Carl Icahn Believe Quotations

I believe there are and will be major opportunities to enhance Time Warner's value in future combinations.

Reuters was completely accurate that I am concerned about the level of the market. But I also made it clear on the conference call (and I believe as Reuters reported it), that it is almost impossible to predict what a market will do in the short term. There are too many variables.

The registrants acquired the shares because they believe that the shares are undervalued in the market place,

I believe there is great value for Time Warner if it were broken into parts, ... get away from the huge cost structure and excessive layers of management at the top, both literally at the Time Warner Center, and figuratively.

Certain companies have publicized my Hart Scott filings in the hope that this might induce investors into running the price up, which might cause me to sell my shares, make a profit and become uninvolved in the company, ... While I am flattered that investors would buy on the news that I have made a Hart Scott filing, I believe that they are taking risks which are not being explained to them by the companies making the disclosure.

Given the fact that, despite its exceptional assets and a generally favorable operating environment, the company's stock price has underperformed significantly since 2002, we believe the time for steps to make the board and management more accountable are long overdue,

If we are able to conduct such a due diligence review, we believe that we may be in a position to make an offer for the entire company at a substantially increased price.

We continue to believe that Time Warner's stock is greatly undervalued and that the company is in need of a major restructuring,

To the extent that opportunities are now available to enhance value at AOL, which we believe there are, we implore management and the Board to move more decisively than they have in the past.

In life and business, there are two cardinal sins, ... The first is to act precipitously without thought, and the second is to not act at all. Unfortunately the board of directors and top management of Times Warner already committed the first sin by merging with AOL, and we believe they are currently in the process of committing the second; now is not a time to move slowly and suffer the paralysis of inaction.