Time Warner’s AOL and Google to Expand Strategic Alliance

Creating Global Advertising Partnership

Google to Invest $1 Billion for a 5% Stake in AOL

Companies to Collaborate on Online Video Offering and Make More AOL Content Available to Google Users

Google Talk Instant Messaging Software to Communicate With AIM Users

MOUNTAIN VIEW, Calif., NEW YORK, NY, and DULLES, Va., December 20, 2005 – Google Inc. (NASDAQ: GOOG) and America Online, Inc., a wholly owned subsidiary of Time Warner Inc. (NYSE: TWX), today announced that they are expanding their current strategic alliance. The agreement creates a global online advertising partnership, makes more of AOL’s industry-leading content available to Google users, and includes a $1 billion investment in AOL by Google. This strategic alliance expands on the original relationship between the two companies launched three years ago.

Time Warner Chairman and Chief Executive Officer Dick Parsons said: "We’re very pleased to build significantly on our special relationship with Google in a way that will meaningfully strengthen AOL’s position in the fast-growing online advertising business and help drive more advertisers to its Web properties. This agreement is key to fulfilling our commitment to realize the potential of AOL’s very large online audience. As digital technologies continue to drive industries together, the great value and opportunity inherent in Time Warner’s structure and array of premier businesses becomes increasingly clear. A critical piece of this strategic alliance will be our content, which we will be making more accessible to Google users."

Google Chief Executive Officer Eric Schmidt said: "AOL is one of Google’s longest-standing partners, and we are thrilled to strengthen and expand our relationship. Today’s agreement leverages technologies from both companies to connect Google users worldwide to a wealth of new content. We’ve also created a simple way for AOL Marketplace advertisers to buy and place search-related advertising across the AOL network. This partnership is an important next step for our companies."

Serving Users and Advertisers

Under the strategic alliance, Google and AOL will continue providing search technology to AOL’s network of Internet properties worldwide. The agreement’s broad range of new features for users and advertisers include:

• Creating an AOL Marketplace through white labeling of Google’s advertising technology – enabling AOL to sell search advertising directly to advertisers on AOL-owned properties;
• Expanding display advertising throughout the Google network;
• Making AOL content more accessible to Google Web crawlers;
• Collaborating in video search and showcasing AOL’s premium video service within Google Video;
• Enabling Google Talk and AIM instant messaging users to communicate with each other, provided certain conditions are met; and
• Providing AOL marketing credits for its Internet properties.

AOL and Google have also agreed to extend the term of their existing European relationship, and, subject to mutual agreement, they may extend the AOL Marketplace internationally. In addition, Google, AOL and Time Warner may choose to expand the new partnership to Time Warner’s other advertising opportunities.

Google Investment in AOL

Google will invest $1 billion for an effective 5% equity stake in America Online, Inc., allowing the company to participate in AOL’s future success. Google will become the only shareholder in AOL other than Time Warner. Time Warner will retain management control and full strategic flexibility over AOL, while Google will have certain customary minority shareholder rights, including those associated with any future sale or public offering of AOL. Additional financial terms of the agreement were not disclosed.

Don Logan, Chairman of Time Warner’s Media & Communications Group, said: "We look forward to working with Google to extend our successful paid-search partnership to other forms of advertising. In addition, we’re excited about the potential for driving more traffic to our network of Internet properties. This agreement builds on our 2004 acquisition of Advertising.com and our other efforts to make AOL a more attractive advertising partner. We’re confident that this partnership marks the next big step in making AOL an even more important player in online advertising."

Mr. Schmidt continued: "Our investment underscores our recognition of AOL as a valuable strategic asset and our desire both to contribute to and participate in its future success. We look forward to working with Dick Parsons and the management teams at Time Warner and AOL to take our already successful AOL relationship to even greater heights."

Jonathan Miller, AOL’s Chairman and Chief Executive Officer, said: "AOL and Google have a very successful history working together, and this is an opportunity to take it to a new level that will benefit both companies and the customers we serve. We are excited about working with Google on the next generation of AOL products, while further expanding our presence on the Web. This is a great moment for AOL."

About Google Inc.

Google’s innovative search technologies connect millions of people around the world with information every day. Founded in 1998 by Stanford Ph.D. students Larry Page and Sergey Brin, Google today is a top web property in all major global markets. Google’s targeted advertising program provides businesses of all sizes with measurable results, while enhancing the overall web experience for users. Google is headquartered in Silicon Valley with offices throughout the Americas, Europe and Asia. For more information, visit www.google.com.

About America Online, Inc.

America Online, Inc. and its subsidiaries operate a leading network of Web brands and the largest Internet access subscription service in the United States. Brands include the AOL® service, the AOL.com® website, and the AIM®, MapQuest®, Moviefone®, Netscape®, CompuServe® and ICQ® services. America Online offers a range of digital services including the TotalTalk® voice service. The company also has operations in Canada and Europe. America Online, Inc. is based in Dulles, Virginia.

