X0306 4 2017-07-03 0001591517 Time Inc. TIME 0001568037 Rolfe Ronald S C/O TIME INC. 225 LIBERTY STREET NEW YORK NY 10281 1 Common Stock, par value $0.01 2017-07-03 4 A 0 8304 0 A 40451.432 D Common Stock, par value $0.01 2017-07-03 4 A 0 8650 0 A 49101.432 D Represents restricted stock units that are scheduled to vest on the earlier of June 5, 2016 or the date of Time Inc.'s 2016 annual meeting of stockholders. Represents deferred stock units that were issued to the reporting person in lieu of cash retainer of $125,000. Shares underlying the deferred stock units will be delivered after "Separation from Service" (within the meaning of Section 409A of the Internal Revenue Code). /s/ Annette Boglev, Attorney-in-Fact for Ronald S. Rolfe 2017-07-06