Time Warner stockholders did not receive fractional shares of AOL common stock in the distribution. Instead, the fractional shares of AOL common stock were aggregated and sold in the open market by Time Warner’s distribution agent, Computershare, with the net proceeds distributed pro rata in the form of cash payments to both registered holders and beneficial holders (i.e., those who hold shares through a broker, bank or other nominee) who would otherwise be entitled to receive AOL fractional shares. The cash in lieu rate was $23.1128 per share.