X0306 4 2014-01-29 0001105705 TIME WARNER INC. TWX 0001237443 BEWKES JEFFREY L ONE TIME WARNER CENTER NEW YORK NY 10019-8016 1 1 Chairman of the Board and CEO Performance Stock Units 2014-01-29 4 A 0 136185 0 A 2014-02-07 2014-02-07 Common Stock, Par Value $.01 136185 136185 D Each performance stock unit represents a contingent right to receive one share of common stock. On February 7, 2011, the Reporting Person was awarded 74,745 target performance stock units ("PSUs") with a three-year performance period ending December 31, 2013. On January 29, 2014, the Compensation & Human Development Committee approved a payout of 182.2% of the target PSUs in accordance with the performance standards set in 2011, based on the Issuer's relative total stockholder return for the performance period being at the 91st percentile of the companies in the S&P 500. By: Brenda C. Karickhoff for Jeffrey L. Bewkes 2014-01-31