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<SEC-DOCUMENT>0000950133-04-000855.txt : 20040312
<SEC-HEADER>0000950133-04-000855.hdr.sgml : 20040312
<ACCEPTANCE-DATETIME>20040312092621
ACCESSION NUMBER:		0000950133-04-000855
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20031228
FILED AS OF DATE:		20040312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GANNETT CO INC /DE/
		CENTRAL INDEX KEY:			0000039899
		STANDARD INDUSTRIAL CLASSIFICATION:	NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
		IRS NUMBER:				160442930
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06961
		FILM NUMBER:		04664239

	BUSINESS ADDRESS:	
		STREET 1:		7950 JONES BRANCH DRIVE
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22107-0910
		BUSINESS PHONE:		7038546000

	MAIL ADDRESS:	
		STREET 1:		7950 JONES BRANCH DRIVE
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22107-0910
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>w94831e10vk.htm
<DESCRIPTION>FORM 10-K
<TEXT>
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<P align="left" style="font-size: 10pt"><HR size="2" noshade width="100%" align="center">


<P align="center" style="font-size: 10pt"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B><BR>
<HR size="1" noshade width="25%" align="center">


<DIV align="center" style="font-size: 10pt"><B>FORM 10-K</B></DIV>



<P align="center" style="font-size: 10pt"><B>FOR ANNUAL AND TRANSITION REPORTS<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>



<P align="left" style="font-size: 10pt">(Mark One)<BR>
<FONT face="Wingdings">&#120;</FONT>&nbsp;ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<BR>
For the fiscal year ended December&nbsp;28, 2003<BR>
<FONT face="Wingdings">&#111;</FONT>&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<BR>
For the transition period from <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> to <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>


<P align="center" style="font-size: 10pt">Commission file number 1-6961

<P align="center" style="font-size: 14pt"><B>GANNETT CO., INC.</B>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>16-0442930</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top" nowrap>(State or Other Jurisdiction of Incorporation or Organization of Registrant)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><B>7950 Jones Branch Drive, McLean, Virginia</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22107-0910</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: (703)&nbsp;854-6000


<P align="center" style="font-size: 10pt">Securities registered pursuant to Section 12(b) of the Act:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Title of Each Class
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Name of Each Exchange on Which Registered</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">Common Stock, par value $1.00 per share
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">The New York Stock Exchange</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">Securities registered pursuant to Section 12(g) of the Act: None


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1)&nbsp;has filed all reports
required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12&nbsp;months (or for such shorter period that the
registrant was required to file such reports), and (2)&nbsp;has been subject to such
filing requirements for the past 90&nbsp;days.<BR>
Yes&nbsp;&#091;X&#093;&nbsp;&nbsp;No&nbsp;&#091;&nbsp;&nbsp;&#093;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation&nbsp;S-K is not contained herein, and will not be contained, to
the best of registrant&#146;s knowledge, in definitive proxy or information
statements incorporated by reference in Part&nbsp;III of this Form 10-K or any
amendment to this Form 10-K. &#091;&nbsp;&nbsp;&#093;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule&nbsp;12b-2).<BR>
Yes&nbsp;&#091;X&#093;&nbsp;&nbsp;No&nbsp;&#091;&nbsp;&nbsp;&#093;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate market value of the voting common equity held by
non-affiliates of the registrant based on the closing sales price of the
registrant&#146;s Common Stock as reported on The New York Stock Exchange on June
27, 2003, was $20,590,444,571. The registrant has no non-voting common equity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of February&nbsp;20, 2004, 272,876,460 shares of the registrant&#146;s Common
Stock were outstanding.


<P align="center" style="font-size: 10pt"><B>DOCUMENTS INCORPORATED BY REFERENCE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitive proxy statement relating to the registrant&#146;s Annual Meeting
of Shareholders to be held on May&nbsp;4, 2004, is incorporated by reference in Part
III to the extent described therein.


<P align="right" style="font-size: 10pt">1
</DIV>

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<P align="left" style="font-size: 10pt">2
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>INDEX TO GANNETT CO., INC.<BR>
2003 FORM 10-K</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Item No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="7" valign="top" align="center"><B>Part I</B><BR></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Business
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Properties
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Proceedings
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Submission of Matters to a Vote of Security Holders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="center"><B>Part II</B><BR></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Market for Registrant&#146;s Common Equity and Related Stockholder Matters
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Selected Financial Data
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quantitative and Qualitative Disclosures About Market Risk
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Statements and Supplementary Data
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controls and Procedures
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="center"><B>Part III</B><BR></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Directors and Executive Officers of the Registrant
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Compensation
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">57</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">57</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Relationships and Related Transactions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">57</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Accountant Fees and Services
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">57</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="center"><B>Part IV</B><BR></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exhibits, Financial Statement Schedules, and Reports on Form&nbsp;8-K
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">57</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="right" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="left" style="font-size: 10pt"><B>ITEM 1. BUSINESS</B>



<P align="left" style="font-size: 10pt"><B>Company Profile</B>


<P align="left" style="font-size: 10pt">Gannett Co., Inc. is a diversified news and information company that publishes
newspapers, operates broadcasting stations, operates Web sites in connection
with its newspaper and broadcast operations, and is engaged in marketing,
commercial printing, a newswire service, data services and news programming.
Gannett is an international company operating primarily in the U.S. and the
United Kingdom (U.K.). Approximately 85% of its revenues are from domestic
operations in 43 states, the District of Columbia, and Guam. It has foreign
operations in the United Kingdom and in certain European and Asian markets. Its
headquarters are in McLean, Va., near Washington, D.C., and is home to
approximately 600 corporate employees.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett was founded by Frank E. Gannett and associates in 1906 and
incorporated in 1923. The company went public in 1967. It reincorporated in
Delaware in 1974. Its more than 272&nbsp;million outstanding shares of common stock
are held by approximately 12,800 shareholders of record in all 50 states and
several foreign countries. The company has approximately 53,000 employees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company has two principal business segments: newspaper publishing and
broadcasting (television). Financial information for each of the company&#146;s
reportable segments can be found in our financial statements, as discussed
under Item&nbsp;7 &#147;Management&#146;s Discussion and Analysis&#148; beginning on page 17, and
as presented under Item&nbsp;8 &#147;Financial Statements and Supplementary Data&#148;
beginning on page 28 of this Form 10-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett is the USA&#146;s largest newspaper group in terms of circulation. The
company&#146;s 100 U.S. daily newspapers have a combined daily paid circulation of
7.6&nbsp;million. They include USA TODAY, the nation&#146;s largest-selling daily
newspaper, with a circulation of approximately 2.2&nbsp;million. In addition,
Gannett owns USA WEEKEND, a weekend newspaper magazine, and more than 500
non-daily publications in the United States.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newsquest plc, a wholly owned Gannett subsidiary acquired in mid-1999 and
expanded through further acquisitions since (including Scottish Media Group plc
acquired in 2003), is the second largest regional newspaper publisher in the
U.K. with a portfolio of more than 300 titles. Its publications include 17
daily newspapers with a combined circulation of approximately 725,000.
Newsquest also publishes a variety of non-daily publications, including
Berrow&#146;s Worcester Journal, the oldest continuously published newspaper in the
world.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total average daily circulation of the company&#146;s domestic and U.K. daily
newspapers was approximately 8.3&nbsp;million at the end of 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The newspaper segment also includes: Nursing Spectrum, publisher of
biweekly periodicals specializing in advertising for nursing employment; Army
Times Publishing Co., which publishes military and defense newspapers; Clipper
Magazine, a direct mail advertising magazine that publishes more than 325
individual editions in 24 states; a 19.49% interest in California Newspapers
Partnership, a partnership that includes 28 daily California newspapers; a
66.2% interest in Texas-New Mexico Newspapers Partnership, a partnership that
includes 6 daily newspapers in Texas and New Mexico; and a 13.5% interest in
Ponderay Newsprint Company in California.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of the company&#146;s newspaper subsidiaries are participants in joint
operating agencies. Each joint operating agency performs the production, sales
and distribution functions for the subsidiary and another newspaper publishing
company under a joint operating agreement. The company&#146;s operating results in
the Detroit and Tucson joint operating agencies are accounted for under the
equity method, and are reported as a net amount in other operating revenues.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to publishing, the newspaper segment includes the following:
Gannett News Service, which provides news services for its newspaper
operations; Gannett Retail Advertising Group, which represents the company&#146;s
local newspapers in the sale of advertising to national and regional retailers,
service providers and franchise businesses; and Gannett Offset, which is
composed of the Gannett Offset print group and Gannett Marketing Services
Group. The Gannett Offset print group currently includes five non-heatset
printing plants and one heatset printing facility. Gannett Offset&#146;s dedicated
commercial printing plants are located in Atlanta, Ga.; Minneapolis, Minn.;
Miramar, Fla.; Norwood, Mass.; St. Louis, Mo.; and Springfield, Va. Gannett
Marketing Services Group coordinates the sale of direct-marketing services
through: Telematch, a database management and data enhancement company; and
Gannett Direct Marketing Services, a direct-marketing company with operations
in Louisville, Ky. The company also owns USATODAY.com and other Internet
services at most of its local newspapers and television stations; and Gannett
Media Technologies International, which develops and markets software and other
products for the publishing industry.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company also owns a one-third equity interest in CareerBuilder, LLC,
an online service providing recruitment resources.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company owns and operates 22 television stations covering 17.8&nbsp;percent
of the USA in markets with more than 19.3&nbsp;million households.


<P align="left" style="font-size: 10pt"><B>Newspaper Publishing/United States</B>


<P align="left" style="font-size: 10pt">On Dec. 28, 2003, the company operated 100 U.S. daily newspapers, including USA
TODAY, and more than 500 non-daily local publications in 41 states and Guam.
The Newspaper Division is headquartered in McLean, Va., and on Dec. 28, 2003,
it had approximately 40,000 full- and part-time employees.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA TODAY was introduced in 1982 as the country&#146;s first national,
general-interest daily newspaper. It is available in all 50 states and is
available to readers on the day of publication throughout the U.S.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA TODAY is produced at facilities in McLean, Va., and is transmitted via
satellite to offset printing plants around the country. It is printed at
Gannett plants in 20 U.S. markets and under contract at offset plants in 15
other U.S. markets. It is sold at newsstands and vending machines generally at
50 cents per copy. Mail subscriptions are available nationwide and abroad, and
home, hotel and office delivery is offered in many markets. Approximately 65%
of its net paid circulation results from single-copy sales at newsstands,
vending machines or to hotel guests, and the remainder is from home and office
delivery, mail, educational and other sales.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA TODAY International is printed from satellite transmission under
contract in London, Frankfurt, Hong Kong and Belgium, and is distributed in
Europe, the Middle East, Africa and Asia. It is available in more than 50
foreign countries.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For domestic editions, USA TODAY is party to a contract with one satellite
transmission service which runs through the end of 2004 and provides for the
satellite transmissions of USA TODAY from the McLean, Va., office (or Silver
Spring, Md., its back-up facility) to 35 domestic print sites across the USA.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For international editions, USA TODAY is party to a contract with a second
satellite transmission provider which extends indefinitely (but is cancelable
by either party with 60&nbsp;days&#146; notice) and provides for satellite transmissions
to three contract print sites in Europe and one contract print site in Asia.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company has adequate back-up for these transmission processes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USATODAY.com, one of the most popular newspaper sites on the Web, had more
than 35&nbsp;million visits per month at the end of 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett News Service (GNS)&nbsp;is headquartered in McLean, Va., and operates
bureaus in six other states and Washington, D.C. (see page 12 for more
information). GNS provides national and regional news coverage and sports,
features, photo and graphic services to Gannett newspapers. GNS is also
syndicated to several non-Gannett newspapers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The newspaper publishing segment also includes USA WEEKEND, which is
distributed as a weekend newspaper magazine in 598 newspapers throughout the
country, with a total circulation of 23.7&nbsp;million as of January&nbsp;2004, the
second-largest weekly magazine in circulation in the nation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nursing Spectrum is a communications company that promotes the recognition
and support of the nursing community by providing timely, relevant, and
compelling information through its award-winning magazines, annual career
guides and Web sites. On Feb. 2, 2004, the company acquired NurseWeek, an
industry leader with print publications and an award-winning Web site focused
on the nursing industry. Altogether, Nursing Spectrum will now publish 12
regional magazines and have a combined circulation of more than one million
registered nurses in the top 50 metropolitan markets each month, or almost half
of the registered nurses in the U.S. Nursing Spectrum&#146;s and NurseWeek&#146;s
award-winning Web sites average more than 1.8&nbsp;million page views per month.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of 2003, 73 of the company&#146;s domestic daily newspapers,
including USA TODAY, were published in the morning and 27 were published in the
evening.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For local U.S. newspapers, excluding USA TODAY, morning circulation
accounts for approximately 87% of total daily volume, while evening circulation
accounts for 13%.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individually, Gannett newspapers are the leading news and information
source with strong brand recognition in their markets. Their durability lies in
the quality of their management, their flexibility, their focus on such
customer-directed programs as Complete Community Coverage in News,
cross-branding of the daily newspaper, online, and weekly products, ADQ
(described further below) continuous focus on customer service and quality, and
their capacity to invest in new technology. Collectively, they form a powerful
network to distribute news and advertising information across the nation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, news departments across Gannett continued to emphasize coverage
of local news as the key to successful news reporting. Under the Complete
Community Coverage model developed in 2000, newsrooms expanded the amount of
local news on their Web sites. Continued emphasis was placed on reaching
younger readers, especially those in the 25- to 34-year-old age group, through stronger
Web sites and more focused news and features coverage.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the Gannett Newspaper Division (News Department) worked with
Gannett&#146;s community newspapers to launch a new effort to reach more readers. A
program called &#147;Real Life, Real News: Connecting with Readers&#146; Lives&#148; was
developed and introduced to Gannett editors at a meeting in September. Each
Gannett newspaper developed a plan for rollout of the approach in its
community. The program focuses on making news more relevant to readers and
capturing &#147;Moments of Life&#148; that are important in the lives of readers. The
&#147;Real Life, Real News&#148; approach is being integrated into both print and online
content.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For example, Gannett newspapers in Cincinnati, Indianapolis and Louisville
launched free weekly publications aimed at reaching more young adults in their
communities. The new publications joined weeklies already in place in Boise,
Idaho, and Lansing, Mich. The publications feature information on entertainment
opportunities in the communities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the company&#146;s domestic daily newspapers receive Gannett News
Service. In addition, all newspapers subscribe to The Associated Press, and
some receive various supplemental news and syndicated features.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett News Service provided strong coverage of topics of high interest
to individual newspapers through its regional reporting. It also coordinated
the work of local newspapers, the Army Times Publishing Co., USA TODAY,
USATODAY.com, Gannett online operations and its own Washington bureau staff in
providing extensive, converged coverage of the war in Iraq and related developments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the company continued to emphasize increasing its revenue from
medium and smaller advertisers in each market it serves. These efforts will
continue in 2004. Initiatives have focused on sales and rate management and the
construction of pre-packaged programs scalable to the company&#146;s largest and
smallest markets. Sales management initiatives increased the number and quality
of sales calls, improved sales compensation and enhanced consistent sales
training. Rate management programs focused on selling multiple advertising
insertions and reviewing rates and rate structures to ensure that they match
the opportunities in the market. The company operates an intranet site to
provide its advertising management with up-to-date information and sales
programs 24 hours a day, seven days a week. The company regularly calculates
market potential and adjusts its local strategic plans accordingly. The company
will continue in 2004 to make its personnel competitive and effective in their
leadership, strategic thinking and marketing skills through such programs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Newspaper Division&#146;s advertising quality initiative, known as ADQ,
produced its ninth consecutive year of improved ad quality. ADQ efforts are
focused on accuracy and customer service in ad placement and billing functions.
ADQ has reduced credit costs significantly since its 1995 launch.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three principles guide online strategy at Gannett&#146;s local newspapers.
First, spending for the online business must be justified by additional
revenues, additional customers and additional profits. Second, emphasis needs
to be on serving our local markets. A key reason customers turn to a Gannett
newspaper&#146;s online site is to find local news and information. The credibility
of the local newspaper, the known and trusted information source, extends to
the company&#146;s Web sites and thus differentiates Gannett from other


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<P align="left" style="font-size: 10pt">Internet sites. This is a major factor that allows Gannett newspapers to
compete successfully as Internet information providers. Third, the natural
synergies between the local newspaper and local Web site should be utilized.
The local content already available, the customer relationships, the news and
advertising sales forces, and the promotional vehicle are all advantages for
the newspaper. The company&#146;s strategy is to use these advantages to create
strong and timely content, sell packaged advertising products that serve the
advertisers, hold down costs, and leverage the known and trusted brand of the
newspaper.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This strategy has served Gannett well in the development of our newspaper
Internet efforts. The aggressive local focus, including advertising sales
efforts, combined with effective use of national economies of scale and
standardized technology, resulted in solid results in 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online revenue for local newspaper Web sites increased by 45% in 2003,
which followed a 25% increase in 2002 and a 35% increase in 2001. Recent
traffic on our sites reached more than 21&nbsp;million visitors and over 275&nbsp;million
page views per month.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advertising Matrix sales program was implemented at 24 Gannett
newspapers in 2003 and more newspapers will follow in 2004. The Matrix is a
program for selling multiple ads across multiple product lines and packaging
them into one buy for the customer. A typical Matrix package might include a
retail display ad, a classified help wanted ad, a print-and-deliver insert
targeted to specific zones, an online directory listing and an online coupon.
The Bundle Wizard, which performs some of the functions of the Matrix on a more
limited scale, is available to markets not using the Matrix.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company also developed and implemented proprietary customer contact
and relationship management software in some of its markets. The system is used
to reach potential employment advertisers, and will be expanded to reach
retailers and real estate agents.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett has online classified ad order entry software installed in 13
locations. The software allows customers to place their classified ad via the
newspaper&#146;s Web site. It permits customers to build both their print and online
ad using templates provided by the newspaper or to customize the ad to meet
their specific requirements. It also facilitates upsell opportunities such as
bolding, attention-getters, photos and e-mail hyperlinks. When customers
complete the design of their ads and select a product schedule, they receive a
real-time price quote. Customers can then book their ads without further
newspaper involvement. Gannett expects to expand these programs to 42
newspapers by the end of 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise XPress, a sales program operated by the Gannett Retail
Advertising Group, sold 106&nbsp;million newspaper-distributed single sheet inserts
to hundreds of franchise retailers in Gannett markets during 2003. These
inserts are typically distributed in areas close to the retailer&#146;s store.
Insert Xpress, another newspaper-distributed single sheet sales program, sold
more than 200&nbsp;million inserts to local retail advertisers in 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, Gannett continued to update its legacy software to provide
additional advertising functionality. This latest release contains a new
pricing engine that will permit the packaging and selling of multiple products
across multiple mediums and support advertising initiatives such as the Matrix
sales program. At the end of 2003, the release had been implemented at 15
newspapers with more implementations planned for 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advancements were also made in circulation technologies. A total of 58
newspapers now offer their customers seamless online services on their Web
sites to start new subscriptions, make payments, schedule vacation stops and
restarts or deliver complaints.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all newspapers offer the EZ-Pay system to subscribers so they
can have their payments automatically charged to their credit card or deducted
from their checking account. Use of the EZ-Pay system reduces billing and
customer account administration costs and facilitates customer retention. At
year end, 12% of all subscribers were using EZ-Pay.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett Media Technologies International (GMTI)&nbsp;provides important
technological support and products for the company&#146;s domestic newspapers in a
number of big areas, including ad software and database management, editorial
production and archiving, and Web site hosting. In addition, GMTI provides
similar services to other newspaper companies. GMTI continued to increase its
installed base of Internet-based Celebro advertising systems. Celebro
facilitates increased revenue opportunities through the creation of new
advertising products and by making it easier for the advertisers to choose
newspaper publications over the competition. Real estate companies and auto
dealerships are linked directly to GMTI&#146;s database servers where Celebro&#146;s
HomesPlus and AutoChooser software allows them to send complete, digitized ad
files to newspapers for pagination and printing. Newspapers are freed from most
production requirements and advertisers replace time-consuming manual tasks
with labor saving technology.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At year-end, GMTI maintained 65 HomesPlus databases, 33 of which are
Gannett newspapers, and 32 are non-Gannett customers. AutoChooser is in production at 20 Gannett newspapers and 36 non-Gannett
newspapers. Additionally, AutoChooser hosts auto dealer Web sites on behalf of
some newspaper customers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMTI increased its Digital Collections customer base to 113 system
installations. Of these, 30 are non-Gannett installations. Each of these
systems serves a multi-purpose role for pre-press photo production, the capture
and management of wire photos, archiving photos, stories, graphics and pages,
and for news library research.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, Gannett acquired sole ownership of InfiNet, which previously had
been a partnership with Knight Ridder, Inc., and Landmark Communications, Inc.
InfiNet was an application service provider (ASP)&nbsp;where the main line of
business was hosting Web services, including those of the partners. InfiNet was
merged into GMTI and expanded the GMTI line of business into ASP services
including Web hosting. GMTI now manages hosting for most Gannett newspaper Web
sites, and continues to manage systems for Landmark, Knight Ridder and numerous
other publishers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to newspaper production, 68 domestic daily newspaper plants
print by the offset process, and 11 newspapers print using various letterpress
processes. There are 84 newspapers that have converted to the 50-inch web-width
format. Readers have found this size to be easier to handle and use. The
50-inch format change can result in more than a 7% savings in newsprint
consumption. Two more of the company&#146;s newspapers are scheduled for web-width
reduction in 2004.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the past few years, the company has consolidated certain functions of its newspaper operations in a number of geographic areas
in order to achieve greater marketing, administrative and production
effectiveness and efficiencies. The company will continue to assess and
consolidate certain functions where there are expected benefits.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recent years, improved technology for all of the newspapers has
resulted in greater speed and accuracy and in a reduction in the number of
production hours worked. The company expects this trend to continue in 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal sources of newspaper revenues are circulation and
advertising.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Circulation:</I></B> Detailed information about the circulation of the company&#146;s
newspapers may be found on pages 10-13 and 20-21 of this Form 10-K. The 2%
decline in the company&#146;s daily circulation is, in part, a result of the
decision to raise home-delivery prices early in 2003 at 15 of the larger
newspapers, including Phoenix, Detroit and Indianapolis. The 1% decline in
Sunday circulation is consistent with the national pattern the industry has
experienced for several years. Twenty-seven of the company&#146;s local newspapers
reported gains in daily circulation in 2003, and 22 increased Sunday
circulation. Home-delivery prices for the company&#146;s newspapers are established
individually for each newspaper and range from $1.62 to $3.11 per week for
daily newspapers and from $0.71 to $2.75 per copy for Sunday newspapers. Price
increases for certain elements of local circulation volume were initiated at 10
newspapers in 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Advertising:</I></B> The newspapers have advertising departments that sell retail,
classified and national advertising. The Gannett Retail Advertising Group also
sells advertising on behalf of the company&#146;s local newspapers to national and
regional retailers and service providers. The company also contracts with
outside representative firms that specialize in the sale of national
advertising. Analyses of newspaper advertising revenues are presented on pages
19-20 of this Form 10-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail advertising is display advertising associated with local merchants,
such as department and grocery stores. Classified advertising includes ads
listed together in sequence by the nature of the ads, such as automobile sales,
real estate sales and help wanted. National advertising is display advertising
principally from advertisers who are promoting products or brand names
nationally. Retail and national advertising may appear in the newspaper itself
or in preprinted sections. Ad revenues from newspaper Internet affiliates are
reported along with revenue from publishing. Generally there are different
rates for each category of advertising, and the rates for each newspaper are
set independently, varying from city to city.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The newspapers have made continuing efforts to serve their readers and
advertisers by introducing complete market coverage programs and by targeting
specific market segments desired by many advertisers through the use of
specially zoned editions and other specialty publications.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing and comprehensive efforts are also underway to leverage Web
site and newspaper marketing and advertising sales opportunities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Competition: </I></B>The company&#146;s newspapers compete with other media for
advertising principally on the basis of their advertising rates and their
performance in helping to sell the advertisers&#146; products or services. They
compete for circulation principally on the basis of their content and price.
While most of the company&#146;s newspapers do not have daily newspaper competitors
that are published in the same city, in certain of the company&#146;s larger
markets, there is such direct competition. Most of the company&#146;s newspapers
compete with other newspapers published in nearby cities and towns and with
free-distribution and paid-advertising weeklies, as well as other print and
non-print media.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rate of development of opportunities in, and competition from,
emerging electronic communications services, including those related to the
Internet, is increasing. Through internal development programs, acquisitions
and partnerships, the company&#146;s efforts to explore new opportunities in news,
information and communications businesses have expanded and will continue to do
so.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of 2003, The Cincinnati Enquirer, The Detroit
News and the Tucson (Ariz.) Citizen were published under joint operating
agreements with non-Gannett newspapers located in the same cities. All of these
agreements provide for joint business, advertising, production and circulation
operations and a contractual division of profits. The editorial and reporting
staffs of the company&#146;s newspapers, however, are separate and autonomous from
those of the non-Gannett newspapers. In January&nbsp;2004, the company provided
notice to The E.W. Scripps Company, as required under the terms of the Joint
Operating Agreement (JOA)&nbsp;involving The Cincinnati Enquirer, The Cincinnati
Post and The Kentucky Post, that the JOA would not be renewed when it expires
on Dec. 31, 2007.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Environmental regulation: </I></B>Gannett is committed to protecting the
environment. The company&#146;s goal is to ensure its facilities comply with
federal, state, local and foreign environmental laws and to incorporate
appropriate environmental practices and standards in its operations. The
company retains a corporate environmental consultant who is responsible for
overseeing regulatory compliance and taking preventive measures where
appropriate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company is one of the industry leaders in the use of recycled
newsprint and increased its purchases of newsprint containing some recycled
content from 42,000 metric tons in 1989 to over 920,000 metric tons in 2003.
During 2003, all of the company&#146;s newspapers consumed some recycled newsprint.
For the year, nearly 75% of the company&#146;s newsprint purchases contained
recycled content.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s newspapers use inks, photographic chemicals, solvents and
fuels. The use, management, and disposal of these substances may be regulated
by federal, state, local and foreign agencies. Some of the company&#146;s newspaper
subsidiaries have been included among the potentially responsible parties in
connection with the alleged disposal of ink or other wastes at disposal sites
that have been subsequently identified as requiring remediation. Additional
information about these matters can be found on page 15 of this Form 10-K. The
company does not believe that these matters will have a material impact on its
financial position or results of operations.



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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Raw materials: </I></B>Newsprint, which is the basic raw material used to publish
newspapers, has been and may continue to be subject to significant price
changes from time to time. During 2003, the company&#146;s total newsprint
consumption was 1,270,000 metric tons, including the company&#146;s portion of
newsprint consumed at joint operating agencies, consumption by USA WEEKEND, USA
TODAY tonnage consumed at non-Gannett print sites and consumption by Newsquest.
Newsprint consumption was slightly higher than in 2002, up 4%, primarily due to
recent acquisitions and growth in commercial printing activities. The company
purchases newsprint from 23 domestic and global suppliers under contracts that
expire at various times through 2010.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, newsprint supplies were adequate. The company believes that the
available sources of newsprint, together with present inventories, will
continue to be adequate to supply the needs of its newspapers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The average cost per ton of newsprint consumed in 2003 increased 5%
compared to the 2002 average cost.


<P align="left" style="font-size: 10pt"><B>Newspaper Publishing/United Kingdom</B>


<P align="left" style="font-size: 10pt">In the second quarter of 2003, the company purchased the publishing business of
Scottish Media Group plc (SMG), which consists of three Scottish regional
newspapers; 11 specialty consumer and business-to-business magazine titles; and
an online advertising and content business. Altogether, Newsquest now publishes
more than 300 titles in the United Kingdom, including 17 daily newspapers.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newsquest operates its newspaper publishing activities around geographic
clusters to maximize the use of management, finance, printing and personnel
resources. This approach enables the group to offer readers and advertisers a
range of attractive products across the market. The clustering of titles and,
usually, the publication of a free newspaper alongside a paid-for newspaper,
allows cross-selling of advertising among newspapers serving the same or
contiguous markets, thus satisfying the needs of its advertisers and audiences.
At the end of 2003, Newsquest had 17 such clusters in the United Kingdom.
Newsquest&#146;s policy is to produce free and paid-for newspapers with an
attractive level of quality local editorial content. Newsquest also distributes
a substantial volume of advertising leaflets in the communities it serves and
it offers a travel/vacation booking service.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of 2003, Newsquest (including SMG) had nearly 9,300 full-time
and part-time employees. Newsquest&#146;s revenues for 2003 (including SMG, acquired
in April&nbsp;2003) were approximately $970&nbsp;million. As with U.S. newspapers,
advertising is the largest component of revenue, comprising approximately 78%.
Circulation revenue represents 12% of revenues and printing activities account
for much of the remainder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newsquest is actively seeking to maximize the value of its local
information expertise through development of opportunities offered by the
Internet. Through internal growth and in partnership with other businesses,
Newsquest has established a number of local and national Web sites that offer
news and other information of special interest to its communities, as well as
classified and retail advertising and shopping services.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newsquest newspapers operate in competitive markets. Their principal
competitors include other regional and national newspaper and magazine
publishers, other advertising media such as radio and billboard, and
Internet-based news, information and communication businesses.


<P align="left" style="font-size: 10pt"><B>Broadcasting</B>


<P align="left" style="font-size: 10pt">On Dec. 28, 2003, the company&#146;s television division, headquartered in McLean,
Va., included 22 television stations in markets with a total of more than 19.3
million households.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of 2003, the broadcasting division had approximately 3,000
full-time and part-time employees. Broadcasting revenues accounted for
approximately 11% of the company&#146;s reported operating revenues in 2003, 12% in
2002 and 11% in 2001.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal sources of the company&#146;s broadcasting revenues are: 1) local
advertising focusing on the immediate geographic area of the stations; 2)
national advertising; 3) compensation paid by the networks for carrying
commercial network programs; 4) advertising on the stations&#146; Web sites; and 5)
payments by advertisers to television stations for other services, such as the
production of advertising material. The advertising revenues derived from a
station&#146;s local news programs make up a significant part of its total revenues.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising rates charged by a television station are based on the ability
of a station to deliver a specific audience to an advertiser. The larger a
station&#146;s share in any particular daypart, the more leverage a station has in
asking for a price advantage. As the market fluctuates with supply and demand,
so does the station&#146;s rate card. Practically all national advertising is placed
through independent advertising representatives. Local advertising time is sold
by each station&#146;s own sales force.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, a network provides programs to its affiliated television
stations, sells commercial advertising announcements within the network
programs and compensates the local stations by paying an amount based on the
television station&#146;s network-affiliation agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all of its stations, the company is party to network-affiliation
agreements. The company&#146;s three ABC affiliates have agreements which expire
between 2005-2007. The agreements for its six CBS affiliates run through
2004-2005. The company&#146;s 13 NBC-affiliated stations have agreements that will
expire in December&nbsp;2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Programming: </I></B>The costs of locally produced and purchased syndicated
programming are a significant portion of television operating expenses.
Syndicated programming costs are determined based upon largely uncontrollable
market factors, including demand from the independent and affiliated stations
within the market. In recent years, the company&#146;s television stations have
emphasized their locally produced news and entertainment programming in an
effort to provide programs that distinguish the stations from the competition
and to better control costs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Competition: </I></B>In each of its broadcasting markets, the company&#146;s stations
compete for revenues with other network-affiliated and independent television
and radio broadcasters and with other advertising media, such as cable
television, newspapers, magazines and outdoor advertising. The stations also
compete in the emerging local electronic media space, which includes Internet
or Internet-enabled devices and any digital spectrum opportunities associated
with digital television (DTV). The company&#146;s broadcasting stations compete
principally on the basis of their market share, advertising rates and audience
composition.


