Time Warner reported financial results for Q4 2008 and full year 2008. Revenue was $12.3 billion for Q4, up 1% for the full year. Adjusted operating income before depreciation and amortization was $3.2 billion for Q4, up 1% for the full year. Free cash flow for 2008 was $6 billion, up 20% from 2007. For 2009, Time Warner expects adjusted EPS excluding Time Warner Cable to be around flat compared to $0.66 in 2008.

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, 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.

3. Full Year and Fourth Quarter 2008 Results
John K. Martin
Chief Financial Officer
February 4, 2009

4. Consolidated Financial Highlights
$ in millions, except per share amounts
Growth
Q408 FY08 Growth
(3%)
Revenues $12,306 $46,984 1%
(8%)
Adjusted Operating Income 3,188 12,979 1%
before D&A *
Margin % 26% 28%
(21%)
Adjusted Diluted EPS $0.23 $0.99 3%
**
FY08 Free Cash Flow $5,950 20%
***
Conversion % of FY08 46%
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.

5. Earnings (Loss) Per Share
Q408 Q407 FY08 FY07
Diluted Income (Loss) per Common Share
($4.47) $0.28 ($3.74) $1.08
from Continuing Operations
Adjustments:
4.60 0.00 4.61 0.01
Asset Impairments *
Net Gains/(Losses) ** 0.08 0.02 0.08 (0.13)
TWC Separation Costs *** 0.02 0.00 0.04 0.00
Legal Expenses **** 0.00 0.00 0.00 0.03
Tax Benefit ***** 0.00 (0.01) 0.00 (0.03)
Adjusted Diluted Income (Loss) per Common Share
$0.23 $0.29 $0.99 $0.96
from Continuing Operations
* 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.

6. Free Cash Flow
$ in millions
FY08 FY07
Adjusted Operating Income before D&A* $12,979 $12,879
(11) (709)
Working Capital/Other
Payments – Sec. Litigation and Govt. Investigations (21) (912)
Cash Interest Expense, Net (2,003) (2,249)
Cash Taxes (598) (557)
$10,346
Cash Flow Provided by Continuing Operations $8,452
Payments – Sec. Litigation and Govt. Investigations 21 912
Excess tax benefits ** 3 76
Capex & Product Development (4,377) (4,430)
Other*** (43) (57)
Free Cash Flow **** $5,950 $4,953
* 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.

7. Net Debt Reduced by $2.6 billion in 2008
$ in billions
Net Debt Year End 2007 $35.6
Share Repurchase Program 0.3
Investment & Acquisition Spend 2.5
Dividends 0.9
FY08 Free Cash Flow * (6.0)
Other ** (0.3)
Net Debt December 31, 2008 $33.0
* 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.

9. Networks Highlights
$ in millions
Q408 Growth FY08 Growth
Subscription $1,699 7% $6,835 9%
Advertising 942 7% 3,359 10%
Content 274 21% 900 (1%)
Other 23 64% 60 33%
Total Revenues $2,938 9% $11,154 9%
Adjusted Operating Income before $682 (20%) $3,508 4%
D&A *
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.

10. Filmed Entertainment Highlights
$ in millions
Q408 Growth FY08 Growth
Subscription $9 13% $39 30%
Advertising 31 72% 88 83%
Content 2,996 (12%) 11,030 (3%)
Other 77 12% 241 (3%)
Total Revenues $3,113 (11%) $11,398 (2%)
Operating Income before D&A $371 6% $1,228 1%
Margin % 12% 11%

11. AOL Highlights
$ in millions
Q408 Growth FY08 Growth
Subscription $429 (27%) $1,929 (31%)
Advertising 507 (18%) 2,096 (6%)
Other 32 (24%) 140 (14%)
Total Revenues $968 (23%) $4,165 (20%)
Adjusted Operating Income before $405 6% $1,558 (15%)
D&A *
Margin % 42% 37%
* 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.

12. Publishing Highlights
$ in millions
Q408 Growth FY08 Growth
Subscription $389 (9%) $1,523 (2%)
Advertising 636 (20%) 2,419 (10%)
Content 23 64% 63 19%
Other 221 NM 603 (8%)
Total Revenues $1,269 (13%) $4,608 (7%)
Adjusted Operating Income before $124 (70%) $779 (29%)
D&A *
Margin % 10% 17%
* 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.

13. Cable Highlights
$ in millions
Q408 Growth FY08 Growth
Subscription $4,158 8% $16,302 8%
6%
Advertising 244 898 4%
Total Revenues $4,402 8% $17,200 8%
Adjusted Operating Income before
D&A * $1,660 6% $6,186 8%
Margin % 38% 36%
* 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. Corporate Highlights
$ in millions
Q408 Growth FY08 Growth
Adjusted Operating Income before ($71) 28% ($315) 17%
D&A *
* 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.

15. 2009 Business Outlook
Time Warner Excluding Time Warner Cable 2009 Outlook **
Adjusted EPS * Around flat compared to
base of $0.66 in 2008
* 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.

16. Full Year and Fourth Quarter 2008 Results
John K. Martin
Chief Financial Officer
February 4, 2009