The Time Warner Investments group focuses on investment opportunities that directly enhance Time Warner’s ability to meet specific strategic goals. These strategic goals include the delivery of new services, enhancement of an existing product, entry or expansion into a key strategic market, completion of a strategic partnership, and critical research and development. In addition, our diversity-focused investment activity is housed within the Time Warner Investments group (see www.timewarner.com/diversityinvestments).

Time Warner Investments works closely with management, other investors, and with the Time Warner operating companies to derive value and maximize the opportunities for mutually beneficial partnerships.

Time Warner Investments seeks to acquire minority equity stakes in private companies, and targets an investment size of up to $25MM.

Company’s operations must have a clear strategic fit with an existing Time Warner business.

Company can demonstrate near-term partnership potential (for example, the delivery of a unique product/service to at least one of Time Warner’s divisions).

Company is at stage of development where they have demonstrated the feasibility of their business model and/or their technology. Will invest at an earlier stage if the opportunity has a greater potential for strategic value creation.

High quality management team with a demonstrated track record of execution against operating plans.

Attractive financial return potential commensurate to the risk profile of the investment.

Time Warner Investments expects to be an active and prominent investor. Will act as lead investor in a round and will seek governance rights including board seats and observer rights as appropriate.

Select investments within the Time Warner Investments portfolio include:

Adify	Arroyo Video Solutions (stake sold)
BigBand Networks (NASDAQ: BBND)	BroadLogic
Double Fusion	Entropic Communications
Exent	Gaia Online
GoldPocket (stake sold)	Glu Mobile (NASDAQ: GLUU)
MediaVast (stake sold)	Meebo
N2 Broadband (stake sold)	PlanetOut (stake sold)
Ripe Digital	ScanScout
Sí TV	Skypilot Network
SkyStream Networks (stake sold)	Trion World Network
Veoh Networks	Vindigo (stake sold)
Visible World	Waterfront Media