Shares of Time Warner common stock traded “regular way” (including the right to receive the Time Inc. common stock distribution) on the New York Stock Exchange through the distribution date of June 6, 2014.

If you sold Time Warner shares “regular way” on or before June 6, 2014, you also sold your right to receive shares of Time Inc. common stock that you would have otherwise received.

If you bought Time Warner shares “regular way” on or before June 6, 2014 and held them through June 6, 2014, you also bought the right to receive shares of Time Inc. 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.