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, due to changes in economic, business, competitive, technological, strategic or regulatory factors, the planned separation of Time Warner Cable from the Company, and 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 Reports 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 December 31, 2008 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, 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 and cash provided by 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 and year ended December 31, 2008, 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 February 4, 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.

Full Year and Fourth Quarter 2008 Results

February 4, 2009

John K. MartinChief Financial Officer

Consolidated Financial Highlights$ in millions, except per share amounts

Q408 Growth FY08

(3%) $46,984

12,979

28%$0.99

$5,950

46%

(8%)

(21%)

Growth

Revenues $12,306 1%

Adjusted Operating Income before D&A *

3,188 1%

Margin % 26%Adjusted Diluted EPS ** $0.23 3%

FY08 Free Cash Flow *** 20%

Conversion % of FY08 Adjusted OIBDA

* 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.

** From continuing operations.*** 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) 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.

Earnings (Loss) Per Share

* Amount includes noncash impairment charges on certain goodwill and intangible assets, net of minority interest, at the Cable, Publishing, AOL and Networks segments.** Represents gains and losses on asset dispositions, net of tax and minority interest, as well as investment gains and losses, net of tax and minority interest. *** Represents direct transaction costs (e.g., legal and professional fees) and financing costs related to the planned separation of Time Warner Cable from the Company, net

of minority interest.**** Legal expenses represent amounts related to securities litigation and government investigations.***** Principally related to the utilization of tax attribute carryforwards.

Q408 Q407 FY08 FY07

Diluted Income (Loss) per Common Share from Continuing Operations ($4.47) $0.28 ($3.74) $1.08

0.01(0.13)0.000.03

(0.03)

$0.96

4.610.080.040.000.00

$0.99

0.000.020.000.00

(0.01)

$0.29

4.600.080.020.000.00

$0.23

Net Gains/(Losses) **

Legal Expenses ****

Tax Benefit *****

Adjustments:

Asset Impairments *

TWC Separation Costs ***

Adjusted Diluted Income (Loss) per Common Share from Continuing Operations

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.

** Represents excess tax benefits from the exercise of stock options.*** Includes principal payments on capital leases.**** 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) 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.

FY08 FY07Adjusted Operating Income before D&A* $12,979 $12,879Working Capital/Other (11) (709)Payments – Sec. Litigation and Govt. Investigations (21) (912)Cash Interest Expense, Net (2,003) (2,249)Cash Taxes (598) (557)

Cash Flow Provided by Continuing Operations $10,346 $8,452Payments – Sec. Litigation and Govt. Investigations 21 912Excess tax benefits ** 3 76Capex & Product Development (4,377) (4,430)Other*** (43) (57)

Free Cash Flow **** $5,950 $4,953

Net Debt Reduced by $2.6 billion in 2008$ 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) 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 stock option proceeds, net of taxes, capital lease obligations, asset dispositions and debt discount activity.

Net Debt Year End 2007 $35.6Share Repurchase Program 0.3Investment & Acquisition Spend 2.5Dividends 0.9FY08 Free Cash Flow * (6.0)Other ** (0.3)

Net Debt December 31, 2008 $33.0

Networks Highlights$ in millions

Q408 Growth FY08 Growth

7%7%

21%64%9%

(20%)

Content 274 900 (1%)

Subscription $1,699 $6,835 9%Advertising 942 3,359 10%

Other 23 60 33%Total Revenues $2,938 $11,154 9%

Adjusted Operating Income before D&A *

$682 $3,508 4%

Margin % 23% 31%

* 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.

Filmed Entertainment Highlights$ in millions

Q408 Growth FY08 Growth

13%72%

(12%)12%

(11%)

6%

Content 2,996 11,030 (3%)

Subscription $9 $39 30%Advertising 31 88 83%

Other 77 241 (3%)Total Revenues $3,113 $11,398 (2%)

Operating Income before D&A $371 $1,228 1%

Margin % 12% 11%

AOL Highlights$ 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.

Q408 Growth FY08 Growth

(27%)(18%)(24%)(23%)

6%

Subscription $429 $1,929 (31%)Advertising 507 2,096 (6%)Other 32 140 (14%)Total Revenues $968 $4,165 (20%)

Adjusted Operating Income before D&A *

$405 $1,558 (15%)

Margin % 42% 37%

Q408 Growth FY08 Growth

(9%)(20%)64%

NM(13%)

(70%)

Content 23 63 19%

Subscription $389 $1,523 (2%)Advertising 636 2,419 (10%)

Other 221 603 (8%)Total Revenues $1,269 $4,608 (7%)

Adjusted Operating Income before D&A *

$124 $779 (29%)

Margin % 10% 17%

Publishing Highlights$ 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.

Cable Highlights

Q408 Growth FY08 Growth

8%

6%

8%

6%

$16,302

898

$17,200

Margin % 38% 36%

$6,186

8%

4%

8%

8%

Subscription $4,158

Advertising 244

Total Revenues $4,402

Adjusted Operating Income before D&A * $1,660

$ 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.

Q408 Growth FY08 Growth

28%Adjusted Operating Income before D&A *

($71) ($315) 17%

Corporate Highlights$ 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 Share from Continuing Operations, excluding the results of the Cable segment; 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 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 Excluding Time Warner Cable 2009 Outlook **

Adjusted EPS * Around flat compared to base of $0.66 in 2008

Full Year and Fourth Quarter 2008 Results

February 4, 2009

John K. MartinChief Financial Officer