In general, if you held Time Warner common stock on the record date, no action was required to receive AOL common stock and, if applicable, the cash payment in lieu of fractional shares of AOL common stock. See below regarding the treatment of fractional shares of AOL common stock. If you held Time Warner common stock on the record date, you should have either received a book-entry account statement reflecting your ownership of AOL common stock or your brokerage account should have been credited with AOL common stock.

Please note the following two exceptions:

• Time Warner distributed 1 share of AOL common stock for every 11 shares of Time Warner common stock that Time Warner stockholders held on the record date. If you held fewer than 11 shares of Time Warner common stock on the record date, you would not have received any shares of AOL common stock. Instead, you would have received cash in lieu of any fractional AOL share to which you would otherwise be entitled. No action by you was required to receive any such cash-in-lieu payment. See below regarding the treatment of fractional shares of AOL common stock.
• If you hold unexchanged stock certificate(s) for (i) Time Warner common stock issued prior to the 1-for-3 reverse stock split of the common stock on March 27, 2009 or (ii) the common stock of America Online, Inc. or Time Warner Inc. issued prior to the merger of these companies on January 11, 2001, please contact our transfer agent, Computershare, for instructions on how to exchange your stock certificate(s) for new Time Warner shares. Contact information for Computershare can be found in the Contacts section under the Resources tab.

If you continue to hold unexchanged stock certificate(s) after December 9, 2009, any AOL shares or cash in lieu of a fractional AOL share which you would otherwise be entitled to receive have been held and were not distributed to you. You must exchange your stock certificate(s) in order to receive your AOL shares, any cash in lieu of a fractional AOL share, and any future dividends or distributions on your Time Warner or AOL shares.