Time Warner Increases Cash Dividend by 10 Percent

Time Warner Inc. (NYSE: TWX) today announced that its Board of Directors has approved management's recommendation to increase the company's regular quarterly cash dividend by 10 percent, from $0.05 per share to $0.055 per share on its Common Stock. The increased quarterly dividend will be payable in cash on September 15, 2006 to stockholders of record at the close of business on August 31, 2006.

Dick Parsons, Chairman and CEO of Time Warner, said: "We're pleased that Time Warner's financial strength has enabled us to increase our dividend, reflecting our confidence in our future prospects and our ongoing commitment to return value directly to shareholders."

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.

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