T-ONLINE, advantages       AOL, advantages

Massive financial clout for   More international experience
acquisitions                  than T-Online

Telecom experience helps      Superior content holds                            
as Internet goes mobile       users longer

Already largest Internet      May be able to exploit U.S. ad-
access provider in Europe     vertiser relationships in Europe


T-ONLINE, disadvantages    AOL, disadvantages

Scant international           European management in flux
experience                    after split with Bertelsmann

Revenue per subscriber        Faces entrenched ex-monopolies
half that of AOL              in most major markets

DATA: Business Week