Employees are free to engage in personal volunteer political activity and contribute personal resources to candidates and parties in any manner consistent with federal, state, and local laws. Employees may not use Company resources or coercive solicitations to further their own personal political activities.

Time Warner employees may make political contributions through the Time Warner political action committee (PAC), which is sponsored by the Company. Time Warner PAC contributions are made to candidates and party committees at the federal level. The Company fully discloses all contributions made and received on reports filed with the Federal Election Commission. The PAC from time to time solicits support from employees, but it will not solicit support from the Company's journalists. Further, the Company, its employees and the PAC may never engage in coercive solicitations.

The Company itself does not contribute to federal candidates, national or state party committees, or any other political organizations as described in Section 527 of the Internal Revenue Code. The Company may contribute to state candidates where permitted by law. In addition, Company facilities may be used in support of political activities to the extent permitted by law, but only with the approval of Jeffrey L. Bewkes, President and CEO of Time Warner, or his designee, Carol A. Melton, Executive Vice President, Global Public Policy.