. Re-defining branded advertising with innovations in planning, buying, targeting and reporting/insights. Communications Communications. Re-inventing AOL communications platforms, such as and AIM, as content and advertising communications and distributions tools.

AOL is committed to creating the world’s most simple and stimulating content and online experiences. “Our new identity is uniquely dynamic. Our business is focused on creating world-class experiences for consumers and AOL is centered on creative and talented people - employees, partners, and advertisers. We have a clear strategy that we are passionate about and we plan on standing behind the AOL brand as we take the company into the next decade.” ~Tim Armstrong Let’s take a sneak peek: The new brand identity will be fully unveiled when AOL common stock begins trading on the New York Stock Exchange. Aol.’s New Brand 7 AOL still faces negative and dated perceptions in the market that it lacks creativity and innovation. The new identity is intended to change every part of that perception.

Spin-off Background In late May, TW’s board approved the complete legal and structural separation of AOL from Time Warner The benefits identified to spinning off AOL included: Focused business strategy for TW and AOL Ability for investors to make independent investment decisions Decision was made to keep the subscription business as part of the new AOL Inc. entity Access service is considered a valuable distribution channel for our web services Time Warner will effect the spin-off by distributing a dividend to its shareholders shares of AOL common stock Immediately after the spin-off, all TW shareholders will therefore also be AOL shareholders Stock will be listed on the NYSE with the ticker symbol ‘AOL’ 8

Considerations for AOL as a standalone company Conversion into AOL Inc. All existing assets and liabilities will move into a new entity, AOL Inc. The AOL LLC shell will remain with Time Warner as a debt guarantee entity Focused efforts surrounding Cash Poolings Treasury Tax Financial Reporting Structure Corporate governance requirements Audit committee Board of directors Standalone internal audit function Treasury function Investor relations Increased legal and financial reporting responsibility 9

Considerations for AOL as a standalone company External communications Quarterly earnings releases Conference calls/Q&As with analysts Annual shareholder meetings Compliance functions SOX compliance Internal audit Standalone EY audits & process Standalone benefits/equity – HR managing this process Cash management function Currently all cash swept to TW - we’ll be able to better manage/focus our investing needs on what’s best for AOL SEC filings Continued responsibilities of an SEC registrant Quarterly: 10-Q filings, 40 days after quarter-end Annual: 10-K filings, 60 days after year-end Proxy statements, 8-Ks, other filings as needed 10

SEC Filings AOL Inc. Form 10 was declared effective on November 17, 2009 This was an iterative process since March 2009, which including responding to SEC comments and additional financial filings for the periods ending June 30 and September 31 The newly spun-off company (AOL Inc.) is now subject to the periodic reporting requirements of the SEC AOL’s Form 10 includes: Audited financial statements as of December 31, 2008 and 2007 and for the three years ended December 31, 2008 Unaudited financial statements for Fiscal Year 2009 Listing of directors and disclosure of executive compensation Investors now have the same current info for AOL Inc. that’s available for any other public company. Find more details at Form 10: 11

Dynamics of a Spin-off Determining where assets best reside to maximize shareholder value Parent company or spin-off company Determining transition services Does the spin-off company have the capabilities to perform or purchase the services Establishing a credit facility Underwritten by parent or not underwritten Positive cash flow is essential Owners equity (restart) 12