X0201 42003-12-16 0001105705 TIME WARNER INC TWX 0001071567 NOVACK KENNETH J 75 ROCKEFELLER PLAZA NEW YORK, NY 10019 1100Vice ChairmanCommon Stock, par value $.012003-12-164M01200010.9675A40523DCommon Stock, par value $.012003-12-164S0500017.30D35523DCommon Stock, par value $.012003-12-164S0200017.41D33523DCommon Stock, par value $.012003-12-164S0500017.45D28523DCommon Stock, par value $.01519IBy Savings PlanCommon Stock, par value $.01375IBy TrustEmployee Stock Option (right to buy)10.96752003-12-164M0120000D2001-01-112008-05-12Common Stock, par value $.0112000658471DThe transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 1, 2002, as amended through February 14, 2003.This option is currently exercisable.AOL Time Warner Savings Plan, a qualified employee benefit plan.The reported shares represent the aggregate number of shares held by the Novack Family 1999 Revocable Trust, of which the Reporting Person's minor child is one of four beneficiaries. The Reporting Person disclaims beneficial ownership of the shares of Common Stock held by the Novack Family 1999 Revocable Trust, except to the extent of his minor child's pecuniary interest therein.Brenda C. Karickhoff for Kenneth J. Novack2003-12-17