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The SEC encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. The information on this web site contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, particularly statements anticipating future growth in revenues, Operating Income before Depreciation and Amortization and cash from operations. Words such as “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements. These forward-looking statements are based on management’s current expectations and beliefs about future events. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances, and Time Warner is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

Various factors could adversely affect the operations, business or financial results of Time Warner or its business segments in the future and cause Time Warner’s actual results to differ materially from those contained in the forward-looking statements, including those factors discussed in detail in Time Warner’s Annual Report on Form 10-K for the year ended December 31, 2006 (the “2006 Form 10-K”) and in Time Warner’s other filings made from time to time with the SEC. Copies of Time Warner’s filings with the SEC can be obtained though the Investor Relations portion of this web site under “Reports and SEC Filings.”

In addition, Time Warner operates in highly competitive, consumer and technology-driven and rapidly changing media, entertainment, interactive services and cable businesses. These businesses are affected by government regulation, economic, strategic, political and social conditions, consumer response to new and existing products and services, technological developments and, particularly in view of new technologies, the continued ability to protect intellectual property rights. Time Warner’s actual results could differ materially from management’s expectations because of changes in such factors.

Further, for Time Warner generally, lower than expected valuations associated with the cash flows and revenues at Time Warner’s segments may result in Time Warner’s inability to realize the value of recorded intangibles and goodwill at those segments. In addition, achieving the Company’s financial objectives, including growth in operations, maintaining financial ratios and a strong balance sheet, could be adversely affected by the factors discussed in detail in the 2006 Form 10-K, as well as:

	economic slowdowns;
	the impact of terrorist acts and hostilities;
	changes in the Company’s plans, strategies and intentions;
	the impacts of significant acquisitions, dispositions and other similar transactions;
	the failure to meet earnings expectations;
	decreased liquidity in the capital markets, including any reduction in the ability to access the capital markets for debt securities or bank financings; and
	the significant amount of debt obligations incurred in connection with the transactions with Adelphia Communications Corporation and Comcast Corporation.