Adjusted EPS should be considered in addition to, not as a substitute for, the Company’s Diluted Net Income per Common Share 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, 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 third quarter ended September 30, 2012.

The Company’s conference call can be heard live at 10:30 am ET on Wednesday, November 7, 2012. To listen to the call, visit www.timewarner.com/investors .
           
TIME WARNER INC.
RECONCILIATION OF GUIDANCE
(Unaudited)
 
 
 
Year Ended

December 31, 2011

Reconciliation of 2012 Guidance
 
Reconciliation of Adjusted Diluted Net Income per Common Share ("Adjusted EPS") to Diluted Net Income per Common Share attributable to Time Warner Inc. common shareholders
 
 

Adjusted EPS (1)

$

 2.89
Expected percentage growth in the low double digits.
 
Asset impairments

(0.04
) Unable to estimate beyond the ($0.19) per share recognized for the period January 1, 2012 through September 30, 2012.
 
Gains and losses on operating assets 0.01 Unable to estimate beyond the ($0.04) per share recognized for the period January 1, 2012 through September 30, 2012.
 
Other operating income items (0.02 ) Unable to estimate beyond the ($0.03) per share recognized for the period January 1, 2012 through September 30, 2012.
 
Gains and losses on investments (0.16 ) Unable to estimate beyond the ($0.03) per share recognized for the period January 1, 2012 through September 30, 2012.
 
Other items (0.01 ) Unable to estimate.
 
Tax impact on above items   0.04   Unable to estimate beyond the $0.06 per share recognized for the period January 1, 2012 through September 30, 2012.
 
Diluted Net Income per Common Share attributable to Time Warner Inc. common shareholders

$

 2.71
  Unable to estimate.

(1) Adjusted EPS is Diluted Net Income per Common Share attributable to Time Warner Inc. common shareholders excluding noncash impairments of goodwill, intangible and fixed assets and investments; gains and losses on operating assets, liabilities and investments; gains and losses recognized in connection with pension plan curtailments, settlements or termination benefits; 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.

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