AOL might be slashing jobs, but Time Inc. is just shoveling the staff around. A memo from Ann Moore follows, which deals with fun terms like "M&A" and "Production and Fulfillment Operations." Oh, and a little guy named John Squires.

November 1, 2007

To: Time Inc. Employees

From: Ann Moore

Re: Staff Announcement

I am pleased to announce several changes to the executive team
including the appointment of Maurice Edelson as General Counsel and
Senior Vice President, Corporate Development, Time Inc. and Howard
Rosen as President, Production and Fulfillment Operations. These
changes result from the retirement of three of our senior executives:
Barry Meinerth, John Redpath and Joe Mayfield.

As General Counsel and SVP, Corporate Development, Maurice will manage
Time Inc.'s legal functions in addition to continuing to manage our
corporate strategy and M&A work. International Licensing & Syndication
will continue to report to him as well. Maurice was previously Senior
Vice President, Strategic Planning where he was responsible for Time
Inc.'s corporate strategy work, M&A, and certain aspects of financial
analysis and planning. Maurice will report to me.

In his new position as President, Production and Fulfillment
Operations, Howard will be responsible for Production, Administrative
Services, Time Customer Service based in Tampa and our Amsterdam
fulfillment operations. He will also continue to oversee our
outsourcing activities in India. Most recently, Howard acted as Time
Inc. Senior Vice President and Controller. He will remain Controller
until a replacement is named. Prior to that role Howard served as Time
Inc. Acting Chief Financial Officer. He will report to Howard Averill,
Chief Financial Officer and Executive Vice President, Time Inc.

In addition, we have made several other changes:

· John Squires, Executive Vice President, Time Inc., will now
also oversee Grupo Editorial Expansión in Mexico and Synapse in
addition to his current portfolio which includes TIME; the
Fortune|Money Group; the Sports and Leisure Group, including Sports
Illustrated and Golf; Time Inc. Studios; Time Inc. Interactive; and
the Consumer Marketing and Time/Warner Retail Sales and Marketing
divisions.

· Guy Gleysteen has been named Senior Vice President,
Production, reporting to Howard Rosen. Previously Guy served as Vice
President, Paper & Digital Development.

· We are creating a formal reporting relationship between the
division GM's and Howard Averill. While continuing to report to their
respective division heads, they will now report to Howard Averill on a
dotted line basis.

Finally, we'd like to acknowledge our senior executives who will be
retiring this year: Barry Meinerth, John Redpath and Joe Mayfield.
Barry Meinerth has served us in exemplary fashion for more than thirty
years – most recently as Senior Vice President, Production. John
Redpath has been our trusted General Counsel for the last several
years, and before that was General Counsel of HBO. And, as Senior Vice
President, Administrative Services, Joe Mayfield has overseen all of
our administrative services including many critically important real
estate transactions. In each case, these talented executives made
great contributions – often somewhat behind the scenes - to the
company's success. I'd like to thank each of them for their many years
of service and dedication to Time Inc.

Please join me in congratulating Maurice, Howard and Guy on their new
positions and wishing Barry, John and Joe the very best.

A.M.