Time Warner Inc. Announces Expiration and Final Settlement of Tender Offers and Consent Solicitations

Time Warner Inc. (NYSE:TWX) today announced the final settlement (the “Final Settlement Date”) by Time Warner Inc. (“Time Warner”) of its previously announced cash tender offers (the “Offers”) to purchase the outstanding debt securities of Time Warner and Historic TW Inc. (“HTW”, including in its capacity as successor by merger to Time Warner Companies, Inc. (“TWCI”)) set forth in the column entitled “Debentures” in the table below (collectively, the “Debentures”, and, each a “Series” of Debentures). Time Warner also accepted the consents (each a “Consent”, and, collectively, the “Consents”) delivered pursuant to its previously announced consent solicitations (each a “Consent Solicitation”, and, collectively, the “Consent Solicitations”) to amend certain provisions of the indentures governing certain Series of Debentures (the “Proposed Amendments”). The Offers and Consent Solicitations expired at 11:59 P.M., New York City time, on January 2, 2018 (the “Expiration Date”).

The terms and conditions of the Offers and the Consent Solicitations are set forth in an Offer to Purchase and Consent Solicitation Statement (the “Offer to Purchase”) and a related Consent and Letter of Transmittal. Time Warner’s obligation to accept for purchase, based on the acceptance priority levels set forth in the column entitled “Acceptance Priority Level” in the table below, and pay for, Debentures that were validly tendered and not validly withdrawn was limited to as many Debentures as Time Warner could purchase up to an aggregate purchase price for the Debentures subject to the Offers (including principal and premium, but excluding accrued interest) of no more than $6,000,000,000 (the “Maximum Purchase Price”).

The principal amount of each Series of Debentures that was validly tendered (with Consents that were validly delivered, if applicable), and not validly withdrawn (or Consents revoked) in the Offers at or prior to the Expiration Date, is set forth in the table below.

Debentures

CUSIP Number/ Common Code

Principal Amount Outstanding

Acceptance Priority Level

Principal