Caution Concerning Forward-Looking Statements and Non-GAAP Financial MeasuresToday’s presentation includes forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995; particularly statements regarding future financial and operating results of the Company and its businesses. These statements are based on management’s current expectations or beliefs, and are subject to uncertainty and changes in circumstances.

Actual results may vary materially from those expressed or implied by the statements herein, due to changes in economic, business, competitive, technological, strategic and/or regulatory factors, and other factors affecting the operations of the businesses of Time Warner.

More detailed information about these factors may be found in filings by Time Warner with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q in the sections entitled “Caution Concerning Forward-Looking Statements” and “Risk Factors.” Time Warner is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Today’s presentation also includes information regarding the historical financial performance through March 31, 2009 of Time Warner and its reporting segments and its expectations regarding future performance, including historical financial performance as reflected in non-GAAP financial measures such as Operating Income before Depreciation and Amortization, Adjusted Operating Income before Depreciation and Amortization, Content Group Adjusted Operating Income before Depreciation and Amortization, Free Cash Flow and Adjusted EPS. Please note that schedules setting out the reconciliation of these and other historical non-GAAP financial measures to operating income, cash provided by operations, diluted income per common share from continuing operations or other most directly comparable GAAP financial measures, as applicable, are included in the trending schedules posted on the Company’s Web site at www.timewarner.com/investors and, as applicable, also are included in the Company’s earnings release for the quarter ended March 31, 2009, which also can be accessed from the Company’s Web site. A reconciliation of the expected future financial performance is included in a press release issued on April 29, 2009, which also can be accessed from the Company’s Web site, as well as in the trending schedules posted on the Company’s Web site.

First Quarter 2009 Results

April 29, 2009

John K. MartinChief Financial Officer

Consolidated Financial Highlights$ in millions, except per share amounts

* Defined as Operating Income before D&A excluding the impact of noncash impairments of goodwill, intangible and fixed assets, as well as gains and losses on asset sales, and amounts related to securities litigation and government investigations.

** Defined as Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. shareholders excluding noncash impairments of goodwill, intangible and fixed assets and investments; gains and losses on sales of operating assets and investments; external costs related to mergers, acquisitions, investments or dispositions, as well as contingent consideration related to such transactions, to the extent such costs are expensed; and amounts related to securities litigation and government investigations, as well as the impact of taxes and noncontrolling interests on the above items.

*** Defined as Cash Provided by Operations (as defined by U.S. generally accepted accounting principles) plus payments related to securities litigation and government investigations (net of any insurance recoveries), external costs related to mergers, acquisitions, investments or dispositions, and excess tax benefits from the exercise of stock options, less cash flow attributable to discontinued operations, capital expenditures and product development costs, principal payments on capital leases, and partnership distributions, if any.

Q109 Q108 Growth

Revenues $6,945 $7,470 (7%)

Adjusted Operating Income before D&A * 1,562 1,680 (7%)

Margin % 22% 22%

Adjusted EPS ** $0.45 $0.48 (6%)

Free Cash Flow *** 1,292 1,466 (12%)

Conversion % of Adjusted OIBDA 83% 87%

Earnings Per Share

* Represents investment gains and losses on sales of investments, net of tax.

** Represents primarily tax benefits attributable to the impact of certain state tax law changes on Time Warner Cable net deferred tax liabilities.

*** Defined as Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. shareholders excluding noncash impairments of goodwill, intangible and fixed assets and investments; gains and losses on sales of operating assets and investments; external costs related to mergers, acquisitions, investments or dispositions, as well as contingent consideration related to such transactions, to the extent such costs are expensed; and amounts related to securities litigation and government investigations, as well as the impact of taxes and noncontrolling interests on the above items.

Q109 Q108

Diluted Income per common share from Continuing Operations $0.46 $0.46

Adjustments:

Net (Gains)/Losses * 0.01 0.02

Other ** (0.02) 0.00

Adjusted EPS *** $0.45 $0.48

Free Cash Flow $ in millions

* Defined as Operating Income before D&A excluding the impact of noncash impairments of goodwill, intangible and fixed assets, as well as gains and losses on asset sales, and amounts related to securities litigation and government investigations.

