X0304 4 2012-03-07 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 2012-03-07 4 M 0 8353.479 0 A 116170.479 D Common Stock, Par Value $.01 2012-03-07 4 F 0 4202 36.59 D 111968.479 D Common Stock, Par Value $.01 2012-03-07 4 S 0 1.479 36.59 D 111967 D Common Stock, Par Value $.01 248 I By Savings Plan Restricted Stock Units 2012-03-07 4 M 0 8353.479 0 D 2012-03-07 2012-03-07 Common Stock, Par Value $.01 8353.479 53612.434 D Shares of common stock acquired upon the vesting of restricted stock units awarded on March 7, 2008. Each restricted stock unit represents a contingent right to receive one share of common stock. The Reporting Person received one share of common stock for each restricted stock unit that vested. Payment of tax liability by withholding shares of common stock incident to the vesting of restricted stock units in accordance with Rule 16b-3 of the Securities Exchange Act of 1934. Cash payment in lieu of fractional shares. This transaction is exempt under Rule 16b-3 of the Securities Exchange Act of 1934. 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. These restricted stock units vest in two equal installments on the third and fourth anniversaries of their dates of grant, February 20, 2009, February 8, 2010, and February 7, 2011. By: Brenda C. Karickhoff for Paul T. Cappuccio 2012-03-08