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To: Bill Harmond who wrote (61679)	6/10/1999 1:26:00 PM
From: Sam Citron	Read Replies (1) \| Respond to of 164684

RE: AOL William, Wondered what you thought about Blodget's comment about AOL subscriber growth coming in on light side due to UK free internet movement in UK. From briefing.com "Based on recent conversations with management, he expects AOL's subscriber growth number this quarter to be on the low end of the company's guidance-- which was 750,000-850,000-- due to significantly weaker than expected growth in its international business stemming, in part, from the "free access" movement in the U.K. that is curbing AOL's growth, and more than likely, prompting it to move toward a free offer of its own to combat other such offerings from the likes of Microsoft and Dell. Mr. Blodget is quick to point out, however, that much stronger than expected growth in the U.S. is offsetting some of the international weakness and that he remains "very comfortable" with his revenue and EPS estimates given that North American subscribers generate all the company's revenue. In addition, he also reminded investors that AOL fell short of its subscriber growth target in the yr-ago quarter by almost 100,000, but because of the strength of its overall business, that shortfall had little impact on the stock." US lags UK in certain key areas of telecom innovation and reform. I could see momentum gaining toward free 56kbps access bundles by some of AOL's competitors in US as they emulate the successful Pearson and other ad supported models. People will continue to pay up for cable modem service in a world of free plain vanilla service, but how much is unclear. SC

To: Bill Harmond who wrote (61679)	6/10/1999 1:32:00 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

>>Did you come to this decision after you met with VC's? :) << With what the VC's wanted, I decided that we could fund this through a few private investors. You see, VC's want an arm and a leg, while private investors only want an arm. I thought about asking you if you wanted to invest, but decided you wouldn't leave your house to discuss it. Anyway, the funding is done, so you'll just have keep playing the market because I know you love it's liquidity. If I didn't think we could make a $100mil, I'd keep doing it too. William if you never leave your house, how do you keep from looking pale??