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Caution Concerning Forward-Looking Statements

The SEC encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. The information on this website contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often include words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance in connection with discussions of future operating or financial performance. Examples of forward-looking statements include, but are not limited to, statements regarding the adequacy of the Company's liquidity to meet its needs for the foreseeable future, the Company's expectation that soft market conditions in the publishing industry will continue in the near term, the Company's expectation that subscription revenues generated by basic cable networks and premium pay television services in the industry will grow, and the timing for the completion of the spin-off of Time Inc.

The Company's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. The Company's actual results may vary materially from those expressed or implied in its forward-looking statements. Important factors that could cause the Company's actual results to differ materially from those in its forward-looking statements include government regulation, economic, strategic, political and social conditions and the following factors:

• recent and future changes in technology, services and standards, including, but not limited to, alternative methods for the delivery, storage and consumption of digital media and evolving home entertainment formats;
• changes in consumer behavior, including changes in spending behavior and changes in when, where and how digital content is consumed;
• the popularity of the Company's content;
• changes in the Company's plans, initiatives and strategies, and consumer acceptance thereof;
• competitive pressures, including as a result of audience fragmentation and changes in technology;
• the Company's ability to deal effectively with economic slowdowns or other economic or market difficulties;
• changes in advertising market conditions or advertising expenditures due to, among other things, economic conditions, changes in consumer behavior, pressure from public interest groups, changes in laws and regulations and other societal or political developments;
• piracy and the Company's ability to exploit and protect its intellectual property rights in and to its content and other products;
• lower than expected valuations associated with the cash flows and revenues at Time Warner's reporting units, which could result in Time Warner's inability to realize the value of recorded intangible assets and goodwill at those reporting units;
• increased volatility or decreased liquidity in the capital markets, including any limitation on the Company's ability to access the capital markets for debt securities, refinance its outstanding indebtedness or obtain bank financings on acceptable terms;
• the effects of any significant acquisitions, dispositions and other similar transactions by the Company;
• the failure to meet earnings expectations;
• the adequacy of the Company's risk management framework;
• changes in U.S. GAAP or other applicable accounting policies;
• the impact of terrorist acts, hostilities, natural disasters (including extreme weather) and pandemic viruses;
• a disruption or failure of network and information systems or other technology on which the Company's businesses rely;
• the effect of union or labor disputes or player lockouts affecting the professional sports leagues whose programming is shown on the Company's networks;
• changes in tax, federal communication and other laws and regulations;
• changes in foreign exchange rates and in the stability and existence of the Euro; and
• the other risks and uncertainties detailed in Part I, Item 1A. "Risk Factors," in Time Warner's Annual Report on Form 10-K for the year ended December 31, 2012 and in Time Warner's other filings made from time to time with the SEC (copies of which may be obtained through the Investor Relations portion of this website under "Reports & SEC Filings").

Any forward-looking statements made by the Company speak only as of the date on which they are made. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.

Information for the "Educated" Investor

Although there are no guarantees about the stock market or Time Warner Inc. stock, before you invest in any security, you can help protect yourself by being an educated investor. If you are interested in Time Warner stock, we recommend that, at a minimum, you read the Company's latest proxy statement, annual report and SEC Forms 10-K, 10-Q and 8-K for the past year. It is also advisable to learn more about Time Warner and its industry through a variety of public materials. The Company's recent annual reports, 10-K and 10-Q reports and other materials are accessible through Time Warner's website. Other materials the Company has filed with the SEC are available at: http://www.sec.gov.