Time (TIME) 8-K Time Inc. Grew Video, Mobile and Programmatic Revenues Strongly in Q4 and 2015

1 Source: comScore December 2015. December 2015 total U.S. unique visitors to our U.S. sites totaled 119 million.

1 We define Adjusted OIBDA as OIBDA adjusted for impairments of Goodwill; intangibles; fixed assets and investment; Restructuring and severance costs; gains and losses on operating assets; pension plan settlements and/or curtailments; and Other costs related to mergers, acquisitions, investments and dispositions. 2 Adjusted Diluted EPS is defined as Diluted EPS adjusted for impairments of Goodwill, intangibles, fixed assets and investments; Restructuring and severance costs; gains and losses on operating and/or non- operating assets; pension plan settlements and/or curtailments; gains and losses on extinguishment of debt; Other costs related to mergers, acquisitions, investments and dispositions; as well as the impact of income taxes on the above items.

1 We define Adjusted OIBDA as OIBDA adjusted for impairments of Goodwill; intangibles; fixed assets and investment; Restructuring and severance costs; gains and losses on operating assets; pension plan settlements and/or curtailments; and Other costs related to mergers, acquisitions, investments and dispositions. 2 The Full Year 2015 Actuals include capital expenditures of ~$161 million offset by ~$46 million of tenant improvement allowances.