America Online, Inc., Mitsui & Co., Ltd. and Nihon Keizai Shimbun, Inc.,
Announce Japanese Joint Venture

Companies partner to create interactive consumer services for Japan with
local content and language

Tokyo, Japan/Vienna, Virginia -- May 8, 1996 -- America Online, Inc., (AOL)
the largest provider of consumer online services in the world, today
announced a joint venture with Mitsui & Co., Ltd., one of the world's
largest international trading companies, and Nihon Keizai Shimbun, Inc.,
(Nikkei), publisher of Japan's leading business newspaper and a leader in
the publications and online services industries. The joint venture aims to
offer interactive consumer services in Japan, with a broad range of
localized Japanese language content, and hopes to launch the AOL Japan
service around the end of this year.

The joint venture will consist of Mitsui owning 40%, Nikkei 10% and AOL
50%. Mitsui and Nikkei will contribute more than $56 million (6 billion
yen) to fund the launch of the service. Additionally, as part of its
commitment to building the joint venture, Mitsui has purchased
approximately $28 million (3 billion yen) of convertible preferred stock
in America Online.

Mitsui and Nikkei contribute more than 120 years of experience and
credibility in the Japanese market, as well as a strong management team.
AOL will bring to the venture its leadership in developing, managing, and
operating interactive online services in the U.S. and Europe, its user
friendly interface technology, and alliances with leading media companies
worldwide, as well as the largest and fastest growing interactive
electronic community. The AOL Japan service will blend the best of local
Japanese content with the global resources of the AOL service through
links to AOL's other services in the U.S., Europe and Canada.

"As we continue to grow this new medium of interactive online services, we
are excited to be partnering with two key leaders - Mitsui and Nikkei - to
create a Japanese joint venture," said Steve Case, Chairman and CEO,
America Online, Inc. "We plan to provide a compelling Japanese consumer
service by leveraging Mitsui and Nikkei's wealth of experience and
content, teamed with AOL's expertise in interactive services for
consumers. The joint venture is committed to creating an easy-to-use
popular Japanese service by working with a variety of partners to provide
a wide range of content for all ages."

America Online's Japanese partners echoed AOL's enthusiasm for the joint
venture.

"I am excited about the development of a customer-oriented online service
with such partners as America Online and Nihon Keizai Shimbun. America
Online has a subscriber base of more than 5.5 million people and is known
for its attractive content and ease of use, while Nihon Keizai Shimbun is
a leading media company. For Mitsui, this business signifies an
opportunity to establish business relationships with numerous companies
worldwide by offering direct access to customers. We look forward to
cultivating this new market," said Mr. Naohiko Kumagai, President and CEO
of Mitsui.

"As a leading Japanese media company, Nihon Keizai Shimbun has succeeded in
newspapers, television and publishing. Now, we aim to become Japan's
leading provider of multimedia content. By providing quality contents, the
Nikkei Group intends to promote AOL Japan's business success," Mr.
Takuhiko Tsuruta, President and CEO of Nikkei.

Mitsui & Co., Ltd., one of the world's largest international trading
companies, conducts transactions in excess of US$195 billion per year. It
employs more than 11,600 people, in 226 cities and 90 countries. The
company has a number of divisions active in information and
communications, including computer and communication-related hardware and
software, landline, mobile and satellite communications, cable television
and other broadcast media, telecommunications services, amusement and
entertainment services and software.

Nihon Keizai Shimbun, Inc., based in Tokyo, is the primary business
information source for top corporate executives and decision-makers in
Japan. It is known worldwide for the Nikkei stock index. Founded in 1876,
Nikkei publishes Japan's leading business and financial newspaper, The
Nihon Keizai Shimbun (circulation: approx. three million), along with four
other business newspapers, including the English-language The Nikkei
Weekly. It is also active in online information services along with book
publication, broadcasting, exhibitions and seminars.

America Online, Inc., (NASDAQ Symbol: AMER), based in Vienna, Va., is the
largest and fastest-growing provider of online services in the world, with
more than 5.5 million members. Through its services, AOL offers its
subscribers a wide variety of services including electronic mail,
conferencing, software, computing support, interactive magazines and
newspapers, and online classes, as well as easy and affordable access to
services on the Internet. Founded in 1985, AOL today has a global work
force consisting of nearly 5,000 people. Personal computer owners can
obtain America Online software at major retailers and bookstores or by
calling 800/827-6364.
 
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