<P align="left" style="font-size: 10pt">8
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local news is most important to a station&#146;s success, and there is a
growing emphasis on other forms of programming that relate to the local
community. Network and syndicated programming constitute the majority of all
other programming broadcast on the company&#146;s television stations, and the
company&#146;s competitive position is directly affected by viewer acceptance of
this programming. Other sources of present and potential competition for the
company&#146;s broadcasting properties include pay cable, home video and audio
recorders and video disc players, direct broadcast satellite and low-power
television. Some of these competing services have the potential of providing
improved signal reception or increased home entertainment selection, and they
are continuing development and expansion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Satellite Home Viewer Improvement Act of 1999, a number of
the company&#146;s television stations are currently being delivered by satellite
carriers to subscribers within the stations&#146; markets. The company has entered
into retransmission consent agreements with satellite carriers that authorize
such delivery that expire in mid-2004. The company anticipates these agreements
will be renewed when they expire. This law also permits satellite carriers to
retransmit distant network television stations into areas served by local
television stations if it is determined, using FCC-approved signal strength
measurement standards, that local stations do not deliver an acceptable viewing
signal.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Regulation: </I></B>The company&#146;s television stations are operated under the
authority of the Federal Communications Commission (FCC)&nbsp;under the
Communications Act of 1934, as amended (Communications Act), and the rules and
policies of the FCC (FCC Regulations).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television broadcast licenses are granted for periods of eight years. They
are renewable by broadcasters upon application to the FCC and usually are
renewed except in rare cases in which a conflicting application, a petition to
deny, a complaint or an adverse finding as to the licensee&#146;s qualifications
results in loss of the license. The company believes it is in substantial
compliance with all applicable provisions of the Communications Act and FCC
Regulations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCC Regulations also prohibit concentrations of broadcasting control and
regulate network programming. FCC Regulations governing multiple ownership
limit, or in some cases, prohibit the common ownership or control of most
communications media serving common market areas (for example, television and
radio; television and daily newspapers; or radio and daily newspapers). FCC
rules permit common ownership of two television stations in the same market in
certain circumstances provided that at least one of the commonly owned stations
is not among the market&#146;s top four rated stations at the time of acquisition.
It is under this standard that the company acquired a second television station
in Jacksonville, Fla.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the FCC substantially changed its ownership rules to allow
greater media ownership opportunities, including 1) permitting common ownership
of different properties in the same market (depending on market size) but
retaining limitations in markets of three or fewer television stations where
cross-ownership is prohibited; 2) permitting ownership of a number of
television stations in a market (depending on market size); and 3) increasing
the national TV ownership cap, covering the number of U.S. TV households one
company is permitted to serve from 35% to 45%. In January, Congress passed
legislation setting the national ownership cap figure at 39%. Presently the
company&#146;s 22 television stations reach an aggregate of 17.8% of U.S. TV
households.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appeals of the 2003 FCC decision were filed and the new rules have not
taken effect. Oral argument was held on Feb. 11, 2004, and a court decision is
expected later in the year. If the 2003 FCC ruling is upheld, it could present
opportunities for the company to acquire additional properties in markets it
currently serves.


<P align="left" style="font-size: 10pt"><B>Employee relations</B>


<P align="left" style="font-size: 10pt">At the end of 2003, the company and its subsidiaries had approximately 53,000
full-time and part-time employees. Three of the company&#146;s newspapers were
published in 2003 together with non-company newspapers pursuant to joint
operating agreements, and the employment total above includes the company&#146;s
pro-rata share of employees at those joint production and business operations.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately 13% of those employed by the company and its subsidiaries
are represented by labor unions. They are represented by 96 local bargaining
units affiliated with nine international unions under collective bargaining
agreements. These agreements conform generally with the pattern of labor
agreements in the newspaper and broadcasting industries. The company does not
engage in industrywide or companywide bargaining. The company&#146;s U.K.
subsidiaries bargain with three unions over working practices, wages and health
and safety issues only.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company provides competitive group life and medical insurance programs
for full-time domestic employees at each location. The company pays a
substantial portion of these costs and employees contribute the balance.
Virtually all of the company&#146;s units provide retirement or profit-sharing plans
which cover eligible full-time employees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1990, the company established a 401(k) Savings Plan, which is available
to most of its domestic employees and a small number of unionized employees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newsquest employees have local staff councils for consultation and
communication with local Newsquest management. Newsquest provides the majority
of its employees with 1) the option to participate in a stock option-linked
savings plan; 2) the option to purchase Gannett shares through a share
incentive plan; and 3) a retirement plan that incorporates life insurance.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company strives to maintain good relationships with its employees.



<P align="right" style="font-size: 10pt">9
</DIV>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>MARKETS WE SERVE</B>


<P align="left" style="font-size: 10pt"><B>NEWSPAPERS AND NEWSPAPER DIVISION</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="25"><B>Daily newspapers</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Circulation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>State</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Joined</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Territory</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>City</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Newspaper</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Morning</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Afternoon</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Sunday</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Founded</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Gannett</B></TD>
    <TD>&nbsp;<B>(a)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Alabama</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Montgomery</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Montgomery Advertiser</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD nowrap>(62)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Arizona</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Phoenix</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Arizona Republic</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD nowrap>(90)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Tucson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Tucson Citizen</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1976</TD>
    <TD nowrap>(30)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Arkansas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" NOWRAP>Mountain Home</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Baxter Bulletin</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD nowrap>(63)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">California</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Palm Springs</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Desert Sun</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1986</TD>
    <TD nowrap>(56)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Salinas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Salinas Californian</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1977</TD>
    <TD nowrap>(36)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Tulare</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Tulare Advance-Register</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD nowrap>(61)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Visalia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Visalia Times-Delta</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1977</TD>
    <TD nowrap>(37)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Colorado</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Fort Collins</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Fort Collins Coloradoan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1977</TD>
    <TD nowrap>(38)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Connecticut</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Norwich</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Norwich Bulletin</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1981</TD>
    <TD nowrap>(49)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Delaware</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Wilmington</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The News Journal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1978</TD>
    <TD nowrap>(43)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Florida</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Brevard County</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">FLORIDA TODAY</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1966</TD>
    <TD nowrap>(9)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Fort Myers</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The News-Press</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1971</TD>
    <TD nowrap>(24)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Pensacola</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Pensacola News Journal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1969</TD>
    <TD nowrap>(11)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Georgia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Gainesville</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Times *</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1981</TD>
    <TD nowrap>(48)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Guam</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Hagatna</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Pacific Daily News</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1971</TD>
    <TD nowrap>(23)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Hawaii</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Honolulu</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Honolulu Advertiser</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD nowrap>(60)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Idaho</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Boise</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Idaho Statesman</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1971</TD>
    <TD nowrap>(16)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Illinois</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Rockford</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Rockford Register Star</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1967</TD>
    <TD nowrap>(10)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Indiana</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Indianapolis</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Indianapolis Star</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD nowrap>(91)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Lafayette</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Journal and Courier</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1971</TD>
    <TD nowrap>(17)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Marion</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Chronicle-Tribune</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1971</TD>
    <TD nowrap>(20)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Muncie</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Star Press</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD nowrap>(92)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Richmond</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Palladium-Item</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1976</TD>
    <TD nowrap>(29)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Iowa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Des Moines</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Des Moines Register</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1985</TD>
    <TD nowrap>(53)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Iowa City</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Iowa City Press-Citizen</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1977</TD>
    <TD nowrap>(40)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kentucky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Louisville</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Courier-Journal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,661</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1986</TD>
    <TD nowrap>(58)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Louisiana</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Alexandria</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" NOWRAP>Alexandria Daily Town Talk</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD nowrap>(93)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Lafayette</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Daily Advertiser</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD nowrap>(71)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Monroe</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The News-Star</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1977</TD>
    <TD nowrap>(42)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Opelousas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Daily World</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD nowrap>(94)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Shreveport</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Times</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1977</TD>
    <TD nowrap>(41)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Maryland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Salisbury</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Daily Times</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD nowrap>(72)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Michigan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Battle Creek</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Battle Creek Enquirer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1971</TD>
    <TD nowrap>(18)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Detroit</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Detroit News</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1986</TD>
    <TD nowrap>(55)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" NOWRAP>The Detroit News and Free Press</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">722,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Lansing</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Lansing State Journal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1971</TD>
    <TD nowrap>(15)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Port Huron</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Times Herald</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1970</TD>
    <TD nowrap>(12)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minnesota</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">St. Cloud</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">St. Cloud Times</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1977</TD>
    <TD nowrap>(35)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mississippi</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Hattiesburg</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Hattiesburg American</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1982</TD>
    <TD nowrap>(51)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Jackson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Clarion-Ledger</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1982</TD>
    <TD nowrap>(50)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Missouri</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Springfield</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Springfield News-Leader</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1977</TD>
    <TD nowrap>(34)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Montana</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Great Falls</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Great Falls Tribune</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1990</TD>
    <TD nowrap>(59)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Nevada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Reno</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Reno Gazette-Journal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1977</TD>
    <TD nowrap>(31)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">New Jersey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Asbury Park</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Asbury Park Press</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1997</TD>
    <TD nowrap>(68)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Bridgewater</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Courier News</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1927</TD>
    <TD nowrap>(5)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Cherry Hill</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Courier-Post</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1959</TD>
    <TD nowrap>(7)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">East Brunswick</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Home News Tribune</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1997</TD>
    <TD nowrap>(69)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Morristown</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Daily Record</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD nowrap>(70)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Vineland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">The Daily Journal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1986</TD>
    <TD nowrap>(57)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Number in parentheses notes chronological order in which existing
newspapers joined Gannett.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On Feb. 16, 2004, Gannett exchanged The Times in Gainesville, Ga., for two
daily newspapers in Tennessee.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Non-daily publications: </B>see listing of U.S. non-daily locations on page 12.


<P align="left" style="font-size: 10pt">10</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
  <DIV align="center"> </DIV>



  <table style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
    <!-- Begin Table Head -->
    <tr valign="bottom">
      <td width="10%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="14%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="20%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="3%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="3%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="3%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="3%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="3%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="3%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
    </tr>
    <tr style="font-size: 8pt" valign="bottom">
      <td nowrap align="left" colspan="25"><b>Daily newspapers</b>
        <hr size="1" noshade></td>
    </tr>
    <tr style="font-size: 8pt" valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="center" colspan="11"><b>Circulation</b>
        <hr size="1" noshade></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="center" colspan="2"><b>&nbsp;</b></td>
      <td>&nbsp;</td>
    </tr>
    <tr style="font-size: 8pt" valign="bottom">
      <td nowrap align="left"><b>State</b></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="right" colspan="2"><b>Joined</b></td>
      <td>&nbsp;</td>
    </tr>
    <tr style="font-size: 8pt" valign="bottom">
      <td nowrap align="left"><b>Territory</b></td>
      <td>&nbsp;</td>
      <td nowrap align="left"><b>City</b></td>
      <td>&nbsp;</td>
      <td nowrap align="left"><b>Newspaper</b></td>
      <td>&nbsp;</td>
      <td nowrap align="right" colspan="2"><b>Morning</b></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="right" colspan="2"><b>Afternoon</b></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="right" colspan="2"><b>Sunday</b></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="right" colspan="2"><b>Founded</b></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="right" colspan="2"><b>Gannett</b></td>
      <td>&nbsp;<b>(a)</b></td>
    </tr>
    <!-- End Table Head -->
    <!-- Begin Table Body -->
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">New Mexico</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Alamogordo</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Alamogordo Daily News&#043;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">6,957</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">8,383</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1898</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2003 </td>
      <td nowrap>(95)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Carlsbad</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Carlsbad Current-Argus&#043;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">8,149</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">8,252</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1889</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2003 </td>
      <td nowrap>(96)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Deming</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Deming Headlight&#043;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">*</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1881</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2003 </td>
      <td nowrap>(97)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Farmington</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Daily Times&#043;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">17,860</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">19,504</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1894</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2003 </td>
      <td nowrap>(98)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Las Cruces</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Las Cruces Sun-News&#043;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">25,057</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">24,778</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1881</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2003 </td>
      <td nowrap>(99)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Silver City</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Silver City Sun-News&#043;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">*</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">*</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1995</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2003 </td>
      <td nowrap>(100)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">New York</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Binghamton</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Press &#038; Sun-Bulletin</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">55,534</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">70,376</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1904</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1943 </td>
      <td nowrap>(6)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Elmira</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Star-Gazette</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">28,949</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">40,071</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1828</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1906 </td>
      <td nowrap>(1)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Ithaca</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Ithaca Journal</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">18,376</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1815</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1912 </td>
      <td nowrap>(2)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Poughkeepsie</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Poughkeepsie Journal</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">40,146</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">50,794</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1785</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1977 </td>
      <td nowrap>(33)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Rochester</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom" nowrap>Rochester Democrat and Chronicle</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">170,850</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">231,643</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1833</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1918 </td>
      <td nowrap>(3)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Utica</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Observer-Dispatch</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">45,261</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">52,272</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1817</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1922 </td>
      <td nowrap>(4)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom" nowrap>Westchester County</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Journal News</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">142,511</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">168,868</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1829</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1964 </td>
      <td nowrap>(8)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td nowrap><div style="margin-left:10px; text-indent:-10px">North Carolina</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Asheville</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Asheville Citizen-Times</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">56,300</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">70,477</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1870</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1995 </td>
      <td nowrap>(64)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">Ohio</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Bucyrus</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Telegraph-Forum</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">7,171</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1923</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(73)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Chillicothe</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Chillicothe Gazette</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">15,937</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">15,987</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1800</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(74)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Cincinnati</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Cincinnati Enquirer</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">193,731</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">308,838</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1841</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1979 </td>
      <td nowrap>(44)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Coshocton</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Coshocton Tribune</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">6,967</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">7,349</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1842</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(75)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Fremont</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The News-Messenger</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">13,483</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1856</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1975 </td>
      <td nowrap>(27)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Lancaster</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Lancaster Eagle-Gazette</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">14,858</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">14,916</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1807</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(76)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Mansfield</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">News Journal</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">33,044</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">41,765</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1885</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(77)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Marion</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Marion Star</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">14,228</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">14,281</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1880</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(78)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Newark</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Advocate</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">21,959</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">22,989</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1820</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(79)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Port Clinton</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">News Herald</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">5,833</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1864</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1975 </td>
      <td nowrap>(28)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Zanesville</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Times Recorder</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">21,126</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">20,676</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1852</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(80)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">Oklahoma</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Muskogee</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Muskogee Daily Phoenix</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">&nbsp;</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">and Times-Democrat</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">17,877</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">19,097</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1888</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1977 </td>
      <td nowrap>(39)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">Oregon</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Salem</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Statesman Journal</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">56,521</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">62,937</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1851</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1974 </td>
      <td nowrap>(26)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">Pennsylvania</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Chambersburg</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Public Opinion</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td><div align="right">18,342</div></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1869</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1971 </td>
      <td nowrap>(14)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">South Carolina</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Greenville</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Greenville News</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">89,772</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">117,943</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1874</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1995 </td>
      <td nowrap>(65)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">South Dakota</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Sioux Falls</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Argus Leader</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">54,154</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">76,305</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1881</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1977 </td>
      <td nowrap>(32)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">Tennessee</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Clarksville</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Leaf-Chronicle</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">22,613</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">26,931</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1808</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1995 </td>
      <td nowrap>(66)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Jackson</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Jackson Sun</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">35,359</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">40,997</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1848</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1985 </td>
      <td nowrap>(54)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Nashville</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Tennessean</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">174,868</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">248,728</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1812</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1979 </td>
      <td nowrap>(45)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">Texas</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">El Paso</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">El Paso Times&#043;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">73,196</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">90,322</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1879</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1972 </td>
      <td nowrap>(25)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">Utah</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">St. George</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Spectrum</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">22,551</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">23,918</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1963</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(81)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">Vermont</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Burlington</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Burlington Free Press</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">48,331</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">57,496</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1827</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1971 </td>
      <td nowrap>(13)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">Virginia</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">McLean</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">USA TODAY</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">2,251,035</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1982</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1982 </td>
      <td nowrap>(52)</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Staunton</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Daily News Leader</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">18,050</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">21,141</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1904</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1995 </td>
      <td nowrap>(67)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">Washington</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Bellingham</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Bellingham Herald</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">24,415</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">31,079</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1890</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1971 </td>
      <td nowrap>(21)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Olympia</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Olympian</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">35,513</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">43,263</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1889</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1971 </td>
      <td nowrap>(19)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td><div style="margin-left:10px; text-indent:-10px">West Virginia</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Huntington</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Herald-Dispatch</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">32,126</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">38,347</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1909</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1971 </td>
      <td nowrap>(22)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">Wisconsin</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Appleton</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Post-Crescent</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">53,391</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">69,043</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1853</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(82)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Fond du Lac</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Reporter</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">19,840</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">19,731</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1870</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(83)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Green Bay</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Green Bay Press-Gazette</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">56,689</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">83,399</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1915</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1980 </td>
      <td nowrap>(46)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Manitowoc</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Herald Times Reporter</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">15,544</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">16,023</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1898</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(84)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Marshfield</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Marshfield News-Herald</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">13,815</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1927</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(85)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Oshkosh</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Oshkosh Northwestern</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">21,528</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">25,393</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1868</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(86)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Sheboygan</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Sheboygan Press</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">23,724</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">25,748</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1907</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(87)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Stevens Point</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Stevens Point Journal</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">12,931</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1873</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(88)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">&nbsp;</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Central Wisconsin Sunday</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">18,926</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Wausau</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Wausau Daily Herald</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">22,862</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">29,297</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1903</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">1980 </td>
      <td nowrap>(47)</td>
    </tr>
    <tr valign="bottom" style="background: #eeeeee">
      <td><div style="margin-left:10px; text-indent:-10px">&nbsp;</div></td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">Wisconsin Rapids</td>
      <td>&nbsp;</td>
      <td align="left" valign="bottom">The Daily Tribune</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">13,436</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td align="right">1914</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td nowrap align="left">&nbsp;</td>
      <td align="right">2000 </td>
      <td nowrap>(89)</td>
    </tr>
    <tr style="font-size: 1px">
      <td colspan="25" align="left"><hr size="1" noshade>
        &nbsp;</td>
    </tr>
    <!-- End Table Body -->
  </table>
</DIV>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Circulation figures included with Las Cruces Sun-News amounts.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#043;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Newspapers are published by the Texas-New Mexico Newspapers Partnership, in
which Gannett owns a 66.2% equity interest.</TD>
</TR>

</TABLE>


  <P align="right" style="font-size: 10pt">11
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>NEWSPAPERS AND NEWSPAPER DIVISION (continued)</B><HR size="1" noshade width="100%" align="left">
<div align="left" style="font-size: 10pt"><B>ARMY TIMES PUBLISHING CO.<BR>
Headquarters: </B>Springfield, Va.<BR>
<B>Advertising offices: </B>New York, N.Y.; Chicago, Ill.; Los Angeles, Calif.; Detroit, Mich.
<br><B>Publications: </B>Army Times, Navy Times, Marine Corps Times, Air Force Times,
Federal Times, Defense News, Armed Forces Journal, ISR Journal, Training and
Simulation Journal</div>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>CLIPPER MAGAZINE, INC.<BR>
Headquarters: </B>Mountville, Pa.</div>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>NURSING SPECTRUM<BR>
Offices: </B>Dallas/Fort Worth, Texas (serving Texas and Louisiana); Falls Church,
Va. (serving Washington, D.C./Baltimore, Md.); Hoffman Estates, Ill. (serving
Illinois, Indiana, Michigan and Ohio); Ft. Lauderdale, Fla. (serving Ft.
Lauderdale and Tampa); King of Prussia, Pa. (serving Philadelphia and the
Delaware Valley); Lexington, Mass. (serving New England states); Sunnyvale,
Calif. (serving California and the Western States); Westbury, N.Y. (serving New
York and New Jersey)</div>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>NON-DAILY PUBLICATIONS</B><BR>
Weekly, semi-weekly, monthly or bimonthly publications in Alabama, Arizona,
Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Guam,
Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland,
Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Jersey, New
Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South
Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington,
West Virginia, Wisconsin and Juarez, Mexico</div>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>USA WEEKEND</B><BR>
<i>Circulation 23.7&nbsp;million in 598 newspapers</i><BR>
<B>Headquarters: </B>McLean, Va.<BR>
<B>Advertising offices: </B>Chicago, Ill.; Detroit, Mich.; Los Angeles, Calif.; New York, N.Y.</div>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>GANNETT MEDIA TECHNOLOGIES INTERNATIONAL: </B>Cincinnati, Ohio; Norfolk, Va.; Tempe, Ariz.</div>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>GANNETT OFFSET</B><BR>
<B>Headquarters:</B> Springfield, Va.<BR>
<B>Offset sites: </B>Atlanta, Ga.; Minneapolis, Minn.; Miramar, Fla.; Norwood, Mass.; St. Louis, Mo.; Springfield, Va.</div>


<P align="left" style="font-size: 10pt"><B>GANNETT
OFFSET MARKETING SERVICES GROUP</b> <br>
&nbsp;&nbsp;&nbsp;<b>Gannett Direct Marketing Services, Inc.: </B>Louisville, Ky.<BR>
&nbsp;&nbsp;&nbsp;<B>Telematch: </B>Springfield, Va.</div>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>GANNETT RETAIL ADVERTISING GROUP: </B>Chicago, Ill.
<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<B>GANNETT SATELLITE INFORMATION NETWORK: </B>McLean, Va.</div>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>GANNETT NEWS SERVICE<BR>
Headquarters: </B>McLean, Va.<BR>
<B>Bureau: </B>Washington, D.C.<BR>
<B>State bureaus: </B>Albany, N.Y.; Baton Rouge, La.; Newark, N.J.; Sacramento, Calif.; Springfield, Ill.; Tallahassee, Fla.</div>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>USA TODAY<BR>
Headquarters and editorial offices: </B>McLean, Va.<BR>
<B>Print sites: </B>Arlington, Texas; Atlanta, Ga.; Batavia, N.Y.; Brevard County,
Fla.; Chandler, Ariz.; Chicago, Ill.; Columbia, S.C.; Fort Collins, Colo.; Fort
Myers, Fla.; Hattiesburg, Miss.; Kankakee, Ill.; Lansing, Mich.; Las Vegas,
Nev.; Lawrence, Kan.; Mansfield, Ohio; Marin County, Calif.; Minneapolis,
Minn.; Miramar, Fla.; Nashville, Tenn.; Newark, Ohio; Norwood, Mass.; Olympia,
Wash.; Pasadena, Texas; Port Huron, Mich.; Raleigh, N.C.; Richmond, Ind.;
Rockaway, N.J.; St. Louis, Mo.; Salisbury, N.C.; Salt Lake City, Utah; San
Bernardino, Calif.; Springfield, Va.; Warrendale, Pa.; White Plains, N.Y.;
Wilmington, Del.</div>


<P align="left" style="font-size: 10pt"><B>International print sites: </B>Frankfurt, Germany; Gosselies, Belgium; Hong Kong; London, England


<P align="left" style="font-size: 10pt"><B>National offices: </B>Atlanta, Ga.; Boston, Mass.; Buffalo, N.Y.; Charlotte, N.C.;
Chicago, Ill.; Cincinnati, Ohio; Dallas, Texas; Denver, Colo.; Detroit, Mich.;
Houston, Texas; Los Angeles, Calif.; Minneapolis, Minn.; Nashville, Tenn.; New
York, N.Y.; Orlando, Fla.; Philadelphia, Pa.; Phoenix, Ariz.; San Francisco,
Calif.; Seattle, Wash.; St. Louis, Mo.; Washington, D.C.


<P align="left" style="font-size: 10pt"><B>International offices: </B>Hong Kong; London, England; Singapore


<P align="left" style="font-size: 10pt"><B>Advertising offices: </B>McLean, Va.; Atlanta, Ga.; Chicago, Ill.; Dallas, Texas;
Detroit, Mich.; London, England; Los Angeles, Calif.; New York, N.Y.; San Francisco, Calif.


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>USA TODAY SPORTS WEEKLY<BR>
Editorial offices: </B>McLean, Va.<BR>
<B>Advertising offices: </B>Chicago, Ill.; McLean, Va.; New York, N.Y.</div>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>
<div align="left" style="font-size: 10pt"><B>USATODAY.com<BR>
Headquarters and editorial offices: </B>McLean, Va.<BR>
<B>Advertising offices: </B>Atlanta, Ga.; Chicago, Ill.; Dallas, Texas; Detroit, Mich.; Los Angeles, Calif.; McLean, Va.; New York, N.Y.; San Francisco, Calif.</div>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="left"></DIV>




<P align="left" style="font-size: 10pt">12


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>NEWSQUEST PLC</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="23"><B>Daily newspapers</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Circulation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Joined</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>City</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Newspaper</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Morning</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Afternoon</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Saturday</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Founded</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gannett</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="23" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Basildon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evening Echo</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Blackburn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lancashire Evening Telegraph</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bolton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bolton Evening News</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bournemouth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily Echo</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37,481</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bradford</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telegraph &#038; Argus</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Brighton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Argus</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Colchester</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evening Gazette</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD align="right">1970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD><div align="right">1999</div></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Darlington</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Northern Echo</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">58,194</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Glasgow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evening Times</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Glasgow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Herald</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newport</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">South Wales Argus</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Oxford</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oxford Mail</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Southampton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Southern Daily Echo</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">49,301</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Swindon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evening Advertiser</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weymouth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dorset Echo</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21,032</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Worcester</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Worcester Evening News</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">York</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evening Press</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="23" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monday-Saturday inclusive</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>Non-daily publications: </B>Essex, London, Midlands, North East, North West, South
Coast, South East, South and East Wales, South West, Yorkshire



<P align="left" style="font-size: 10pt"><B>BROADCASTING</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="19"><B>Television stations</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weekly</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Joined</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>State</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>City</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Station</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Channel/Network</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Audience(a)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Founded</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gannett</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="19" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Arizona</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Flagstaff</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KNAZ-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 2/NBC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1997</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kingman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KMOH-TV*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 6/NBC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1997</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KPNX-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 12/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,215,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1979</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Arkansas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Little Rock</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KTHV-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 11/CBS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">414,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1994</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">California</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sacramento</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KXTV-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 10/ABC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,058,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Colorado</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denver</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KUSA-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 9/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,236,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1979</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">District of Columbia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Washington</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WUSA-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 9/CBS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,954,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1986</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Florida</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jacksonville</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WJXX-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 25/ABC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">414,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WTLV-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 12/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">493,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1988</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tampa-St. Petersburg</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WTSP-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 10/CBS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,327,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1996</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Georgia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WXIA-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 11/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,711,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1979</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Macon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WMAZ-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 13/CBS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Maine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bangor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WLBZ-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 2/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Portland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WCSH-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 6/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Michigan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grand Rapids</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WZZM-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 13/ABC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">414,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1997</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minnesota</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minneapolis-St. Paul</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KARE-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 11/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,434,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1983</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Missouri</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">St. Louis</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KSDK-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 5/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,083,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">New York</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buffalo</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WGRZ-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 2/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1997</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North Carolina</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Greensboro</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WFMY-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 2/CBS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1988</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ohio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cleveland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WKYC-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 3/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,318,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">South Carolina</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Columbia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WLTX-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 19/CBS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tennessee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Knoxville</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WBIR-TV</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel 10/NBC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">438,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
        <TD colspan="19" align="left">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Weekly audience is number of TV households reached, according to the November&nbsp;2003 Nielsen book.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Audience numbers fall below minimum reporting standards.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gannett has an agreement to sell KMOH-TV. The closing is expected in the first half of 2004.</TD>
</TR>

</TABLE>


  <P align="right" style="font-size: 10pt">13
  <hr size="1" noshade>
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Gannett on the net</B>


<P align="left" style="font-size: 10pt">News and information about Gannett is available on our Web site,
www.gannett.com. In addition to news and other information about our company,
we provide access through this site to our annual report on Form 10-K, our
quarterly reports on Form 10-Q, our current reports on Form 8-K and all
amendments to those reports as soon as reasonably practicable after we file or
furnish them electronically with the Securities and Exchange Commission.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also provide access on this Web site to our Principles of Corporate
Governance, the charters of our Audit, Executive Compensation and Nominating
and Public Responsibility Committees and other important governance documents
and policies, including our Ethics and Inside Trading Policies. Copies of all
of these corporate governance documents are available to any shareholder upon
written request made to our Secretary at our headquarters address. In addition,
we will disclose on this Web site changes to, or waivers of, our corporate
Ethics Policy.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett properties also offer online services or informational sites on
the Internet as follows:


