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<span><a style="padding: 0px; margin: 0px; text-indent: -9999px; display: block; height: 31px;" href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/index.html">Time Warner</a></span> </div> <table class="mainContentTbl" cellpadding="0" cellspacing="0" width="770" border="0"> <tr> <td style="padding-right: 2px"></td><td valign="top"><img border="0" alt="" height="1" width="164" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/misc_grey_nav_bar.gif"><br> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/board_directors/index.html"><img border="0" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/btn_board_directors.gif" title="Board of Directors"><br> </a><img border="0" alt="" height="1" width="164" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/misc_grey_nav_bar.gif"><br> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/governance_committees.html"><img border="0" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/btn_governance_committees.gif" title="Board Leadership and Committee Structure"><br> </a><img border="0" alt="" height="1" width="164" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/misc_grey_nav_bar.gif"><br> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/governance_charters.html"><img border="0" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/btn_governance_charters.gif" title="Committee Charters, Policies and Reports"><br> </a><img border="0" alt="" height="1" width="164" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/misc_grey_nav_bar.gif"><br> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/by_laws/index.html"><img border="0" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/btn_by_laws.gif" title="By-Laws"><br> </a><img border="0" alt="" height="1" width="164" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/misc_grey_nav_bar_on.gif"><br> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/governance_policy/index.html"><img border="0" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/btn_governance_policy_on.gif" title="Governance Policy"><br> </a><img border="0" alt="" height="1" width="164" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/misc_grey_nav_bar_on.gif"><br> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/governance_conduct.html"><img border="0" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/btn_governance_conduct.gif" title="Codes of Conduct"><br> </a><img border="0" alt="" height="1" width="164" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/misc_grey_nav_bar.gif"><br> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/contact_bod.html"><img border="0" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/btn_contact_bod.gif" title="Contact the Board of Directors"><br> </a><img border="0" alt="" height="1" width="164" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/lnav/misc_grey_nav_bar.gif"><br> </td><td width="5"><img alt="" border="0" vspace="0" hspace="0" height="1" width="5" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/spacer.gif"></td><td style="margin:0px;" width="401" valign="top" id="pageContent"> <div style="display:block; width:401px; height:19px; padding:0px; background-image:url(/web/20110105120253im_/http://www.timewarner.com/corp/images/misc_blue_bar2.gif); text-align:right;"></div> <div style="display:block; width:400px; margin:10px 0px 10px 0px"> <img alt="Governance Policy" border="0" vspace="0" hspace="0" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/corp_governance/governance_policy/index.page/header.gif"></div> <img style="margin:0px 0px 10px 0px" height="1" width="400" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/grey1x1.gif"><div style="width:385px; margin:0px 0px 0px 15px;"> <p>This Corporate Governance Policy describes the principles and practices that the Time Warner Inc. Board of Directors will follow in carrying out its responsibilities. In this policy, Time Warner Inc. is referred to as the “Corporation”; the Corporation and its consolidated subsidiaries are collectively referred to as the “Company.” This policy supplements the Corporation’s By-laws and the charters of the Board’s committees. <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/pdf/Corporate_Governance_Policy_0218.pdf">Click here for a complete PDF copy of our Governance Policy.<img alt="Click here for a complete PDF copy of our Governance Policy." border="0" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/icn_pdf.gif"></a> </p> <table cellpadding="0" cellspacing="0" border="0"> <tr> <td style="padding-right: 15px" valign="top" width="50%"> <h3> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/governance_policy/board_composition.html">Board Composition</a> </h3> <p></p> <h3> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/governance_policy/board_responsibilities.html">Board Responsibilities</a> </h3> <p></p> <h3> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/governance_policy/board_meetings.html">Board Meetings</a> </h3> <p></p> <h3>  </h3> <p></p></td><td style="padding-left: 15px" width="50%" valign="top"><h3> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/governance_policy/board_committees.html">Board Committees</a> </h3> <p></p> <h3> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/governance_policy/orientation_and_education.html">Director Orientation and Education</a> </h3> <p></p> <h3> <a href="/web/20110105120253/http://www.timewarner.com/corp/corp_governance/governance_policy/review_and_disclosure.html">Corporate Governance Review and Disclosure</a> </h3> </td> </tr> </table> </div> </td><td width="5"><img alt="" border="0" vspace="0" hspace="0" height="1" width="5" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/spacer.gif"></td><td width="193" class="rightNav" valign="top"> <div class="rnImg"> <img src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/leading.gif" alt="" border="0"></div> <p>Strong executive leadership ensures we stay at the forefront of the industry.</p> <p> <a href="/web/20110105120253/http://www.timewarner.com/corp/management/executives_by_business/index.html"> Read More <img src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/misc_arrow.gif" alt="" border="0"> </a> </p> <br> </td> </tr> </table> <table id="rightNav" cellspacing="0" cellpadding="0" border="0" width="740"> <tr> <td class="rightNav"><img border="0" height="1" width="190" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/spacer.gif"></td><td style="padding-bottom: 5px" colspan="5" class="rightNav"><img border="0" height="1" width="385" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/spacer.gif"></td><td class="rightNav"><img border="0" height="1" width="160" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/spacer.gif"></td> </tr> </table> <table id="footer" cellspacing="0" cellpadding="0" border="0" width="740"> <tr> <td style="padding-bottom: 5px" colspan="5" align="right"> last updated: February 18, 2010</td> </tr> <tr> <td colspan="5"><img style="margin-bottom:4px;" alt="" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/misc_gradbar.gif"></td> </tr> </table> <table align="left" id="footer" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="padding:2px 3px 0px 15px"><a onmouseout="ro.setOff('one')" onmouseover="ro.setOn('one')" href="/web/20110105120253/http://www.timewarner.com/corp/legal_and_privacy.html"><img onload="ro.add(this)" border="0" alt="" name="one" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/misc_arrow2.gif"></a></td><td nowrap="nowrap"><a onmouseout="ro.setOff('one')" onmouseover="ro.setOn('one')" href="/web/20110105120253/http://www.timewarner.com/corp/legal_and_privacy.html">legal & privacy</a></td><td style="padding:2px 3px 0px 8px"><a onmouseout="ro.setOff('three')" onmouseover="ro.setOn('three')" href="/web/20110105120253/http://www.timewarner.com/corp/caution.html"><img onload="ro.add(this)" name="three" alt="" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/misc_arrow2.gif"></a></td><td nowrap="nowrap"><a onmouseout="ro.setOff('three')" onmouseover="ro.setOn('three')" href="/web/20110105120253/http://www.timewarner.com/corp/caution.html">caution concerning forward-looking statements</a></td><td style="padding-left:5px; font-size:10px;" align="right" nowrap="nowrap"><img alt="" src="https://web.archive.org/web/20110105120253im_/http://img.timeinc.net/corp/images/misc_bar2.gif">© Time Warner 2010. 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