Time Warner stockholders did not receive fractional shares in connection with the Time Warner reverse stock split. Instead, each stockholder of record entitled to a fractional share of Time Warner common stock as a result of the reverse stock split received a cash payment in lieu of any fractional share equal to (i) the fractional share interest to which the stockholder would otherwise be entitled multiplied by (ii) $18.88, which was the volume weighted average price of the Time Warner common stock on the effective day of the reverse stock split as reported on the New York Stock Exchange Composite Tape (on a post-reverse-split basis, as adjusted).

• If you are a registered Time Warner stockholder:
  • If you hold physical stock certificates for Time Warner common stock and you are entitled to receive a cash payment for your fractional share of Time Warner common stock, you will receive the cash payment after you complete and return to Computershare the letter of transmittal (also referred to as the Exchange Form) that Time Warner’s transfer agent, Computershare, has sent you, together with your stock certificate(s). Once you send your completed Exchange Form and your stock certificate(s) to Computershare, Computershare will process the exchange and then mail you a check for the fractional share payment, together with your book-entry statement of holding. This process will take approximately 10 business days after Computershare confirms that your stock certificate(s) have been received in good order. Please allow additional time for mailing.
  • If you hold Time Warner common stock in book-entry form and you were entitled to receive a cash payment for your fractional share of Time Warner common stock, Computershare mailed you a check for the payment, together with your book-entry statement of holding, during the week of April 6, 2009.
• If you are a beneficial Time Warner stockholder (in other words, if you held your shares through a broker, bank or other nominee in March 2009): If you are a beneficial holder and you were entitled to receive a cash payment for your fractional share of Time Warner common stock, payment for the fractional share was deposited directly into your account with the entity that held your shares. Each broker, bank or other nominee has its own processes for handling the cash received from Time Warner in exchange for fractional shares. You should contact your broker, bank or other nominee for more information.

No transaction costs were assessed on Time Warner stockholders for the cash payments in lieu of fractional shares, and stockholders are not entitled to receive interest for the period of time between the effective date of the reverse stock split and the date payment is made for their fractional share interest in Time Warner common stock. You should also be aware that, under the escheatment laws of certain jurisdictions, the cash paid in lieu of fractional shares will be turned over to the states if the checks are not cashed within certain time periods after the effective date of the reverse stock split.