|9.150% Debentures due 2023||887315AM1||$602,337,000||1||$320,476,000||* (4)||2.000% UST due 11/30/2022||2.166%||70 bps||$1,296.59|
|7.570% Debentures due 2024||887315BH1||$450,000,000||2||$313,806,000||* (4)||2.250% UST due 11/15/2027||2.394%||70 bps||$1,247.34|
|6.850% Debentures due 2026||887315BB4||$28,481,000||3||$ 6,705,000||*||2.250% UST due 11/15/2027||2.394%||120 bps||$1,226.16|
|6.950% Debentures due 2028||887315BM0||$500,000,000||4||$329,979,000||* (4)||2.250% UST due 11/15/2027||2.394%||130 bps||$1,271.57|
|6.625% Debentures due 2029||887315BN8||$670,146,000||5||$267,787,000||*||2.250% UST due 11/15/2027||2.394%||135 bps||$1,265.25|
|7.625% Debentures due 2031||00184AAC9||$872,361,000||6||$375,808,000||*||2.250% UST due 11/15/2027||2.394%||145 bps||$1,391.06|
|7.700% Debentures due 2032||00184AAG0||$929,535,000||7||$522,057,000||*||2.250% UST due 11/15/2027||2.394%||150 bps||$1,415.52|
|8.300% Discount Debentures due 2036||887315AZ2||$200,000,000||8||$ 41,587,000||*||2.750% UST due 8/15/2047||2.755%||160 bps||$1,489.82|
|6.500% Debentures due 2036||887317AD7||$527,958,000||9||$135,617,000||*||2.750% UST due 8/15/2047||2.755%||165 bps||$1,266.78|
|6.200% Debentures due 2040||887317AE5||$600,000,000||10||$243,134,000||2.750% UST due 8/15/2047||2.755%||170 bps||$1,244.53|
|6.100% Debentures due 2040||887317AH8||$1,000,000,000||11||$539,017,000||2.750% UST due 8/15/2047||2.755%||170 bps||$1,232.58|
|6.250% Debentures due 2041||887317AL9||$1,000,000,000||12||$404,562,000||2.750% UST due 8/15/2047||2.755%||170 bps||$1,258.31|
|(1)||Yield to Maturity of the applicable Reference Security, determined in the manner described in the Offer to Purchase at 2:00 P.M., New York City time, on December 18, 2017.|
|(2)||Per $1,000 principal amount of Debentures validly tendered and not validly withdrawn and accepted for purchase in the applicable Offer at or prior to the Early Tender Deadline. In the case of the 8.300% Discount Debentures due 2036 (which were issued at a discount to their full face value), the principal amount used for purposes of determining the Early Tender Premium will be the full face value thereof.|
|(3)||Includes the Early Tender Premium (as defined below) per $1,000 principal amount of Debentures for each Series of Debentures set forth in this table.|
|(4)||The Requisite Consent (as defined below) was received for this Series of Debentures.|
|*||Includes the related Consents.|
Subject to the terms and conditions of the Offers and the Consent Solicitations, Time Warner expects that it will accept for purchase Debentures validly tendered (with Consents validly delivered, if applicable) at or prior to the Early Tender Deadline and not validly withdrawn (or Consents revoked) in an aggregate principal amount equal to $3.5 billion and with an aggregate purchase price (including principal and premium, but excluding accrued interest) equal to approximately $4.5 billion (which price does not exceed the Maximum Purchase Price).In addition, the requisite Consents to effect the Proposed Amendments with respect to certain Series of Debentures, as described in the Offer to Purchase (the "Requisite Consents"), have been received. Accordingly, Time Warner expects that on December 22, 2017, Time Warner, certain of its subsidiaries, and The Bank of New York Mellon, as trustee, will execute and deliver the Twelfth Supplemental Indenture (the "Twelfth Supplemental Indenture") to the Indenture, dated as of January 15, 1993, among HTW (in its capacity as successor by merger to TWCI), as issuer, the guarantors party thereto and The Bank of New York Mellon, as trustee (as amended or supplemented prior to the Twelfth Supplemental Indenture, the "1993 Indenture"). The Twelfth Supplemental Indenture will amend the 1993 Indenture with respect to the applicable Series of Debentures to, among other things, eliminate substantially all of the restrictive covenants and certain events of default, modify notice requirements for redemption and related provisions and provide that any and all guarantees of the applicable Series of Debentures issued under the 1993 Indenture may be released. If additional Requisite Consents are received as described in the Offer to Purchase, Time Warner expects to enter into additional supplemental indentures. The Twelfth Supplemental Indenture will become effective upon execution, but will provide that the Proposed Amendments will not become operative unless Time Warner accepts the applicable Debentures satisfying the Requisite Consent required for purchase in the applicable Offer. In the event of any proration of a Series of Debentures, if there is a Consent Solicitation with respect to such Series of Debentures, the Consents delivered with respect to such Series of Debentures shall be null and void.
Each Offer and Consent Solicitation will expire at 11:59 P.M., New York City time, on January 2, 2018.Time Warner expects to return any Debentures tendered and Consents delivered but not accepted for payment promptly after the Early Settlement Date, or Final Settlement Date, as applicable. The Withdrawal Deadline has passed and the Debentures tendered pursuant to the Offers and the Consents delivered pursuant to the Consent Solicitations may no longer be withdrawn or revoked, unless otherwise required by law. Time Warner may further amend, extend or, subject to certain conditions and applicable law, terminate each Offer or Consent Solicitation at any time in its sole discretion. Time Warner's obligation to accept for purchase, and pay for, any Debentures that are validly tendered (with Consents validly delivered, if applicable) and not validly withdrawn (or Consents revoked) and accepted for purchase pursuant to the Offers is conditioned on the satisfaction or waiver by Time Warner of the conditions described in the Offer to Purchase. BofA Merrill Lynch and Citigroup Global Markets Inc. are acting as Dealer Managers for the Offers and Solicitation Agents for the Consent Solicitations. D.F. King & Co., Inc. is acting as the Tender Agent and Information Agent. Requests for documents may be directed to D.F. King & Co., Inc. at (888) 644-5854 (toll free) or (212) 269-5550 (banks and brokers). Questions regarding the Offers may be directed to BofA Merrill Lynch at (888) 292-0070 and Citigroup Global Markets Inc. at (800) 558-3745. Copies of the Offer to Purchase and the Consent and Letter of Transmittal, along with any amendments and supplements thereto, may be obtained for free at www.dfking.com/twx. This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell, with respect to any securities. The solicitation of offers to buy the Debentures is only being made pursuant to the terms of the Offer to Purchase and the related Consent and Letter of Transmittal. The Offers are not being made in any state or jurisdiction in which such offers would be unlawful. None of Time Warner, the Dealer Managers, the Solicitation Agents or the Tender Agent and Information Agent is making any recommendation as to whether or not Holders should tender their Debentures in connection with the Offers or deliver Consents in connection with the Consent Solicitations.
ABOUT TIME WARNER INC.Time Warner Inc., a global leader in media and entertainment with businesses in television networks and film and TV entertainment, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide on a multi-platform basis. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This document contains certain 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, including the pending merger with AT&T Inc. 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, 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.