Balance Sheet Strength
Debt(1) is lower $29.5Bn $25.0Bn
Non-Strategic Assets: $10-12 Billion
$1.5 Billion in TWX Stock
21% Interest in Time Warner Cable
(1) Debt is net of notes exchangeable into common stock of $5.5Bn at 12/31/02 and $5.4Bn at 9/30/03