TIME WARNER INC

CUSIP: 887317303 Class: COM NEW

Zuckerman Investment Group, LLC's Holding History (CIK: 0001423296)

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

Q1 2013
Shares 131,133 Value ($000) $7,556 Avg Close — Range —
Q4 2012
Shares 150,488 Value ($000) $7,198 Avg Close — Range —
Q3 2012
Shares 157,413 Value ($000) $7,136 Avg Close — Range —
Q2 2012
Shares 159,723 Value ($000) $6,149 Avg Close — Range —
Q1 2012
Shares 156,408 Value ($000) $5,904 Avg Close — Range —
Q4 2011
Shares 149,263 Value ($000) $5,394 Avg Close — Range —
Q3 2011
Shares 147,028 Value ($000) $4,406 Avg Close — Range —