NEW YORK – Time Warner Inc. (NYSE: TWX) announced that its Board of Directors has elected Herbert M. Allison, Jr. to join the Board, effective today.

Mr. Allison, 64, served as Chairman, President and Chief Executive Officer of Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF) from November 2002 to April 2008. Before joining TIAA-CREF, Mr. Allison served as Chief Executive Officer of the Alliance for Lifelong Learning, an online joint venture of Oxford, Stanford and Yale universities. Previously, he held a variety of positions in a 28-year career at Merrill Lynch & Co., where he last served as President and Chief Operating Officer from 1997 to 1999.

Jeff Bewkes, President and CEO of Time Warner, said: "Herb Allison has sound judgment, impeccable integrity and a disciplined approach to decision-making, which are the hallmarks of a first-class director. He also brings to our Board additional financial and business experience, as well as valuable perspective as a former senior executive of two major financial institutions."

Dick Parsons, Chairman of the Board of Time Warner, said: "Herb has a first-class mind, a collegial temperament and good judgment. He will bring valuable insights and perspective to our Board as Jeff Bewkes leads this company forward. I'm delighted that Herb is joining us."

Robert C. Clark, who chairs the Time Warner Board's Nominating and Governance Committee, said: "The Board is very pleased to welcome Herb Allison as our newest member. The Nominating and Governance Committee oversaw a search process to identify a new Director who would bring additional financial and executive experience to our Board. Herb is well respected in the investor and business communities, as well as an individual of the highest intelligence and character."

Mr. Allison said: "I'm honored to join the Board of Time Warner, the world's premier media company. These are times of accelerating change for the industry, and I'm looking forward to working with management and my new colleagues on the Board to deliver superior returns to the company's stockholders."

With today's election of Mr. Allison and the retirement of Francis T. Vincent, Jr. earlier this year, Time Warner's Board now has 13 Directors, 11 of whom are independent Directors. Mr. Allison is the sixth of the current Directors to have joined the Board since January 2004. The other members of Time Warner's Board are Mr. Bewkes, Mr. Parsons, Mr. Clark, James L. Barksdale, Stephen F. Bollenbach, Frank J. Caufield, Mathias Döpfner, Jessica P. Einhorn, Reuben Mark, Michael A. Miles, Kenneth J. Novack and Deborah C. Wright.

About Herbert M. Allison, Jr.
Mr. Allison spent most of his career at Merrill Lynch, where he rose through the organization to serve as President, Chief Operating Officer and a member of the Board of Directors from 1997 to 1999. He held a number of other positions at Merrill Lynch, including Chief Financial Officer, Treasurer, and Head of the Investment Banking, Debt and Equity Divisions worldwide. After Merrill Lynch, Mr. Allison served for two years as CEO of the Alliance for Lifelong Learning. He then became CEO of TIAA-CREF, a national financial services organization that is a leading provider of retirement services in the academic, research, medical and cultural fields. While CEO of TIAA-CREF, Mr. Allison also served as a member of the Board of Overseers and as Chairman of the Board of Trustees of TIAA. He retired as CEO of TIAA-CREF in April 2008. Mr. Allison received a B.A. degree from Yale College and an M.B.A. degree from Stanford Business School. He served as an officer in the U.S. Navy during the Vietnam War. He has also served on the boards of a number of non-profit organizations.

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.