<P align="left" style="font-size: 10pt"><B>Gannett Corporate</B><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Gannett Co., Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.gannett.com</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Newspapers and Newspaper Division</B><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">USA TODAY
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.usatoday.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">USA WEEKEND
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.usaweekend.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Alexandria (La.) Daily Town Talk
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thetowntalk.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Post-Crescent, Appleton, Wis.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.postcrescent.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Asbury Park (N.J.) Press
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.app.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Asheville (N.C.) Citizen-Times
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.citizen-times.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Battle Creek (Mich.) Enquirer
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.battlecreekenquirer.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Bellingham (Wash.) Herald
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.bellinghamherald.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Press &#038; Sun-Bulletin, Binghamton, N.Y.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.pressconnects.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Idaho Statesman, Boise
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.idahostatesman.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Telegraph-Forum, Bucyrus, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.bucyrustelegraphforum.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">FLORIDA TODAY, Brevard County
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.floridatoday.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Courier News, Bridgewater, N.J.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.c-n.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Burlington (Vt.) Free Press
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.burlingtonfreepress.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Public Opinion, Chambersburg, Pa.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.publicopiniononline.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Courier-Post, Cherry Hill, N.J.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.courierpostonline.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Chillicothe (Ohio) Gazette
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.chillicothegazette.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Cincinnati Enquirer
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.cincinnati.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Leaf-Chronicle, Clarksville, Tenn.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.theleafchronicle.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Coshocton (Ohio) Tribune
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.coshoctontribune.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Des Moines Register
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">DesMoinesRegister.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Detroit News
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">detnews.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Home News Tribune, East Brunswick, N.J.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thnt.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Star-Gazette, Elmira, N.Y.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.stargazette.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">El Paso (Texas) Times
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.elpasotimes.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Reporter, Fond du Lac, Wis.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.fdlreporter.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Fort Collins Coloradoan
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.coloradoan.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The News-Press, Fort Myers, Fla.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.news-press.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The News-Messenger, Fremont, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thenews-messenger.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Times, Gainesville, Ga.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.gainesvilletimes.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Great Falls (Mont.) Tribune
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.greatfallstribune.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Green Bay (Wis.) Press-Gazette
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.greenbaypressgazette.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Greenville (S.C.) News
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">greenvilleonline.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Pacific Daily News, Hagatna, Guam
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.guampdn.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Hattiesburg (Miss.) American
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.hattiesburgamerican.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Honolulu Advertiser
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.honoluluadvertiser.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Herald-Dispatch, Huntington, W.Va.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.herald-dispatch.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Indianapolis Star
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.indystar.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Iowa City (Iowa) Press-Citizen
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.press-citizen.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Ithaca (N.Y.) Journal
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.theithacajournal.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Clarion-Ledger, Jackson, Miss.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.clarionledger.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Jackson (Tenn.) Sun
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.jacksonsun.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Journal and Courier, Lafayette, Ind.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.jconline.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Daily Advertiser, Lafayette, La.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.theadvertiser.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Lancaster (Ohio) Eagle-Gazette
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.lancastereaglegazette.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Lansing (Mich.) State Journal
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.lansingstatejournal.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Courier-Journal, Louisville, Ky.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.courier-journal.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Herald Times Reporter, Manitowoc, Wis.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.htrnews.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">News Journal, Mansfield, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.mansfieldnewsjournal.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Chronicle-Tribune, Marion, Ind.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.chronicle-tribune.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Marion (Ohio) Star
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.marionstar.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Marshfield (Wis.) News-Herald
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.marshfieldnewsherald.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The News-Star, Monroe, La.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thenewsstar.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Montgomery (Ala.) Advertiser
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.montgomeryadvertiser.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Daily Record, Morristown, N.J.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.dailyrecord.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Baxter Bulletin, Mountain Home, Ark.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.baxterbulletin.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Star Press, Muncie, Ind.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thestarpress.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Tennessean, Nashville
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.tennessean.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Advocate, Newark, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.newarkadvocate.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Newspaper Network of Central Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.centralohio.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Norwich (Conn.) Bulletin
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.norwichbulletin.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Olympian, Olympia, Wash.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.theolympian.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Daily World, Opelousas, La.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.dailyworld.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Oshkosh (Wis.) Northwestern
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thenorthwestern.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Desert Sun, Palm Springs, Calif.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thedesertsun.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Pensacola (Fla.) News Journal
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.PensacolaNewsJournal.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Arizona Republic, Phoenix
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.azcentral.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">News Herald, Port Clinton, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.portclintonnewsherald.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Times Herald, Port Huron, Mich.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thetimesherald.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Poughkeepsie (N.Y.) Journal
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.poughkeepsiejournal.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Reno (Nev.) Gazette-Journal
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.rgj.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Palladium-Item, Richmond, Ind.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.pal-item.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Rochester (N.Y.) Democrat and Chronicle
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.DemocratandChronicle.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Rockford (Ill.) Register Star
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.rrstar.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Statesman Journal, Salem, Ore.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.statesmanjournal.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Salinas Californian
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thecalifornian.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Daily Times, Salisbury, Md.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.delmarvanow.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Sheboygan (Wis.) Press
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.sheboygan-press.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Argus Leader, Sioux Falls, S.D.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.argusleader.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">St. Cloud (Minn.) Times
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.sctimes.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Spectrum, St. George, Utah
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thespectrum.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Times, Shreveport, La.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.shreveporttimes.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Springfield (Mo.) News-Leader
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.news-leader.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Daily News Leader, Staunton, Va.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.newsleader.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Stevens Point (Wis.) Journal
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.stevenspointjournal.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Tucson (Ariz.) Citizen
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.tucsoncitizen.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Tulare (Calif.) Advance-Register
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.tulareadvanceregister.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Observer-Dispatch, Utica, N.Y.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.uticaod.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Daily Journal, Vineland, N.J.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thedailyjournal.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Visalia (Calif.) Times-Delta
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.visaliatimesdelta.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Wausau (Wis.) Daily Herald
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wausaudailyherald.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Journal News, Westchester County, N.Y.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thejournalnews.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The News Journal, Wilmington, Del.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.delawareonline.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Daily Tribune, Wisconsin Rapids, Wis.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wisconsinrapidstribune.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Times Recorder, Zanesville, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.zanesvilletimesrecorder.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Army Times
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.armytimes.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Navy Times
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.navytimes.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Marine Corps Times
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.marinetimes.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Air Force Times
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.airforcetimes.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Federal Times
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.federaltimes.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Defense News
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.defensenews.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Military City
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.militarycity.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Nursing Spectrum
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.nursingspectrum.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Gannett Offset
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.gannettoffset.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Gannett Direct Marketing Services
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.gdms.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Gannett Media Technologies International
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.gmti.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">101 Things to Do Magazine
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.101thingstodo.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Clipper Magazine
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.clippermagazine.com</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Newsquest PLC</B><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Newsquest Media Group
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.newsquest.co.uk</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Evening Echo, Basildon
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisessex.co.uk</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Lancashire Evening Telegraph, Blackburn
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisislancashire.co.uk</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Bolton Evening News, Bolton
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisislancashire.co.uk</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Daily Echo, Bournemouth
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisdorset.net</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Telegraph &#038; Argus, Bradford
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisbradford.co.uk</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Argus, Brighton
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisbrightonandhove.co.uk</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Evening Gazette, Colchester
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisessex.co.uk</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">The Northern Echo, Darlington
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisthenortheast.co.uk</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">The Herald, Glasgow
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.theherald.co.uk</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Evening Times, Glasgow
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.eveningtimes.co.uk</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">South Wales Argus, Newport
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisgwent.co.uk</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Oxford Mail, Oxford
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisoxfordshire.co.uk</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Southern Daily Echo, Southampton
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisishampshire.net</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Evening Advertiser, Swindon
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisiswiltshire.co.uk</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Dorset Echo, Weymouth
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisdorset.net</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">Worcester Evening News, Worcester
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisworcestershire.co.uk</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Evening Press, York
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.thisisyork.co.uk</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Broadcasting</B><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">WXIA-TV, Atlanta
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.11alive.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">WLBZ-TV, Bangor, Maine
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wlbz.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">WGRZ-TV, Buffalo, N.Y
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wgrz.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">WKYC-TV, Cleveland, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wkyc.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">WLTX-TV, Columbia, S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wltx.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">KUSA-TV, Denver
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.9news.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">WZZM-TV, Grand Rapids-Kalamazoo-<BR>
Battle Creek, Mich.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wzzm13.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">WFMY-TV, Greensboro, N.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wfmynews2.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">WTLV-TV/WJXX-TV, Jacksonville, Fla.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.firstcoastnews.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">WBIR-TV, Knoxville, Tenn.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wbir.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">KTHV-TV, Little Rock, Ark.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.kthv.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">WMAZ-TV, Macon, Ga.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.13wmaz.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">KARE-TV, Minneapolis-St. Paul
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.kare11.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">KPNX-TV, Phoenix, Ariz.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.azcentral.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">WCSH-TV, Portland, Maine
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wcsh6.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">KXTV-TV, Sacramento, Calif.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.news10.net</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">KSDK-TV, St. Louis, Mo.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.ksdk.com</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">WTSP-TV, Tampa-St. Petersburg, Fla.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.tampabays10.com</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD align="left" valign="top">WUSA-TV, Washington, D.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.wusatv9.com</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On Feb. 16, 2004, Gannett exchanged The Times in Gainesville, Ga., for two daily newspapers in Tennessee.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">14</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>ITEM 2. PROPERTIES</B>



<P align="left" style="font-size: 10pt"><B>Newspaper Publishing/United States</B>


<P align="left" style="font-size: 10pt">Generally, the company owns the plants that house all aspects of the newspaper
publication process. In the case of USA TODAY, at Dec. 28, 2003, 15 non-Gannett
printers were used to print the newspaper in U.S. markets where there are no
company newspapers with appropriate facilities. Four non-Gannett printers in
foreign countries are used to print USA TODAY International. USA WEEKEND,
Clipper Magazine and Nursing Spectrum are also printed under contracts with
commercial printing companies. Many of the company&#146;s newspapers have outside
news bureaus and sales offices, which generally are leased. In a few markets,
two or more of the company&#146;s newspapers share combined facilities; and in
certain locations, facilities are shared with other newspaper properties. The
company&#146;s newspaper properties have rail siding facilities or access to main
roads for newsprint delivery purposes and are conveniently located for
distribution purposes.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the past five years, new or substantial additions or remodeling of
existing facilities have been completed or are at some stage of construction at
37 of the company&#146;s newspaper operations. Gannett continues to make significant
investments in renovations of new facilities, where the investment improves the
products for its readers and advertisers as well as productivity and operating
efficiency. The company&#146;s facilities are adequate for present operations. A
listing of newspaper publishing centers and key properties may be found on
pages 10-12.


<P align="left" style="font-size: 10pt"><B>Newspaper Publishing/United Kingdom</B>


<P align="left" style="font-size: 10pt">Newsquest owns certain of the plants where its newspapers are produced and
leases other facilities. Its new headquarters is in Weybridge, Surrey.
Substantial additions to Newsquest&#146;s printing capacity and color capabilities
have been made since Gannett acquired Newsquest in 1999. All of Newsquest&#146;s
properties are adequate for present purposes. A listing of Newsquest publishing
centers and key properties may be found on page 13.



<P align="left" style="font-size: 10pt"><B>Broadcasting</B>


<P align="left" style="font-size: 10pt">The company&#146;s broadcasting facilities are adequately equipped with the
necessary television broadcasting equipment. The company owns transmitter sites
in 26 locations and leases one site.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the past five years, new broadcasting facilities or substantial
improvements to existing facilities were completed in Jacksonville, Knoxville,
Columbia, Cleveland and Tampa. Technical facility expansion to accommodate DTV
was completed at 22 sites between 1998 and 2003. The company&#146;s broadcast
facilities are adequate for present purposes. A listing of broadcasting
stations may be found on page 13.


<P align="left" style="font-size: 10pt"><B>Corporate facilities</B>


<P align="left" style="font-size: 10pt">The company&#146;s headquarters and USA TODAY are located in McLean, Va. The company
also owns a data and network operations center in nearby Maryland. Headquarters
facilities are adequate for present operations.



<P align="left" style="font-size: 10pt"><B>ITEM 3. LEGAL PROCEEDINGS</B>


<P align="left" style="font-size: 10pt">Information regarding legal proceedings may be found on page 48 in Note 10 of
the Notes to Consolidated Financial Statements.



<P align="left" style="font-size: 10pt"><B>Environmental</B>


<P align="left" style="font-size: 10pt">Some of the company&#146;s newspaper subsidiaries have been identified as
potentially responsible parties for cleanup of contaminated sites as a result
of their alleged disposal of ink or other wastes at disposal sites that have
been subsequently identified as requiring remediation. In three such matters,
the company&#146;s liability could exceed $100,000.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September&nbsp;2003, the USEPA notified Multimedia, Inc., a wholly owned
Gannett subsidiary, that the company is considered a de minimis potentially
responsible party for costs associated with the Operating Industries, Inc.
Superfund Site in Monterey, Calif. The settlement offer amount is not yet
known.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July&nbsp;2000, the state of New Jersey notified the Courier-Post in Cherry
Hill that it was seeking to recover from the newspaper and other parties
cleanup costs totaling approximately $1.9&nbsp;million. These costs were allegedly
expended by the New Jersey Department of Environmental Protection to clean up
discharges of hazardous substances at the Noble Oil Company site at 30 Cramer
Road, Tabernacle, Burlington County, N.J. To date, the Courier-Post has not
made any payments to New Jersey in connection with this matter, and no estimate
of the newspaper&#146;s liability at the site is available.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September&nbsp;1995, The Greenville (S.C.) News, along with other parties,
entered into Administrative Order on Consent Number 95-26-C with the USEPA,
which obligated the signatories to fund a Remedial Investigation/Feasibility
Study at the Aqua-Tech Environmental, Inc. Superfund Site five miles east of
Greer, S.C. The Greenville News expects to be responsible for less than 1% of
future cleanup costs; however, no estimate of such costs is available.


<P align="left" style="font-size: 10pt"><B>ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</B>


<P align="left" style="font-size: 10pt">Not applicable.



<P align="right" style="font-size: 10pt">15</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="left" style="font-size: 10pt"><B>ITEM 5. MARKET FOR REGISTRANT&#146;S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</B>


<P align="left" style="font-size: 10pt">Gannett Co., Inc. shares are traded on the New York Stock Exchange with the symbol GCI.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding outstanding shares, shareholders and dividends may
be found on pages 1, 4 and 26 of this Form 10-K.


<P align="left" style="font-size: 10pt"><B>Gannett Common stock prices</B>


<P align="left" style="font-size: 10pt">High-low range by fiscal quarters based on NYSE-composite closing prices.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>High</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>1993</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.69</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29.07</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>1994</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.44</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.82</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.69</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>1995</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.88</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.75</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>1996</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35.82</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35.07</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39.25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>1997</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">44.75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">40.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50.66</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">48.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">51.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61.81</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>1998</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">57.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">69.94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">65.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">74.69</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">55.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">73.56</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">48.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">68.06</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>1999</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">70.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">75.44</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">66.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">76.94</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">68.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">79.31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">83.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">59.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72.13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">49.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60.06</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">48.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">63.06</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">56.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">59.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">69.38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">55.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">69.11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">58.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">71.10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">65.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">77.85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">71.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">79.87</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">63.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">77.70</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">66.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">79.20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">75.10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">70.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">79.70</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">75.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">79.18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">77.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">88.93</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">84.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">90.01</TD>
    <TD nowrap>*</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Through February&nbsp;24, 2004</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">16
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>ITEM 6. SELECTED FINANCIAL DATA</B>


<P align="left" style="font-size: 10pt">Selected financial data for the years 1999 through 2003 is contained under the
heading &#147;Selected Financial Data&#148; on pages 51-53 and is derived from financial
statements for those years which were audited by PricewaterhouseCoopers LLP,
independent auditors. The information contained in the &#147;Selected Financial
Data&#148; is not necessarily indicative of the results of operations to be expected
for future years, and should be read in conjunction with &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations&#148;
included in Item&nbsp;7 and the consolidated financial statements and related notes
thereto included in Item&nbsp;8 of this Form 10-K.



<P align="left" style="font-size: 10pt"><B>ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B>



<P align="left" style="font-size: 10pt"><B>Basis of reporting</B>


<P align="left" style="font-size: 10pt">Following is a discussion of the key factors that have affected the company&#146;s
business over the last three fiscal years. This commentary should be read in
conjunction with the company&#146;s financial statements, Selected Financial Data
and the remainder of this Form 10-K.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Critical accounting policies and the use of estimates: </I></B>The company
prepares its financial statements in accordance with generally accepted
accounting principles (GAAP)&nbsp;which require the use of estimates and assumptions
that affect the reported amount of assets, liabilities, revenues and expenses
and related disclosure of contingent matters. The company bases its estimates
on historical experience, actuarial studies and other assumptions, as
appropriate, concerning the carrying values of its assets and liabilities and
disclosure of contingent matters. The company re-evaluates its estimates on an
ongoing basis. Actual results could differ from these estimates.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical accounting policies for the company involve its assessment of the
recoverability of its long-lived assets, including goodwill and other
intangible assets, which are based on such factors as estimated future cash
flows and current fair value estimates of businesses. The company&#146;s accounting
for pension and retiree medical benefits requires the use of various estimates
concerning the work force, interest rates, plan investment return, and involves
the use of advice from consulting actuaries. The company&#146;s accounting for
income taxes in the U.S. and foreign jurisdictions is sensitive to
interpretation of various laws and regulations therein, and to company policy
and expectations as to the repatriation of earnings from foreign sources.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please refer to page 35 of this Form 10-K for a more complete discussion
of all of the company&#146;s significant accounting policies.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s fiscal year ends on the last Sunday of the calendar year.
The company&#146;s 2003 fiscal year ended on Dec. 28, 2003, and encompassed a
52-week period. The company&#146;s 2002 and 2001 fiscal years also encompassed
52-week periods.


<P align="left" style="font-size: 10pt"><B>Business acquisitions, exchanges, dispositions and investments</B>


<P align="left" style="font-size: 10pt"><B><I>2003: </I></B>In March&nbsp;2003, the company completed a non-monetary transaction under
which it contributed its newspaper in El Paso to a newly formed partnership,
Texas-New Mexico Newspapers Partnership. The partnership includes the El Paso
newspaper and five other daily newspapers in nearby New Mexico that were
contributed by MediaNews Group. The company recorded this non-monetary
transaction as two simultaneous but separate events; that is, a sale of 33.8%
of its interest in the El Paso Times for which a non-operating gain was
recognized, and the acquisition of a 66.2% interest in the partnership. The
non-monetary gain from the partnership transaction is reflected in
non-operating income.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2003, the company completed the acquisition of the publishing
business of Scottish Media Group plc (SMG). The SMG publishing business
consists of three Scottish regional newspapers; 11 specialty consumer and
business-to-business magazine titles; and an online advertising and content
business. The company purchased 100% of the stock of the Scotland businesses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In late August&nbsp;2003, the company acquired the majority interest in The
Ashland Media Group in Phoenix, Ariz. Ashland Media publishes TV y Mas, La Voz
and TV Shopper, which are weekly publications. Ashland Media also has a direct
marketing business, AZ Mail.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Oct. 31, 2003, the company acquired the assets of Clipper Magazine,
Inc., one of the nation&#146;s largest direct-mail advertising magazine companies.
The acquisition also includes several affiliated operations including a
full-service advertising agency, an e-mail customer retention service, a
direct-mail service to new movers and MyClipper.com, a companion Web site for
the core direct-mail advertising offerings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company also purchased several small non-daily publications in the
U.S. and in the U.K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The acquisitions of SMG, Ashland Media, Clipper Magazine and non-daily
publications, which had an aggregate purchase price of approximately $483
million, were recorded under the purchase method of accounting. The company is
in the process of finalizing valuations of the businesses, thus the allocation
of the purchase price is preliminary.


<P align="right" style="font-size: 10pt">17
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>2002: </I></B>The company purchased several small non-daily publications in the
U.S. and in the U.K., a commercial printing business in Wisconsin and a defense
industry magazine in McLean, Va. These acquisitions, which had an aggregate
purchase price of approximately $35&nbsp;million, were accounted for under the
purchase method of accounting. The company contributed its Vincennes (Ind.)
Sun-Commercial newspaper to the Gannett Foundation in July&nbsp;2002. The Gannett
Foundation is a not-for-profit, private foundation that makes charitable awards
in the communities in which Gannett operates its newspapers and television
stations. These business acquisitions and dispositions did not materially
affect the company&#146;s financial position or results of operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2002, the company acquired a one-third equity interest in
CareerBuilder, LLC, an online service providing recruitment resources, for
approximately $98&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>2001: </I></B>During 2001, the company purchased the remaining 36% interest in
WKYC-TV, Cleveland, that it did not previously own. Additionally, the company
purchased several small non-daily publications in the U.S. and in the U.K. These acquisitions, which had an
aggregate purchase price of approximately $186&nbsp;million, were accounted for
under the purchase method of accounting. The company contributed its Marietta
(Ohio) Times newspaper to the Gannett Foundation in May&nbsp;2001. The company sold
its daily newspaper in Lansdale, Pa., in September&nbsp;2001. These business
acquisitions and dispositions did not materially affect the company&#146;s financial
position or results of operations.


<P align="left" style="font-size: 10pt"><B>Results of operations</B>



<P align="left" style="font-size: 10pt"><B>Consolidated summary</B>


<P align="left" style="font-size: 10pt">A consolidated summary of the company&#146;s results is presented below.



<P align="left" style="font-size: 10pt"><I>In millions of dollars, except per share amounts</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,710</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,590</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income, as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">831</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per share,
as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">39</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A discussion of operating results of the company&#146;s newspaper and
broadcasting segments, along with other factors affecting net income, follows.
All references to &#147;operating cash flow&#148; are to a non-GAAP financial measure.
Management believes that use of this measure allows investors and management to
measure, analyze and compare the cash resources generated from its business
segments in a meaningful and consistent manner. The focus on operating cash
flow is appropriate given the consistent and generally predictable strength of
cash flow generation by newspaper and television operations, and the short
period of time it takes to convert new orders to cash. A reconciliation of
these non-GAAP amounts to the company&#146;s operating income, which the company
believes is the most directly comparable financial measure calculated and
presented in accordance with GAAP in the company&#146;s consolidated statements of
income, is presented in Note 11 &#147;Business Segment Information&#148; of the
consolidated financial statements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the beginning of 2002, the company adopted Statement of Financial
Accounting Standards No.&nbsp;142 (SFAS No.&nbsp;142 or the &#147;Statement&#148;) &#147;Goodwill and
Other Intangible Assets,&#148; which has a material impact on comparisons of 2003
and 2002 reported results of operations with reported results for 2001. If the
Statement had been adopted at the beginning of 2001, defined as &#147;comparable
basis,&#148; net income and earnings per share amounts would have been as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><I>In millions of dollars,
except per share amounts</I></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income, as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">831</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Add back: goodwill
amortization, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adjusted net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,047</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="4" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per share, as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Add back: goodwill
amortization, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.81</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adjusted earnings per basic share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="4" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per share, as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Add back: goodwill
amortization, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.80</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adjusted earnings per diluted share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="4" noshade>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">18
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the following discussions of newspaper and broadcasting results for
2002 as compared to 2001, the effect of this accounting change has been
analyzed further. Note 3 to the consolidated financial statements also provides
information on the accounting principle change.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s growth over the years has been through, in part, the
acquisition of businesses. Certain operating results information discussed
below is on a pro forma basis, which means that results are presented as if all
properties owned at the end of 2003 were owned throughout the periods covered
by the discussion. The company consistently uses, for individual businesses and
for aggregated business data, pro forma reporting of operating results in its
internal financial reports, because it enhances measurement of performance by
permitting comparisons with prior period historical data. Likewise, the company
uses this same pro forma data in its external reporting of key financial
results and benchmarks.


<P align="left" style="font-size: 10pt"><B>Newspapers</B>


<P align="left" style="font-size: 10pt">In addition to its domestic local newspapers, the company&#146;s newspaper publishing operations include USA TODAY, USA WEEKEND, Newsquest
(including the SMG operations acquired in 2003), which publishes daily and
non-daily newspapers in the United Kingdom, and Gannett Offset commercial
printing. The newspaper segment in 2003 contributed 89% of the company&#146;s
revenues and 86% of its operating income.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record earnings were achieved by the newspaper segment in 2003, reflecting
the results from the newly acquired SMG Publishing business, the newly formed
Texas-New Mexico Newspapers Partnership and Clipper Magazine, Inc. and gains at
most other U.S. and U.K. newspapers. In addition, a favorable currency exchange
rate and growth in commercial printing activities positively impacted newspaper
earnings. Newsquest&#146;s financial results (including SMG) were translated from
British pounds to U.S. dollars using a weighted average rate of $1.63 for 2003,
as compared to $1.50 for 2002.


<P align="left" style="font-size: 10pt">Newspaper operating results were as follows:


<P align="left" style="font-size: 10pt"><I>In millions of dollars</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,637</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,236</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,401</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating cash flow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,770</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Newspaper
operating revenues: </I></B>Newspaper operating revenues are derived
principally from advertising and circulation sales, which accounted for 73% and
20%, respectively, of total newspaper revenues in 2003. Ad revenues also
include those derived from advertising placed with newspaper Internet products.
Other newspaper publishing revenues are mainly from commercial printing
businesses, earnings from the company&#146;s 50% owned joint operating agencies in
Detroit and Tucson and earnings from its 19.49% equity interest in the
California Newspapers Partnership. The table below presents these components of
reported revenues for the last three years.


<P align="left" style="font-size: 10pt"><I>Newspaper operating revenues, in millions of dollars</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
    <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
      <!-- Begin Table Head -->
      <TR valign="bottom">
        <TD width="48%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
      </TR>
      <TR style="font-size: 10pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2003</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Change</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2002</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Change</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2001</B></TD>
      </TR>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <TR style="font-size: 1px">
        <TD colspan="21" align="left"><HR size="1" noshade>
          &nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Advertising</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="right">$</TD>
        <TD align="right">4,397</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">7</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD align="right">$</TD>
        <TD align="right">4,123</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">&#151;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">$</TD>
        <TD align="right">4,120</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Circulation</DIV></TD>
        <TD>&nbsp;</TD>
        <TD align="right">$</TD>
        <TD align="right">1,213</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">3</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD align="right">$</TD>
        <TD align="right">1,182</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">(1</TD>
        <TD nowrap>%)</TD>
        <TD>&nbsp;</TD>
        <TD align="right">$</TD>
        <TD align="right">1,188</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">

<TD><DIV style="margin-left:10px; text-indent:-10px">Commercial printing and other</DIV></TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">$</div></TD>
        <TD><div align="right">381</div></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">10</div></TD>
        <TD>%</TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">$</div></TD>
        <TD><div align="right">346</div></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">5</div></TD>
        <TD>%</TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">$</div></TD>
        <TD><div align="right">329</div></TD>
        <TD><div align="right"></div></TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"></DIV><B><I>Total</I></B></TD>
        <TD>&nbsp;</TD>
        <TD align="right">$</TD>
        <TD align="right">5,991</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">6</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD align="right">$</TD>
        <TD align="right">5,651</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">&#151;</TD>
        <TD nowrap>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><div align="right">$</div></TD>
        <TD align="right"><div align="right">5,637</div></TD>
        <TD><div align="right"></div></TD>
      </TR>
      <TR style="font-size: 1px">
        <TD colspan="21" align="left"><HR size="1" noshade>
          &nbsp;</TD>
      </TR>
      <!-- End Table Body -->
    </TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below presents the components of reported advertising revenues
for the last three years.


<P align="left" style="font-size: 10pt"><I>Advertising revenues, in millions of dollars</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Local</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">National</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">732</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">687</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Classified</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,683</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total ad revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,120</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported advertising revenues for 2003 increased $274&nbsp;million or 7%, while
pro forma revenues presented in a separate table below reflect a 5% increase.
Pro forma basis means that these results are presented as if all properties
owned at the end of 2003 were owned throughout the periods presented. The
variance between reported amounts and pro forma amounts relates principally to
the full-year effect of the Clipper Magazine acquisition on Oct. 31, 2003, the
SMG Publishing acquisition completed in April&nbsp;2003 and the establishment of the
Texas-New Mexico Newspapers Partnership in March&nbsp;2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the tables that follow, newspaper advertising linage, circulation
volume statistics and related revenue results are presented on a pro forma
basis.


<P align="right" style="font-size: 10pt">19
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Newsquest, advertising and circulation revenues are fully reflected in
the pro forma amounts below, as are daily paid circulation volumes. Advertising
linage for Newsquest is not reflected, however.


<P align="left" style="font-size: 10pt"><I>Advertising revenues, in millions of dollars (pro forma)</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Local</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">National</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">704</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Classified</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,738</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total ad revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,286</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><I>Advertising linage, in millions of inches, and preprint distribution (pro forma)</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
    <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
      <!-- Begin Table Head -->
      <TR valign="bottom">
        <TD width="49%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
      </TR>
      <TR style="font-size: 10pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2003</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Change</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2002</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>Change</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2001</B></TD>
      </TR>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <TR style="font-size: 1px">
        <TD colspan="21" align="left"><HR size="1" noshade>
          &nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Local</DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">37.9</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">(2</TD>
        <TD nowrap>%)</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">38.7</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">(2</TD>
        <TD nowrap>%)</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">39.4</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">National</DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">4.1</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">8</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">3.8</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">6</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">3.6</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Classified</DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">58.7</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">3</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">56.7</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">7</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">52.9</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Total Run-of-Press</DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">100.7</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">2</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">99.2</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">3</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">95.9</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Preprint distribution
            (millions) </DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">11,374</div></TD>
        <TD><div align="right"></div></TD>
        <TD><div align="right"></div></TD>
        <TD><div align="right"></div></TD>
        <TD><div align="right">9</div></TD>
        <TD><div align="left">%</div></TD>
        <TD><div align="right"></div></TD>
        <TD><div align="right"></div></TD>
        <TD><div align="right">10,466</div></TD>
        <TD><div align="right"></div></TD>
        <TD><div align="right"></div></TD>
        <TD><div align="right"></div></TD>
        <TD><div align="right">6</div></TD>
        <TD><div align="left">%</div></TD>
        <TD><div align="right"></div></TD>
        <TD><div align="right"></div></TD>
        <TD><div align="right">9,885</div></TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">&nbsp;</TD>
        <TD nowrap>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">&nbsp;</TD>
        <TD nowrap>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">&nbsp;</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR style="font-size: 1px">
        <TD colspan="21" align="left"><HR size="1" noshade>
          &nbsp;</TD>
      </TR>
      <!-- End Table Body -->
    </TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The table below reconciles advertising revenues on a pro forma basis to
advertising revenues on a GAAP basis.



<P align="left" style="font-size: 10pt"><I>In millions of dollars</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Pro forma ad revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,286</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Add:</I> Effect of dispositions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Less:</I> Effect of acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(105</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(184</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(175</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">As reported ad revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported local ad revenues were up $88&nbsp;million or 5% in 2003. Pro forma
local ad revenues were up 3%, with pro forma linage down 2%. Local ad revenues
benefited from growth in preprint ad demand and revenues from non-daily
publications. Ad spending by some of the larger retailers declined in 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported national ad revenues were up $54&nbsp;million or 8% in 2003. Pro forma
national ad revenues increased 6% on an 8% pro forma volume increase. This
reflects improvement at certain of the company&#146;s larger domestic newspapers,
including USA TODAY, and the U.K. properties. National revenues at USA TODAY
increased 4%, reflecting strong gains from automotive, telecommunications,
retail and pharmaceutical-related advertising, which more than offset weakness
in the technology and travel advertising categories.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported classified ad revenues increased $132&nbsp;million or 8%. On a pro
forma basis, classified ad revenues increased 5%, with pro forma linage up 3%.
Classified ad revenue gains were driven by strength in the automotive and real
estate categories and online advertising at our local domestic and U.K.
newspapers. Employment ad revenues continued to be adversely impacted by the
weak U.S. labor market, however this category strengthened in the fourth quarter. Overall, on a reported and pro forma basis, the company&#146;s
classified results from Newsquest were stronger than its domestic results.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>Newspaper advertising revenues in millions, as reported.</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>&nbsp;</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>99</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3115</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>00</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3973</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>01</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4120</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>02</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4123</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>03</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4397</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Looking to 2004, modest ad revenue and volume growth are anticipated in
most categories and in most newspaper markets. New products are being developed
throughout the newspaper group and added resources are planned for sales and
marketing initiatives. Revenue results for 2004 will, of course, be affected by
the general economic performance in the U.S. and the U.K., consumer confidence,
the strength of the job market, weakening or strengthening in the British
pound-to-U.S. dollar exchange rate and the geopolitical environment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported 2003 newspaper circulation revenues increased $31&nbsp;million or 3%
in 2003 primarily as a result of the SMG and Texas-New Mexico transactions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For local newspapers, morning circulation accounts for approximately 79%
of total daily volume, while evening circulation accounts for 21%. On a pro
forma basis, local morning and Sunday circulation volumes declined about 1% and
evening circulation declined 3% from 2002. Selected circulation price increases
were implemented in 2003 at certain newspapers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA TODAY&#146;s average daily circulation for 2003 increased 1% to 2,251,035.
USA TODAY reported an average daily paid circulation of 2,243,142 in the ABC
Publisher&#146;s Statement for the 26&nbsp;weeks ended Sept. 28, 2003, a slight increase
over the comparable period a year earlier.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>Newspaper circulation revenues in millions, as reported.</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>&nbsp;</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>99</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">942</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>00</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1083</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>01</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1188</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>02</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1182</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>03</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1213</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma circulation volume for the company&#146;s local newspapers is summarized in the table below and includes data for the company&#146;s newspapers participating in joint operating agencies.


