January 29, 2003

NEW YORK, -- AOL Time Warner Inc. (NYSE: AOL) today announced that Ted Turner has decided to step down as Vice Chairman of AOL Time Warner, effective at the Annual Shareholders Meeting in May.

In notifying Chief Executive Officer Dick Parsons yesterday, Mr. Turner said: "After much reflection, I have decided to resign from my executive duties as Vice Chairman of AOL Time Warner. I have not come to this decision lightly. As you know, this company has been a significant part of my life for over fifty years. I have the deepest respect for you, the senior management and my fellow members of the board. With this team in place, I am optimistic that the company will be able to move forward and reach its true potential.

"As you know, I have devoted much of my life to philanthropic interests and, more recently, to several socially responsible business efforts. Over the last five years, it has become even clearer to me how much personal satisfaction I derive from these activities. Therefore, I would like to now devote even more time, effort and resources to them."

Mr. Parsons said: "I speak for everybody in our Company when I say how profoundly grateful we are to Ted Turner for his vision and genius, and how proud we will always be of his courageous and pioneering spirit. Ted's leadership role in the formation of global media in general and AOL Time Warner in particular is uniquely significant. His values of journalistic independence and public service are a permanent part of who we are and what we do. I will continue to rely on Ted's wisdom and advice and know that it will serve our Company well in the years to come."

About AOL Time Warner Inc.
AOL Time Warner Inc. is the world's leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks, music and publishing.