X0306 4 2015-01-28 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 2015-01-28 4 A 0 181724 0 A 2015-02-15 2015-02-15 Common Stock, Par Value $.01 181724 181724 D Each performance stock unit represents a contingent right to receive one share of common stock. On February 15, 2012, the Reporting Person was awarded 90,862 target performance stock units (as adjusted for the spin-off of Time Inc.) with a three-year performance period ending December 31, 2014. On January 28, 2015, the Compensation and Human Development Committee approved a payout of 200% of the target PSUs under the performance standards set in 2012, based on the Issuer's cumulative Adjusted EPS achieved during the performance period and its relative total stockholder return for the performance period being at the 91.4th percentile of companies in the S&P 500. By: Brenda C. Karickhoff for Jeffrey L. Bewkes 2015-01-29