Shares of Time Warner common stock continued to trade “regular way” (including the right to receive the AOL common stock distribution) on the New York Stock Exchange through the period leading up to and including the distribution date of December 9, 2009.

If you sold Time Warner shares “regular way” on or before December 9, 2009, you also sold your right to receive shares of AOL common stock that you would have otherwise received.

If you purchased Time Warner shares “regular way” on or before December 9, 2009 and held them through this date, you purchased the right to receive shares of AOL common stock based on the Time Warner shares you purchased.

Investors are encouraged to consult with their financial advisors regarding the specific consequences of selling or buying Time Warner common stock on or before the distribution date.