1. Don Logan Chairman & Chief Executive Officer Time Inc.

2. By revenue, the world’s largest magazine publisher Time Inc. – who we are 64 magazines published Circulation approaching 50 million Total audience over 250 million 1 in 2 adults in the U.S. reads at least one Time Inc. magazine each week 64 magazines published Circulation approaching 50 million Total audience over 250 million 1 in 2 adults in the U.S. reads at least one Time Inc. magazine each week

3. Group # Magazines Core Franchise(s) News 8 Regional4 Sports – spectator 3 Sports – outdoor15 Women’s – celebrity4 Women’s – lifestyle 13 Business3 Personal Finance2 Entertainment1 Time Inc. – who we are Other11

4. Time Inc. – who we are

5. 36 straight quarters of earnings growth 25% share of U.S. consumer magazine ad spend 36 straight quarters of earnings growth 25% share of U.S. consumer magazine ad spend A decade of delivering results 91-00 ($ millions)2000CAGR Revenue4,8926% EBITDA83715% 91-00 ($ millions)2000CAGR Revenue4,8926% EBITDA83715% Time Inc. – who we are

6. AOL Time Warner family Time Inc. AOL Turner TW Cable Warner Bros. Warner Music HBO Time Inc. AOL Turner TW Cable Warner Bros. Warner Music HBO Magazine and book publishing Online services Cable channels Cables systems Movies and television Multiple labels Pay TV services Magazine and book publishing Online services Cable channels Cables systems Movies and television Multiple labels Pay TV services

7. A belief in print Print delivers for advertisers Mass reach Targeting – geographic and demographic Reader relationships Multimedia Mass reach Targeting – geographic and demographic Reader relationships Multimedia

8. A belief in print Categories News Sports Celebrity Lifestyle Categories News Sports Celebrity Lifestyle Mass reach Magazine TIME Sports Illustrated People Southern Living Magazine TIME Sports Illustrated People Southern Living Total Audience 21 million 16 million 34 million 13 million Total Audience 21 million 16 million 34 million 13 million

9. A belief in print Targeting Demographics Women Men Families New mothers Teens School age children Affluence Homeowners Demographics Women Men Families New mothers Teens School age children Affluence Homeowners Specific interests Business Cooking Fishing Golf Yachting Technology Spectator sports Music Surfing Investing Specific interests Business Cooking Fishing Golf Yachting Technology Spectator sports Music Surfing Investing Geography Regional publications Local publications Geography Regional publications Local publications Targeting within mass magazines or by specific titles

10. A belief in print Editorial relationship with readers Self selection Purchase Receptive, positive emotional state Self selection Purchase Receptive, positive emotional state

11. Historically, difficult to buy across media Media companies not organized to sell Agencies not set up to buy Consolidation of media companies, agencies and advertisers Interactive media is the catalyst Historically, difficult to buy across media Media companies not organized to sell Agencies not set up to buy Consolidation of media companies, agencies and advertisers Interactive media is the catalyst A belief in print Multimedia

12. Multimedia advantage Cable Systems -local Online Print Television

13. Even with all the choices available to advertisers, we believe that print advertising will continue to grow for years to come. A belief in print

14. Don Logan Chairman & Chief Executive Officer Time Inc.

15. Don Logan Chairman & Chief Executive Officer Time Inc.

16. Don Logan Chairman & Chief Executive Officer Time Inc.