<P align="left" style="font-size: 10pt"><I>Average net paid
circulation volume, in thousands (pro forma)</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Local Newspapers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Morning</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,900</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Evening</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,338</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total daily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,238</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Sunday</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,151</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">20
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual number of people reading newspapers, in addition to net-paid
circulation, is becoming increasingly important to advertisers as they decide
where to place their advertising.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Readership numbers indicate that a typical newspaper&#146;s reach is greater
than its paid circulation. That&#146;s attributed in part to &#147;pass-along&#148;
readership, or those reading newspapers that they didn&#146;t subscribe to or
purchase such as multiple adults reading the newspaper in a household, those
reading restaurant copies or newspapers at work, in libraries, etc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to the Audit Bureau of Circulations (ABC), the independent
auditing firm, there has been increased emphasis on readership as a meaningful
circulation measurement tool within the U.S. newspaper industry.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ABC Reader Profiles include the number of readers reading each
newspaper sold, a &#147;readers per copy&#148; measure, for both weekday and Sunday
editions. Based on data from ABC Reader Profiles reported for certain of the
company&#146;s newspapers, an average of 2.39 adults read a typical copy of a
weekday Gannett newspaper; on Sunday the average is 2.34.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2002, reported advertising revenues were even with year-earlier
amounts, reflecting a continued soft advertising environment. A higher foreign
exchange rate for Newsquest operations favorably impacted revenue comparisons.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported and pro forma local ad revenues were up 1% in 2002 with pro forma
linage down 2%. Ad spending by some of the largest retailers continued to be
soft in 2002, reflecting closings and consolidations in an uncertain U.S.
economy. Local revenue benefited however, from revenue gains from small- and
medium-sized advertisers and new product developments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported and pro forma national ad revenues for 2002 were down 1% with pro
forma linage up 6%. National revenues at USA TODAY were down 6%, adversely
affected by diminished demand for financial-, technology- and travel-related
advertising.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported and pro forma classified revenues in 2002 increased slightly and
pro forma linage increased by 7%. This reflects higher automotive and real
estate advertising partially offset by lower revenues from classified
employment advertising.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported 2002 newspaper circulation revenues decreased $6&nbsp;million or less
than 1%. On a pro forma basis, local morning circulation volume was even with
2001. Evening and Sunday circulation volumes declined 3% and 1%, respectively,
from 2001. Selected circulation price increases were implemented in 2002 at
certain newspapers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA TODAY&#146;s average daily circulation for 2002 declined less than 1% to
2,238,174. USA TODAY reported an average daily paid circulation of 2,227,839
in the ABC Publisher&#146;s Statement for the six months ended Sept. 30, 2002, a 1%
decrease over the comparable period in 2001.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Newspaper
operating expense:</I></B> Newspaper operating costs rose $243&nbsp;million,
or 6%, in 2003 primarily as a result of the SMG, Clipper Magazine and Texas-New
Mexico transactions, increased commercial printing volume, higher newsprint
expense and higher insurance, pension and other employee benefit costs.
Newspaper operating costs, excluding the SMG, Clipper Magazine and Texas-New Mexico transactions, increased $131&nbsp;million or 3%. Benefit cost
increases in 2003 were tempered by modifications to certain retiree and
employee benefit programs. The higher foreign exchange rate in 2003 for
Newsquest operations also adversely impacted expense comparisons. Newsprint
expense increased 10% reflecting higher year-over-year prices and increased
consumption due primarily to the aforementioned transactions and increased
commercial printing activity. Newsprint expense, excluding the 2003
transactions mentioned above, increased 7%. Newsprint consumption increased 4%.
Newspaper payroll costs were up 7% for the year again reflecting added costs
from the 2003 acquisitions and the unfavorable impact of currency on expense
comparisons.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2004, newsprint consumption for presently owned properties is expected
to increase modestly, and average prices are also expected to increase.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table details the impact of SFAS No.&nbsp;142 on newspaper
operating cost comparisons of 2003, 2002 and 2001.


<P align="left" style="font-size: 10pt"><I>Newspaper operating costs, in millions of dollars</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">As reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,236</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Impact of
SFAS No.&nbsp;142:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less:
goodwill amortization, pre-tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(191</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adjusted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,045</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newspaper operating costs declined $201&nbsp;million, or 5%, in 2002 mainly due
to the decrease in goodwill amortization (see discussion of accounting change
in Note 3 on page 38) and lower newsprint expense. On a comparable accounting
basis for goodwill, newspaper operating costs declined $10&nbsp;million, or less
than 1%. This reflects lower newsprint expense and cost controls, partially
offset by increased pension and other employee benefit expenses, increased
commercial printing volume and expense, and an increase in the average exchange
rate for Sterling. Newsprint expense decreased 19%, due to significantly lower
prices. Newsprint consumption increased about 1% for the year. Consumption in
2002 was tempered by the impact of web-width reductions implemented in 2001 and
in 2002. Newspaper payroll costs were up 1% for the year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Newspaper
operating income:</I></B> Operating income increased $97&nbsp;million or 6%
over 2002. The operating income improvement was largely due to the positive
impact of earnings from the SMG and Texas-New Mexico transactions, favorable
foreign exchange rates and gains in advertising revenues. Earnings gains were
tempered by overall increased employee benefit costs and newsprint expense.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newsquest&#146;s financial results were translated from British pounds to U.S.
dollars using a weighted average rate of $1.63 for 2003, as compared to $1.50
for 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2004, newspaper operating income is expected to show continued growth,
reflecting full-year results for the 2003 acquisitions and modest revenue
gains, partially offset by higher newsprint, payroll and benefit costs.


<P align="right" style="font-size: 10pt">21
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income increased $215&nbsp;million or 15% in 2002. On a comparable
accounting basis reflecting the adoption of SFAS No.&nbsp;142, operating income
increased $24&nbsp;million or 2%. The following table details the impact of SFAS No.
142 on newspaper operating income comparisons.


<P align="left" style="font-size: 10pt"><I>Newspaper operating income, in millions of dollars</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">As reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,401</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Impact of
SFAS No.&nbsp;142:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Add back:
goodwill amortization, pre-tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adjusted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,592</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newspaper operating income improvement for 2002 reflects lower newsprint
expense partially offset by increased pension and other employee benefit
expenses. Newsquest&#146;s financial results were translated from British pounds to
U.S. dollars using a weighted average rate of $1.50 for 2002, as compared to
$1.44 for 2001.


<P align="left" style="font-size: 10pt"><b>Broadcasting</b>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s broadcasting operations at the end of 2003 included 22 television
stations in markets reaching 17.8% of U.S. television homes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the last three years, reported broadcasting revenues, expenses,
operating income and operating cash flows were as follows:


<P align="left" style="font-size: 10pt"><I>In millions of dollars</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">663</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">413</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating cash flow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">317</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported broadcast revenues declined $51&nbsp;million or 7% for 2003. The
revenue decline reflects a challenging comparison with 2002, which benefited
from approximately $100&nbsp;million in political and Olympic ad spending. Ad demand
was negatively impacted by the hostilities overseas. Local and national
advertising revenues decreased 1% and 15%, respectively, from 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported operating expenses declined $10&nbsp;million or 3% in 2003 as lower
programming and advertising sales costs were partially offset by increased news
and employee benefit costs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2004, television revenues and earnings are expected to improve with
higher ad spending from political campaigns and the Summer Olympics on our NBC
stations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total broadcast revenues rose $108&nbsp;million or 16% for 2002. Revenues
benefited from very strong political and issue advertising and revenues from
the Winter Olympics in Salt Lake City, Utah, on the company&#146;s NBC stations.
Local and national advertising revenues increased 11% and 26%, respectively,
over 2001. Political and issue advertising in key states contributed to the
increase in broadcast revenues.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reported operating expenses declined $13&nbsp;million, or 3%, in 2002 mainly
due to the adoption of SFAS No.&nbsp;142 and the resulting decrease in goodwill
amortization expense. On a comparable accounting basis for goodwill, broadcast
operating expenses increased $29&nbsp;million or 8%. Broadcast payroll costs were 4%
higher for the year, principally due to selling costs associated with higher
revenue levels in 2002 and higher pension and other employee benefit costs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table details the impact of SFAS No.&nbsp;142 on broadcast
operating cost comparisons of 2003, 2002 and 2001.


<P align="left" style="font-size: 10pt"><I>Broadcast operating costs, in millions of dollars</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">As reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">413</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Impact of
SFAS No.&nbsp;142:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less:
goodwill amortization, pre-tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(42</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adjusted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">371</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>

</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>Broadcasting revenues in millions, as reported.</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>&nbsp;</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>99</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">729</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>00</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">789</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>01</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">663</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>02</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">771</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>03</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">720</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Consolidated operating expenses</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the last three years, the company&#146;s consolidated operating expenses were as follows:



<P align="left" style="font-size: 10pt"><I>Consolidated operating expenses, in millions of dollars</I><HR size="1" noshade width="100%" align="center">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost of sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Selling,
general and admin. expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">990</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">202</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization
of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(97</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">241</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">22
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales for 2003 increased $200&nbsp;million or 6%, reflecting the effect
of SMG and other businesses acquired during the year, higher newsprint expense,
and increased pension and other employee benefit costs. Benefit cost increases
were tempered by modifications to certain retiree and employee benefits.
Average newsprint prices increased 5% in 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SG&#038;A increased in 2003 by $26&nbsp;million or 2% also due primarily to new
businesses acquired in 2003 and generally higher newspaper advertising sales
expenses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense increased 4% in 2003 and amortization of intangibles
increased 13%, primarily due to businesses acquired and the higher exchange
rate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2004, the company expects employee benefit costs to increase further,
primarily in the medical area. Medical costs are expected to increase as the
high rate of medical cost inflation continues throughout the U.S.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales for 2002 decreased $22&nbsp;million or 1%. This reflected
significantly lower newsprint expense and cost controls partially offset by
increased pension and other employee benefit expenses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SG&#038;A increased $29&nbsp;million or 3% in 2002, due primarily to increased
advertising sales expenses at newspapers and broadcast stations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense increased 6% in 2002 primarily due to the new USA
TODAY and Corporate headquarters facility, completed in the fourth quarter of
2001.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense decreased $234&nbsp;million in 2002 due to the adoption of
SFAS No.&nbsp;142 (see discussion of accounting change on page 18).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll, benefits and newsprint costs (along with certain other production
material costs), the largest elements of the company&#146;s operating expenses, are
presented below, expressed as a percentage of total pre-tax operating expenses.

<DIV align="center">
    <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
      <!-- Begin Table Head -->
      <TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
      </TR>
      <TR style="font-size: 10pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2003</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2002</B></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="3"><B>2001</B></TD>
      </TR>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <TR style="font-size: 1px">
        <TD colspan="13" align="left"><HR size="1" noshade>
          &nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Payroll and employee
            benefits</DIV></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">49.5</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">47.6</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">43.7</TD>
        <TD nowrap>%</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Newsprint and other
            production material</DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">17.2</div></TD>
        <TD>%</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">16.7</div></TD>
        <TD>%</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">18.5</div></TD>
        <TD>%</TD>
      </TR>
      <TR style="font-size: 1px">
        <TD colspan="13" align="left"><HR size="1" noshade>
          &nbsp;</TD>
      </TR>
      <!-- End Table Body -->
    </TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Payroll and employee benefits as a percentage of total pre-tax operating
expenses, on a comparable basis for goodwill, was 46% in 2001. Newsprint and
other production materials, on a comparable basis for goodwill, was 19.4% of
total pre-tax operating expenses in 2001.



<P align="left" style="font-size: 10pt"><B>Non-operating income and expense</B>


<P align="left" style="font-size: 10pt">Interest expense in 2003 decreased $7&nbsp;million or 5% due to lower average
commercial paper balances outstanding and lower interest rates on commercial
paper debt. The lower interest expense from commercial paper debt was partially
offset by incremental interest expense in the first quarter of 2003 from the
fixed-rate notes issued in March&nbsp;2002 (discussed below). The company reduced
its commercial paper borrowings by approximately $705&nbsp;million during 2003. The
daily average outstanding balance of commercial paper was $2.4&nbsp;billion during
2003 and $3.1&nbsp;billion during 2002. The weighted average interest rate on
commercial paper was 1.2% for 2003 and 1.8% for 2002.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s average borrowing rates are expected to be slightly higher in 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense in 2002 declined $75&nbsp;million due to significantly lower
interest rates and lower debt levels. Most of the company&#146;s debt was in
commercial paper for which the daily average outstanding balance was $3.1
billion during 2002 and $5.2&nbsp;billion during 2001. The weighted average interest
rate on commercial paper was 1.8% for 2002 and 4.1% for 2001.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company reduced its commercial paper borrowings by $2.3&nbsp;billion during
2002. In March&nbsp;2002, the company issued $1.8&nbsp;billion aggregate principal amount
of unsecured global notes. These notes consist of $600&nbsp;million aggregate
principal amount of 4.95% notes due 2005, $700&nbsp;million aggregate principal
amount of 5.50% notes due 2007 and $500&nbsp;million aggregate principal amount of
6.375% notes due 2012. The net proceeds of the offering were used to pay down
commercial paper borrowings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In all years shown, non-operating income and expense include costs
associated with certain minority interest investments in online/new technology
businesses. In 2003, other non-operating expense also includes the non-monetary
gain on the company&#146;s sale of 33.8% of its interest in the El Paso Times (see
further discussion on page 17) along with minority interest expense related to
the Texas-New Mexico Newspapers Partnership and the Ashland Media partnership.


<P align="left" style="font-size: 10pt"><B>Operating cash flow</B>


<P align="left" style="font-size: 10pt">The company&#146;s consolidated operating cash flow totaled $2.213&nbsp;billion in 2003 compared to $2.149&nbsp;billion in 2002 and $2.034&nbsp;billion in
2001. The 3% increase in operating cash flow for 2003 reflects the increase in
earnings for newspapers and lower interest expense. The table below presents
operating cash flow as a percent of revenue over the last 5&nbsp;years.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>Operating cash flow, as a percent of revenue.</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>&nbsp;</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>99</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>00</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>01</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>02</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>03</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.0</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="right" style="font-size: 10pt">23
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Provision for income taxes</B>


<P align="left" style="font-size: 10pt">The company&#146;s effective income tax rate was 34.2% in 2003, 34.3% in 2002 and
39.4% in 2001. The decrease in the effective tax rate each year reflects
generally lower taxes related to foreign operations. The decrease in 2002&#146;s
rate is also due to lower state taxes and the adoption of SFAS No.&nbsp;142 (see
discussion on page 18). The company does not expect its effective rate to
change significantly in 2004 from 2003.



<P align="left" style="font-size: 10pt"><B>Net income</B>


<P align="left" style="font-size: 10pt">In 2003, the company reported net income of $1.21&nbsp;billion or $4.46 per diluted
share, up 4% and 3%, respectively. Operating income from newspapers increased
in 2003 while it declined for the broadcasting segment. Net non-operating costs
were lower principally due to lower interest expense and a non-monetary gain
recognized on the sale of the company&#146;s 33.8% interest in its El Paso newspaper
in the first quarter of 2003. Average diluted shares outstanding for 2003
totaled 271,872,000, compared to 269,286,000 in 2002. Basic shares totaled
269,559,000 for 2003 and 266,885,000 for 2002.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, the company reported net income of $1.16&nbsp;billion or $4.31 per
diluted share, up 40% and 38%, respectively. Operating income from newspapers
and broadcasting was higher in 2002 both on a reported basis and on a
comparable basis for SFAS No.&nbsp;142. Net non-operating costs were lower, principally due to lower interest expense.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001, the company reported net income of $831&nbsp;million or $3.12 per
diluted share. Operating income from both business segments declined in 2001
and net non-operating costs were higher, principally because of greater
interest expense.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>Income from continuing operations, in millions.</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">99</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">919</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">972</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">01</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">831</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">02</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1160</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">03</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1211</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>FINANCIAL POSITION</B>



<P align="left" style="font-size: 10pt"><B>Liquidity and capital resources</B>

<P align="left" style="font-size: 10pt">The company&#146;s cash flow from operating activities was nearly $1.5&nbsp;billion in
2003, reflecting strong newspaper results and the absence of a pension
contribution in 2003. Cash used by the company for investing activities totaled
$766&nbsp;million, primarily reflecting capital spending of $281&nbsp;million, and $483
million for several acquisitions. Cash used by the company for financing
activities totaled $738&nbsp;million in 2003, reflecting the pay down of debt of
$713&nbsp;million and dividends paid of $261&nbsp;million, offset by proceeds from the
exercise of stock options.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no significant changes in the make up or level of the company&#146;s
working capital accounts in 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain key measurements of the elements of working capital for the last
three years are presented in the following chart:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="7"><I>Working capital measurements</I></TD>
</TR>
<TR style="font-size: 10Pt" valign="bottom">
    <TD nowrap align="left" colspan="7"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="7" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Current ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.3-to-1</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.2-to-1</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.0-to-1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounts receivable turnover</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7.9</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7.5</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newsprint inventory turnover</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5.9</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="7" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s operations have historically generated strong positive cash
flow, which, along with the company&#146;s program of issuing commercial paper and
maintaining bank revolving credit agreements, has provided adequate liquidity
to meet the company&#146;s requirements, including those for acquisitions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company regularly issues commercial paper for cash requirements and
maintains revolving credit agreements equal to or in excess of any commercial
paper outstanding. The company&#146;s commercial paper has been rated A-1 and P-1 by
Standard &#038; Poor&#146;s and Moody&#146;s Investors Service, respectively. The company&#146;s
senior unsecured long-term debt is rated A by Standard &#038; Poor&#146;s and A2 by
Moody&#146;s Investors Service. The company has a shelf registration statement with
the Securities and Exchange Commission under which up to $2.5&nbsp;billion of
additional debt securities may be issued. The company&#146;s Board of Directors has
established a maximum aggregate level of $7&nbsp;billion for amounts which may be
raised through borrowings or the issuance of equity securities.


<P align="left" style="font-size: 10pt"><B>Long-term debt</B>

<P align="left" style="font-size: 10pt">The long-term debt of the company is summarized below.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="9"><I>In thousands of dollars</I></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="9"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 28, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 29, 2002</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unsecured promissory notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,927,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,632,879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unsecured global notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,794,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,792,887</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,499</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,834,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,547,265</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unsecured promissory notes at Dec. 28, 2003, were due from Dec. 29,
2003, to Jan. 29, 2004, with rates varying from 1.04% to 1.08%.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unsecured promissory notes at Dec. 29, 2002, were due from Jan. 2,
2003, to Jan. 24, 2003, with rates varying from 1.32% to 1.35%.


<P align="left" style="font-size: 10pt"><BR>24



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum amount of such promissory notes outstanding at the end of any
period during 2003 and 2002 was $2.7&nbsp;billion and $5.0&nbsp;billion, respectively.
The daily average outstanding balance was $2.4&nbsp;billion during 2003 and $3.1
billion during 2002 and the weighted average interest rate on commercial paper
was 1.2% for 2003 and 1.8% for 2002. The weighted average interest rate on all
debt was 3.1% for 2003 and 3.0% for 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2002, the company issued $1.8&nbsp;billion aggregate principal amount
of unsecured global notes in an underwritten public offering. These notes
consist of $600&nbsp;million aggregate principal amount of 4.95% notes due 2005,
$700&nbsp;million aggregate principal amount of 5.50% notes due 2007 and $500
million aggregate principal amount of 6.375% notes due 2012. The net proceeds
of the offering were used to pay down commercial paper borrowings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other indebtedness includes the loan notes issued in the U.K. to the
former shareholders of Newsquest and Newscom in connection with those
acquisitions. The Newsquest and Newscom notes ($15.4&nbsp;million and $80.5&nbsp;million,
respectively) bear interest at .5% below the Sterling London Interbank Offered
Rate (LIBOR), subject to a cap of 6.5% and 6.75%, respectively. The Newsquest
and Newscom notes are due on Dec. 31, 2006, and Dec. 31, 2007, respectively,
but may be redeemed by the company on each interest payment date. The
noteholders are entitled to require the company to repay all or part of the
notes on any interest payment date by giving 30&nbsp;days&#146; written notice. The
remaining other indebtedness at Dec. 28, 2003, consists primarily of industrial
revenue bonds with maturities in 2008 and 2009 at variable interest rates (1.4%
at Dec. 28, 2003).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Dec. 28, 2003, the company had $4.1975&nbsp;billion of credit available
under two revolving credit agreements. The agreements provide for revolving
credit periods which permit borrowings from time-to-time to the maximum
commitments. The 2000 $1.53&nbsp;billion agreement revolving credit period extends
to July&nbsp;2005. The 2002 $2.6675&nbsp;billion agreement consists of a $1.3025&nbsp;billion
364-day facility which extends to March&nbsp;2004 and a $1.365&nbsp;billion 5-year
facility which extends to March&nbsp;2007. At the end of the 364-day period, any
borrowings outstanding under the 364-day credit facility are convertible into a
1-year term loan at Gannett&#146;s option. The 364-day facility portion of the 2002
agreement was increased to $1.3375&nbsp;billion in early January&nbsp;2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2004, the company received commitments of $2.66&nbsp;billion from a
number of banks to provide revolving credit facilities that have a 364-day
facility, a 2-year facility and a 5-year facility to replace the $1.3375
billion 364-day facility that matures in March&nbsp;2004 and the $1.53&nbsp;billion
5-year facility that matures in July&nbsp;2005. Concurrent with the effective date
of the new revolving credit agreement, expected in March&nbsp;2004, the company will
terminate the $1.3375&nbsp;billion 364-day facility and the $1.53&nbsp;billion 5-year
facility.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The revolving credit agreements provide backup for commercial paper and
for general corporate purposes; therefore, the unsecured promissory notes and
Newsquest and Newscom notes are classified as long-term debt.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The commitment fee rates for the 2002 revolving credit agreement may range
from .05% to .20%, depending on Standard &#038; Poor&#146;s or Moody&#146;s credit rating of
the company&#146;s senior unsecured long-term debt. The rates in effect on Dec. 28,
2003, were .06% for the 364-day facility and .08% for the 5-year facility. At
the option of the company, the interest rate on borrowings under this agreement
may be .17% to .55% above the prime rate, the Eurodollar base rate or the
Federal Funds Effective Rate plus .50%. The percentages that apply depend on
Standard &#038; Poor&#146;s or Moody&#146;s credit rating of the company&#146;s senior unsecured
long-term debt.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The commitment fee rates for the $1.53&nbsp;billion revolving credit agreement
may range from .07% to .09%, depending on Standard &#038; Poor&#146;s or Moody&#146;s credit
rating of the company&#146;s senior unsecured long-term debt. The rate in effect on
Dec. 28, 2003, was .07% for the 5-year facility. At the option of the company,
the interest rate on borrowings under this agreement may be at .13% to .24%
above the prime rate, the Eurodollar base rate or the Federal Funds Effective
Rate plus .50%. The percentages that apply depend on Standard &#038; Poor&#146;s or
Moody&#146;s credit rating of the company&#146;s senior unsecured long-term debt.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current revolving credit agreements contain restrictive provisions
that require the maintenance of net worth of at least $2.5&nbsp;billion and an
interest coverage ratio of 3:1. At Dec. 28, 2003, and Dec. 29, 2002, net worth
was $8.4&nbsp;billion and $6.9&nbsp;billion, respectively. The interest coverage ratio
for the year ended Dec. 28, 2003, was 15:1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under a shelf registration that became effective with the Securities and
Exchange Commission in April&nbsp;2002, an additional $2.5&nbsp;billion of unsecured debt
securities can be issued. Proceeds from the sale of such securities may be used
for general corporate purposes, including capital expenditures, working
capital, securities repurchase programs, repayment of long-term and short-term
debt and financing of future acquisitions. The company may also invest borrowed
funds that are not required immediately for other purposes in short-term
marketable securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate annual maturities of long-term debt, assuming that the company
had used its $4.1975&nbsp;billion of revolving credit agreements to refinance
existing unsecured promissory notes on a long-term basis and assuming the
company&#146;s other indebtedness was paid on its scheduled pay dates, are as
follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><I>In thousands of dollars</I></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2004</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2005</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162,057</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,351</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,061,752</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,475</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Later years</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">507,876</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,834,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value of the company&#146;s total long-term debt, determined based on
quoted market prices for similar issues of debt with the same remaining
maturities and similar terms, totaled $4.0&nbsp;billion at Dec. 28, 2003, compared
with a book value of $3.8&nbsp;billion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Dec. 28, 2003, and Dec. 29, 2002, the company estimates that the amount
reported on the balance sheet for financial instruments, including cash and
cash equivalents, trade and other receivables, and other long-term liabilities,
approximates fair value.


<P align="right" style="font-size: 10pt">25



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company has a capital expenditure program (not including business
acquisitions) of approximately $280&nbsp;million planned for 2004, including
approximately $48&nbsp;million for land and buildings or renovation of existing
facilities, $209&nbsp;million for machinery and equipment, and $23&nbsp;million for
vehicles and other assets. Management reviews the capital expenditure program
periodically and modifies it as required to meet current business needs. It is
expected that the 2004 capital program will be funded from operating cash flow.


<P align="left" style="font-size: 10pt"><B>Off balance sheet arrangements and contractual obligations</B>

<P align="left" style="font-size: 10pt">The following table summarizes the expected cash outflows resulting from
financial contracts and commitments. Information on our recurring purchases of
materials for use in our daily operations are not included as these amounts are
generally consistent from year to year and are not long-term in nature (less
than three months).


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Contractual obligations</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Payments due by period</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="21"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><I>In millions of dollars</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2005-06</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007-08</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Thereafter</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Printing contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Purchase obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,043</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts above include amounts paid or expected to be paid into the
company&#146;s retirement plans on a voluntary basis in 2004 and include expected
amounts to be paid under postretirement benefit plans.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company has a 13.5% general partnership interest in Ponderay Newsprint
Company. The company, on a several basis, is a guarantor of 13.5% of the
principal and interest on a term loan that totals $98&nbsp;million held by Ponderay.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;1990, the company adopted a Transitional Compensation Plan
(the Plan). The Plan provides termination benefits to key executives whose employment is terminated under certain
circumstances within two years following a change in control of the company. Benefits under the Plan include a severance payment of
up to three years&#146; compensation and continued life and medical insurance
coverage.


<P align="left" style="font-size: 10pt"><B>Capital stock</B>

<P align="left" style="font-size: 10pt">In 2000, the Board approved an authorization for the repurchase of up to an
additional $1&nbsp;billion in common stock, in addition to $258&nbsp;million remaining
from a prior authorization. During 2000, the company repurchased approximately
14.7&nbsp;million shares for $967&nbsp;million, leaving $291&nbsp;million available for future
repurchases at Dec. 28, 2003. In February&nbsp;2004, the company announced its plan
to reactivate its existing share repurchase program. Certain of the shares
previously acquired by the company have been reissued in settlement of employee
stock awards.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An employee 401(k) Savings Plan was established in 1990, which includes a
company matching contribution in the form of Gannett stock. To fund the
company&#146;s matching contribution, an Employee Stock Ownership Plan (ESOP)&nbsp;was
formed which acquired 2,500,000 shares of Gannett stock from the company for
$50&nbsp;million. The stock purchase was financed with a loan from the company. In
June of 2003, the debt was fully repaid and all of the shares had been fully
allocated to participants. The company elected not to add additional shares to
the ESOP and began funding future contributions in cash. The ESOP uses the
cash match to purchase on the open market an equivalent number of shares of
company stock on behalf of the participants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s common stock outstanding at Dec. 28, 2003, totaled
272,417,046 shares, compared with 267,909,686 shares at Dec. 29, 2002.


<P align="left" style="font-size: 10pt"><B>Dividends</B>


<P align="left" style="font-size: 10pt">Dividends declared on common stock amounted to $264&nbsp;million in 2003, compared
with $251&nbsp;million in 2002, reflecting an increase in the dividend rate and an
increase in shares outstanding.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->


<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Dividends declared per share.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="21"><HR size="1" noshade></TD>
</TR>
<!-- End Table Head -->




<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">94</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.67</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">95</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.69</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">96</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.71</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">97</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.74</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">98</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.78</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">99</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.82</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.86</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">01</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.90</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">02</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.94</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">03</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.98</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Oct. 1, 2003, the quarterly dividend was increased from $.24 to $.25 per share.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>Cash dividends</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Payment date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per share</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="11" nowrap valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2003</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4th Quarter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jan. 2, 2004
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">.25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3rd Quarter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oct. 1, 2003
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">.25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2nd Quarter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;1, 2003
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">.24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1st Quarter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1, 2003
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">.24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" nowrap valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2002</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4th Quarter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jan. 2, 2003
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">.24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3rd Quarter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oct. 1, 2002
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">.24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2nd Quarter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;1, 2002
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">.23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1st Quarter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1, 2002
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">.23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" nowrap valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Effects of inflation and changing prices and other matters</B>


<P align="left" style="font-size: 10pt">The company&#146;s results of operations and financial condition have not been
significantly affected by inflation and changing prices. In both of its
principal businesses, subject to normal competitive conditions, the company
generally has been able to pass along rising costs through increased selling
prices. Further, the effects of inflation and changing prices on the company&#146;s
property, plant and equipment and related depreciation expense have been
reduced as a result of an ongoing capital expenditure program and the
availability of replacement assets with improved technology and efficiency.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company is exposed to foreign exchange rate risk primarily due to its
ownership of Newsquest, which uses the British pound as its functional
currency, which is then translated into U.S. dollars. The company&#146;s foreign
currency translation adjustment, related to Newsquest and reported as part of
shareholders&#146; equity, totaled $352&nbsp;million at Dec. 28, 2003. This reflects an
overall strengthening of the British pound against the U.S. dollar since the
Newsquest acquisition. Newsquest&#146;s assets and liabilities were


<P align="left" style="font-size: 10pt"><BR>26




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">translated from British pounds to U.S. dollars at the Dec. 28, 2003, exchange rate of $1.78.
Refer to Item&nbsp;7A below for additional detail.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>2004 business transactions and other matters: </I></B>On Feb. 2, 2004, the company
acquired NurseWeek, a multimedia company with print publications and an
award-winning Web site focused on the recruitment, recognition and education of
nurses. NurseWeek will continue to be published as a separate publication of
Nursing Spectrum. Altogether, Nursing Spectrum will publish 12 regional
magazines with a combined circulation of more than 1&nbsp;million registered nurses.
The two Web sites, www.nurseweek.com and www.nursingspectrum.com, average more
than 1.8&nbsp;million page views per month.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company has an agreement to sell its NBC affiliate in Kingman Ariz.,
KMOH-TV. Closing is expected in the first half of 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Feb. 16, 2004, the company exchanged its daily newspaper, The Times, in
Gainesville, Ga., for two daily newspapers in Tennessee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In late March&nbsp;2003, the company entered into an agreement, conditional
upon regulatory consent, with Independent News and Media Limited for the
acquisition of its Greater London regional publishing business. On October&nbsp;21,
2003, the Secretary of State for Trade and Industry in the U.K. approved the
purchase by the company of the bulk of the titles owned by Independent News and
Media Limited but did not approve the purchase of certain other titles, and the
agreement therefore lapsed. The titles have subsequently been purchased by a
third party.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>New
accounting pronouncements:</I> </B>In January&nbsp;2003, the Financial Accounting
Standards Board (FASB)&nbsp;issued Interpretation No.&nbsp;46 (FIN 46), Consolidation of
Variable Interest Entities, an Interpretation of ARB No.&nbsp;51, which addresses
consolidation by business enterprises. In December&nbsp;2003, the FASB completed
deliberations of proposed modifications to FIN 46 resulting in multiple
effective dates in 2003 and 2004 based on the nature as well as the creation
date of the variable interest entity. The adoption of the provisions of FIN 46
applicable to 2003 did not have, and the company believes that the provisions
to be adopted in 2004 will not have, a material impact on its financial
position or results of operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Medicare Prescription Drug, Improvement and Modernization Act of 2003
(the Act) became law in December&nbsp;2003. The Act introduces a prescription drug
benefit under Medicare (Medicare Part&nbsp;D) as well as a federal subsidy to
sponsors of retiree health care benefit plans that provide a benefit that is at
least actuarially equivalent to Medicare Part&nbsp;D. Questions have arisen
regarding whether an employer that provides postretirement prescription drug
coverage (a plan) should recognize the effects of the Act on its accumulated
postretirement benefit obligation and net postretirement benefit costs and, if
so, when and how to account for those effects.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In response to these questions, the FASB issued FASB Staff Position 106-1
(FSP 106-1), which confirms that companies are required to account for changes
in relevant laws. FSP 106-1, however, also recognized that the accounting for
the federal subsidy was not explicitly addressed in the accounting literature
and therefore allowed companies to defer accounting for the Act until guidance
is issued. As permitted by FSP 106-1, the company has deferred accounting for
the effects of the Act until the authoritative guidance is issued, which could
require the company to change previously reported information.


