Other than with respect to the cash payments for fractional shares discussed above, no gain or loss should be recognized by Time Warner stockholders in the reverse stock split for U.S. federal income tax purposes. For a more complete discussion of certain material U.S. federal income tax consequences of the reverse stock split, please see page 11 of the Time Warner proxy statement dated December 1, 2008. We encourage you to consult your own tax advisor regarding the particular consequences of the distribution to you, including the applicability and effect of any U.S. federal, state and local and foreign tax laws.