X0202 4 2004-08-03 0001105705 TIME WARNER INC TWX 0001071567 NOVACK KENNETH J ONE TIME WARNER CENTER NEW YORK NY 10019 1 0 0 0 Common Stock, par value $.01 2004-08-03 4 M 0 12000 10.9675 A 45429 D Common Stock, par value $.01 2004-08-03 4 S 0 12000 16.96 D 33429 D Common Stock, par value $.01 375 I By Trust Employee Stock Option (right to buy) 10.9675 2004-08-03 4 M 0 12000 0 D 2001-01-11 2008-05-12 Common Stock, par value $.01 12000 304000 D The 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. 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. This option is currently exercisable. Brenda C. Karickhoff for Kenneth J. Novack 2004-08-04