The distribution date for the Time Inc. shares was immediately after 11:59 p.m. EDT on June 6, 2014. See above regarding two scenarios that could preclude the distribution of Time Inc. shares to you.

If you were entitled to receive shares of Time Inc., you did not receive any physical stock certificates for the Time Inc. shares. Instead:

• If you are a registered Time Warner shareholder: The book-entry account statement reflecting your ownership of Time Inc. common stock was mailed to you following the distribution date of June 6, 2014. If you were otherwise entitled to receive a fractional share, a cash payment in lieu of the fractional share was mailed together with the book-entry account statement.
• If you are a beneficial Time Warner shareholder (in other words, if you hold your shares through a broker, bank or other nominee): Your brokerage account should have been credited with the Time Inc. shares following the distribution date of June 6, 2014. If you were otherwise entitled to receive a fractional share, your brokerage account should have been credited with a cash payment in lieu of the fractional share. If you have any questions regarding the distribution or any cash payment in lieu of a fractional share, you should contact your broker, bank or other nominee for more information.

See below regarding the treatment of fractional shares of Time Inc. common stock.