Time Warner Inc. Names Philip R. Pitruzzello

August 26, 1998

Vice President, Real Estate Projects Philip R. Pitruzzello has been named vice president, real estate projects, of Time Warner Inc., a newly created position, it was announced today by Time Warnerís President Richard D. Parsons and Executive Vice President and Chief Financial Officer Richard J. Bressler.

In his new position, Pitruzzello will be responsible for managing and coordinating a wide range of corporate real estate and finance initiatives, including Time Warnerís plans to build a new world headquarters in Columbus Centre, the recently announced development project on the site of the New York Coliseum.

In making the announcement, Parsons and Bressler said, Philipís talent, experience and leadership have been an integral part of some of the most important real estate and public finance projects in New York State over the past 19 years. We know that Philip will have a significant role in developing and implementing Time Warnerís real estate and finance strategies, particularly as we move forward with the Columbus Centre project.

Prior to joining Time Warner, Pitruzzello was a senior banker at Hamilton Securities Group, Inc., where he provided investment banking, real estate and financial advisory services.

From 1994 to 1996, Pitruzzello was president and chief executive officer of the Battery Park City Authority. The Authority has been responsible for the development of parks, 5,000 residential units and 6.5 million square feet of office space in the World Financial Center in Manhattan. Pitruzzello had previously served as executive vice president and general counsel of the Authority.

From 1993 to 1994, Pitruzzello was senior vice president and general counsel of the New York State Housing Finance Agency, the State of New York Mortgage Agency and the New York State Medical Care Facilities Finance Agency. In that position, he was the chief legal officer of one of the nationís largest issuers of municipal securities and part of the management team involved in the consolidation of the three agencies.

Earlier in his career, Pitruzzello served as assistant counsel to New York Governor Mario Cuomo in the areas of housing, community development, real estate, real property taxation, landlord/tenant, and public authority finance.

Pitruzzello received his law degree from the Boston University School of Law in 1979. He received a B.A. degree from the University of Chicago in 1975.

Time Warner Inc. (NYSE: TWX), the worldís leading media company, consists of four businesses: cable networks, publishing, entertainment and cable.

Contact Info: