Time Warner Cable Spin-Off : In connection with the Time Warner Cable spin-off, Time Warner Inc. stockholders did not receive fractional shares of Time Warner Cable common stock in the distribution. Instead, the fractional shares of Time Warner Cable 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 by Time Warner to both registered holders and beneficial holders. The fractional shares were sold in the open market and the net price was $27.36927 per share.

Reverse Stock Split : In connection with Time Warner's 1-for-3 stock split, Time Warner stockholders did not receive any fractional shares of Time Warner common stock. Instead, any Time Warner stockholder who would otherwise hold a fractional share was entitled to receive 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) 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). The cash payment for the fractional shares was $18.88 per share, which reflects the reverse stock split.