AOL Provides Notice to Holders of its Convertible Notes

The completion of the previously announced acquisition of AOL Inc. ("AOL") by Verizon Communications Inc. (NYSE, Nasdaq: VZ) constitutes a Fundamental Change and Make-Whole Fundamental Change under the Indenture, dated as of August 19, 2014, as supplemented (the "Indenture"), between AOL and The Bank of New York Mellon, as Trustee (the "Trustee"), relating to AOL's 0.75% Convertible Senior Notes due 2019 (the "Notes"). The Effective Date (as defined in the Indenture) of the Fundamental Change and Make-Whole Fundamental Change was June 23, 2015. On June 23, 2015, AOL provided written notice to holders of the Notes of the Fundamental Change and the Make-Whole Fundamental Change, and the right at the option of each holder to require AOL to repurchase its Notes or to surrender its Notes for conversion. A copy of the written notice has been delivered to the Trustee.

About AOL:

AOL is a media technology company with a mission to simplify the internet for consumers and creators by unleashing the world's best builders of culture and code. As one of the largest online properties in the U.S., with approximately 200 million monthly consumers of its premium brands, AOL is at the center of disruption of how content is being produced, distributed, consumed and monetized by connecting publishers with advertisers on its global, programmatic content and advertising platforms. AOL's opportunity lies in shaping the future of the digitally connected world for decades to come.

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