Cox Enterprises Announces STRYPES Intentions

Business Wire, May 3, 1999

ATLANTA--(BUSINESS WIRE)--April 29, 1999--

Cox Enterprises, Inc. announced today that it has informed Merrill Lynch & Co., Inc. that it currently intends to settle in cash its obligations to Merrill Lynch under its STRYPES agreement relating to Merrill Lynch's 6% STRYPES due June 1, 1999. In a 1996 offering, Merrill Lynch sold 9,755,000 STRYPES which are payable with a specified number of shares of Class A Common Stock of Cox Communications, Inc., or cash with an equal value.

Cox Enterprises reserves the right to amend this decision. However, it is required to make a final decision on or before May 20, 1999 as to whether it will settle the STRYPES agreement with cash or stock. Merrill Lynch is obligated under the STRYPES agreement to deliver to STRYPES holders at maturity the same form of consideration it receives from Cox Enterprises. A notice reflecting the final decision will be published in The Wall Street Journal.