X0306 4 2018-02-05 0001105705 TIME WARNER INC. TWX 0001196111 BARR WILLIAM P ONE TIME WARNER CENTER NEW YORK NY 10019 1 Common Stock, Par Value $.01 2018-02-05 4 M 0 4019 24.90 A 44959 D Common Stock, Par Value $.01 2018-02-05 4 S 0 4019 97.20 D 40940 D Common Stock, Par Value $.01 3845 I By LLC Director Stock Option (Right to Buy) 24.90 2018-02-05 4 M 0 4019 0 D 2019-07-22 Common Stock, Par Value $.01 4019 0 D This transaction was executed in multiple trades at prices ranging from $97.17 to $97.218. The price reported above reflects the weighted average purchase 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 Barr Family LLC, of which the Reporting Person is the manager and in which the Reporting Person and his spouse jointly own a 1% interest and his adult children collectively own a 99% interest. The Reporting Person disclaims beneficial ownership of the shares held by The Barr Family LLC, except with respect to the 1% pecuniary interest held jointly with his spouse, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of the reported shares (except to the extent of his pecuniary interest) for purposes of Section 16 or for any other purpose. This option is currently exercisable By: Brenda C. Karickhoff for William P. Barr 2018-02-06