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.

Caution Concerning Forward-Looking Statements

This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of management of Google Inc. and Time Warner Inc., and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other factors affecting the operation of the respective businesses of Google and Time Warner. More detailed information about these factors may be found in filings by Google or Time Warner, as applicable, with the Securities and Exchange Commission, including their respective most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Google and Time Warner are under no obligation to, and expressly disclaims any such obligation to, update or alter their respective forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts:

Time Warner

Edward Adler
(212) 484-6630

Kathy McKiernan
(212) 484-8043

Google

Lynn Fox
(650) 253-2642

David Krane
(650) 253-4096

AOL

John Buckley
(703) 265-3289

Tricia Primrose-Wallace
(703) 265-2896

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Gmail Mobile

Announcement
December 15, 2005

Today, Google announced the availability of Gmail Mobile, enabling Gmail users quick and easy access to their Gmail account from their mobile devices. Whether waiting in the airport or scurrying for last minute holiday shopping, Gmail users will no longer have to worry about missing important email.

To access Gmail Mobile, users simply visit m.gmail.com through the web browser on their mobile phone and sign in to their Gmail account as they would on the web. Because every mobile device is different, Gmail Mobile automatically optimizes the interface based on the phone. Users can also view attached photos and documents from their phone, and reply-by-call to people whose phone number is stored in their Gmail account. Gmail messages are automatically synchronized, regardless of whether Gmail is accessed from Gmail Mobile or the web.

Gmail Mobile is currently available for free for mobile phone users in the US.

The service works with most web-enabled mobile phones, but users should check with their carriers on their data service plan to determine if there are additional charges for web access.

In addition to Gmail Mobile, Google has recently introduced other features to further enhance the Gmail experience, including:

Quick links that identify addresses and package tracking numbers in emails and displays them to the right of users’ Inbox so they can more easily access maps, directions, or tracking information with a single click.

• Gmail Web Clips, which appear at the top of the Gmail inbox and enable users to read Google News, a friend’s blog, or any RSS or Atom feed from their Gmail account.
• Anti-virus protection that automatically scans messages with attachments.
• The ability to view attachments in HTML instead of downloading to the desktop or mobile phone.
• A vacation auto-responder, which enables users to automatically notify people when they’re away from email or unable to respond.
• The option to create contact groups, one of the most highly-requested Gmail features.

For additional details about the newest Gmail features, please visit mail.google.com/mail/help/intl/en/about_whatsnew.html.

For more information about Gmail Mobile, visit www.google.com/glm/gmail or see the Gmail Mobile Reviewer’s Guide at www.google.com/intl/en/press/guides.html.

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Music Onebox

Announcement
December 15, 2005

Google has added a music search feature to Google web search to quickly put users in touch with a wide range of music information including artists, albums, song titles, links to music reviews and places to purchase music. This feature is similar to the links at the top of Google results that we’ve provided in the past for movies and weather.

In analyzing our traffic, we found that a huge number of users conduct music-related searches. To better meet this need, we developed this feature to put users in touch with the information they’re looking for faster, and with a user interface specifically designed for music.

Here’s how it works: when a user enters the name of an artist popular in the U.S. (as well as some international artists) into the Google search box, they will see some information about that artist, including the name, a few albums, and a picture (when available), as well as a ‘more music results’ link at the top of their search results.

When users click through to the ‘music results’ page they will see user reviews, song titles, and links to a variety of online retailers where they can purchase music. Additional information on the ‘music results’ page includes links to news, photos, cover art, discussion forums and other websites relevant to the query.

While we are only showing music links in limited cases to start, we plan to expand the range of searches that trigger this feature over time.

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Pittsburgh Office

Announcement
December 15, 2005

Earlier today, Google announced plans to open a new engineering office in the Pittsburgh area. The announcement was made this morning at a press conference at Carnegie-Mellon University.

The new Google office will be primarily focused on engineering, research and development, and is part of our worldwide effort to build engineering centers in locations where there are great engineers. We plan to hire about a hundred people for the new office in the coming years. We have not yet settled on a permanent facility in Pittsburgh but are exploring a variety of options.

In addition, we also announced the hire of Andrew Moore to lead our Pittsburgh operation. Andrew joins Google from Carnegie Mellon where he was a Professor of Robotics and Computer Science and co-founder and Director of the Auton Lab.

Google’s Pittsburgh office will offer all the world-class workplace amenities that Google has become known for such as outstanding healthcare benefits, free lunches, and competitive compensation packages. We are looking for a range of new employees to fill a variety of technology and engineering positions and have already begun recruiting efforts for software engineers.

Google prides itself on hiring the best and brightest and is encouraging qualified applicants to begin submitting their resumes on our website at www.google.com/jobs.

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