X0306 4 2013-05-08 0001105705 TIME WARNER INC. TWX 0001237444 CAPPUCCIO PAUL T ONE TIME WARNER CENTER NEW YORK NY 10019-8016 1 EVP and General Counsel Common Stock, Par Value $.01 2013-05-08 4 M 0 69182 30.99 A 131149 D Common Stock, Par Value $.01 2013-05-08 4 M 0 86226 26.92 A 217375 D Common Stock, Par Value $.01 2013-05-08 4 S 0 155408 61.06 D 61967 D Common Stock, Par Value $.01 261 I By Savings Plan Employee Stock Option (Right to Buy) 30.99 2013-05-08 4 M 0 69182 0 D 2018-03-06 Common Stock, Par Value $.01 69182 0 D Employee Stock Option (Right to Buy) 26.92 2013-05-08 4 M 0 86226 0 D 2020-02-07 Common Stock, Par Value $.01 86226 28743 D This transaction was executed in multiple trades at prices ranging from $60.865 to $61.305. 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. The Time Warner Savings Plan, a qualified employee benefit plan (the "Savings Plan"). Includes shares of common stock acquired through the reinvestment of dividends paid on the common stock held by the Savings Plan. This option is currently exercisable. This option becomes exercisable in increments of 25% on the first four anniversaries of the date of grant, February 8, 2010. By: Brenda C. Karickhoff for Paul T. Cappuccio 2013-05-09