<P align="left" style="font-size: 10pt"><B>Certain factors affecting forward-looking statements</B>


<P align="left" style="font-size: 10pt">Certain statements in this Annual Report on Form 10-K contain forward-looking
information. The words &#147;expect,&#148; &#147;intend,&#148; &#147;believe,&#148; &#147;anticipate,&#148; &#147;likely,&#148;
&#147;will&#148; and similar expressions generally identify forward-looking statements.
These forward-looking statements are subject to certain risks and uncertainties
which could cause actual results and events to differ materially from those
anticipated in the forward-looking statements.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential risks and uncertainties which could adversely affect the
company&#146;s ability to obtain these results include, without limitation, the
following factors: (a)&nbsp;increased consolidation among major retailers or other
events which may adversely affect business operations of major customers and
depress the level of local and national advertising; (b)&nbsp;an economic downturn
in some or all of the company&#146;s principal newspaper or television markets
leading to decreased circulation or local, national or classified advertising;
(c)&nbsp;a decline in general newspaper readership patterns as a result of
competitive alternative media or other factors; (d)&nbsp;an increase in newsprint or
syndication programming costs over the levels anticipated; (e)&nbsp;labor disputes
which may cause revenue declines or increased labor costs; (f)&nbsp;acquisitions of
new businesses or dispositions of existing businesses; (g)&nbsp;a decline in
viewership of major networks and local news programming; (h)&nbsp;rapid
technological changes and frequent new product introductions prevalent in
electronic publishing; (i)&nbsp;an increase in interest rates; (j)&nbsp;a weakening in
the British-pound-to-U.S. dollar exchange rate; and (k)&nbsp;general economic,
political and business conditions.


<P align="left" style="font-size: 10pt"><B>ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B>


<P align="left" style="font-size: 10pt">The company is not subject to market risk associated with derivative commodity
instruments, as the company is not a party to any such instruments. The company
believes that its market risk from financial instruments, such as accounts
receivable, payable and debt, is not material. The company is exposed to
foreign exchange rate risk primarily due to its operations in the United
Kingdom, which use the British pound as their functional currency, which is
then translated into U.S. dollars. Translation gains or losses affecting the
Consolidated Statements of Income have not been significant in the past. If the
price of Sterling against the U.S. dollar had been 10% less than the actual
price, reported net income for 2003 would have decreased approximately 2%.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the company has $1.9&nbsp;billion in commercial paper obligations
outstanding at Dec. 28, 2003, that have relatively short-term maturity dates,
the company is subject to significant changes in the amount of interest expense
it might incur. Assuming the current level of commercial paper borrowings, a
1/2% increase or decrease in the average interest rate for commercial paper
would result in an increase or decrease in annual interest expense of $9.6
million, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer to page 25 for information regarding the fair value of the company&#146;s
long-term debt.


<P align="right" style="font-size: 10pt">27
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</B>



<P align="center" style="font-size: 10pt"><B>INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" align="center"><B>FINANCIAL STATEMENTS<BR></B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Report of Independent Auditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consolidated Balance Sheets at December&nbsp;28, 2003, and December&nbsp;29, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consolidated Statements of Income for each of the three fiscal years in the period ended December&nbsp;28, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consolidated Statements of Cash Flows for each of the three fiscal years in the period ended December&nbsp;28, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Consolidated Statements of Shareholders&#146; Equity for each of the three fiscal years in the period ended December&nbsp;28, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Notes to Consolidated Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><B>SUPPLEMENTARY DATA</B><BR></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Quarterly Statements of Income (Unaudited)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><B>FINANCIAL STATEMENT SCHEDULE</B><BR></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Financial Statement Schedule for each of the three fiscal years in the period ended December&nbsp;28, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Schedule&nbsp;II &#151; Valuation and Qualifying Accounts and Reserves*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="center"><B>OTHER INFORMATION<BR></B></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Management&#146;s Responsibility for Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Selected Financial Data</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All other schedules prescribed under Regulation&nbsp;S-X are omitted because they
are not applicable or not required.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">28
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>REPORT OF INDEPENDENT AUDITORS</B>



<P align="left" style="font-size: 10pt">To the Board of Directors and Shareholders of Gannett Co., Inc.:

<P align="left" style="font-size: 10pt">In our opinion, the consolidated financial statements listed in the
accompanying index present fairly, in all material respects, the financial
position of Gannett Co., Inc. and its subsidiaries at Dec. 28, 2003 and Dec.
29, 2002, and the results of their operations and their cash flows for each of
the three years in the period ended Dec. 28, 2003 in conformity with accounting
principles generally accepted in the United States of America. In addition, in
our opinion, the financial statement schedule listed in the accompanying index
presents fairly, in all material respects, the information set forth therein
when read in conjunction with the related consolidated financial statements.
These financial statements and the financial statement schedule are the
responsibility of the company&#146;s management; our responsibility is to express an
opinion on these financial statements and the financial statement schedule
based on our audits. We conducted our audits of these statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.


<P align="left" style="font-size: 10pt">As discussed in Notes 1 and 3, effective at the beginning of 2002 the company
adopted Statement of Financial Accounting Standards No.&nbsp;142, and, accordingly,
changed its method of accounting for goodwill and other intangible assets.



<P align="left" style="font-size: 10pt"><IMG src="w94831w9483110.gif" alt="(-s- PricewaterhouseCoopers LLP)">


<P align="left" style="font-size: 10pt">PricewaterhouseCoopers LLP


<P align="left" style="font-size: 10pt">McLean, Virginia<BR>
February&nbsp;2, 2004


<P align="left" style="font-size: 10pt"><B>MANAGEMENT&#146;S RESPONSIBILITY FOR FINANCIAL STATEMENTS</B>


<P align="left" style="font-size: 10pt">The management of the company has prepared and is responsible for the
consolidated financial statements and related financial information included in
this report. These financial statements were prepared in accordance with
accounting principles generally accepted in the United States of America. These
financial statements necessarily include amounts determined using management&#146;s
best judgments and estimates.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s accounting and other control systems provide reasonable
assurance that assets are safeguarded and that the books and records reflect
the authorized transactions of the company. Underlying the concept of
reasonable assurance is the premise that the cost of control not exceed the
benefit derived. Management believes that the company&#146;s accounting and other
control systems appropriately recognize this cost/benefit relationship.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s independent auditors, PricewaterhouseCoopers LLP, provide an
independent assessment of the degree to which management meets its
responsibility for fairness in financial reporting. They regularly evaluate the
company&#146;s system of internal accounting controls and perform such tests and
other procedures as they deem necessary to reach and express an opinion on the
financial statements. The PricewaterhouseCoopers LLP report appears alongside.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Directors is responsible for reviewing
and monitoring the company&#146;s financial reports and accounting practices to
ascertain that they are appropriate in the circumstances. The Audit Committee
consists of four non-management directors, and meets to discuss audit and
financial reporting matters with representatives of financial management, the
internal auditors and the independent auditors. The internal auditors and the
independent accountants have direct access to the Audit Committee to review the
results of their examinations, the adequacy of internal accounting controls and
the quality of financial reporting.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="w94831w9483111.gif" alt="(-s- PricewaterhouseCoopers LLP)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="w94831w9483112.gif" alt="(-s- PricewaterhouseCoopers LLP)"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Douglas H. McCorkindale<br>
Chairman, President and<br>
Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gracia C. Martore<br>
Senior Vice President and<br>
Chief Financial Officer</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="right" style="font-size: 10pt">29
</DIV>


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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>GANNETT CO., INC.
CONSOLIDATED BALANCE SHEETS</B>



<P align="left" style="font-size: 10pt"><I>In thousands of dollars</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 28, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 29, 2002</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Current assets</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">90,374</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Trade receivables (less allowance for doubtful receivables of $41,530 and $36,610, respectively)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">907,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">827,398</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,700</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,189</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,418</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,223,261</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,133,079</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Property, plant and equipment</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,515</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Buildings and improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,382,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,313,404</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Machinery, equipment and fixtures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,846,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,730,488</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Construction in progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,360</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,687,898</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,422,767</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,005,630</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,887,762</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net property, plant and equipment</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,682,268</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,535,005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Intangible and other assets</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,601,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,822,299</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other intangible assets, less accumulated amortization of $19,264 and $10,993, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,807</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Investments and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,090,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,143,824</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total intangible and other assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,800,710</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,064,930</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>14,706,239</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>13,733,014</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><I>The accompanying notes are an integral part of these consolidated financial statements.</I>


<P align="left" style="font-size: 10pt">30


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>GANNETT CO., INC.<BR>
CONSOLIDATED BALANCE SHEETS</B>


<P align="left" style="font-size: 10pt"><I>In thousands of dollars</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Liabilities and shareholders' equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 28, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 29, 2002</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Current liabilities</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">
Trade</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">323,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">298,080</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,662</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,995</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,806</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,072</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividend payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,443</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,276</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,291</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>961,837</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>958,625</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">743,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">678,541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,834,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,547,265</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Postretirement medical and life insurance liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">378,855</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">257,933</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,190,819</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,821,219</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Minority interests in consolidated subsidiaries</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>92,439</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Commitments and contingent liabilities (see Note 10)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Shareholders&#146; equity</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Preferred stock, par value $1: Authorized, 2,000,000 shares: Issued, none</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common stock, par value $1: Authorized, 800,000,000 shares:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issued, 324,420,732 shares, as to both years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">324,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">324,421</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">471,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,778</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,444,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,498,015</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">319,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,190</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,560,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,146,404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less Treasury stock, 52,003,686 shares and 56,511,046 shares, respectively, at cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,137,117</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,231,557</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred compensation related to ESOP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,052</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,422,981</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,911,795</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total liabilities, minority interests and shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>14,706,239</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>13,733,014</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The accompanying notes are an integral part of these consolidated financial statements.</I>


<P align="right" style="font-size: 10pt">31</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>GANNETT CO., INC.<BR>
CONSOLIDATED STATEMENTS OF INCOME</B>


<P align="left" style="font-size: 10pt"><I>In thousands of dollars</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Fiscal year ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 28, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 29, 2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 30, 2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Net operating revenues</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper advertising</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,397,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,122,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,119,773</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper circulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,212,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,182,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,188,467</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">719,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662,652</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">328,714</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,711,115</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,422,249</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,299,606</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating expenses</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost of sales and operating expenses, exclusive of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,453,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,254,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,275,522</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Selling, general and administrative expenses, exclusive of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,044,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,019,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">990,472</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,456</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241,321</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,730,097</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,495,940</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,709,771</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Operating income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,981,018</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,926,309</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,589,835</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Non-operating income (expense)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(139,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(146,359</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(221,854</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,493</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other non-operating items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,641</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18,870</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,877</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(140,705</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(161,781</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(219,238</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,840,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,764,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,370,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">629,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539,400</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,211,213</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,160,128</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>831,197</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net income per share &#151; basic</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.49</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.35</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>3.14</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net income per share &#151; diluted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.46</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>3.12</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><I>The accompanying notes are an integral part of these consolidated financial statements.</I>



<P align="left" style="font-size: 10pt">32


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>GANNETT CO., INC.<BR>
CONSOLIDATED STATEMENTS OF CASH FLOWS</B>


<P align="left" style="font-size: 10pt"><I>In thousands of dollars</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Fiscal year ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 28, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 29, 2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 30, 2001</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Cash flows from operating activities</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,211,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,160,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">831,197</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adjustments to reconcile net income to operating cash flows</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,456</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241,321</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Provision for deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,568</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Pension contributions, net of pension expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(300,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(309,099</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other, net, including gains on sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(47,253</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,671</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,461</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">(Increase) decrease in receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(69,948</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,783</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,035</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">(Increase) decrease in inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,153</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,457</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">(Decrease) in accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,666</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,869</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(103,195</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Increase (Decrease) in interest and taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(155,299</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,950</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Change in other assets and liabilities, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(35,334</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30,232</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net cash flow from operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,479,109</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,031,700</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,318,997</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Cash flows from investing activities</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Purchase of property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(281,264</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(274,828</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(324,579</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Payments for acquisitions, net of cash acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(482,650</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(35,266</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(186,201</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Payments for investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28,328</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(126,270</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(63,791</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proceeds from investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,154</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proceeds from sale of certain assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,539</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net cash used for investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(766,405</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(385,652</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(514,878</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Cash flows from financing activities</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proceeds of unsecured global notes, net of debt issuance fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,786,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Payments of unsecured promissory notes and other indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(712,754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,325,647</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(667,831</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(260,737</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(247,721</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(235,472</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proceeds from issuance of common stock upon exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,780</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net cash used for financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(737,552</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(701,782</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(854,523</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Effect of currency exchange rate change</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,662</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,479</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(2,163</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Decrease in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23,186</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(50,255</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52,567</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance of cash and cash equivalents at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,196</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Balance of cash and cash equivalents at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>67,188</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>90,374</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>140,629</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><I>The accompanying notes are an integral part of these consolidated financial statements.</I>



<P align="right" style="font-size: 10pt">33




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>GANNETT CO., INC.</B>
<P align="left" style="font-size: 10pt"><B>CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY</B>


<P align="left" style="font-size: 10pt">&nbsp;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><I>In thousands of
dollars</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Fiscal years ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>December 30, 2001,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Additional</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>December 29, 2002,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$1 par</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>paid-in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Retained</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Treasury</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>related</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>and December 28, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>income (loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to ESOP</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Balance: Dec. 31, 2000</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>324,421</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>170,715</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>6,995,965</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(66,274</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(2,307,793</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(13,624</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>5,103,410</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Net income, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">831,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">831,197</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign currency translation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(38,540</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(38,540</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrealized gain on securities, net of
reclassification adjustments, net of
taxes of $933</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,527</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><I>Total comprehensive income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">794,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends declared, 2001: $.90 per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(238,301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(238,301</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,029</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Stock issued under incentive plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,715</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tax benefit derived from stock
incentive plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,853</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Compensation expense related to ESOP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,824</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Tax benefit from ESOP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Balance: Dec. 30, 2001</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>324,421</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>210,256</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>7,589,069</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(103,287</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(2,275,737</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(8,800</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>5,735,922</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Net income, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,160,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,160,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign currency translation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,896</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrealized loss on securities,
net of tax benefit of $1,548</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,526</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,526</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minimum pension liability adjustment,
net of tax benefit of $6,676</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,893</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,893</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><I>Total comprehensive income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,307,605</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends declared, 2002: $.94 per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(251,217</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(251,217</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,588</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Stock issued under incentive plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,263</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tax benefit derived from stock
incentive plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,851</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Compensation expense related to ESOP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,748</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Tax benefit from ESOP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Balance: Dec. 29, 2002</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>324,421</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>279,778</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>8,498,015</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>44,190</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(2,231,557</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(3,052</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>6,911,795</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Net income, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,211,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,211,213</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign currency translation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,349</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Carrying value adjustment for certain
securities, net of taxes of $544</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">932</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Minimum pension liability adjustment,
net of tax benefit of $13,586</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22,166</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22,166</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><I>Total comprehensive income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,486,328</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends declared, 2003: $.98 per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(264,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(264,437</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,662</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Stock issued under incentive plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,829</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Restricted stock issued under incentive plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tax benefit derived from stock
incentive plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,637</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Compensation expense related to ESOP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,052</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Balance: Dec. 28, 2003</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>324,421</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>471,581</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>9,444,791</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>319,305</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>(2,137,117</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>8,422,981</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><I>The accompanying notes are an integral part of these consolidated financial statements.</I>



<P align="left" style="font-size: 10pt">34
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B>



<P align="left" style="font-size: 10pt"><B>NOTE 1</B>


<P align="left" style="font-size: 10pt"><B>Summary of significant
accounting policies</B><br><br>
<b><I>Fiscal year:</I></B> The company&#146;s fiscal year ends on the last Sunday of the calendar
year. The company&#146;s 2003 fiscal year ended on Dec. 28, 2003, and encompassed a
52-week period. The company&#146;s 2002 and 2001 fiscal years also encompassed
52-week periods.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Consolidation:</I></b> The consolidated financial statements include the accounts
of the company and its wholly and majority owned subsidiaries after elimination
of all significant intercompany transactions and profits. Investments in
entities for which the company does not have control, but has the ability to
exercise significant influence over the operating and financial policies, are
accounted for under the equity method. Accordingly, the company&#146;s share of net
earnings and losses from these ventures is included in the Consolidated
Statements of Income.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Operating agencies:</I></b> Certain of the company&#146;s newspaper subsidiaries are
participants in joint operating agencies. Each joint operating agency performs
the production, sales and distribution functions for the subsidiary and another
newspaper publishing company under a joint operating agreement. The company&#146;s
operating results in the Detroit and Tucson joint operating agencies are
accounted for under the equity method, reported as a net amount in other
operating revenues. The company also owns a minority interest in a newspaper
publishing partnership. Operating results for this partnership are accounted
for under the equity method and reported as a net amount in other operating
revenues.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Critical accounting policies and the use of estimates:</I></b> The company
prepares its financial statements in accordance with generally accepted
accounting principles which require the use of estimates and assumptions that
affect the reported amount of assets, liabilities, revenues and expenses and
related disclosure of contingent matters. The company bases its estimates on
historical experience, actuarial studies and other assumptions, as appropriate,
concerning the carrying values of its assets and liabilities and disclosure of
contingent matters. The company re-evaluates its estimates on an ongoing basis.
Actual results could differ from these estimates.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical accounting policies for the company involve its assessment of the
recoverability of its long-lived assets, including goodwill and other
intangible assets, which are based on such factors as estimated future cash
flows and current fair value estimates of businesses. The company&#146;s accounting
for pension and retiree medical benefits requires the use of various estimates
concerning the work force, interest rates, plan investment return, and involves
the use of advice from consulting actuaries. The company&#146;s accounting for
income taxes in the U.S. and foreign jurisdictions is sensitive to
interpretation of various laws and regulations therein, and to company policy
and expectations as to the repatriation of earnings from foreign sources.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A more complete discussion of all of the company&#146;s significant accounting
policies follows.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cash and cash equivalents:</I></b> The company considers its marketable
securities, which are readily convertible into cash (with original maturity
dates of less than 90&nbsp;days) and consist of short-term investments in government
securities, commercial paper and money market funds, as cash equivalents.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Inventories:</I></b> Inventories, consisting principally of newsprint, printing
ink, plate material and production film for the company&#146;s newspaper publishing
operations, are valued primarily at the lower of cost (first-in, first-out) or
market.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Property and depreciation:</I></b> Property, plant and equipment is recorded at
cost, and depreciation is provided generally on a straight-line basis over the
estimated useful lives of the assets. The principal estimated useful lives are:
buildings and improvements, 10 to 40&nbsp;years; and machinery, equipment and
fixtures, four to 30&nbsp;years. Major renewals and improvements and interest
incurred during the construction period of major additions are capitalized.
Expenditures for maintenance, repairs and minor renewals are charged to expense
as incurred.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Goodwill and other intangible assets:</I></b> Intangible assets and the excess of
acquisition cost over the fair value of assets acquired (goodwill)&nbsp;represent
the cost of intangible assets at the time operating properties were purchased.
On Dec. 31, 2001, the company adopted Statement of Financial Accounting
Standards No.&nbsp;142 (SFAS No.&nbsp;142) &#147;Goodwill and Other Intangible Assets,&#148; which
eliminated the amortization of goodwill and other intangibles with indefinite
useful lives unless the intangible asset is deemed to be impaired. The company
performed an impairment test of its goodwill and determined that no impairment
of recorded goodwill existed at Dec. 28, 2003. Intangible assets that have
finite useful lives continue to be amortized over those useful lives. See
additional detail in Note 3 on page 38.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Valuation of long-lived assets:</I></b> In accordance with SFAS No.&nbsp;144, the
company evaluates the carrying value of long-lived assets to be held and used
whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. The carrying value of a long-lived asset is considered
impaired when the projected undiscounted future cash flows are less than its
carrying value. The company measures impairment based on the amount by which
the carrying value exceeds the fair market value. Fair market value is
determined primarily using the projected future cash flows discounted at a rate
commensurate with the risk involved. Losses on long-lived assets to be disposed
of are determined in a similar manner, except that fair market values are
reduced for the cost to dispose.


<P align="right" style="font-size: 10pt">35
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Investments and other assets:</I></b> Investments in non-public businesses in which the
company does not have control or does not exert significant influence are
carried at cost and losses resulting from periodic evaluations of the carrying
value of these investments are included as a non-operating expense. At Dec. 28,
2003, and Dec. 29, 2002, such investments aggregated approximately $23&nbsp;million
and $20&nbsp;million, respectively. Investments in public equity securities are
classified as available for sale with related gains and losses included in
equity as other comprehensive income.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s television stations are parties to program broadcast
contracts. These contracts are recorded at the gross amount of the related
liability when the programs are available for telecasting. Program assets are
classified as current (as a prepaid expense) or noncurrent (as an other asset)
in the Consolidated Balance Sheets, based upon the expected use of the programs
in succeeding years. The amount charged to expense appropriately matches the
cost of the programs with the revenues associated with them. The liability for
these contracts is classified as current or noncurrent in accordance with the
payment terms of the contracts. The payment period generally coincides with the
period of telecast for the programs, but may be shorter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Revenue recognition:</I></b> The company&#146;s revenues include amounts charged to
customers for space purchased in the company&#146;s newspapers, amounts charged to
customers for commercial printing jobs, advertising broadcast on the company&#146;s
television stations and for ads placed on its Internet Web sites. Newspaper
revenues also include circulation revenues for newspapers purchased by readers
or distributors reduced by the amount of discounts. Advertising revenues are
recognized, net of agency commissions, in the period when advertising is
printed or placed on Web sites or broadcast. Commercial printing revenues are
recognized when the job is delivered to the customer. Circulation revenues are
recognized when purchased newspapers are distributed. Amounts received from
customers in advance of revenue recognition are deferred as liabilities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Retirement plans:</I></b> Pension costs under the company&#146;s retirement plans are
actuarially determined. The company&#146;s policy is to fund costs accrued under its
qualified pension plans.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company recognizes the cost of postretirement medical and life
insurance benefits on an accrual basis over the working lives of employees
expected to receive such benefits.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Stock-based employee compensation:</I></b> Stock-based compensation is accounted
for by using the intrinsic value-based method in accordance with Accounting
Principles Board Opinion (APB)&nbsp;No.&nbsp;25, &#147;Accounting for Stock Issued to
Employees.&#148; Under APB No.&nbsp;25, because the exercise price of the company&#146;s
employee stock options equals the market price of the underlying stock on the
date of the grant, no compensation expense is recognized. As permitted, the
company has elected to adopt the disclosure-only provisions of SFAS No.&nbsp;123,
&#147;Accounting for Stock-Based Compensation.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No.&nbsp;123, &#147;Accounting for Stock-Based Compensation,&#148; establishes a
fair value-based method of accounting for employee stock-based compensation
plans and encourages companies to adopt that method. However, it also allows
companies to continue to apply the intrinsic value-based method currently
prescribed under APB No.&nbsp;25. The company has chosen to continue to report
stock-based compensation in accordance with APB No.&nbsp;25, and provides the
following pro forma disclosure of the effects of applying the fair value method
to all applicable awards granted. Under APB No.&nbsp;25 and related interpretations,
no compensation cost has been recognized for the company&#146;s stock options. Had
compensation cost for the company&#146;s stock options been determined based on the
fair value at the grant date for those awards as permitted (but not required)
under the alternative method of SFAS No.&nbsp;123, the company&#146;s results of
operations and related per share amounts would have been reduced to the pro
forma amounts indicated below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="86%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD valign="bottom" nowrap align="left" colspan="13"><i>In thousands, except per share amounts</i><HR size="1" noshade></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2001</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><I>Net income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-0px">As reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,211,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,160,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">831,197</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-0px">Less: compensation
expense determined under
SFAS 123, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(64,034</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52,762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(34,795</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-0px">Pro forma</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,147,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,107,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">796,402</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><I>Net income per share &#151; basic</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-0px">As reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-0px">Pro forma</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><I>Net income per share &#151; diluted</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-0px">As reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-0px">Pro forma</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.98</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value of each option is estimated on the date of grant using the
Black-Scholes option-pricing model with the following weighted-average
assumptions used for grants in 2003, 2002 and 2001, respectively: dividend
yield of 1.33%, 1.34% and 1.33%; expected volatility of 19.16%, 26.12% and
26.37%; risk-free interest rates of 3.83%, 3.89% and 4.60%; and expected lives
of seven years each.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Income taxes:</I></b> The company accounts for certain income and expense items
differently for financial reporting purposes than for income tax reporting
purposes. Deferred income taxes are provided in recognition of these temporary
differences.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Per share amounts:</I></b> The company reports earnings per share on two bases,
basic and diluted. All basic income per share amounts are based on the weighted
average number of common shares outstanding during the year. The calculation of
diluted earnings per share also considers the assumed dilution from the
exercise of stock options and from stock incentive rights.


<P align="left" style="font-size: 10pt">36
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Foreign currency translation:</I></b> The income statement of Newsquest operations has
been translated to U.S. dollars using the average currency exchange rates in
effect during the relevant period. Newsquest&#146;s balance sheet has been
translated using the currency exchange rate as of the end of the accounting
period. The impact of currency exchange rate changes on the translation of
Newsquest&#146;s balance sheet is included in comprehensive income, and is
classified as accumulated other comprehensive income (loss)&nbsp;in shareholders&#146;
equity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>New accounting pronouncements:</I></b> In January&nbsp;2003, the Financial Accounting
Standards Board (FASB)&nbsp;issued Interpretation No.&nbsp;46 (FIN 46), Consolidation of
Variable Interest Entities, an Interpretation of ARB No.&nbsp;51, which addresses
consolidation by business enterprises. In December&nbsp;2003, the FASB completed
deliberations of proposed modifications to FIN 46 resulting in multiple
effective dates in 2003 and 2004 based on the nature as well as the creation
date of the variable interest entity. The adoption of the provisions of FIN 46
applicable to 2003 did not have, and the company believes that the provisions
to be adopted in 2004 will not have, a material impact on its financial
position or results of operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Medicare Prescription Drug, Improvement and Modernization Act of 2003
(the Act) became law in December&nbsp;2003. The Act introduces a prescription drug
benefit under Medicare (Medicare Part&nbsp;D) as well as a federal subsidy to
sponsors of retiree health care benefit plans that provide a benefit that is at
least actuarially equivalent to Medicare Part&nbsp;D. Questions have arisen
regarding whether an employer that provides postretirement prescription drug
coverage (a plan) should recognize the effects of the Act on its accumulated
postretirement benefit obligation and net postretirement benefit costs and, if
so, when and how to account for those effects.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In response to these questions, the FASB issued FASB Staff Position 106-1
(FSP 106-1), which confirms that companies are required to account for changes
in relevant laws. FSP 106-1, however, also recognized that the accounting for
the federal subsidy was not explicitly addressed in the accounting literature
and therefore allowed companies to defer accounting for the Act until guidance
is issued. As permitted by FSP 106-1, the company has deferred accounting for
the effects of the Act until the authoritative guidance is issued, which could
require the company to change previously reported information.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Reclassifications:</I></b> Certain prior year amounts have been reclassified to
conform with the current year presentation.


<P align="left" style="font-size: 10pt"><B>NOTE 2</B>


<P align="left" style="font-size: 10pt"><B><i>Acquisitions, exchanges, dispositions and investments
</i></B><BR>&nbsp;<BR><b>2003:</b> In March&nbsp;2003, the company completed a non-monetary transaction under
which it contributed its newspaper in El Paso to a newly formed partnership,
Texas-New Mexico Newspapers Partnership. The partnership includes the El Paso
newspaper and six other daily newspapers in nearby New Mexico that were
contributed by MediaNews Group. The company recorded this non-monetary
transaction as two simultaneous but separate events; that is, a sale of 33.8%
of its interest in the El Paso Times for which a non-operating gain was
recognized, and the acquisition of a 66.2% interest in the partnership. The
non-monetary gain from the partnership transaction is reflected in
non-operating income.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2003, the company completed the acquisition of the publishing
business of Scottish Media Group plc (SMG). The SMG publishing business
consists of three Scottish regional newspapers; 11 specialty consumer and
business-to-business magazine titles; and an online advertising and content
business. The company purchased 100% of the stock of the Scotland businesses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August&nbsp;2003, the company acquired the majority interest in The Ashland
Media Group in Phoenix, Ariz. Ashland Media publishes TV y Mas, La Voz and TV
Shopper, which are weekly publications. Ashland Media also has a direct
marketing business, AZ Mail.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Oct. 31, 2003, the company acquired the assets of Clipper Magazine,
Inc., one of the nation&#146;s largest direct-mail advertising magazine companies.
The acquisition also includes several affiliated operations including a
full-service advertising agency, an e-mail customer retention service, a
direct-mail service to new movers and MyClipper.com, a companion Web site for
the core direct-mail advertising offerings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company also purchased several small non-daily publications in the
U.S. and in the U.K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2003 business acquisitions had an aggregate purchase price of
approximately $483&nbsp;million and were recorded under the purchase method of
accounting. The company is in the process of finalizing valuations of the
businesses, thus the allocation of the purchase price is preliminary.


<P align="right" style="font-size: 10pt">37
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>2002:</I></B> The company purchased several small non-daily publications in the
U.S. and in the U.K., a commercial printing business in Wisconsin and a defense
magazine in McLean, Va. These acquisitions, which had an aggregate purchase
price of approximately $35&nbsp;million, were accounted for under the purchase
method of accounting. The company contributed its Vincennes (Ind.)
Sun-Commercial newspaper to the Gannett Foundation in July&nbsp;2002. The Gannett
Foundation is a not-for-profit, private foundation that makes charitable awards
in the communities in which Gannett operates its newspapers and television
stations. These business acquisitions and dispositions did not materially
affect the company&#146;s financial position or results of operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2002, the company acquired a one-third equity interest in
CareerBuilder, LLC, an online service providing recruitment resources, for
approximately $98&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>2001:</I></B> During 2001, the company purchased the remaining 36% interest in
WKYC-TV, Cleveland, that it did not previously own. Additionally, the company
purchased several small non-daily publications in the U.S. and in the U.K. In
connection with the acquisition of several non-daily publications in the U.K.
(&#147;Dimbleby&#148;), the company issued loan notes totaling approximately 12.7&nbsp;million
British pounds (U.S. $18.3&nbsp;million) to the shareholders of Dimbleby. These
acquisitions, which had an aggregate purchase price of approximately $186
million, were accounted for under the purchase method of accounting. The
company contributed its Marietta (Ohio) Times newspaper to the Gannett
Foundation in May&nbsp;2001. The company sold its daily newspaper in Lansdale, Pa.,
in September&nbsp;2001. These business acquisitions and dispositions did not
materially affect the company&#146;s financial position or results of operations.


