X0303 4 2011-01-25 0001105705 TIME WARNER INC. TWX 0001077846 MILES MICHAEL A ONE TIME WARNER CENTER NEW YORK NY 10019-8016 1 Phantom Stock Units (pre-2001) 2011-01-25 4 J 0 5550.9886 D 2011-01-25 Common Stock, Par Value $.01 5550.9886 0 I By Deferred Compensation Plan As required by the terms of the Deferred Compensation Plan for Directors of Time Warner Inc. (a plan maintained by Historic TW Inc. prior to its merger with America Online, Inc. in 2001), a cash distribution was made to the Reporting Person based on the amounts deferred plus accrued interest at the seven-year treasury rate, compounded annually, because that amount was greater than the fair market value of the Common Stock underlying the phantom stock units credited to the Reporting Person's account. As a result of the distribution, the Reporting Person is no longer deemed to own phantom stock units. This transaction is exempt under Section 16(b). By: Brenda C. Karickhoff for Michael A. Miles 2011-01-26