Time Warner Inc. (NYSE:TWX) today announced that it will present the future business strategy of its AOL division at a separate meeting with investors to be held after its second-quarter earnings report on August 2, 2006. Details of this meeting will be furnished in the near future.

Time Warner stated that recent media reports appear to be based on unauthorized disclosures, including of incomplete and largely erroneous financial information. Accordingly, the Company cautions investors not to draw conclusions regarding AOL’s future strategy until the Company’s presentation on August 2, 2006.

About Time Warner Inc.
Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.

Caution Concerning Forward-Looking Statements
This document includes 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 and/or regulatory factors, and other factors affecting the operation of the businesses of Time Warner 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 Quarterly Report on Form 10-Q. 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.