X0303 4 2008-09-09 0001105705 TIME WARNER INC. TWX 0001071567 NOVACK KENNETH J ONE TIME WARNER CENTER NEW YORK NY 10019-8016 1 Common Stock, Par Value $.01 2008-09-09 4 M 0 14200 12.875 A 53936 D Common Stock, Par Value $.01 2008-09-09 4 S 0 14200 15.7996 D 39736 D Common Stock, Par Value $.01 375 I By Trust Employee Stock Option (Right to Buy) 12.875 2008-09-09 4 M 0 14200 0 D 2008-10-20 Common Stock, Par Value $.01 14200 573992 D This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 4, 2004, as amended on May 5, 2005 and February 20, 2007. Effective January 31, 2008, administration of the trading plan was transferred to a new broker. The reported shares represent the aggregate number of shares held by the Novack Family 1999 Revocable Trust, of which the Reporting Person's son who shares his household 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 son's pecuniary interest therein. This option is currently exercisable. This transaction was executed in multiple trades at prices ranging from $15.74 to $15.81. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request by the staff of the Securities and Exchange Commission, Time Warner Inc. or a security holder of Time Warner Inc., full information regarding the number of shares and prices at which each transaction was effected. By: Brenda C. Karickhoff For: Kenneth J. Novack 2008-09-10