X0306 4 2018-01-24 0001105705 TIME WARNER INC. TWX 0001237444 CAPPUCCIO PAUL T ONE TIME WARNER CENTER NEW YORK NY 10019-8016 1 EVP and General Counsel Performance Stock Units 2018-01-24 4 A 0 23916 0 A 2018-02-15 2018-02-15 Common Stock, Par Value $.01 23916 23916 D Each performance stock unit represents a contingent right to receive one share of common stock. On February 15, 2015, the Reporting Person was awarded 13,436 target performance stock units with a three-year performance period ending December 31, 2017. On January 24, 2018, the Compensation and Human Development Committee approved a payout of 178% of the target PSUs under the performance standards set in 2015, based on (i) the Issuer's cumulative Adjusted EPS achieved during the performance period, which resulted in an Adjusted EPS factor of 200%, and (ii) its total stockholder return for the performance period compared to the other companies in the S&P 500, which resulted in a TSR modifier of 89%. The payout factor for the performance stock units is determined by multiplying the Adjusted EPS factor and the TSR modifier. By: Brenda C. Karickhoff for Paul T. Cappuccio 2018-01-25