Time Warner received a private letter ruling from the U.S. Internal Revenue Service that the distribution generally qualifies as a tax-free distribution to Time Warner stockholders for U.S. federal income tax purposes, except with respect to cash received in lieu of fractional shares. The tax consequences of the distribution, including important information regarding the determination of the tax basis in your Time Warner common stock and the Time Warner Cable common stock that you received in the distribution, is explained more completely in the "Tax Information Statement" that is posted above in the Other Information section. 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.