TIME WARNER DIGITAL MEDIA appoints OLAF OLAFSSON

OLAF OLAFSSON has been named vice chairman of TIME WARNER DIGITAL MEDIA.
Olafsson's appointment becomes effective November 15. Olafsson will work
with Michael Pepe, president and chief operating officer of Time Warner
Digital Media, and the rest of the management team at Time Warner Digital
Media to continue developing strategic business plans for Time Warner's
diverse digital media businesses and identifying emerging growth
opportunities for the company in the digital realm. Olafsson joins Time
Warner from Advanta Corp., where he has been president since March of 1998
and a member of its board of directors since 1997. Advanta is a highly
focused financial services company that provides consumers and small
businesses with innovative products and services, including mortgages,
equipment leases, business credit cards, insurance and deposit products. As
founder, president and chief executive officer of Sony Interactive
Entertainment, Inc., a unit of Sony Corporation established in 1991,
Olafsson built and managed businesses in the United States and Europe.