Time Warner Announces Board of Directors for Time Inc. Following Spin-Off

April 22, 2014

Joseph A. Ripp to Become Chairman of the Board

NEW YORK Time Warner Inc. (NYSE:TWX) today announced the initial 10 members who will be appointed to the Board of Directors of Time Inc. in connection with the planned spin-off of its publishing division. In March 2013, Time Warner announced plans for the legal and structural separation of Time Inc. from Time Warner through a spin-off. Following the separation, expected to be completed during the second quarter of 2014, Time Inc. will be an independent, publicly traded company. Current Time Inc. CEO Joseph A. Ripp will become Chairman of Board, and the other nine members will be independent Directors.

The other Board members include:

David A. Bell, Chairman and CEO, Slipstream Communications, LLC; former co-Chairman and CEO of The Interpublic Group of Companies, Inc.

John M. Fahey, Non-Executive Chairman and former CEO, National Geographic Society

Manuel A. Fernandez, Former Executive Chairman, Sysco Corporation; former Chairman, President and CEO of Gartner, Inc.

Dennis J. FitzSimons, Chairman, Robert R. McCormick Foundation; former Chairman and CEO, Tribune Company

Betsy D. Holden, Senior Advisor, McKinsey & Company LLC; former co-CEO, Kraft Foods, Inc.

Kay Koplovitz, Chairman and CEO, Koplovitz & Company LLC; founder and former Chairman and CEO, USA Networks

J. Randall MacDonald, CEO, Managing Partner, Windham Mountain Partners; Retired Senior Vice President, Human Resources, IBM

Ronald S. Rolfe, Former Partner, Litigation, Cravath, Swaine & Moore LLP

Sir Howard Stringer, Former Chairman, President and CEO, Sony Corporation

Time Warner Chairman and CEO Jeff Bewkes said: "We have recruited a roster of world-class business leaders who are extremely committed to Time Inc.’s success. These are highly respected executives known for their leadership, integrity, entrepreneurial drive, and deep strategic, operational and technical expertise. Collectively, they provide a wealth of experience in publishing, electronic media, advertising, consumer-facing businesses, and technology that is vital for Time Inc.’s future. As we seek to increase shareholder value for the new Time Inc., I am confident this Board will provide sound independent judgment and guidance to the management team as it works to build and grow the business."

Mr. Ripp commented: "I am honored to lead such an outstanding Board of Directors that shares my commitment and enthusiasm. Their wide range of experience across so many related businesses is going to help lay the foundation for our future. Attracting a board of this caliber illustrates the potential of the organization and our brands. The Board will play a critical role in driving our success and stewarding shareholder capital.”

Biographies for each board member follow:

About David A. Bell

Mr. Bell brings over 40 years of advertising and marketing industry experience to the Board, including serving as CEO of three of the largest companies in the industry–Bozell Worldwide, True North Communications and The Interpublic Group of Companies, Inc. Since 2007, Mr. Bell has led Slipstream Communications, which is an international company providing strategic branding, digital marketing, and public relations services and served as a Senior Advisor to Google Inc. from 2006 to 2009. He is currently a Senior Advisor to AOL and has been an Operating Advisor at Pegasus Capital Advisors LP since 2004.

Mr. Bell currently holds positions on early-stage company boards including Double Verify, Your Tango, Resonate Networks, Appinions and Dstillery. He has also served on the boards of multiple publicly-traded companies, including President and CEO of The Interpublic Group of Companies Inc. from 2003 to 2005 and Director of Primedia Inc. from 2001 to 2010.