<P align="left" style="font-size: 10pt"><B>NOTE 3</B>


<P align="left" style="font-size: 10pt"><B>Goodwill and other intangible assets<br><br></B>
Effective Dec. 31, 2001, the first day of the company&#146;s 2002 fiscal year, the
company adopted SFAS No.&nbsp;142, &#147;Goodwill and Other Intangible Assets,&#148; which
establishes financial accounting and reporting for acquired goodwill and other
intangible assets. Under SFAS No.&nbsp;142, goodwill and indefinite-lived intangible
assets are no longer amortized but are reviewed at least annually for
impairment. Recognized intangible assets that have finite useful lives will
continue to be amortized over their useful lives and are subject to tests for
impairment in accordance with the provisions of SFAS No.&nbsp;144.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No.&nbsp;142 required that goodwill be tested for impairment at the
reporting unit level at adoption and at least annually thereafter. The company
performed an impairment test of its goodwill upon adoption, at Dec. 29, 2002,
and at Dec. 28, 2003, and determined that no impairment of goodwill existed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A reconciliation of the impact of adoption of SFAS No.&nbsp;142 on net income,
and basic and diluted earnings per share for the years ended Dec. 28, 2003,
Dec. 29, 2002, and Dec. 30, 2001, is set forth below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap valign="bottom" align="left" colspan="13"><i>In
thousands of dollars, except per-share amounts</i><HR size="1" noshade></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2001</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Reported net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,211,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,160,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">831,197</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Add back: goodwill
amortization, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,688</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Adjusted net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,211,213</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,160,128</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,046,885</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Basic earnings per share</B>:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Reported net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Add back: goodwill
amortization, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.81</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Adjusted net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.49</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.35</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>3.95</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Diluted earnings per share</B>:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Reported net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Add back: goodwill
amortization, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.80</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Adjusted net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.46</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>3.92</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">38
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">The following table displays the intangible assets that are subject to amortization and intangible assets not subject to amortization as of Dec. 28, 2003, and Dec. 29, 2002:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><i>In thousands of dollars</i><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Dec. 28, 2003</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,601,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,601,767</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Customer relationships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,736</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,729,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,710,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Dec. 29, 2002</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,822,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,822,299</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Subscriber lists</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,807</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,932,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,921,106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense was approximately $8.3&nbsp;million in 2003 and $7.3
million in 2002. Customer relationships, which include subscriber lists and in
2003, advertiser relationships, are amortized on a straight-line basis over 15
years. For each of the next five years, amortization expense relating to the
identified intangibles is expected to be approximately $10&nbsp;million.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><i>In thousands of dollars</i><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Newspaper</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Publishing</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Broadcasting</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Goodwill, net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Balance at Dec. 30, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,051,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,526,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,578,025</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,317</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Foreign currency
exchange rate changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,957</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Balance at Dec. 29, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,296,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,526,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,822,299</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498,968</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Foreign currency
exchange rate changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Balance at Dec. 28, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,075,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,526,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,601,767</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><i>In thousands of dollars</i><HR size="1" noshade>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Newspaper</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Publishing</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Broadcasting</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Amortized intangible assets, net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Balance at Dec. 30, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">106,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">106,334</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Dispositions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(200</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,327</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,327</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Balance at Dec. 29, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">98,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">98,807</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,271</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Balance at Dec. 28, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,736</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>NOTE 4</B>



<P align="left" style="font-size: 10pt"><B>Consolidated statements of cash flows</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid in 2003, 2002 and 2001 for income taxes and for interest (net of amounts capitalized) was as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><i>In thousands of dollars</i><HR size="1" noshade>
</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2001</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">555,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">722,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">138,688</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">140,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">121,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">223,691</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest in the amount of $3.4&nbsp;million, $2.1&nbsp;million and $8.6&nbsp;million was
capitalized in 2003, 2002 and 2001, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The income taxes paid by the company for 2001 are below typical levels.
Internal Revenue Service Rule&nbsp;2001-61 permitted the deferral of the company&#146;s
third- and fourth-quarter 2001 estimated tax payments until Jan. 15, 2002.


<P align="left" style="font-size: 10pt"><B>Other</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the establishment of the Texas-New Mexico Newspapers
Partnership, the company recorded a minority interest liability totaling $90
million. No other significant liabilities were assumed in connection with the
2003, 2002 and 2001 acquisitions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003 and 2002, the company issued 87,263 and 82,942 shares of common
stock, respectively, in settlement of previously granted stock incentive rights
for the four-year period 1999-2002 and the compensation liability of $9.0
million and $7.7&nbsp;million, respectively, for these rights was transferred to
shareholders&#146; equity.



<P align="right" style="font-size: 10pt">39
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>NOTE 5</B>



<P align="left" style="font-size: 10pt"><B>Long-term debt</B>


<P align="left" style="font-size: 10pt">The long-term debt of the company is summarized below.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="9"><I>In thousands of dollars</I><HR size="1" noshade></TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 28, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 29, 2002</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unsecured promissory notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,927,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,632,879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unsecured global notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,794,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,792,887</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,499</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,834,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,547,265</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unsecured promissory notes at Dec. 28, 2003, were due from Dec. 29,
2003, to Jan. 29, 2004, with rates varying from 1.04% to 1.08%.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unsecured promissory notes at Dec. 29, 2002, were due from Jan. 2,
2003, to Jan. 24, 2003, with rates varying from 1.32% to 1.35%.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum amount of such promissory notes outstanding at the end of any
period during 2003 and 2002 was $2.7&nbsp;billion and $5.0&nbsp;billion, respectively.
The daily average outstanding balance was $2.4&nbsp;billion during 2003 and $3.1
billion during 2002 and the weighted average interest rate on commercial paper
was 1.2% for 2003 and 1.8% for 2002. The weighted average interest rate on all
debt was 3.1% for 2003 and 3.0% for 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2002, the company issued $1.8&nbsp;billion aggregate principal amount
of unsecured global notes in an underwritten public offering. These notes
consist of $600&nbsp;million aggregate principal amount of 4.95% notes due 2005,
$700&nbsp;million aggregate principal amount of 5.50% notes due 2007 and $500
million aggregate principal amount of 6.375% notes due 2012. The net proceeds
of the offering were used to pay down commercial paper borrowings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other indebtedness includes the loan notes issued in the U.K. to the
former shareholders of Newsquest and Newscom in connection with their
acquisitions. The Newsquest and Newscom notes ($15.4&nbsp;million and $80.5&nbsp;million,
respectively) bear interest at .5% below the Sterling London Interbank Offered
Rate (LIBOR), subject to a cap of 6.5% and 6.75%, respectively. The Newsquest
and Newscom notes are due on Dec. 31, 2006, and Dec. 31, 2007, respectively,
but may be redeemed by the company on each interest payment date. The
noteholders are entitled to require the company to repay all or part of the
notes on any interest payment date by giving 30&nbsp;days&#146; written notice. The
remaining other indebtedness at Dec. 28, 2003, consists primarily of industrial
revenue bonds with maturities in 2008 and 2009 at variable interest rates (1.4%
at Dec. 28, 2003).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Dec. 28, 2003, the company had $4.1975&nbsp;billion of credit available
under two revolving credit agreements. The agreements provide for revolving
credit periods which permit borrowings from time-to-time to the maximum
commitments. The 2000 $1.53&nbsp;billion agreement revolving credit period extends
to July&nbsp;2005. The 2002 $2.6675&nbsp;billion agreement consists of a $1.3025&nbsp;billion
364-day facility which extends to March&nbsp;2004 and a $1.365&nbsp;billion 5-year
facility which extends to March&nbsp;2007. At the end of the 364-day period, any
borrowings outstanding under the 364-day credit facility are convertible into a
1-year term loan at Gannett&#146;s option. The 364-day facility portion of the 2002
agreement increased to $1.3375&nbsp;billion in early January&nbsp;2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company is currently negotiating a new revolving credit agreement with
a group of banks that will replace the $1.3375&nbsp;billion 364-day facility that
matures in March&nbsp;2004 and the $1.53&nbsp;billion 5-year facility that matures in
July&nbsp;2005. Concurrent with the effective date of the new revolving credit
agreement, expected in March&nbsp;2004, the company would terminate the $1.3375
billion 364-day facility and the $1.53&nbsp;billion 5-year facility.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s revolving credit agreements provide backup for commercial
paper and for general corporate purposes; therefore, the unsecured promissory
notes and Newsquest and Newscom notes are classified as long-term debt.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The commitment fee rates for the 2002 revolving credit agreement may range
from .05% to .20%, depending on Standard &#038; Poor&#146;s or Moody&#146;s credit rating of
the company&#146;s senior unsecured long-term debt. The rates in effect on Dec. 28,
2003, were .06% for the 364-day facility and .08% for the 5-year facility. At
the option of the company, the interest rate on borrowings under this agreement
may be .17% to .55% above the prime rate, the Eurodollar base rate or the
Federal Funds Effective Rate plus .50%. The percentages that apply depend on
Standard &#038; Poor&#146;s or Moody&#146;s credit rating of the company&#146;s senior unsecured
long-term debt.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The commitment fee rates for the $1.53&nbsp;billion revolving credit agreement
may range from .07% to .09%, depending on Standard &#038; Poor&#146;s or Moody&#146;s credit
rating of the company&#146;s senior unsecured long-term debt. The rate in effect on
Dec. 28, 2003, was .07% for the 5-year facility. At the option of the company,
the interest rate on borrowings under this agreement may be at .13% to .24%
above the prime rate, the Eurodollar base rate or the Federal Funds Effective
Rate plus .50%. The percentages that apply depend on Standard &#038; Poor&#146;s or
Moody&#146;s credit rating of the company&#146;s senior unsecured long-term debt.


<P align="left" style="font-size: 10pt"><BR>40



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current revolving credit agreements contain restrictive provisions that
require the maintenance of net worth of at least $2.5&nbsp;billion and an interest
coverage ratio of 3:1. At Dec. 28, 2003, and Dec. 29, 2002, net worth was $8.4
billion and $6.9&nbsp;billion, respectively. The interest coverage ratio for the
year ended Dec. 28, 2003, was 15:1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under a shelf registration that became effective with the Securities and
Exchange Commission in April&nbsp;2002, an additional $2.5&nbsp;billion of unsecured debt
securities can be issued. Proceeds from the sale of such securities may be used
for general corporate purposes, including capital expenditures, working
capital, securities repurchase programs, repayment of long-term and short-term
debt and financing of future acquisitions. The company may also invest borrowed
funds that are not required immediately for other purposes in short-term
marketable securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate annual maturities of long-term debt, assuming that the company
had used its $4.1975&nbsp;billion of revolving credit agreements to refinance
existing unsecured promissory notes on a long-term basis and assuming the
company&#146;s other indebtedness was paid on its scheduled pay dates, are as
follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><I>In thousands of dollars</I><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2004</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2005</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162,057</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,351</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,061,752</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,475</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Later years</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">507,876</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,834,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value of the company&#146;s total long-term debt, determined based on
quoted market prices for similar issues of debt with the same remaining
maturities and similar terms, totaled $4.0&nbsp;billion at Dec. 28, 2003, compared
with a book value of $3.8&nbsp;billion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Dec. 28, 2003, and Dec. 29, 2002, the company estimates that the amount
reported on the balance sheet for financial instruments, including cash and
cash equivalents, trade and other receivables, and other long-term liabilities,
approximates fair value.


<P align="left" style="font-size: 10pt"><B>NOTE 6</B>



<P align="left" style="font-size: 10pt"><B>Retirement plans</B>


<P align="left" style="font-size: 10pt">The company and its subsidiaries have various retirement plans, including plans
established under collective bargaining agreements, under which substantially
all full-time employees are covered. The Gannett Retirement Plan is the
company&#146;s principal retirement plan and covers most U.S. employees of the
company and its subsidiaries. Benefits under the Gannett Retirement Plan are
based on years of service and final average pay. The tables below also include
the assets and obligations of Newsquest Retirement Plans in the U.K. The
company uses a Dec. 31 measurement date for its retirement plans.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s pension costs, which include costs for its qualified,
non-qualified and union plans, for 2003, 2002 and 2001 are presented in the
following table:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><I>In thousands of dollars</I><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2001</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Service cost &#151; benefits
earned during the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">77,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">69,486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">70,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest cost on benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,935</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expected return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(170,099</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(181,198</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(217,796</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of transition asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(68</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(68</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(68</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of prior service
credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20,340</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,594</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18,908</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of actuarial
loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">824</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Pension expense for company-sponsored retirement plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,370</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Union and other pension cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,404</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Pension cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">122,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">64,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(7,966</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="right" style="font-size: 10pt"><BR>41



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides a reconciliation of benefit obligations (on a
Projected Benefit Obligation measurement basis), plan assets and funded status
of the company-sponsored retirement plans, along with the related amounts that
are recognized in the Consolidated Balance Sheets.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="9"><I>In thousands of dollars</I><HR noshade size="1"></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 28, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 29, 2002</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Change in benefit obligation</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net benefit obligation at
beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,402,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,182,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,486</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,534</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Plan participants&#146; contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,604</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Plan amendments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,327</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,662</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Actuarial loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,580</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign currency translation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,971</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(137,360</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(140,429</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net benefit obligation at
end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,737,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,402,386</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Change in plan assets</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fair value of plan assets at
beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,021,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,990,404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">487,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(236,209</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Plan participants&#146; contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,604</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Employer contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">366,119</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(137,360</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(140,429</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign currency translation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,502</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fair value of plan assets at
end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,453,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,021,991</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Funded status at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(284,697</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(380,395</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrecognized net actuarial loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,039,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,221,587</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrecognized prior service credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(160,576</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(171,171</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrecognized net transition asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(78</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net amount recognized at
end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">593,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">669,943</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Amounts recognized in Consolidated Balance Sheets</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Prepaid benefit cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">702,656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">768,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,533</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated other comprehensive
loss related to minimum pension
liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,569</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accrued benefit cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(134,958</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(119,959</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Pension costs: </I></B>The following assumptions were used to determine net
pension costs.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;2001</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expected return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.50</TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expected return on asset assumption was determined based on the plan&#146;s
asset allocations, a review of historic capital market performance, historical
plan performance and a forecast of expected future asset returns. The company
lowered its expected return on asset assumption from 9.5% in 2002 to 8.75% in
2003 due to changes in the capital markets. The company reviews this long-term
assumption on a periodic basis. The company also lowered its discount rate from
7.25% at the end of 2001 to 6.75% at the end of 2002, and to 6.25% at the end
of 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Benefit obligations and funded status: </I></B>The accumulated benefit obligation
for all of the company-sponsored retirement plans was $2.4&nbsp;billion and $2.1
billion at the end of 2003 and 2002, respectively. At the end of 2003, the
Gannett Retirement Plan and the company&#146;s plans in the U.K. were fully funded
on
an Accumulated Benefit Obligation measurement basis. The Projected Benefit
Obligation exceeds the fair value of plan assets for all of the
company-sponsored retirement plans. The following assumptions were used to
determine the year-end benefit obligation.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2002</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The following table presents information for those company retirement plans for which assets exceed accumulated benefits:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="9"><I>In thousands of dollars</I><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2002</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,264,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,007,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fair value of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,453,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,021,991</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accumulated benefit obligation for the company&#146;s unfunded retirement
plans was approximately $135&nbsp;million and $120&nbsp;million at Dec. 28, 2003 and Dec.
29, 2002, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company did not contribute to the Gannett Retirement Plan in 2003,
however, it contributed $50&nbsp;million to the plan in February&nbsp;2004. In December
2002 and 2001 the company contributed $330&nbsp;million and $300&nbsp;million,
respectively, to the Gannett Retirement Plan. The company contributed
approximately $30.4&nbsp;million in 2003 and $32&nbsp;million in 2002 to its U.K.
retirement plans.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer contributions and gross benefits paid reflected in the above
tables include approximately $4.7&nbsp;million and $4.4&nbsp;million paid from company
assets in 2003 and 2002, respectively.


<P align="left" style="font-size: 10pt"><BR>42



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Plan assets: </I></B>The fair value of plan assets is approximately $2.5&nbsp;billion and
$2.0&nbsp;billion at the end of 2003 and 2002, respectively. The expected long-term
rate of return on these assets was 8.75% for 2003 and 9.50% for 2002. The asset
allocation for company-sponsored pension plans at the end of 2003 and 2002, and
target allocations for 2004, by asset category, are presented in the table
below.

<DIV align="center">
    <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
      <!-- Begin Table Head -->
      <TR valign="bottom">
        <TD width="34%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
      </TR>
      <TR style="font-size: 1px">
        <TD colspan="13" align="left"><HR size="1" noshade> &nbsp;</TD>
      </TR>
      <TR style="font-size: 10pt" valign="bottom">
        <TD>&nbsp;</TD>
        <TD colspan="4"><div align="center"><B>Target Allocation</B></div></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="7"><div align="center"><B>Allocation
            of Plan Assets</B></div></TD>
      </TR>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
        <TD colspan="4"><div align="center"><B>2004</B></div></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center"><B>2003</B></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="center"><B>2002</B></TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR style="font-size: 1px">
        <TD colspan="13" align="left"><HR size="1" noshade> &nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Equity securities</DIV></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><div align="right">59</div></TD>
        <TD align="right"><div align="left">%</div></TD>
        <TD nowrap>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">63</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">45</TD>
        <TD nowrap>%</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Debt securities</DIV></TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">30</div></TD>
        <TD align="right">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">29</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">47</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Real estate</DIV></TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">&#151;</div></TD>
        <TD align="right">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">1</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">1</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Other</DIV></TD>
        <TD>&nbsp;</TD>
        <TD><div align="right">11</div></TD>
        <TD align="right">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">7</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right">7</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR style="font-size: 1px">
        <TD colspan="13" align="left"><HR size="1" noshade> &nbsp;</TD>
      </TR>
      <TR valign="bottom" style="background: #eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><div align="right">100</div></TD>
        <TD align="right"><div align="left">%</div></TD>
        <TD nowrap>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">100</TD>
        <TD nowrap>%</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right">&nbsp;</TD>
        <TD align="right">100</TD>
        <TD nowrap>%</TD>
      </TR>
      <TR style="font-size: 1px">
        <TD colspan="13" align="left"><HR size="1" noshade> &nbsp;</TD>
      </TR>
      <!-- End Table Body -->
    </TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary objective of company-sponsored retirement plans is to provide
eligible employees with scheduled pension benefits: the &#147;prudent man&#148; guideline
is followed with regard to the investment management of retirement plan assets.
Consistent with prudent standards for preservation of capital and maintenance
of liquidity, the goal is to earn the highest possible total rate of return
while minimizing risk. The principal means of reducing volatility and
exercising prudent investment judgment is diversification by asset class and by
investment manager; consequently, portfolios are constructed to attain prudent
diversification in the total portfolio, each asset class, and within each
individual investment manager&#146;s portfolio. Investment diversification is
consistent with the intent to minimize the risk of large losses. All objectives
are based upon an investment horizon spanning five years so that interim market
fluctuations can be viewed with the appropriate perspective. The target asset
allocation represents the long-term perspective. Retirement plan assets will be
rebalanced at least annually to align them with the target asset allocations.
Risk characteristics are measured and compared with an appropriate benchmark
quarterly; periodic reviews are made of the investment objectives and the
investment managers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement plan assets include approximately 1,242,300 shares of the
company&#146;s common stock valued at approximately $111&nbsp;million and $89&nbsp;million at
the end of 2003 and 2002, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Cash
flows:</i></b> The company contributed $50&nbsp;million to the Gannett Retirement
Plan in February&nbsp;2004 and plans to contribute approximately $34&nbsp;million to its
U.K. retirement plans in 2004. In addition, the company expects the plans to
make the following benefit payments, which reflect expected future service, as
appropriate:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><I>In thousands of dollars</I><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2004</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">139,004</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2005</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,294</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,371</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,967</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,030</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2009-2013</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,016,310</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>NOTE 7</B>



<P align="left" style="font-size: 10pt"><B>Postretirement benefits other than pensions</B>


<P align="left" style="font-size: 10pt">The company provides health care and life insurance benefits to certain retired
employees who meet age and service requirements. Most of the company&#146;s retirees
contribute to the cost of these benefits and retiree contributions are
increased as actual benefit costs increase. The cost of providing retiree
health care and life insurance benefits is actuarially determined and accrued
over the service period of the active employee group. The company&#146;s policy is
to fund benefits as claims and premiums are paid.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See discussion in &#147;New Accounting Pronouncements&#148; on page 37 regarding a
new Medicare act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit cost for health care and life insurance for 2003,
2002 and 2001 included the following components:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><I>In thousands of dollars</I><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2001</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Service cost &#151; benefits earned
during the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest cost on net benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,674</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of prior service credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11,839</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,888</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,728</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of actuarial loss (gain)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net periodic postretirement
benefit cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23,448</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Curtailment gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(30,710</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the company recognized a curtailment gain of $30.7&nbsp;million with
respect to the elimination of postretirement medical and life insurance
benefits for employees under 40&nbsp;years of age on Jan. 1, 2004, and subsequent
new hires.


<P align="right" style="font-size: 10pt"><BR>43



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below provides a reconciliation of benefit obligations and funded
status of the company&#146;s postretirement benefit plans:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="9"><I>In thousands of dollars</I><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 28, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 29, 2002</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Change in benefit obligation</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net benefit obligation at
beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">331,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">324,331</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,535</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,337</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Plan participants&#146; contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,944</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Plan amendment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(73,930</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Actuarial loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,247</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31,116</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(34,580</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net benefit obligation at
end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">280,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">331,814</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Change in plan assets</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fair value of plan assets at
beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Employer contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,636</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Plan participants&#146; contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,944</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31,116</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(34,580</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fair value of plan assets at
end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Benefit obligation at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">280,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">331,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrecognized net actuarial loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(69,588</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(48,277</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unrecognized prior service credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,318</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accrued postretirement benefit
cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">337,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">378,855</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Postretirement benefit costs:</I></B> The following assumptions were used to determine postretirement benefit cost:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2001</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Health care cost trend on coverage &#151; pre 65</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.00</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Health care cost trend on coverage &#151; post 65</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ultimate trend rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Year that ultimate trend rate is reached</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Benefit
obligations and funded status:</I></B> The following assumptions were used to determine the year-end benefit obligation:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2002</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Health care cost trend rate assumed for next year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ultimate trend rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Year that ultimate trend rate is reached</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A 12% annual rate of increase in the per capita cost of covered health
care benefits was assumed for 2004. Assumed health care cost trend rates have a
significant effect on the amounts reported for the health care plans. The
effect of a 1% increase in the health care cost trend rate used would result in
increases of approximately $19&nbsp;million in the 2003 postretirement benefit
obligation and $2&nbsp;million in the aggregate service and interest components of
the 2003 expense. The effect of a 1% decrease in the health care cost trend
rate used would result in decreases of approximately $17&nbsp;million in the 2003
postretirement benefit obligation and $2&nbsp;million in the aggregate service and
interest components of the 2003 expense.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cash flows: </I></B>The company expects to make the following benefit payments, which
reflect expected future service, as appropriate:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><I>In thousands of dollars</I><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2004</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35,389</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2005</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,981</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,936</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,794</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,460</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>2009-2013</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,142</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above table includes the participants&#146; share of the benefit cost. The company&#146;s policy is to fund the above-mentioned benefits as claims and premiums are paid.


<P align="left" style="font-size: 10pt"><BR>44




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>NOTE 8</B>



<P align="left" style="font-size: 10pt"><B>Income taxes</B>



<P align="left" style="font-size: 10pt">The provision for income taxes consists of the following:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><i>In thousands of dollars</i></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Current</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Federal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">458,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">42,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">501,261</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">State and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,850</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,989</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">563,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">65,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">629,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><i>In thousands of dollars</i></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Current</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Federal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">367,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">136,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">504,160</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">State and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,556</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,684</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">429,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">175,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">604,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><i>In thousands of dollars</i></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Current</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Federal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">241,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">200,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">441,778</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">State and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,941</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,681</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">310,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">228,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">539,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provision for income taxes varies from the U.S. federal
statutory tax rate as a result of the following differences:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Fiscal year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. statutory tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">35.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">35.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">35.0</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Increase (decrease)&nbsp;in taxes resulting from:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">State/other income taxes net of
federal income tax benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Earnings in jurisdictions taxed at
rates different from the statutory</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">U.S. federal rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.6</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Goodwill amortization not
deductible for tax purposes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Other, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.8</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I><B>Effective tax rate</B></I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">34.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">34.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">39.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company has not provided for U.S. taxes on a portion of earnings from
its U.K. operations which it considers permanently invested in those
operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes reflect temporary differences in the recognition of
revenue and expense for tax reporting and financial statement purposes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities and assets were composed of the following at the
end of 2003 and 2002:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="9"><i>In thousands of dollars</i></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="9"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 28, 2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 29, 2002</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="9"><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Liabilities</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accelerated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">365,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">345,285</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accelerated amortization of
deductible intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">301,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267,490</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Pension</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,714</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,898</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total deferred tax liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">979,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">931,387</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Assets</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accrued compensation costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,189</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(49,798</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Postretirement medical and life</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(125,806</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(142,069</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54,031</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(60,979</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total deferred tax assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(235,026</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(252,846</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net deferred tax liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">743,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">678,541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="right" style="font-size: 10pt"><br><BR>
45



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>NOTE 9</B>



<P align="left" style="font-size: 10pt"><B>Capital stock, stock options, incentive plans</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s earnings per share from continuing operations (basic and diluted) for 2003, 2002 and 2001 are presented below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><i>In thousands, except per share amounts</i></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="13"><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,211,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,160,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">831,197</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average number
of common shares outstanding
(basic)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,821</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><i>Effect of
dilutive securities</i></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,761</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stock incentive rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Restricted stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average number
of common shares outstanding
(diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,833</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per share (basic)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings per share (diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2003, 2002 and 2001 diluted earnings per share amounts exclude the
effects of approximately 5.2&nbsp;million, 2.4&nbsp;million and 10.6&nbsp;million stock
options outstanding, respectively, as their inclusion would be antidilutive.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2000, the Board approved an authorization for the repurchase of up to
an additional $1&nbsp;billion in common stock, in addition to $258&nbsp;million remaining
from a prior authorization. During 2000, the company repurchased approximately
14.7&nbsp;million shares for $967&nbsp;million, leaving $291&nbsp;million available for future
repurchases at Dec. 28, 2003. In February&nbsp;2004, the company announced its plan
to reactivate its existing share repurchase program. Certain of the shares
previously acquired by the company have been reissued in settlement of employee
stock awards.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2001, the company&#146;s shareholders approved the adoption of the
Omnibus Incentive Compensation Plan (the Plan), which replaced the 1978
Long-Term Executive Incentive Plan (1978 Plan). The Plan, which is administered
by the Executive Compensation Committee of the Board of Directors, provides for
the issuance of up to 12&nbsp;million shares of company common stock for awards
granted on or after May&nbsp;7, 2001. No more than 1,500,000 of the authorized
shares may be granted in the aggregate in the form of Restricted Stock,
Performance Shares and/or Performance Units. The Plan provides for the granting
of stock options, stock appreciation rights, restricted stock and other
equity-based and cash-based awards. Awards may be granted to employees of the
company and members of the Board of Directors. The 1978 Plan did not provide
for granting awards to members of the board. The Plan provides that shares of
common stock subject to awards granted under the Plan become available again
for issuance under the Plan if such awards are canceled or forfeited. A similar
feature existed under the 1978 Plan but with the adoption of the Omnibus Plan,
canceled or forfeited shares subject to grants under the 1978 Plan are
permanently retired.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options may be granted as either non-qualified stock options or
incentive stock options. The options are granted to purchase common stock of
the company at not less than 100% of the fair market value on the day the
option is granted. Options are exercisable at such times and subject to such
terms and conditions as the Executive Compensation Committee determines but
generally the exercise period is 10&nbsp;years and the options become exercisable at
25% per year after a one-year waiting period. Under the 1978 Plan, options
issued prior to 1996 had an eight-year exercise period. The Plan restricts the
granting of stock options to any participant in any fiscal year to no more than
1,000,000 shares. The limit under the 1978 Plan was 350,000 shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Stock Appreciation Right (SAR)&nbsp;is a right to receive an amount in any
combination of cash or common stock equal in value to the excess of the fair
market value of the shares covered by such SAR on the date of exercise over the
aggregate exercise price of the SAR for such shares. SARs may be granted in
tandem with related options or freestanding. The exercise price of an SAR is
equal to the fair market value of a share of common stock on the date the SAR
is granted. No more than 1,000,000 shares of common stock may be granted in the
form of SARs to any participant in any fiscal year. No SARs have been granted
as of Dec. 28, 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock is an award of common stock that is subject to
restrictions and such other terms and conditions as the Executive Compensation
Committee determines. Under the 1978 Plan, such awards could be issued in the
form of Stock Incentive Rights (SIR). These rights entitle an employee to
receive one share of common stock at the end of a four-year incentive period
conditioned on the employee&#146;s continued employment with the company. The Plan
continues to permit the issuance of such awards but also allows restrictions
other than the incentive period. Additionally, under the Plan, no more than
500,000 restricted shares may be granted to any participant in any fiscal year.
Under the 1978 Plan there was no limit. No restricted stock awards in the form
of an SIR have been issued since July&nbsp;2000 and all previously granted awards
matured and were paid out in 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2003, five members of the Board of Directors were awarded 6,992
shares of restricted stock in a form other than a SIR, as part of their
compensation plans. These awards vest over three years and expense is
recognized over the three-year earn-out period based on the grant price of the
restricted stock. All vested shares will be issued to the directors when they
leave the board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also during 2003, a restricted stock unit grant of $150,000 was awarded to
the company&#146;s Chairman, which was deferred under the Deferred Compensation Plan
and converted into 1,913 shares of company common stock. The award was charged
to expense when granted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Compensation Committee may grant other types of awards that
are valued in whole or in part by reference to or that are otherwise based on
fair market value of the company&#146;s common stock or other criteria established
by the Executive Compensation Committee and the achievement of performance
goals. The maximum aggregate grant of performance shares that may be awarded to
any participant in any fiscal year shall not exceed 500,000 shares of common
stock. The maximum aggregate amount of performance units or cash-based awards
that may be awarded to any participant in any fiscal year shall not exceed
$10,000,000.


<P align="left" style="font-size: 10pt"><BR>
46



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a change in control as defined in the Plan, (1)&nbsp;all
outstanding options and SARs will become immediately exercisable in full, (2)
all restricted periods and restrictions imposed on non-performance based
restricted stock awards will lapse, and (3)&nbsp;target payment opportunities
attainable under all outstanding awards of performance-based restricted stock,
performance units and performance shares will be paid on a prorated basis as
specified in the Plan. The Plan does not provide for the grant of option
surrender rights in tandem with stock options, as was the case under the 1978
Plan, and has eliminated the requirement under the 1978 Plan that awards that
were accelerated as a result of a change in control could only be exercised
during certain window periods.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A summary of the status of the company&#146;s stock option awards as of Dec.
28, 2003, Dec. 29, 2002, and Dec. 30, 2001, and changes thereto during the
years then ended is presented below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->


<TR valign="bottom">
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>average</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>2003 Stock Option Activity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise price</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Outstanding at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,841,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">63.53</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,413,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86.76</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,363,284</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.95</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Canceled</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(678,869</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67.28</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Outstanding at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,213,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70.34</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Options exercisable at year end</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,968,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average fair value of
Options granted during the year</DIV></TD>
    <TD>&nbsp;</TD>
   <TD align="right">$</TD>
    <TD align="right">21.73</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>average</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>2002 Stock Option Activity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise price</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Outstanding at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,526,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">59.57</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,813,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70.24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,027,943</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.41</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Canceled</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(470,642</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.62</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Outstanding at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,841,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63.53</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Options exercisable at year end</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,766,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average fair value of
Options granted during the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>average</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>2001 Stock Option Activity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise price</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Outstanding at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,767,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">54.19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,945,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69.21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,438,807</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.92</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Canceled</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(748,187</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.09</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Outstanding at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,526,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.57</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Options exercisable at year end</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,018,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.08</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average fair value of
Options granted during the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further information about stock options outstanding at Dec. 28, 2003, follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>average</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>contractual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>prices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at 12/28/03</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>life (yrs)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at 12/28/03</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$32.00-40.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">37.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">37.38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$41.00-50.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">45.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">45.68</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$54.00-59.50</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,327,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">55.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,155,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">56.04</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$60.00-69.50</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,514,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">68.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,921,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67.52</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$70.00-79.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,612,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">71.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,303,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72.82</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$80.00-89.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,170,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">87.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"></TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,213,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">70.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,968,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">64.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Stock Incentive Rights</B>


<P align="left" style="font-size: 10pt">The company has not granted stock incentive rights since July&nbsp;2000. In 2003,
87,263 shares of common stock were issued in settlement of all remaining stock
incentive rights. The compensation cost for these rights has been charged
against income based on the grant price of the rights spread over the four-year
earnout periods.



