If you hold physical stock certificates for Time Warner common stock, you should have received a letter of transmittal (also referred to as the Exchange Form) from Computershare, Time Warner’s transfer agent, explaining how to send your certificates back to Computershare to exchange them for replacement shares of the new Time Warner common stock in book-entry form and, if applicable, the cash payment in lieu of fractional shares. See below regarding the treatment of fractional shares of Time Warner common stock. You can contact Computershare for more information as described in the Contacts section under the Resources tab.

If your shares of Time Warner common stock were held in a brokerage account in March 2009, your broker was authorized to exchange the shares for you, and the number of shares you own after the reverse stock split should have been reflected in your account shortly after the effective date of the reverse stock split. You can contact your broker for more information.