Starboard Sends Letter to AOL Board of Directors; Intends to Promptly File Preliminary Proxy Materials for 2012 Annual Meeting

Starboard Value LP, one of the largest shareholders of AOL Inc.

with current ownership of approximately 5.3% of the outstanding shares, today announced that it has delivered a letter to the AOL Board to communicate its views on yesterday's announcement involving the sale of more than 800 of the Company's patents and their related patent applications to Microsoft Corporation. Starboard also announced that it expects to promptly file preliminary proxy materials with the SEC for the election of directors to the AOL Board at the upcoming 2012 Annual Meeting.