Warner Communications Inc. (“WCI”)

Time Inc. merged with WCI on January 10, 1990, to form a company then named Time Warner Inc., which was subsequently renamed Time Warner Companies, Inc. (a predecessor of the company now known as Historic TW Inc.). A holder of WCI common stock at the time of the merger was entitled to receive the following for each such share:

• 0.7188774 of a share of Time Warner Inc. Series C 8 3/4% Convertible Exchangeable Preferred Stock ("Series C"), and
• 0.5421044 of a share of Time Warner Inc. Series D 11% Convertible Exchangeable Preferred Stock ("Series D"), and
• 0.15166 of a share of Class A common stock of BHC Communications, Inc. ("BHC").

Turner Broadcasting System, Inc. (“TBS”)

Historic TW Inc. (formerly named Time Warner Inc.) acquired the remaining 80% interest in TBS that it did not already own on October 10, 1996. Each outstanding share of TBS Class A common stock and Class B common stock was converted into the right to receive 0.75 shares of Historic TW Inc. common stock. As a result of a 1998 stock split, the exchange ratio in the merger of America Online, Inc. and Historic TW Inc. (formerly named Time Warner Inc.) in 2001 and the 1-for-3 reverse stock split in 2009, each such TBS share is now exchangeable for 0.75 shares of Time Warner common stock.