X0202 4 2005-07-05 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 2005-07-05 4 M 0 12000 11.25 A 45429 D Common Stock, par value $.01 2005-07-05 4 S 0 3000 16.43 D 42429 D Common Stock, par value $.01 2005-07-05 4 S 0 3000 16.46 D 39429 D Common Stock, par value $.01 2005-07-05 4 S 0 2800 16.47 D 36629 D Common Stock, par value $.01 2005-07-05 4 S 0 200 16.48 D 36429 D Common Stock, par value $.01 2005-07-05 4 S 0 3000 16.50 D 33429 D Common Stock, par value $.01 375 I By Trust Employee Stock Option (right to buy) 11.25 2005-07-05 4 M 0 12000 0 D 2001-01-11 2008-09-01 Common Stock, par value $.01 12000 264000 D The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 4, 2004, as amended on May 5, 2005. 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 2005-07-06