AOL DOES $725 MILLION DEAL WITH VIVENDI

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AOL TimeWarner's America Online announced today that it will exchange $725 million in preferred shares in AOL Europe for a 55 percent interest stake in AOLFrance, currently owned by Vivendi Universal's Cegetel and Canal+. The shares will be redeemable in April 2003. The two companies also agreed to a marketing dealwhich allows Vivendi to spend $25 million in advertising on AOL media channels, over a period of 12 to 18 months. --Bonnie Tsui

Copyright March 2001, Crain Communications Inc.

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