Time Warner stockholders received 0.083670 share of Time Warner Cable common stock for each share of Time Warner common stock they held on the record date of 8:00 p.m. on March 12, 2009.

The distribution ratio was determined by dividing the total number of shares of Time Warner Cable common stock to be distributed by Time Warner, by the total number of eligible shares of Time Warner common stock outstanding on the record date. Time Warner held a total of 300,333,333 shares of Time Warner Cable common stock, and there were 3,589,472,374 eligible shares of Time Warner common stock issued and outstanding on the record date.

The distribution ratio reflects the one-for-three reverse stock split of Time Warner Cable common stock that was effected on March 12, 2009, but not the one-for-three reverse stock split of Time Warner common stock that was effected at 7 p.m. on March 27, 2009.

Time Warner stockholders did not receive fractional shares of Time Warner Cable common stock in the distribution. See below regarding the treatment of fractional shares of Time Warner Cable common stock.

See the FAQs on the Time Warner Reverse Stock Split for more information regarding the reverse stock split.