X0201 4 2004-02-25 0001105705 TIME WARNER INC TWX 0001237443 BEWKES JEFFREY L 75 ROCKEFELLER PLAZA NEW YORK NY 10019 0 1 0 0 Chairman, Enter. and Networks Common Stock, par value $.01 2004-02-25 4 M 0 150000 12.26 A 975000 D Common Stock, par value $.01 2004-02-25 4 S 0 8800 17.21 D 966200 D Common Stock, par value $.01 2004-02-25 4 S 0 20700 17.22 D 945500 D Common Stock, par value $.01 2004-02-25 4 S 0 1200 17.23 D 944300 D Common Stock, par value $.01 2004-02-25 4 S 0 3000 17.24 D 941300 D Common Stock, par value $.01 2004-02-25 4 S 0 85000 17.25 D 856300 D Common Stock, par value $.01 2004-02-25 4 S 0 2600 17.26 D 853700 D Common Stock, par value $.01 2004-02-25 4 S 0 3700 17.29 D 850000 D Common Stock, par value $.01 2004-02-25 4 S 0 25000 17.34 D 825000 D Common Stock, par value $.01 94368 I By Savings Plan Non-Qualified Stock Option (right to buy) 12.26 2004-02-25 4 M 0 150000 0 D 1995-03-03 2004-03-02 Common Stock, par value $.01 150000 0 D The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 12, 2003. This option is currently exercisable. Time Warner Savings Plan, a qualified employee benefit plan. Exhibit List. Exhibit 24 - Power of Attorney Brenda C. Karickhoff for Jeffrey L. Bewkes 2004-02-26