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Icahn Partners LP – ‘DFAN14A’ on 2/7/06 re: Time Warner Inc. – EX-5

On:  Tuesday, 2/7/06, at 4:43pm ET   ·   Effective:  2/7/06   ·   Accession #:  1047469-6-1488   ·   File #:  1-15062

Previous ‘DFAN14A’:  ‘DFAN14A’ on 9/12/05   ·   Latest ‘DFAN14A’:  This Filing

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/07/06  Icahn Partners LP                 DFAN14A     2/07/06    8:11M  Time Warner Inc.                  Merrill Corp/New/FA

Additional Definitive Non-Management Proxy Solicitation Material   —   Schedule 14A
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: DFAN14A     Additional Definitive Non-Management Proxy          HTML     17K 
                          Solicitation Material                                  
 2: EX-1        Underwriting Agreement                              HTML     24K 
 3: EX-2        Plan of Acquisition, Reorganization, Arrangement,   HTML      9K 
                          Liquidation or Succession                              
 4: EX-3        Articles of Incorporation/Organization or By-Laws   HTML   3.29M 
 5: EX-3        Exhibit 3 PDF -- a2167198zex3                        PDF   2.15M 
 6: EX-4        Instrument Defining the Rights of Security Holders  HTML     36K 
 7: EX-5        Opinion re: Legality                                HTML      8K 
 8: EX-99.6     Miscellaneous Exhibit                               HTML    550K

EX-5   —   Opinion re: Legality

This exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]


Exhibit 5


THE LAZARD REPORT
     
  A History of Underperformance
 		  
  GRAPHIC  

Information Source: Public sources.

(a)
Mr. Parsons became CEO effective at the Annual Meeting on May 16, 2002. Mr. Parson's appointment as CEO was made on December 5, 2001 as part of a senior management succession plan.

(b)
The overall index used to benchmark TWX's stock price performance is weighted so that the performance of the five sub-indices reflects the 2005PF OIBDA contribution (2005 as reported OIBDA excluding corporate expense and pro forma for the Adelphia/Comcast transactions) of each of TWX's five divisions. AOL, Networks, Filmed Entertainment, Publishing and Cable represent 16%, 25%, 11%, 10% and 38%, respectively, of the total 2005PF OIBDA of TWX. Internet index includes YHOO, EBAY, GOOG, IACI, ELNK, UNTD and AMZN. Networks and Filmed Entertainment index includes VIA.B, NWS.A, DIS, SSP and L. Publishing index includes Emap, MSO, MDP, PRM, RDA, MHP, SCHL and JW.A. Cable index includes CMCSA and CVC. Indexes are weighted by market capitalization.

(c)
Diversified Media index includes Disney, Liberty Media, News Corp., Scripps and Viacom. Index is weighted by market capitalization.


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘DFAN14A’ Filing    Date    Other Filings
Filed on / Effective on:2/7/064,  DEFA14A
5/16/02DEF 14A
12/5/018-K
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Filing Submission 0001047469-06-001488   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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