X0306 4 2013-05-08 0001105705 TIME WARNER INC. TWX 0001217404 OLAFSSON OLAF ONE TIME WARNER CENTER NEW YORK NY 10019-8016 1 Executive Vice President Common Stock, Par Value $.01 2013-05-08 4 M 0 48144 35.89 A 102234 D Common Stock, Par Value $.01 2013-05-08 4 M 0 55365 37.32 A 157599 D Common Stock, Par Value $.01 2013-05-08 4 M 0 60901 36.14 A 218500 D Common Stock, Par Value $.01 2013-05-08 4 M 0 40393 41.48 A 258893 D Common Stock, Par Value $.01 2013-05-08 4 M 0 20000 30.99 A 278893 D Common Stock, Par Value $.01 2013-05-08 4 M 0 20000 15.27 A 298893 D Common Stock, Par Value $.01 2013-05-08 4 S 0 244803 60.98 D 54090 D Employee Stock Option (Right to Buy) 35.89 2013-05-08 4 M 0 48144 0 D 2014-02-12 Common Stock, Par Value $.01 48144 0 D Employee Stock Option (Right to Buy) 37.32 2013-05-08 4 M 0 55365 0 D 2015-02-17 Common Stock, Par Value $.01 55365 0 D Employee Stock Option (Right to Buy) 36.14 2013-05-08 4 M 0 60901 0 D 2016-03-02 Common Stock, Par Value $.01 60901 0 D Employee Stock Option (Right to Buy) 41.48 2013-05-08 4 M 0 40393 0 D 2017-03-01 Common Stock, Par Value $.01 40393 0 D Employee Stock Option (Right to Buy) 30.99 2013-05-08 4 M 0 20000 0 D 2018-03-06 Common Stock, Par Value $.01 20000 31898 D Employee Stock Option (Right to Buy) 15.27 2013-05-08 4 M 0 20000 0 D 2019-02-19 Common Stock, Par Value $.01 20000 67087 D This transaction was executed in multiple trades at prices ranging from $60.904 to $61.09. 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. This option is currently exercisable. By: Brenda C. Karickhoff for Olaf Olafsson 2013-05-09