<P align="left" style="font-size: 10pt"><B>401(k) Savings Plan</B>


<P align="left" style="font-size: 10pt">In 1990, the company established a 401(k) Savings Plan (the Plan).
Substantially all employees of the company (other than those covered by a
collective bargaining agreement) who are scheduled to work at least 1,000 hours
during each year of employment are eligible to participate in the Plan.
Employees could elect to save up to 15% of compensation on a pre-tax basis
subject to certain limits. This limit was increased to 20% in 2002. The company
matches 50% of the first 6% of employee contributions. From inception through
June&nbsp;2003, the match was funded with company common stock issued through an
Employee Stock Ownership Plan (ESOP)&nbsp;established in 1990 when the 401(k) plan
was introduced. The ESOP acquired 2,500,000 shares of Gannett stock from the
company for $50&nbsp;million. The stock purchase was financed with a loan from the
company, and the shares were pledged as collateral for the loan. The company
made monthly contributions to the ESOP equal to the ESOP&#146;s debt service
requirements less dividends. All dividends received by the ESOP were used to
pay debt service. As the debt was paid, shares were released as collateral and
were available for allocation to participants. In June of 2003, the debt was
fully repaid and all of the shares had been fully allocated to participants.
The company elected not to add additional shares to the ESOP and began funding
future contributions in cash. The ESOP uses the cash match to purchase on the
open market an equivalent number of shares of company stock on behalf of the
participants. Beginning in 2002, Plan participants were able to fully diversify
their Plan investments. Previously, employees under age 55 could not sell the
shares of Gannett common stock they received as the company-match portion of
the 401(k) plan.



<P align="right" style="font-size: 10pt"><br><BR>
47




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period during which the company funded the match with company
stock, the company followed the shares allocated method in accounting for its
ESOP. Under that method, the costs of shares allocated to match employees&#146;
contributions or to replace dividends that are used for debt service are
accounted for as compensation expense. The cost of unallocated shares is
reported as deferred compensation in the financial statements. The company, at
its option, may repurchase shares from employees who leave the Plan. The
shares are purchased at fair market value, and the difference between the
original cost of the shares and fair market value is expensed at the time of
purchase. The company has not repurchased any shares since June of 2003 and
currently has no plans to do so in the future. All of the shares initially
purchased by the ESOP are considered outstanding for earnings per share
calculations. Dividends on allocated and unallocated shares are recorded as
reductions of retained earnings. Compensation expense for the 401(k) match and
repurchased shares was $17.3&nbsp;million in 2003, $10.7&nbsp;million in 2002 and $9.7
million in 2001.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002 the Board authorized 3,000,000 shares of common stock to be
registered in connection with savings-related share option plans available to
eligible employees of Newsquest.


<P align="left" style="font-size: 10pt"><B>Preferred Share Purchase Rights</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;1990, the Board of Directors declared a dividend distribution of
one Preferred Share Purchase Right (Right) for each common share held, payable
to shareholders of record on June&nbsp;8, 1990. The Rights become exercisable when a
person or group of persons acquires or announces an intention to acquire
ownership of 15% or more of the company&#146;s common shares. Holders of the Rights
may acquire an interest in a new series of junior participating preferred
stock, or they may acquire an additional interest in the company&#146;s common
shares at 50% of the market value of the shares at the time the Rights are
exercised. The Rights are redeemable by the company at any time prior to the
time they become exercisable, at a price of $.01 per Right.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2000, the company announced that its Board of Directors approved an
amendment to its Shareholder Rights Plan to extend the expiration date of the
Rights to May&nbsp;31, 2010, and increase the initial exercise price of each
preferred stock purchase right to $280.


<P align="left" style="font-size: 10pt"><B>NOTE 10</B>



<P align="left" style="font-size: 10pt"><B>Commitments and contingent liabilities</B>


<P align="left" style="font-size: 10pt"><b><I>Litigation:</I></b> On December&nbsp;31, 2003, two employees of the company&#146;s television
station KUSA in Denver filed a purported class action lawsuit in the U.S.
District Court for the District of Colorado against Gannett and the Gannett
Retirement Plan (Plan) on behalf of themselves and other similarly situated
individuals who participated in the Plan after Jan. 1, 1998, the date that
certain amendments to the Plan took effect. The plaintiffs allege, among other
things, that the current pension plan formula adopted in that amendment
violated the age discrimination accrual provisions of the Employee Retirement
Income Security Act. The plaintiffs seek to have their post-1997 benefits
recalculated and seek other equitable relief. Gannett believes that it has
valid defenses to the issues raised in the complaint and will defend itself
vigorously. Due to the uncertainties of judicial determinations, however, it is
not possible at this time to predict the ultimate outcome of this matter with
respect to liability or damages, if any.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company and a number of its subsidiaries are defendants in other
judicial and administrative proceedings involving matters incidental to their
business. The company&#146;s management does not believe that any material liability
will be imposed as a result of these matters.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><B>Leases:</B></I> Approximate future minimum annual rentals payable under
non-cancelable operating leases, primarily real estate-related, are as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><i>In thousands of dollars</i><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><b>2004</b></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">44,815</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><b>2005</b></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,316</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><b>2006</b></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,325</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><b>2007</b></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,013</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><b>2008</b></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,537</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><b>Later
years</b></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,536</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">

<TD><DIV style="margin-left:10px; text-indent:-10px"><b><i>Total</i></b></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">303,542</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total minimum annual rentals have not been reduced for future minimum
sublease rentals aggregating approximately $3&nbsp;million. Total rental costs
reflected in continuing operations were $57&nbsp;million for 2003, $56&nbsp;million for
2002 and $59&nbsp;million for 2001.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><B>Program broadcast contracts:</B></I> The company has commitments under program
broadcast contracts totaling $109.2&nbsp;million for programs to be available for
telecasting in the future.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><B>Guarantees:</B></I> The company has a 13.5% general partnership interest in
Ponderay Newsprint Company. The company, on a several basis, is a guarantor of
13.5% of the principal and interest on a term loan that totals $98&nbsp;million held
by Ponderay.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;1990, the company adopted a Transitional Compensation Plan
(the Plan). The Plan provides termination benefits to key executives whose
employment is terminated under certain circumstances within two years following
a change in control of the company. Benefits under the Plan include a severance
payment of up to three years&#146; compensation and continued life and medical
insurance coverage.


<P align="left" style="font-size: 10pt"><BR>
48



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>NOTE 11</B>



<P align="left" style="font-size: 10pt"><B>Business operations and segment information</B>


<P align="left" style="font-size: 10pt">The company has determined that its reportable segments based on its management
and internal reporting structure are newspaper publishing, which is the largest
segment of its operations, and broadcasting (television).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The newspaper segment at the end of 2003 consisted of 100 U.S. daily
newspapers in 41 states and one U.S. territory, including USA TODAY, a
national, general-interest daily newspaper; and USA WEEKEND, a magazine
supplement for newspapers. The newspaper segment also includes Newsquest, which
is a regional newspaper publisher in the United Kingdom with a portfolio of
more than 300 titles that includes 17 paid-for daily newspapers, paid-for
weekly newspapers, free weekly newspapers and other publications. The newspaper
segment in the U.S. also includes more than 500 non-daily publications, a
nationwide network of offset presses for commercial printing, newspaper-related
online businesses and several smaller businesses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed in Note 1, the company accounts for results from its 50%
owned joint operating agencies in Detroit and Tucson on the equity method of
accounting (as a net amount in other operating revenue for the newspaper
segment). The newspaper segment also reflects minority interests in a newspaper
publishing partnership and a newsprint production partnership.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The broadcasting segment&#146;s activities for 2003 include the operation of 22
U.S. television stations reaching 17.8&nbsp;percent of U.S. television homes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s foreign revenues in 2003, 2002 and 2001 totaled approximately
$983&nbsp;million, $788&nbsp;million and $755&nbsp;million, respectively, principally from
publications distributed in the United Kingdom. The company&#146;s long-lived assets
in foreign countries, principally in the United Kingdom, totaled approximately
$3.3&nbsp;billion, $2.6&nbsp;billion, and $2.3&nbsp;billion at Dec. 28, 2003, Dec. 29, 2002,
and Dec. 30, 2001, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate financial data for each of the company&#146;s business segments is
presented in the table that follows. The accounting policies of the segments
are those described in Note 1. The company evaluates the performance of its
segments based on operating income and operating cash flow. Operating income
represents total revenue less operating expenses, including depreciation and
amortization of intangibles. In determining operating income by industry
segment, general corporate expenses, interest expense, interest income, and
other income and expense items of a non-operating nature are not considered, as
such items are not allocated to the company&#146;s segments. Operating cash flow
represents operating income plus depreciation and amortization of intangible
assets.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning with fiscal year 2002, the company ceased amortizing goodwill.
See Notes 1 and 3 for a further discussion of this accounting change.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate assets include cash and cash equivalents, certain investments,
long-term receivables and plant and equipment primarily used for corporate
purposes. Interest capitalized has been included as a corporate capital
expenditure for purposes of segment reporting.



<P align="right" style="font-size: 10pt">49
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt">
<Td><I>In thousands of dollars</I></TD>
</TR>


<TR style="font-size: 10pt">
    <TD colspan="13" align="left"><B>Business segment financial information</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating revenues</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,991,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,650,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,636,954</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">719,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662,652</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,711,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,422,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,299,606</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,713,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,615,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,400,609</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,783</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Corporate (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(62,199</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(60,487</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(60,557</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,981,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,926,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,589,835</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Depreciation and amortization</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">189,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">181,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">369,044</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,639</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Corporate (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,094</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">231,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">222,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">443,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating cash flow (2)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,902,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,797,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,769,653</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">356,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">396,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317,422</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Corporate (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(46,866</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(45,141</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(53,463</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,212,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,148,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,033,612</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Identifiable assets</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12,136,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11,117,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,558,641</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,990,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,037,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,004,486</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Corporate (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">579,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">577,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">532,974</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,706,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,733,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,096,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Capital expenditures</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">259,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">221,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">230,223</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,602</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Corporate (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,754</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">281,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">274,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">324,579</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right"><I>(1)</I></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"><I>Corporate amounts represent those not directly related to the company&#146;s two business segments.</I></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><I>(2)</I></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"><I>Operating cash flow amounts represent operating income plus depreciation and amortization of intangible assets.</I></TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">The following is a reconciliation of operating cash flow amounts to operating
income:



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
    <TD colspan="13" align="left"><I>In thousands of dollars</I></TD>
</TR>


<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating cash flow</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,902,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,797,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,769,653</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(181,534</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(174,342</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(169,931</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,327</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(199,113</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,713,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,615,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,400,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating cash flow</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">356,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">396,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">317,422</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26,394</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25,429</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25,431</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(42,208</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">330,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">371,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">249,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Corporate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating cash flow (1)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(46,866</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(45,141</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(53,463</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,333</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,346</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,094</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(62,199</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(60,487</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(60,557</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All segments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating cash flow</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,212,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,148,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,033,612</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Less:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(223,261</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(215,117</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(202,456</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,327</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(241,321</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,981,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,926,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,589,835</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="LEFT" style="font-size: 10pt">50
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>SELECTED FINANCIAL DATA</B><BR>
(See notes a and b on page 52)

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><i>In thousands of dollars, except per share amounts</i></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1999</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Net operating revenues</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper advertising</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,397,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,122,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,119,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,972,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,115,250</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper circulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,212,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,182,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,188,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">942,368</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">719,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">788,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">728,642</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">328,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,356</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,711,115</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,422,249</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,299,606</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,184,086</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,066,616</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating
expenses</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Costs and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,498,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,273,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,265,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,990,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,223,424</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,460</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,631</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,730,097</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,495,940</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,709,771</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,366,830</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,503,515</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Operating income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,981,018</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,926,309</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,589,835</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,817,256</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,563,101</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Non-operating (expense)&nbsp;income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(139,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(146,359</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(221,854</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(219,228</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(94,619</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,434</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,422</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">58,705</TD>
    <TD nowrap>(1)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Income before income taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,840,313</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,764,528</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,370,597</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,608,840</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,527,187</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Provision for income taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>629,100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>604,400</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>539,400</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>636,900</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>607,800</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Income from continuing operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,211,213</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,160,128</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>831,197</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>971,940</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>919,387</B></TD>
    <TD nowrap><B>(1)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Income from continuing operations:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>per basic/diluted share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD nowrap align="right"><B>4.49/$4.46</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD nowrap align="right"><B>4.35/$4.31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD nowrap align="right"><B>3.14/$3.12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD nowrap align="right"><B>3.65/$3.63</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD nowrap align="right"><B>3.29/$3.26</B></TD>
    <TD nowrap><B>(1)</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>COMPARABLE BASIS REPORTING (2)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Income from continuing operations,
as reported</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,211,213</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,160,128</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>831,197</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>971,940</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>919,387</B></TD>
    <TD nowrap><B>(1)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adjustment for SFAS No.&nbsp;142:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">add back goodwill amortization, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,688</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,831</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Adjusted income from continuing operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,211,213</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,160,128</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,046,885</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,132,272</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>1,029,218</B></TD>
    <TD nowrap><B>(1)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Adjusted income from continuing operations:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>per basic/diluted share (2)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.49/$4.46</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.35/$4.31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>3.95/$3.92</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.25/$4.22</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>$</B></TD>
    <TD align="right"><B>3.69/$3.65</B></TD>
    <TD nowrap><B>(1)</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Other selected financial data</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends declared per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.82</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average number of common</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">shares outstanding in thousands:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,048</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,608</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Financial position</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term debt, excluding current maturities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,834,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,547,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,080,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,747,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,463,250</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,422,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,911,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,735,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,103,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,629,646</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,706,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,733,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,096,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12,980,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,006,446</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Return on equity (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.8%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.3%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.3%</TD>
     <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.3%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.9%</TD>
    <TD nowrap>(1)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Percentage increase (decrease)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">As reported, earnings from continuing
operations, after tax, per share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.2%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">38.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14.0%</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.9%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.5%</TD>
    <TD nowrap>)(1)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">38.1%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14.0%</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.3%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.6%</TD>
    <TD nowrap>)(1)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Comparable basis earnings from continuing
operations, after tax, per share (2):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.2%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.1%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7.1%</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.2%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>&nbsp;(1)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.9%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7.1%</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.6%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.3%</TD>
    <TD nowrap>)(1)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividends declared per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.4%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.7%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.9%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.1%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Credit ratios</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long-term debt to shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">45.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">65.8%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">88.6%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">112.6%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">53.2%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Times interest expense earned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.2X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.2X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.2X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.3X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.1X</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes pre-tax net non-operating gain principally from the exchange of
KVUE-TV for KXTV-TV of $55&nbsp;million (after-tax gain of $33&nbsp;million or $.11 per
share).</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As if Statements of Financial Accounting Standards No.&nbsp;142 (SFAS No.&nbsp;142)
had been adopted for all periods presented &#151; see Note 3 on page 38.</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculated using income from continuing operations on a comparable basis.
See Note 3 on page 38.</TD>
</TR>

</TABLE>


<P align="rIGHT" style="font-size: 10pt">51
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>NOTES TO SELECTED FINANCIAL DATA</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The company and its subsidiaries made the acquisitions listed below
during the period. The results of operations of these acquired businesses are
included in the accompanying financial information from the date of
acquisition.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;During the period, the company sold or otherwise disposed of
substantially all of the assets or capital stock of certain other subsidiaries
and divisions of other subsidiaries which are listed on page 53.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 2 of the consolidated financial statements on pages 37-38 contains
further information concerning certain of these acquisitions and dispositions.


<P align="left" style="font-size: 10pt"><B>Acquisitions and dispositions 1999-2003</B>



<p align="left" style="font-size: 10pt">The growth of the company has resulted from acquisitions of businesses, as well
as from internal expansion. Its acquisitions since the beginning of 1999 are
shown below. The company has disposed of several businesses during this period,
which are presented on the following page.





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>

<TR style="font-size: 10PT">
    <TD colspan="7" valign="top" align="left"><B>Acquisitions 1999-2003</B></TD>
</TR>


<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Year acquired</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Publication times or business</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>1999</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Reporter
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Melbourne, Fla.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lehigh Acres News-Star
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lehigh Acres, Fla.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dealer Magazine
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reno, Nev.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly magazine</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KXTV-TV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sacramento, Calif.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Television station</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Newsquest plc
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily and weekly newspapers</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tucker Communications, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Westchester Co., N.Y.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pennypower Shopping News
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Branson &#038; Springfield, Mo.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>2000</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Pioneer Republican and
other publications
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Des Moines, Iowa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspapers</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buyers&#146; Digest
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Franklin County, Vt.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Clarion
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Redcar, U.K.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WJXX-TV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jacksonville, Fla
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Television station</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Mason Valley News,<BR>
Fernley Leader-Dayton Courier
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lyon County, Nev.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspapers</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brevard Technical Journal
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brevard County, Fla.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monthly magazine</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dickson Shoppers
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Middle Tennessee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspapers</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Greenville Parent Magazine
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Greenville County, S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monthly magazine</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">News Communications &#038; Media plc
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily and weekly newspapers and
other publications</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Space Coast Press
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brevard County, Fla.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain assets of
Thomson Newspapers Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wisconsin, Ohio, Louisiana,<BR>
Maryland, Utah
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">19 daily and numerous
weekly newspapers</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Newspapers, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona, Indiana, Louisiana
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6 daily newspapers; other
related businesses</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily World
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opelousas, La.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily newspaper</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Windsor Beacon
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Windsor, Colo.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">50&#043; Lifestyles and other
publications
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Des Moines, Iowa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monthly magazines</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><i>2001</i></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shopping News
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">St. Cloud, Minn.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gatwick Life, Horley Life
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Surrey/Sussex, U.K.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspapers</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bulletin Board
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Montgomery, Ala.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Dimbleby Newspapers
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">London, U.K.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspapers</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PMP Company Ltd.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Honolulu, Hawaii
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monthly and bi-monthly publications</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AutoChooser
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tempe, Ariz.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Software product</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Honolulu Pennysaver
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Honolulu, Hawaii
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buy and Sell Classifieds
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Honolulu, Hawaii
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bi-weekly newspapers</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<div align="left" style="font-size: 10pt"><I>(continued on following page)</I>
 </div>

<P align="Left" style="font-size: 10pt">52
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt">
    <TD colspan="7" valign="top" align="left"><B>Acquisitions 1999-2003 </B><B><I>(continued)</I></B></TD>
</TR>


<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>


<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Year acquired</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Publication times or business</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><i>2002</i></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consumer Press
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Great Falls, Mont.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pioneer Shopper
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">St. George, Utah
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Action Advertising
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fond du Lac, Wis.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commercial printing business</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Prairie Publications
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sioux Falls, S.D.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspapers</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Armed Forces Journal International
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McLean, Va.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Magazines</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><i>2003</i></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas-New Mexico Newspapers<BR>
Partnership
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas, New Mexico
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily newspapers</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">InfiNet
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Norfolk, Va.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Internet publishing and information service</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SMG Publishing
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily newspapers, magazines and other related business</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lettercatch Ltd.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspapers</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101 Things to Do
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hawaii
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Magazines and Web site</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kopitzke Corp.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sister Bay, Wis.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper, commercial printing, retail office supply
business and Web site</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cuarto Poder Publicaciones, LLC;
Ashland Publishing, LLC; Ashland
Printing and Mailing, LLC and
AZ Mail
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, Ariz.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspapers and direct
marketing company</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">RB Communications LLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Las Vegas, Nev., Phoenix, Ariz.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Magazines</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pensacola Business Journal
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pensacola, Fla.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bi-monthly publication</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clipper Magazine, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lancaster, Pa.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Direct-mail advertising magazine
company, advertising agency, email
customer retention service and
Web site</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>


<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>


<TR style="font-size: 10pt">
    <TD colspan="7" valign="top" align="left"><B>Dispositions 1999-2003</B></TD>
</TR>




<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>


<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Year disposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Publication times or business</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><i>1999</i></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The San Bernardino County Sun (2)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Bernardino, Calif.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily newspaper</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KVUE-TV (3)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Austin, Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Television station</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><i>2000</i></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Multimedia Cable
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kansas, Oklahoma, North Carolina
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cable television systems</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marin Independent Journal (2)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marin, Calif.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily newspaper</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Classified Gazette (2)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Rafael, Calif.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Semi-weekly newspaper</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Space News
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Springfield, Va.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspaper</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><i>2001</i></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Marietta Times (1)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marietta, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily newspaper</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Reporter
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lansdale, Pa.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily newspaper</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ocean Springs Record and
Gautier Independent
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ocean Springs, Miss.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly newspapers</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><i>2002</i></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vincennes Sun-Commercial (1)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vincennes, Ind.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily newspaper</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><i>2003</i></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">El Paso Times (4)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">El Paso, Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily newspaper</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><I>(1)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>These properties were contributed to the Gannett Foundation, a
not-for-profit, private foundation.</I></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><I>(2)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Contributed for an equity interest in the California Newspaper
Partnership.</I></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><I>(3)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Exchanged for KXTV-TV in Sacramento, Calif.</I></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><I>(4)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Contributed for a 66.2% equity interest in the Texas-New Mexico Newspapers
Partnership.</I></TD>
</TR>

</TABLE>



<P align="right" style="font-size: 10pt">53
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>QUARTERLY STATEMENTS OF INCOME (Unaudited)</B>


<P align="left" style="font-size: 10pt"><I>In thousands of dollars</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B><I>Fiscal year ended December 28, 2003</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1st Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2nd Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>3rd Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>4th Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="21"><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Net operating revenues</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper advertising</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,006,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,115,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,067,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,208,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,397,244</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper circulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">307,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,212,891</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">719,884</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381,096</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,552,245</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,705,283</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,631,283</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,822,304</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,711,115</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating expenses</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost of sales and operating expenses, exclusive
of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">836,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">856,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">849,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">911,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,453,769</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Selling, general and administrative expenses,
exclusive of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">259,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,044,796</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,261</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,271</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,141,252</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,177,141</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,168,821</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,242,883</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,730,097</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Operating
income</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>410,993</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>528,142</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>462,462</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>579,421</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,981,018</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Non-operating (expense)&nbsp;income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36,109</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36,334</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(33,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32,971</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(139,271</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,573</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,612</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,434</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(31,257</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(35,435</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(38,430</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(35,583</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(140,705</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">379,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">492,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">424,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">543,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,840,313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">629,100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Net income</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>249,836</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>324,307</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>279,032</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>358,038</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,211,213</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Net income per share &#151; basic</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>.93</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.21</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.03</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.32</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.49</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Net income per share &#151; diluted (1)</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>.93</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.03</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.46</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">(1)&nbsp;As a result of rounding, the total of the four quarters&#146; earnings per share does not equal the earnings per share for the year.



<P align="left" style="font-size: 10pt">54
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>QUARTERLY STATEMENTS OF INCOME (Unaudited)</B>


<P align="left" style="font-size: 10pt"><I>In thousands of dollars</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B><I>Fiscal year ended December 29, 2002</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1st Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2nd Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>3rd Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>4th Quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="21"><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Net operating revenues</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper advertising</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">969,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,045,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,006,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,100,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,122,685</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Newspaper circulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">292,659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,182,103</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,303</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346,158</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,513,158</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,613,190</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,569,679</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,726,222</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,422,249</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Operating expenses</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cost of sales and operating expenses, exclusive
of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">807,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">799,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">808,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">838,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,254,003</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Selling, general and administrative expenses,
exclusive of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,019,493</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,117</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,327</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,110,649</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,108,985</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,119,019</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,157,287</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,495,940</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Operating income</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>402,509</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>504,205</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>450,660</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>568,935</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,926,309</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Non-operating (expense)&nbsp;income</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28,754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(41,101</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(39,709</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36,795</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(146,359</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,292</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(81</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,015</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,034</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,422</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Total</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(31,046</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(41,182</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(45,724</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(43,829</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(161,781</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">463,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">525,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,764,528</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604,400</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Net income</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>243,563</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>303,923</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>265,636</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>347,006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,160,128</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Net income per share &#151; basic</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>.92</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.14</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>.99</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.35</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Net income per share &#151; diluted (1)</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>.91</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.13</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>.99</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4.31</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">(1)&nbsp;As a result of rounding, the total of the four quarters&#146; earnings per share does not equal the earnings per share for the year.



<P align="left" style="font-size: 10pt"><B>SCHEDULE II &#151; VALUATION AND QUALIFYING ACCOUNTS AND RESERVES</B>


<P align="left" style="font-size: 10pt"><I>In thousands of dollars</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Additions/(reductions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>beginning</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Additions charged</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>for acquisitions/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Deductions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Balance at</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Allowance for doubtful receivables</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to cost and expenses</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>dispositions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>from reserves (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>end of period</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="21"><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fiscal year ended Dec. 28, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">36,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(19,525</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">41,530</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fiscal year ended Dec. 29, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(93</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(24,532</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">36,610</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fiscal year ended Dec. 30, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">37,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(30,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39,138</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">(1)&nbsp;Consists of write-offs, net of recoveries and foreign currency translation adjustments in each year.



<P align="right" style="font-size: 10pt">55
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</B>



<P align="left" style="font-size: 10pt">Not applicable.


<P align="left" style="font-size: 10pt"><B>ITEM 9A. CONTROLS AND PROCEDURES</B>

<P align="left" style="font-size: 10pt">Based on their evaluation, the company&#146;s Chairman, President and Chief
Executive Officer and Senior Vice President and Chief Financial Officer have
concluded the company&#146;s disclosure controls and procedures are effective as of
Dec. 28, 2003, to ensure that information required to be disclosed in the
reports that the company files or submits under the Securities Exchange Act of
1934 is recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission&#146;s rules and forms. There
have been no significant changes in the company&#146;s internal controls or in other
factors that have materially affected, or are reasonably likely to materially
affect, the company&#146;s internal controls over financial reporting.


<P align="left" style="font-size: 10pt"><B>PART III</B>


<P align="left" style="font-size: 10pt"><B>ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT</B>


<P align="left" style="font-size: 10pt">Below is a listing of the executive officers of the company. Executive officers
serve for a term of one year and may be re-elected.


<P align="left" style="font-size: 10pt"><B>Thomas L. Chapple<br></B>
Senior Vice President, Chief Administrative Officer and General Counsel
(2003-present). Formerly: Senior Vice President, General Counsel and Secretary
(1995-2003). Age 56.


<P align="left" style="font-size: 10pt"><B>Paul Davidson<br></B>
Chairman and Chief Executive Officer, Newsquest (2003-present). Formerly: Chief
Executive, Newsquest (2001-2003); Group Managing Director (1995-2001). Age 49.
U.K. citizen.


<P align="left" style="font-size: 10pt"><B>Craig A. Dubow<br></B>
President and CEO, Gannett Broadcasting (2001-present). Formerly: President,
Gannett Television (2000-2001); Executive Vice President, Gannett Television
(1996-2000). Age 49.


<P align="left" style="font-size: 10pt"><B>Daniel S. Ehrman, Jr.<br></B>
Vice President, Planning &#038; Development (1997-present). Age 57.


<P align="left" style="font-size: 10pt"><B>George R. Gavagan<br></B>
Vice President and Controller (1997-present). Formerly: Vice President,
Corporate Accounting Services (1993-1997). Age 57.


<P align="left" style="font-size: 10pt"><B>John B. Jaske<br></B>
Senior Vice President, Labor Relations and Assistant General Counsel
(1992-present). Age 59.


<P align="left" style="font-size: 10pt"><B>Gracia C. Martore<br></B>
Senior Vice President and Chief Financial Officer (2003-present). Formerly:
Senior Vice President, Finance and Treasurer (2001-2002); Treasurer and Vice
President, Investor Relations (1998-2001); Vice President, Treasury Services
and Investor Relations (1996-1998). Age 52.


<P align="left" style="font-size: 10pt"><B>Douglas H. McCorkindale<br></B>
Chairman, President and Chief Executive Officer (2001-present). Formerly:
President, Chief Executive Officer and Vice Chairman (2000-2001); Vice Chairman
and President (1997-2000). Age 64.


<P align="left" style="font-size: 10pt"><B>Craig A. Moon<br></B>
President and Publisher, USA TODAY (2003-present). Formerly: Executive Vice
President, Gannett Newspaper Division (2002-2003); Group President, South
Newspaper Group and President and Publisher, The Tennessean (1999-2002);
President and Publisher, The Tennessean (1989-2002). Age 54.


<P align="left" style="font-size: 10pt"><B>Gary L. Watson<br></B>
President, Gannett Newspaper Division (1990-present). Age 58.


<P align="left" style="font-size: 10pt">Information concerning the Board of Directors of the company is incorporated by
reference to the company&#146;s Proxy Statement pursuant to General Instruction G(3)
to Form 10-K.



<P align="left" style="font-size: 10pt">56
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt"><B>ITEM 11. EXECUTIVE COMPENSATION</B>


<P align="left" style="font-size: 10pt">Incorporated by reference to the company&#146;s Proxy Statement
pursuant to General Instruction G(3) to Form 10-K.


<P align="left" style="font-size: 10pt"><B>ITEM 12. SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</B>


<P align="left" style="font-size: 10pt">Incorporated by reference to the company&#146;s Proxy Statement
pursuant to General Instruction G(3) to Form 10-K.


<P align="left" style="font-size: 10pt"><B>ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>


<P align="left" style="font-size: 10pt">Incorporated by reference to the company&#146;s Proxy Statement
pursuant to General Instruction G(3) to Form 10-K.


<P align="left" style="font-size: 10pt"><B>ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES</B>


<P align="left" style="font-size: 10pt">Incorporated by reference to the company&#146;s Proxy Statement pursuant to General
Instruction G(3) to Form 10-K.


<P align="left" style="font-size: 10pt"><B>PART IV</B>


<P align="left" style="font-size: 10pt"><B>ITEM 15. EXHIBITS, FINANCIAL STATEMENT
SCHEDULES, AND REPORTS ON FORM 8-K</B>


<P align="left" style="font-size: 10pt">(a)&nbsp;Financial Statements, Financial Statement Schedules and Exhibits.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Financial Statements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As listed in the Index to Financial Statements and Supplementary Data on
page 28.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Financial Statement Schedules.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As listed in the Index to Financial Statements and Supplementary Data on
page 28.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: All other schedules are omitted as the required information is not
applicable or the information is presented in the consolidated financial
statements or related notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Pro Forma Financial Information.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;Exhibits.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit&nbsp;Index on pages 61-63 for list of exhibits filed with this Form
10-K. Management contracts and compensatory plans or arrangements are
identified with asterisks on the Exhibit&nbsp;Index.

<P align="left" style="font-size: 10pt">(b)&nbsp;Reports on Form 8-K.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Report on Form 8-K furnished on October&nbsp;15, 2003 pursuant to Item
12 on Form 8-K.


<P align="right" style="font-size: 10pt">57
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">Dated: February&nbsp;24, 2004</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">GANNETT CO., INC. (Registrant)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483113.gif" alt="(GRACIA C. MARTORE SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Gracia C. Martore,<BR>
Senior Vice President<BR>
and Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant in the capacities and on the dates indicated.