About John M. Fahey

Mr. Fahey has been Chairman of National Geographic Society, a non-profit scientific and educational organization, since January 2011. Prior to that, Mr. Fahey served as its Chief Executive Officer from 1998 to 2013 and as its President from 1998 to 2010. During his tenure as President and Chief Executive Officer of National Geographic Society, he led its entry into cable television (now available in 171 countries), the expansion of its magazine (now published in English and 39 local-language editions), and the extension of National Geographic content into digital media. Mr. Fahey joined the National Geographic family in 1996. Prior to that, he was Chairman, President and Chief Executive Officer of Time Life Inc., a wholly owned subsidiary of Time Warner Inc., for seven years. Earlier, Mr. Fahey worked for Home Box Office, where he was instrumental in the startup of CINEMAX, and was a circulation manager for TIME magazine.

Mr. Fahey serves as a Member of the Smithsonian Board of Regents, a six-year term he was appointed to by President Obama in February 2014. He also serves on the Board of Johnson Outdoors Inc.

About Manuel A. Fernandez

Mr. Fernandez served on the Board of Sysco Corporation, a global leader in selling, marketing and distributing food products, for seven years, holding the titles of Executive Chairman (to which he was appointed in 2012) and Non-Executive Chairman of the Board (to which he was appointed in 2009) until his retirement in November 2013. Contemporaneous with his tenure at Sysco, he held the positions of Managing Partner of SI Ventures, LLC, a venture capital partnership focusing on information technology and communications infrastructure companies that enable e-business, since 2000; Chairman, President and Chief Executive Officer of Gartner, Inc., a leading information technology research and consulting company, from 1989 until 2000; and President and Chief Executive Officer of three technology-driven companies: Dataquest, Inc., Gavilan Computer Corporation and Zilog Incorporated.

Mr. Fernandez has served on the Board of Directors of Flowers Foods since 2005 and on the Board of Directors of Brunswick Corporation as Lead Director since 1997. He is a former Chairman of the Board of Trustees of the University of Florida.

About Dennis J. FitzSimons

Mr. FitzSimons has served as Chairman of the Chicago-based Robert R. McCormick Foundation, a charitable organization with extensive assets since 2004. Prior to that, Mr. FitzSimons was the Chief Executive Officer of Tribune Company from 2003 to 2007 and Chairman from 2004 to 2007, stepping down upon completing the sale of the company. Mr. FitzSimons began his 25-year career at Tribune in 1982, spending his first 17 years in the broadcast division in positions of increasing responsibility, including General Manager of WGN-TV, Chicago, and President and Chief Executive Officer of Tribune Broadcasting. He was appointed Executive Vice President of Tribune Company in January 2000, with responsibility for the company’s broadcasting, publishing and digital groups, as well as the Chicago Cubs. He was elected to the Tribune Company Board of Directors in 2000 and named President and Chief Operating Officer in July 2001 before becoming Chairman and CEO in January 2003. He started his media career at Grey Advertising in New York.

Mr. FitzSimons serves as a Director of Media General, Inc. He is a Trustee of both Northwestern University and Chicago’s Museum of Science and Industry. Mr. FitzSimons chaired the Media Security and Reliability Council for the U.S. Federal Communications Commission from 2002 to 2004 and served as a Director of The Associated Press from 2004 to 2007.

About Betsy D. Holden

Ms. Holden has been a Senior Advisor to McKinsey & Company, a global management consulting firm, since April 2007, working with clients on strategy, marketing and board effectiveness initiatives. From 2001 to 2003 she was co-Chief Executive Officer of Kraft Foods and from 2000 to 2003 she was Chief Executive Officer of Kraft Foods North America. In addition, at Kraft, she held the positions of President, Global Marketing and Category Development and Executive Vice President, with oversight of operations, IT, procurement, research and development, marketing services, as well as multiple business unit President and line management assignments. Ms. Holden began her career at General Foods in 1982.

Ms. Holden serves on the Boards of Diageo plc, Western Union Holdings, Inc., and Catamaran Corporation. Previously, Ms. Holden also served on the Boards of Tribune and Media Bank.

