TIME WARNER INC

CUSIP: 887317303 Class: COM NEW

FIDUCIARY MANAGEMENT INC /WI/'s Holding History (CIK: 0000764532)

Note: Option positions (PUT/CALL) are excluded.

Q1 2015
Shares 2,800 Value ($000) $236 Avg Close — Range —
Q4 2014
Shares 2,800 Value ($000) $239 Avg Close — Range —
Q3 2014
Shares 2,800 Value ($000) $211 Avg Close — Range —
Q2 2014
Shares 7,052,668 Value ($000) $495,450 Avg Close — Range —
Q1 2014
Shares 6,061,420 Value ($000) $395,993 Avg Close — Range —
Q4 2013
Shares 6,220,517 Value ($000) $433,694 Avg Close — Range —
Q3 2013
Shares 6,178,586 Value ($000) $406,613 Avg Close — Range —
Q2 2013
Shares 8,367,196 Value ($000) $483,791 Avg Close — Range —