Time Warner Inc. Provides 2014 Full-Year Business Outlook

Time Warner Inc. (NYSE:TWX) today provided its 2014 full-year business outlook. With the Company’s separation of Time Inc. expected to be completed in the second quarter of 2014, Time Warner’s 2014 full-year business outlook excludes the results of Time Inc. for the current and prior years. The Company expects its 2014 full-year percentage growth rate in Adjusted Diluted Income per Common Share from Continuing Operations (“Adjusted EPS”) excluding Time Inc. to be in the low double digits off a 2013 Adjusted EPS base excluding Time Inc. of $3.51.

The outlook above does not include the impact of any future merger or unplanned restructuring and severance charges, the impact from future sales and acquisitions of operating assets 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 events and resulting impacts.

Use of Adjusted EPS Measure

Adjusted EPS is Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. common shareholders excluding noncash impairments of goodwill, intangible and fixed assets and investments; gains and losses on operating assets (other than deferred gains on sale-leasebacks), liabilities and investments; gains and losses recognized in connection with pension and other postretirement benefit plan curtailments or settlements; 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; amounts related to securities litigation and government investigations; and amounts attributable to businesses classified as discontinued operations, as well as the impact of taxes and noncontrolling interests on the above items. Adjusted EPS excluding Time Inc. is Adjusted EPS for the Company’s businesses other than its Time Inc. reportable segment. Adjusted EPS excluding Time Inc. is considered an important indicator of the operational strength of the Company’s businesses excluding Time Inc. as this measure eliminates amounts that do not reflect the fundamental performance of the Company’s businesses excluding Time Inc. The Company utilizes Adjusted EPS excluding Time Inc., among other measures, to evaluate the performance of its businesses excluding Time Inc. both on an absolute basis and relative to its peers and the broader market. Many investors also use an adjusted EPS measure as a common basis for comparing the performance of different companies. Some limitations of Adjusted EPS excluding Time Inc., however, are that it does not reflect certain cash charges that affect the operating results of the Company’s businesses excluding Time Inc. and that it involves judgment as to whether items affect fundamental operating performance. Also, a general limitation of Adjusted EPS excluding Time Inc. is that it is not prepared in accordance with U.S. generally accepted accounting principles and may not be comparable to similarly titled measures of other companies due to differences in methods of calculation and excluded items.

Adjusted EPS excluding Time Inc. should be considered in addition to, not as a substitute for, the Company’s Diluted Income per Common Share from Continuing Operations and other measures of financial performance reported in accordance with U.S. generally accepted accounting principles.

About Time Warner Inc.

Time Warner Inc., a global leader in media and entertainment with businesses in television networks, film and TV entertainment and publishing, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple distribution outlets.

Caution Concerning Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 operation of Time Warner’s businesses and any future merger or unplanned restructuring charges, future 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. More detailed information about these factors may be found in filings by Time Warner with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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.

Information on Earnings Release & Conference Call

In a separate release issued today, Time Warner Inc. reported the financial results for its fourth quarter and full year ended December 31, 2013.

The Company’s conference call can be heard live at 10:30 am ET on Wednesday, February 5, 2014. To listen to the call, visit www.timewarner.com/investors.