Insider Trades - NOVACK KENNETH J

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NOVACK KENNETH J: Declared Holdings
Company/Relationship	Reported	Shares	Ownership
TIME WARNER INC NEW Director NYSE:TWX (historical quotes, profile, other insiders)	1-May-09 6-Feb-09	15,129 91 15,220	Direct Indirect Total

Insider & restricted shareholder transactions reported over the last two years
Date Shares Stock Transaction
1-May-09 1,884 TWX Option Exercise at $0 per share.
1-May-09 0 TWX Sale at $22.84 per share.
(Proceeds of $0)
6-Feb-09 *91 TWX Acquisition (Non Open Market) at $0 per share.
6-Feb-09 *125 TWX Disposition (Non Open Market) at $0 per share.

* Indicates that some (or all) shares are held indirectly (e.g. in a trust, by a spouse, etc.)

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Insider & restricted shareholder transactions reported over the last two years
Date	Shares	Stock	Transaction
1-May-09	1,884	TWX	Option Exercise at $0 per share.
1-May-09	0	TWX	Sale at $22.84 per share. (Proceeds of $0)
6-Feb-09	*91	TWX	Acquisition (Non Open Market) at $0 per share.
6-Feb-09	*125	TWX	Disposition (Non Open Market) at $0 per share.