2. Caution Concerning Forward-Looking
Statements and Non-GAAP Financial Measures
Today’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 herein, due to changes in economic,
business, competitive, technological, strategic and/or regulatory factors, and other 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 Report 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 March 31, 2009 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, Content Group 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, cash provided by operations, diluted
income per common share from continuing 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 ended March 31, 2009, 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 April 29, 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.

3. First Quarter 2009 Results
John K. Martin
Chief Financial Officer
April 29, 2009

4. Consolidated Financial Highlights
$ in millions, except per share amounts
Q109 Q108 Growth
Revenues $6,945 $7,470 (7%)
*
Adjusted Operating Income before D&A 1,562 1,680 (7%)
Margin % 22% 22%
**
Adjusted EPS $0.45 $0.48 (6%)
*** (12%)
Free Cash Flow 1,292 1,466
Conversion % of Adjusted OIBDA 83% 87%
* 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.
** Defined as Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. shareholders excluding 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
and noncontrolling interests on the above items.
*** 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), external costs related to mergers, acquisitions, investments or dispositions, 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.

5. Earnings Per Share
Q109 Q108
Diluted Income per common share
from Continuing Operations $0.46 $0.46
Adjustments:
*
Net (Gains)/Losses 0.01 0.02
**
Other (0.02) 0.00
Adjusted EPS *** $0.45 $0.48
* Represents investment gains and losses on sales of investments, net of tax.
** Represents primarily tax benefits attributable to the impact of certain state tax law changes on Time Warner Cable net deferred tax liabilities.
*** Defined as Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. shareholders excluding 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 and noncontrolling interests on the above items.

6. Free Cash Flow
$ in millions
Q109 Q108
*
Adjusted Operating Income before D&A $1,562 $1,680
Working Capital/Other ** 43 199
Cash Interest Expense, Net (128) (200)
Cash Taxes (52) (63)
Cash Flow Provided by Operations from Continuing Ops. $1,425 $1,616
Capex & Product Development (134) (146)
Other *** 1 (4)
Free Cash Flow **** $1,292 $1,466
* 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.
** Includes payments related to securities litigation and government investigations (net of any insurance recoveries).
*** Includes principal payments on capital leases, excess tax benefits from the exercise of stock options, and payments related to securities litigation and government investigations (net of any
insurance recoveries).
**** 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), external costs related to mergers, acquisitions, investments or dispositions, 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.

7. Capital Structure Update
$ in billions
Net Debt December 31, 2008 $20.7
Time Warner Cable Special Dividend (9.3)
Q109 Free Cash Flow * (1.3)
Dividends 0.2
**
Other 0.1
Net Debt March 31, 2009 $10.4
* 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), external costs related to mergers, acquisitions, investments or dispositions, 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 investment and acquisition spending, net of cash acquired, stock option proceeds, net of taxes, capital lease obligations, asset dispositions, cash flow from discontinued
operations, and debt discount activity.

8. Segment Highlights

9. Networks Highlights
$ in millions
Q109 Q108 Growth
Subscription $1,850 $1,695 9%
Advertising 723 739 (2%)
Content 205 213 (4%)
Other 30 12 150%
Total Revenues $2,808 $2,659 6%
Operating Income before D&A $1,064 $958 11%
Margin % 38% 36%

10. Filmed Entertainment Highlights
$ in millions
Q109 Q108 Growth
Subscription $9 $10 (10%)
Advertising 14 15 (7%)
Content 2,553 2,753 (7%)
Other 57 62 (8%)
Total Revenues $2,633 $2,840 (7%)
Operating Income before D&A $308 $280 10%
Margin % 12% 10%

11. Publishing Highlights
$ in millions
Q109 Q108 Growth
Subscription $307 $365 (16%)
Advertising 383 550 (30%)
Content 19 12 58%
Other 97 118 (18%)
Total Revenues $806 $1,045 (23%)
Operating Income before D&A $12 $145 (92%)
Margin % 1% 14%

12. AOL Highlights
$ in millions
Q109 Q108 Growth
Subscription $393 $539 (27%)
Advertising 443 552 (20%)
Other 31 37 (16%)
Total Revenues $867 $1,128 (23%)
Operating Income before D&A $255 $405 (37%)
Margin % 29% 36%

13. Corporate Highlights
$ in millions
Q109 Q108 Growth
Adjusted Operating Income before D&A * ($77) ($99) (22%)
* 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.

14. 2009 Business Outlook
2009 Outlook **
Time Warner
*
Adjusted EPS Around flat compared to
base of $1.98 in 2008
* Defined as Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. shareholders excluding 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 and noncontrolling interests 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.

15. First Quarter 2009 Results
John K. Martin
Chief Financial Officer
April 29, 2009