About Kay Koplovitz

Ms. Koplovitz founded, built and led highly successful USA Networks as Chairman and CEO for 21 years as the first advertiser-supported basic cable network before stepping down in 1998. Since then, she has simultaneously run Koplovitz & Company, a media advisory and investment firm specializing in marketing and growth strategies for early to late-stage companies, and Springboard Enterprises, dedicated to building high-growth technology oriented companies led by women.

Ms. Koplovitz serves on the Boards of Kate Spade & Company, CA Technologies, Inc., and ION Media Networks.

About J. Randall MacDonald

Mr. MacDonald has served as Chief Executive Officer and Managing Partner of Windham Mountain Resort, a four seasons resort located in New York, since June 2013; prior to that, Mr. MacDonald was Senior Vice President of Human Resources at IBM, a global technology and consulting giant, from 2000 until he retired in June 2013. He was part of the team that led the transformation of IBM to a company that delivers top-to-bottom technology solutions. Before that, he was with GTE (now Verizon Communications) for 17 years in positions of increasing responsibility, including Executive Vice President of Human Resources and Administration. He also held human resources positions at Ingersoll-Rand Company and Sterling Drug, Inc.

Mr. MacDonald serves as Member of the Board of Directors of Delphi Automotive PLC. He also serves as Vice Chairman of the Board of Trustees of Bucknell University and Vice Chairman of the Board of Directors of National Association of Human Resources.

About Ronald S. Rolfe

Mr. Rolfe is a retired Partner at Cravath, Swaine & Moore, LLP, a premier law firm in the United States, where he practiced until he retired as a Partner on December 31, 2010. Mr. Rolfe’s practice spanned the world and included corporate governance, securities, antitrust, and commercial litigation and arbitration for U.S. and international clients. Mr. Rolfe began as an Associate with Cravath in 1970 and became Partner in 1977. He also served as Law Clerk to the Honorable Marvin E. Frankel, U.S. District Court Judge in the Southern District of New York, in 1969.

Since 2013, Mr. Rolfe has served on the Board of Directors of Noranda Aluminum Holding Corporation and Berry Plastics Group, Inc. Mr. Rolfe has also been nominated to serve on the Board of Reynolds American Inc. and is expected to be elected to that position on May 8, 2014.

About Sir Howard Stringer

Sir Howard Stringer served as Chairman, President and CEO of Sony Corporation, a multinational conglomerate corporation with a diversified business primarily focused on the electronics, game, entertainment and financial services sectors, from 2005 until 2012, when he became Chairman of the Board of Directors. He retired from that position in June 2013. He joined Sony in May 1997 and was named President and Group Executive of the Sony Corporation of America in 1998, responsible for Sony’s entertainment companies: Sony Pictures Entertainment, Sony Music Entertainment, and Sony/ATV Music Publishing. Prior to that, Sir Howard had a distinguished 30-year career as a journalist, producer and executive at CBS Inc., where he won 11 individual Emmy awards. He was Executive Producer of the CBS Evening News from 1981 until 1986, President of CBS News from 1986 until 1988 and President of CBS from 1988 until 1995, where he was responsible for all broadcast activities, including entertainment, news, sports and its radio and television stations.

Sir Howard serves as Director on the Executive Board of the BBC and the Board of Directors for TalkTalk Telecom Group PLC.

About Time Warner Inc.

Time Warner Inc., a global leader in media and entertainment with businesses in television networks, film and TV entertainment and publishing, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple distribution outlets.

About Time Inc

Time Inc., a division of Time Warner, is one of the largest branded media companies in the world reaching more than 130 million people each month across multiple platforms. With influential brands such as TIME, PEOPLE, SPORTS ILLUSTRATED, InStyle, REAL SIMPLE, Wallpaper, Travel + Leisure and Food & Wine, Time Inc. is home to celebrated events and franchises including the FORTUNE 500, TIME 100, PEOPLE's Sexiest Man Alive, SPORTS ILLUSTRATED's Sportsman of the Year, the Food & Wine Classic in Aspen and the ESSENCE Festival.