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

Please note the following two exceptions:

• Time Warner distributed 1 share of Time Inc. common stock for every 8 shares of Time Warner common stock that Time Warner shareholders held on the record date. If you held fewer than 8 shares of Time Warner common stock on the record date, you did not receive any shares of Time Inc. common stock. Instead, you received a cash payment in lieu of any fractional Time Inc. share to which you would have otherwise been entitled. No action by you was required to receive any such cash-in-lieu payment. See below regarding the treatment of fractional shares of Time Inc. 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 June 6, 2014, any Time Inc. shares or cash in lieu of a fractional Time Inc. share that you would otherwise be entitled to receive will be held and will not be distributed to you. You must exchange your stock certificate(s) in order to receive your Time Inc. shares, any cash in lieu of a fractional Time Inc. share, and any future dividends or distributions on your Time Warner or Time Inc. shares.