Time Warner shareholders did not receive fractional shares of Time Inc. common stock in the distribution. Instead, the fractional shares of Time Inc. 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 registered holders and DTC participants (i.e., banks, brokerage firms and similar institutions) who were otherwise entitled to receive Time Inc. fractional shares. If you are a registered Time Warner shareholder and were otherwise entitled to receive a fractional share of Time Inc. common stock, a cash payment in lieu of the fractional share was mailed to you. If you are a beneficial Time Warner shareholder and were otherwise entitled to receive a fractional share of Time Inc. common stock, your brokerage account should have been credited with a cash payment in lieu of the fractional share.