** Includes payments related to securities litigation and government investigations (net of any insurance recoveries).

*** Includes principal payments on capital leases, excess tax benefits from the exercise of stock options, and payments related to securities litigation and government investigations (net of any insurance recoveries).

**** Defined as Cash Provided by Operations (as defined by U.S. generally accepted accounting principles) plus payments related to securities litigation and government investigations (net of any insurance recoveries), external costs related to mergers, acquisitions, investments or dispositions, and excess tax benefits from the exercise of stock options, less cash flow attributable to discontinued operations, capital expenditures and product development costs, principal payments on capital leases, and partnership distributions, if any.

Q109 Q108

Adjusted Operating Income before D&A * $1,562 $1,680

Working Capital/Other ** 43 199

Cash Interest Expense, Net (128) (200)

Cash Taxes (52) (63)

Cash Flow Provided by Operations from Continuing Ops. $1,425 $1,616

Capex & Product Development (134) (146)

Other *** 1 (4)

Free Cash Flow **** $1,292 $1,466

Capital Structure Update$ in billions

* Defined as Cash Provided by Operations (as defined by U.S. generally accepted accounting principles) plus payments related to securities litigation and government investigations (net of any insurance recoveries), external costs related to mergers, acquisitions, investments or dispositions, and excess tax benefits from the exercise of stock options, less cash flow attributable to discontinued operations, capital expenditures and product development costs, principal payments on capital leases, and partnership distributions, if any.

** Relates to investment and acquisition spending, net of cash acquired, stock option proceeds, net of taxes, capital lease obligations, asset dispositions, cash flow from discontinued operations, and debt discount activity.

Net Debt December 31, 2008 $20.7

Time Warner Cable Special Dividend (9.3)

Q109 Free Cash Flow * (1.3)

Dividends 0.2

Other ** 0.1

Net Debt March 31, 2009 $10.4

Segment Highlights

Networks Highlights$ in millions

Q109 Q108 Growth

Subscription $1,850 $1,695 9%

Advertising 723 739 (2%)

Content 205 213 (4%)

Other 30 12 150%

Total Revenues $2,808 $2,659 6%

Operating Income before D&A $1,064 $958 11%

Margin % 38% 36%

Filmed Entertainment Highlights$ in millions

Q109 Q108 Growth

Subscription $9 $10 (10%)

Advertising 14 15 (7%)

Content 2,553 2,753 (7%)

Other 57 62 (8%)

Total Revenues $2,633 $2,840 (7%)

Operating Income before D&A $308 $280 10%

Margin % 12% 10%

Q109 Q108 Growth

Subscription $307 $365 (16%)

Advertising 383 550 (30%)

Content 19 12 58%

Other 97 118 (18%)

Total Revenues $806 $1,045 (23%)

Operating Income before D&A $12 $145 (92%)

Margin % 1% 14%

Publishing Highlights$ in millions

Q109 Q108 Growth

Subscription $393 $539 (27%)

Advertising 443 552 (20%)

Other 31 37 (16%)

Total Revenues $867 $1,128 (23%)

Operating Income before D&A $255 $405 (37%)

Margin % 29% 36%

AOL Highlights$ in millions

Corporate Highlights

Q109 Q108 Growth

Adjusted Operating Income before D&A * ($77) ($99) (22%)

$ in millions

* Defined as Operating Income before D&A excluding the impact of noncash impairments of goodwill, intangible and fixed assets, as well as gains and losses on asset sales and amounts related to securities litigation and government investigations.

2009 Business Outlook

* Defined as Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. shareholders excluding noncash impairments of goodwill, intangible and fixed assets and investments; gains and losses on sales of operating assets and investments; external costs related to mergers, acquisitions, investments or dispositions, as well as contingent consideration related to such transactions, to the extent such costs are expensed; and amounts related to securities litigation and government investigations, as well as the impact of taxes and noncontrolling interests on the above items.

** Does not include the impact of any future merger or unplanned restructuring charges, the impact from sales and acquisitions of operating assets and investments, or the impact of taxes on the above items, that may occur from time to time due to management decisions and changing business circumstances. The Company is currently unable to forecast precisely the timing and/or magnitude of any such amounts or events.

Time Warner 2009 Outlook **

Adjusted EPS * Around flat compared to base of $1.98 in 2008

First Quarter 2009 Results

April 29, 2009

John K. MartinChief Financial Officer