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;24, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483114.gif" alt="(DOUGLAS H. MCCORKINDALE SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Douglas H. McCorkindale,<BR>
Director, Chairman, President<BR>
and Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;24, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483113.gif" alt="(GRACIA C. MARTORE SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Gracia C. Martore,<BR>
Senior Vice President<BR>
and Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;24, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483116.gif" alt="(H. JESSE ARNELLE SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">H. Jesse Arnelle, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;24, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483117.gif" alt="(LOUIS D. BOCCARDI SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Louis D. Boccardi, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;24, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483118.gif" alt="(MEREDITH A. BROKAW SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Meredith A. Brokaw, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;24, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483119.gif" alt="(JAMES A. JOHNSON SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">James A. Johnson, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;24, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483120.gif" alt="(STEPHEN P. MUNN SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Stephen P. Munn, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;24, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483121.gif" alt="(DONNA E. SHALALA SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Donna E. Shalala, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;24, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483122.gif" alt="(SOLOMON D. TRUJILLO SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Solomon D. Trujillo, Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: February&nbsp;24, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><IMG src="w94831w9483123.gif" alt="(KAREN HASTIE WILLIAMS SIGNATURE)"></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Karen Hastie Williams, Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">58
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

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<P align="right" style="font-size: 10pt">59
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<P align="left" style="font-size: 10pt">60
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Location</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Restated Certificate of Incorporation of
Gannett Co., Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;3-1 to Gannett Co., Inc.&#146;s
Form&nbsp;10-K for the fiscal year ended December&nbsp;26, 1993
(&#147;1993 Form&nbsp;10-K&#148;). Amendment incorporated by reference to Exhibit
3-1 to the 1993 Form&nbsp;10-K. Amendment dated May&nbsp;2, 2000, incorporated by
reference to Gannett Co., Inc.&#146;s Form&nbsp;10-Q for the fiscal quarter ended March
26, 2000.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-laws of Gannett Co., Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;3-2 to Gannett Co., Inc.&#146;s
Form&nbsp;10-Q for the fiscal quarter ended June&nbsp;29, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3-3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Certificate of Designation, Preferences and
Rights setting forth the terms of the Series&nbsp;A Junior
Participating Preferred Stock, par value $1.00 per
share, of Gannett Co., Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;1 to Gannett Co., Inc.&#146;s
Form&nbsp;8-A filed on May&nbsp;23, 1990.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture dated as of March&nbsp;1, 1983 between
Gannett Co., Inc. and Citibank, N.A., as Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;4-2 to Gannett Co., Inc.&#146;s
Form&nbsp;10-K for the fiscal year ended December&nbsp;29, 1985.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Supplemental Indenture dated as of November&nbsp;5,
1986 among Gannett Co., Inc., Citibank, N.A., as
Trustee, and Sovran Bank, N.A., as Successor Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;4 to Gannett Co., Inc.&#146;s
Form&nbsp;8-K filed on November&nbsp;9, 1986.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4-3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Supplemental Indenture dated as of June&nbsp;1,
1995, among Gannett Co., Inc., NationsBank, N.A.,
as Trustee, and Crestar Bank, as Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;4 to Gannett Co., Inc.&#146;s
Form&nbsp;8-K filed on June&nbsp;15, 1995.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4-4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Supplemental Indenture, dated as of March&nbsp;14,
2002, between Gannett Co., Inc. and Wells Fargo
Bank Minnesota, N.A., as Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;4.16 to Gannett Co., Inc.&#146;s
Form&nbsp;8-K filed on March&nbsp;14, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4-5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement, dated as of May&nbsp;21, 1990, between
Gannett Co., Inc. and First Chicago Trust Company
of New York, as Rights Agent.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;1 to Gannett Co., Inc.&#146;s
Form&nbsp;8-A filed on May&nbsp;23, 1990.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4-5-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;1 to Rights Agreement, dated as of
May&nbsp;2, 2000, between Gannett Co., Inc. and Norwest
Bank Minnesota, N.A., as successor rights agent to
First Chicago Trust Company of New York.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;2 to Gannett Co., Inc.&#146;s
Form&nbsp;8-A/A filed on May&nbsp;2, 2000.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4-6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Rights Certificate.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;1 to Gannett Co., Inc.&#146;s
Form&nbsp;8-A filed on May&nbsp;23, 1990.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4-7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Certificate for Gannett Co., Inc.&#146;s common
stock, par value $1.00 per share.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;2 to Gannett Co., Inc.&#146;s
Form&nbsp;8-B filed on June&nbsp;14, 1972.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$3,000,000,000 Competitive Advance and Revolving
Credit Agreement among Gannett Co., Inc. and the
Banks named therein.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;4-10 to Gannett Co., Inc.&#146;s
Form&nbsp;10-Q filed on August&nbsp;9, 2000.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-1-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment Number One to $3,000,000,000
Competitive Advance and Revolving Credit
Agreement among Gannett Co., Inc. and the Banks
named therein.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;4-11 to Gannett Co., Inc.&#146;s
Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2000.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-1-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment Number Two to $3,000,000,000
Competitive Advance and Revolving Credit
Agreement among Gannett Co., Inc. and the Banks
named therein.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;4-12 to Gannett Co., Inc.&#146;s
Form&nbsp;10-Q for the quarter ended July&nbsp;2, 2001.</TD>
</TR>

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</TABLE>
</DIV>



<P align="right" style="font-size: 10pt">61
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Competitive Advance and Revolving Credit Agreement
dated as of March&nbsp;11, 2002, among Gannett Co., Inc.,
the several lenders from time to time parties thereto,
Bank of America, N.A., as Administrative Agent,
JP Morgan Chase Bank and Bank One NA, as
Co-Syndication Agents, and Barclays Bank PLC, as
Documentation Agent (the &#147;2002 Credit Agreement&#148;).
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;10.11 to Gannett Co., Inc.&#146;s
Form&nbsp;8-K filed on March&nbsp;14, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-2-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amendment, dated as of February&nbsp;28, 2003
and effective as of March&nbsp;17, 2003 to the Competitive
Advance and Revolving Credit Agreement dated as of
March&nbsp;11, 2002 among Gannett Co., Inc., the several
lenders from time to time parties thereto, Bank of
America, N.A., as Administrative Agent, JP Morgan
Chase Bank and Bank One NA, as Co-Syndication
Agents, and Barclay Bank PLC, as Documentation
Agent.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;4-13 to Gannett Co., Inc.&#146;s
Form&nbsp;10-K for the fiscal year ended December&nbsp;29, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gannett Co., Inc. 1978 Executive Long-Term
Incentive Plan.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;10-3 to Gannett Co., Inc.&#146;s
Form&nbsp;10-K for the fiscal year ended December&nbsp;28, 1980.
Amendment No.&nbsp;1 incorporated by reference to Exhibit&nbsp;20-1 to Gannett Co.,
Inc.&#146;s Form&nbsp;10-K for the fiscal year ended
December&nbsp;27, 1981. Amendment No.&nbsp;2 incorporated by
reference to Exhibit&nbsp;10-2 to Gannett Co., Inc.&#146;s Form&nbsp;10-K for the fiscal
year ended December&nbsp;25, 1983. Amendments Nos. 3
and 4 incorporated by reference to Exhibit&nbsp;4-6 to Gannett Co., Inc.&#146;s Form
S-8 Registration Statement No.&nbsp;33-28413 filed on May&nbsp;1, 1989. Amendments Nos. 5
and 6 incorporated by reference to Exhibit&nbsp;10-8 to Gannett Co., Inc.&#146;s Form&nbsp;10-K for the fiscal
year ended December&nbsp;31, 1989. Amendment No.&nbsp;7 incorporated by reference to
Gannett Co., Inc.&#146;s Form&nbsp;S-8 Registration Statement No.&nbsp;333-04459 filed on May
24, 1996. Amendment No.&nbsp;8 incorporated by reference to Exhibit&nbsp;10-3 to Gannett Co.,
Inc.&#146;s Form&nbsp;10-Q for the quarter ended September&nbsp;28, 1997. Amendment dated
December&nbsp;9, 1997, incorporated by reference to Gannett Co., Inc.&#146;s 1997 Form&nbsp;10-K. Amendment No.&nbsp;9
incorporated by reference to Exhibit&nbsp;10-3 to Gannett Co., Inc.&#146;s Form&nbsp;10-Q for
the quarter ended June&nbsp;27, 1999. Amendment No.&nbsp;10 incorporated by reference to
Exhibit&nbsp;10-3 to Gannett Co., Inc.&#146;s Form&nbsp;10-Q for the quarter ended June&nbsp;25, 2000.
Amendment No.&nbsp;11 incorporated by reference to Exhibit&nbsp;10-3
to Gannett Co., Inc.&#146;s Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2000.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description of supplemental insurance benefits.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to the same-numbered Exhibit to Gannett Co., Inc.&#146;s Form&nbsp;10-K for the fiscal
year ended December&nbsp;29, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gannett Supplemental Retirement Plan Restatement
dated February&nbsp;1, 2003.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;10-1 to Gannett Co., Inc.&#146;s
Form&nbsp;10-Q for the quarter ended June&nbsp;29, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gannett Co., Inc. Retirement Plan for Directors.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;10-10 to the 1986 Form
10-K. 1991 Amendment incorporated by reference to Exhibit&nbsp;10-2 to Gannett
Co., Inc.&#146;s Form&nbsp;10-Q for the quarter ended September&nbsp;29, 1991. Amendment to
Gannett Co., Inc. Retirement Plan for Directors dated October&nbsp;31, 1996,
incorporated by reference to Exhibit&nbsp;10-6 to Gannett Co., Inc.&#146;s
Form&nbsp;10-K for the fiscal year ended December&nbsp;29, 1996.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">62
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gannett Co., Inc. Deferred Compensation Plan
Restatement dated February&nbsp;1, 2003 (reflects all
amendments through October&nbsp;20, 2003).*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;10.1 to Gannett Co., Inc.&#146;s
Form&nbsp;10-Q for the quarter ended September&nbsp;28, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gannett Co., Inc. Transitional Compensation Plan.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;10-8 to Gannett Co., Inc.&#146;s
Form&nbsp;10-K for the fiscal year ended December&nbsp;30, 2001.
Amendment dated December&nbsp;3, 2002 incorporated by reference to the
same-numbered Exhibit to Gannett Co., Inc.&#146;s Form&nbsp;10-K for the year ended
December&nbsp;29, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement dated July&nbsp;21, 2003
between Gannett Co., Inc. and Douglas H.
McCorkindale.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;10-3 to Gannett Co., Inc.&#146;s
Form&nbsp;10-Q for the quarter ended September&nbsp;28, 2003.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Omnibus Incentive Compensation Plan.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit&nbsp;No.&nbsp;10.1 to Gannett Co., Inc.&#146;s Registration Statement on Form&nbsp;S-8
(Registration No.&nbsp;333-105029).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gannett Co., Inc. Savings-Related
Share Option Scheme for Employees of Gannett U.K. Limited and its Subsidiaries.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to the same-numbered Exhibit to
Gannett Co., Inc.&#146;s Form&nbsp;10-K
for the year ended December&nbsp;29, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gannett U.K. Limited Share Incentive Plan.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to the same-numbered Exhibit to Gannett Co., Inc.&#146;s
Form&nbsp;10-K for the year ended December&nbsp;29, 2002.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10-13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Service Agreement, dated as of July&nbsp;23, 2001, by
and between Newsquest Media Group Limited and
Paul Davidson.*
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attached.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries of Gannett Co., Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attached.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Accountants.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attached.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification Pursuant to Rule&nbsp;13a-14(a) under the
Securities Exchange Act of 1934.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attached.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification Pursuant to Rule&nbsp;13a-14(a) under the
Securities Exchange Act of 1934.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attached.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification Pursuant to 18 U.S.C. Section&nbsp;1350,
As Adopted Pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attached.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification Pursuant to 18 U.S.C. Section&nbsp;1350,
As Adopted Pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attached.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">For purposes of the incorporation by reference of documents as Exhibits, all
references to Form 10-K or 10-Q of Gannett Co., Inc. refer to Forms 10-K and
10-Q filed with the Commission under Commission file number 1-6961.


<P align="left" style="font-size: 10pt">The company agrees to furnish to the Commission, upon request, a copy of each
agreement with respect to long-term debt not filed
herewith in reliance upon the exemption from filing applicable to any series of
debt which does not exceed 10% of the total consolidated assets of the company.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Asterisks identify management contracts and compensatory plans or arrangements.</TD>
</TR>

</TABLE>


<P align="right" style="font-size: 10pt">63
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>GLOSSARY OF FINANCIAL TERMS</B>


<P align="left" style="font-size: 10pt">Presented below are definitions of certain key financial and operational terms
that we hope will enhance your reading and understanding of Gannett&#146;s 2003 Form
10-K.


<P align="left" style="font-size: 10pt"><B>ADVERTISING LINAGE </B>- Measurement term for the volume of space sold as
advertising in the company&#146;s newspapers; refers to number of column inches,
with each newspaper page composed of five to six columns.


<P align="left" style="font-size: 10pt"><B>BALANCE SHEET </B>- A summary statement that reflects the company&#146;s assets,
liabilities and shareholders&#146; equity at a particular point in time.


<P align="left" style="font-size: 10pt"><B>BROADCASTING REVENUES </B>- Primarily amounts charged to customers for commercial
advertising aired on the company&#146;s television stations.


<P align="left" style="font-size: 10pt"><B>CIRCULATION </B>- The number of newspapers sold to customers each day (&#147;paid
circulation&#148;). The company keeps separate records of morning, evening and
Sunday circulation.


<P align="left" style="font-size: 10pt"><B>CIRCULATION REVENUES </B>- Amounts charged to newspaper readers or distributors
reduced by the amount of discounts. Charges vary from city to city and depend
on the type of sale (i.e., subscription or single copy) and distributor
arrangements.


<P align="left" style="font-size: 10pt"><B>COMPARABLE BASIS </B>- The company&#146;s operating results stated as if Statement of
Financial Accounting Standard No.&nbsp;142 &#147;Goodwill and Other Intangible Assets&#148;
had been adopted at the beginning of 1998. See further discussion of accounting
change on page 18 and in Note 3 on page 38.


<P align="left" style="font-size: 10pt"><B>COMPREHENSIVE INCOME </B>- The change in equity (net assets) of the company from
transactions and other events from non-owner sources. Comprehensive income
comprises net income and other items previously reported directly in
shareholders&#146; equity, principally the foreign currency translation adjustment.


<P align="left" style="font-size: 10pt"><B>CURRENT ASSETS </B>- Cash and other assets that are expected to be converted to
cash within one year.


<P align="left" style="font-size: 10pt"><B>CURRENT LIABILITIES </B>- Amounts owed that will be paid within one year.


<P align="left" style="font-size: 10pt"><B>DEFERRED INCOME </B>- Revenue derived principally from advance subscription
payments for newspapers. Revenue is recognized in the period in which it is
earned.


<P align="left" style="font-size: 10pt"><B>DEPRECIATION </B>- A charge against the company&#146;s earnings that allocates the cost
of property, plant and equipment over the estimated useful lives of the assets.


<P align="left" style="font-size: 10pt"><B>DIVIDEND </B>- Payment by the company to its shareholders of a portion of its
earnings.


<P align="left" style="font-size: 10pt"><B>EARNINGS PER SHARE (basic) </B>- The company&#146;s earnings divided by the average
number of shares outstanding for the period.


<P align="left" style="font-size: 10pt"><B>EARNINGS PER SHARE (diluted) </B>- The company&#146;s earnings divided by the average
number of shares outstanding for the period, giving effect to assumed dilution
from outstanding stock options and stock incentive rights.


<P align="left" style="font-size: 10pt"><B>GAAP </B>- Generally accepted accounting principles.


<P align="left" style="font-size: 10pt"><B>GOODWILL </B>- In a business purchase, this represents the excess of amounts paid
over fair value of tangible and other identified intangible assets acquired.
The company adopted a new accounting standard on Dec. 31, 2001, the first day
of fiscal 2002, under which goodwill is only written off if it is considered to
be impaired. (Also see &#147;Purchase.&#148;)


<P align="left" style="font-size: 10pt"><B>INVENTORIES </B>- Raw materials, principally newsprint, used in the business.


<P align="left" style="font-size: 10pt"><B>NEWSPAPER ADVERTISING REVENUES </B>- Amounts charged to customers for space
(&#147;advertising linage&#148;) purchased in the company&#146;s newspapers. There are three
major types of advertising revenue: retail ads from local merchants, such as
department stores; classified ads, which include automotive, real estate and
&#147;help wanted&#148;; and national ads, which promote products or brand names on a
nationwide basis.


<P align="left" style="font-size: 10pt"><B>OPERATING CASH FLOW </B>- A non-GAAP measure of operating income adjusted for
depreciation and amortization of intangible assets.


<P align="left" style="font-size: 10pt"><B>PRO FORMA </B>- A non-GAAP manner of presentation intended to improve comparability
of financial results; it assumes business purchases/dispositions were completed
at the beginning of the earliest period discussed (i.e., results are compared
for all periods but only for businesses presently owned).


<P align="left" style="font-size: 10pt"><B>PURCHASE </B>- A business acquisition. The acquiring company records at its cost
the acquired assets less liabilities assumed. The reported income of an
acquiring company includes the operations of the acquired company from the date
of acquisition.


<P align="left" style="font-size: 10pt"><B>RESULTS OF CONTINUING OPERATIONS </B>- A key section of the statement of income
which presents operating results for the company&#146;s principal ongoing businesses
(newspaper and broadcasting).


<P align="left" style="font-size: 10pt"><B>RETAINED EARNINGS </B>- The earnings of the company not paid out as dividends to
shareholders.


<P align="left" style="font-size: 10pt"><B>STATEMENT OF CASH FLOWS </B>- A financial statement that reflects cash flows from
operating, investing and financing activities, providing a comprehensive view
of changes in the company&#146;s cash and cash equivalents.


<P align="left" style="font-size: 10pt"><B>STATEMENT OF CHANGES IN SHAREHOLDERS&#146; EQUITY </B>- A statement that reflects
changes in the common stock, retained earnings and other equity accounts.


<P align="left" style="font-size: 10pt"><B>STATEMENT OF INCOME </B>- A financial statement that reflects the company&#146;s profit
by measuring revenues and expenses.


<P align="left" style="font-size: 10pt"><B>STOCK OPTION </B>- An award that gives key employees the right to buy shares of the
company&#146;s stock, pursuant to a vesting schedule, at the market price of the
stock on the date of the award.




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<TYPE>EX-10.13
<SEQUENCE>3
<FILENAME>w94831exv10w13.htm
<DESCRIPTION>EXHIBIT 10.13
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<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.13



<P align="left" style="font-size: 10pt">THIS AGREEMENT is dated as of the 23rd July&nbsp;2001.


<P align="left" style="font-size: 10pt">



<P align="left" style="font-size: 10pt">BETWEEN



<P align="left" style="font-size: 10pt">(1)&nbsp;NEWSQUEST MEDIA GROUP LTD a company having its registered office at
Newspaper House, 34-44 London Road, Morden, Surrey SM4 5BR (the &#147;Company&#148;); and


<P align="left" style="font-size: 10pt">(2)&nbsp;PAUL DAVIDSON (the &#147;Executive&#148;).


<P align="left" style="font-size: 10pt">WHEREAS


<P align="left" style="font-size: 10pt">The Executive is a director and is employed by the Company and it is desired to
regulate the terms of the Executive&#146;s employment with the Company.


<P align="left" style="font-size: 10pt">NOW IT IS HEREBY AGREED


<P align="left" style="font-size: 10pt">1.&nbsp;JOB TITLE


<P align="left" style="font-size: 10pt">The Company agrees to employ the Executive and the Executive agrees to act as
Chief Executive of the Company or in such other appointment as may from time to
time be agreed (the &#147;Appointment&#148;) and the Executive agrees to serve the
Company upon the terms set out in this Agreement.


<P align="left" style="font-size: 10pt">The Executive will report to the President of Gannett Co., Inc.


<P align="left" style="font-size: 10pt">2.&nbsp;PERIOD



<P align="left" style="margin-left:5%; font-size: 10pt">(a)&nbsp;The Appointment shall commence on the date hereof and (subject
to the provisions for termination of this Agreement) shall
continue until terminated by either party giving to the other not
less than 12&nbsp;months previous notice in writing to that effect.



<P align="left" style="margin-left:5%; font-size: 10pt">(b)&nbsp;Notwithstanding the provisions of Sub-Clause 2(a) the
Appointment will terminate automatically when the Executive
reaches the age of sixty five.



<P align="left" style="margin-left:5%; font-size: 10pt">(c)&nbsp;The Company may at its absolute discretion elect to terminate
the employment of the Executive with immediate effect by paying to
the Executive salary and an amount equal to the value of the other
benefits available to the Executive hereunder in lieu of notice.


<P align="left" style="font-size: 10pt">3.&nbsp;DUTIES OF EXECUTIVE


<P align="left" style="font-size: 10pt">During the continuance of the Appointment:



<P align="left" style="margin-left:5%; font-size: 10pt">(a)&nbsp;The Executive shall devote the whole of his time, attention
and skill to the duties of his office and shall faithfully,
efficiently, competently and diligently perform such duties and
exercise such powers as may from time to time be assigned to or
vested in him and shall obey all reasonable and lawful directions
given to him by or under the authority of the


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<P align="left" style="margin-left:5%; font-size: 10pt">Board and use all reasonable endeavours to promote and extend the
Company&#146;s business and to protect and further the interest and
reputation of the Company;



<P align="left" style="margin-left:5%; font-size: 10pt">(b)&nbsp;the Company reserves the right to assign to the Executive
duties of a different nature to those which are consistent with
the job title set out in Clause 1 provided such duties are of an
equivalent or higher status to those consistent with the job title
set out in Clause 1;



<P align="left" style="margin-left:5%; font-size: 10pt">(c)&nbsp;the Executive may be required in pursuance of his duties
hereunder to perform services not only for the Company but also
for any associated company for so long as the Company requires and
(without further remuneration) to accept such offices in any
associated company as the Company may from time to time reasonably
require and the Executive shall carry out such duties as if they
were duties to be performed by him on behalf of the Company and
the obligations contained herein shall apply mutatis mutandis as
if all references to &#147;the Company&#148; are references to the relevant
associated company;



<P align="left" style="margin-left:5%; font-size: 10pt">(d)&nbsp;the Executive hereby agrees that the Company shall be entitled
from time to time without any further consent to second him to the
employment of any associated company but without prejudice to his
rights hereunder and the Executive shall carry out such duties as
if they were duties to be performed by him on behalf of the
Company and the obligations contained herein shall apply mutatis
mutandis as if all references to &#147;the Company&#148; are references to
the relevant associated company;



<P align="left" style="margin-left:5%; font-size: 10pt">(e)&nbsp;the Executive hereby warrants to the Company that he shall
not, as a consequence of carrying out his duties hereunder, or
entering into this Agreement or other agreements or arrangements
made or to be made between the Company or any associated company
and him commit any breach of any terms express or implied (whether
concerning confidentiality, non-competition or otherwise) of any
contract with or of any other obligation to any third party
binding upon him;



<P align="left" style="margin-left:5%; font-size: 10pt">(f)&nbsp;the Executive shall not during the term of this Agreement
(except with the prior consent in writing of the Board) be
directly or indirectly engaged or concerned in the conduct of any
other business which is wholly or partly in competition with any
business carried on by the Company or any associated company
whether by himself or in partnership with or as agent, employee or
representative of any third party nor shall he be directly or
indirectly interested in any such business save through his
holding or being interested in investments (quoted or unquoted)
not representing more than one per cent of the issued securities
of any class of any one company;



<P align="left" style="margin-left:5%; font-size: 10pt">(g)&nbsp;the Executive shall, if called upon to do so and without any
further remuneration other than is herein mentioned, perform his
duties hereunder at premises in any part of the United Kingdom as
may be agreed between the Executive and the Company. If in
accordance with this sub-clause the Executive is required to
change his residence the Company will reimburse the Executive such
removal and other expense incidental to such change of residence
as the Company may consider fair and reasonable in the
circumstances together with the disturbance allowance in
accordance with the Company&#146;s policy;



<P align="left" style="margin-left:5%; font-size: 10pt">(h)&nbsp;the Executive shall at all times keep the Board promptly and
fully informed (in writing if so requested) of his conduct of the
business or affairs of the Company or any associated company and
provide such further information, written records and/or
explanation as the Board may reasonably require; and


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<P align="left" style="margin-left:5%; font-size: 10pt">(i)&nbsp;the Executive may be required in pursuance of his duties
hereunder to travel and stay on a temporary basis outside the
United Kingdom, but shall not, without his consent, be required to
reside outside the United Kingdom.


<P align="left" style="font-size: 10pt">4.&nbsp;FURTHER OBLIGATIONS OF THE EXECUTIVE



<P align="left" style="margin-left:5%; font-size: 10pt">(a)&nbsp;The Executive shall during the continuance of his employment
and for the period of 6&nbsp;months after its termination comply (and
shall procure that his spouse or partner and his minor children
shall comply) with all applicable rules of law, New York Stock
Exchange regulations in respect of the stock of Gannett Co., Inc.,
and codes of conduct of the Company and any associated company for
the time being in force in relation to dealings in shares,
debentures or other securities of the Company or any associated
company or any unpublished price sensitive information affecting
the securities of any other company (provided that the Executive
shall be entitled to exercise any options granted to him under any
share option scheme established by the Company or any associated
company subject to the rules of any such scheme).



<P align="left" style="margin-left:5%; font-size: 10pt">(b)&nbsp;The Executive shall in relation to any dealings in securities
of overseas companies comply with all laws of any foreign state
affecting dealings in the securities of such companies and all
regulations of any relevant stock exchanges on which such dealings
take place.



<P align="left" style="margin-left:5%; font-size: 10pt">(c)&nbsp;During the continuance of his employment the Executive:



<P align="left" style="margin-left:9%; font-size: 10pt">(i)&nbsp;shall not directly or indirectly procure accept
or obtain for his own benefit (or for the benefit of
any other person) any payment, rebate, discount,
commission, vouchers, gift entertainment, or other
benefit (&#147;Gratuities&#148;) from any third party in
respect of any business transacted or proposed to be
transacted (whether or not by him) or by or on
behalf of the Company or any associated company; and



<P align="left" style="margin-left:9%; font-size: 10pt">(ii)&nbsp;shall observe the terms of any policy issued by
the Company in relation to Gratuities; and



<P align="left" style="margin-left:9%; font-size: 10pt">(iii)&nbsp;shall immediately disclose and account to the
Company for any Gratuities received by him (or by
any other person on his behalf or at his
instruction).


<P align="left" style="font-size: 10pt">5.&nbsp;SALARY AND OTHER BENEFITS


<P align="left" style="font-size: 10pt">During the continuance of the Appointment:



<P align="left" style="margin-left:5%; font-size: 10pt">(a)&nbsp;The Company shall pay to the Executive a salary at the rate of
TWO HUNDRED AND FIFTEEN THOUSAND POUNDS (GBP 215,000) per annum or
such rate as may from time to time be agreed by the Company, such
salary to be subject to review in January each year beginning
January&nbsp;2003 (any adjustment not to be downwards) and shall be
inclusive of any other remuneration from the Company or any
associated company including, without prejudice to the above
generality, any fees receivable by the Executive as a Director of
the


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="margin-left:5%; font-size: 10pt">Company or any associated company. The said salary (less tax and
statutory deductions) shall be payable to the Executive by equal
monthly payments two weeks in arrears on the fifteenth day of each
month and shall be deemed to accrue on a daily basis;



<P align="left" style="margin-left:5%; font-size: 10pt">(b)&nbsp;The Executive shall during the continuance of his employment,
be entitled to be paid bonuses on achievement of or exceeding
performance levels set annually by the Remuneration Committee;



<P align="left" style="margin-left:5%; font-size: 10pt">(c)&nbsp;The Company shall refund to the Executive, subject where
appropriate to the production of vouchers, all reasonable
out-of-pocket expenses properly incurred by him in the performance
of his duties including expenses of entertainment, subsistence and
travelling and where the Company issues a company sponsored credit
or charge card the Executive shall use such card only for those
expenses reimbursable in terms of this Sub-Clause 5(c) and the
Company reserves the right in its absolute discretion to withdraw
the use of such card(s) from the Executive at any time without
assigning any reason therefore;



<P align="left" style="margin-left:5%; font-size: 10pt">(d)&nbsp;The Executive shall conform to such hours of work as may from
time to time reasonably be required of him in the performance of
his duties hereunder for the Company or any associated company and
shall not be entitled to receive any additional remuneration for
work outside the normal hours;



<P align="left" style="margin-left:5%; font-size: 10pt">(e)&nbsp;The Executive shall be entitled without loss of remuneration
to 25 working days holiday in each holiday year of the Company
which is the calendar year (in addition to Bank and other public
holidays) to be taken at such time or times as the Company may
approve. The Executive shall not be entitled to carry forward any
annual holiday entitlement foregone by him for any reason during
the holiday year in which it accrued. Neither Saturday nor Sunday
shall be regarded as a working day. Upon the termination of his
employment the Executive&#146;s entitlement to accrued holiday pay
shall be calculated on a pro rata basis in respect of each
completed month of service in the holiday year in which his
employment terminates and the appropriate amount shall be paid to
the Executive provided that if the Executive shall have taken more
days&#146; holiday than his accrued entitlement the Company is hereby
authorised to make an appropriate deduction from the Executive&#146;s
final salary payment;



<P align="left" style="margin-left:5%; font-size: 10pt">(f)&nbsp;Without prejudice to the Company&#146;s rights under clause 9 below
during any period of absence from work due to sickness or accident
the Executive shall (after giving the Company when required
evidence satisfactory to it of incapacity and continuing
incapacity to work) be paid as follows:



<P align="left" style="margin-left:9%; font-size: 10pt">Period of Service Duration of Benefit



<P align="left" style="margin-left:9%; font-size: 10pt">Under 1&nbsp;year 15&nbsp;weeks in any period of 12&nbsp;months<br>
1&nbsp;year but under 5&nbsp;years 30&nbsp;weeks in any period of 12&nbsp;months<br>
5&nbsp;years and over 52&nbsp;weeks in any period of 18&nbsp;months



<P align="left" style="margin-left:9%; font-size: 10pt">In each case there shall be deducted from the
Executive&#146;s remuneration any statutory sick pay or
sick pay or social security benefits under which he
is entitled to claim in consequence of such sickness
or accident under the National Insurance scheme for
the time being in force (whether such income benefit
is


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="margin-left:9%; font-size: 10pt">received or not) and/or any scheme for the time
being in force of which by virtue of his employment
with the Company he is a non-contributory member
provided that after the period of twelve months the
payment of salary shall be at the discretion of the
Company.



<P align="left" style="margin-left:5%; font-size: 10pt">(g)&nbsp;subject to the rules for the time being applicable thereto the
Executive shall be entitled to continued membership of the
Enhanced Section of the Newsquest Pension Scheme (the &#147;Scheme&#148;).
Whilst the Executive continues in membership changes in the rules
of the Scheme will be notified in writing to the Executive within
one month and copies of the rules of the Scheme for the time being
in force will be made available to him for inspection on
application to the Secretary of the Company. The Company has
special arrangements for employees who are affected by the
earnings cap (introduced by the Finance Act 1989) and details of
the arrangements which apply to the Executive are contained in a
separate letter from the Company to the Executive;



<P align="left" style="margin-left:5%; font-size: 10pt">(h)&nbsp;the Company shall provide the Executive, his spouse and his
unmarried children (if any) under the age of 21 (or under the age
of 25 if they are continuing in full time education) with
membership of a private health scheme without excess, or at the
discretion of the Board at an alternative private health scheme
providing similar benefits;



<P align="left" style="margin-left:5%; font-size: 10pt">(i)&nbsp;the Company will maintain Director&#146;s and Officer&#146;s Liability
Insurance for the Executive during the course of his employment at
a level at which such insurance is normally maintained for
businesses of the size of the Company such insurance will cover
the Executive&#146;s reasonable legal costs incurred by him in
defending any action brought against the Executive arising out of
the performance of his duties under this Agreement; and



<P align="left" style="margin-left:5%; font-size: 10pt">(j)&nbsp;If the Executive&#146;s employment under this Agreement is
terminated by reason of redundancy (as defined by section 139 of
the Employment Rights Act 1996) the Executive will be entitled to
receive a redundancy payment equal to one month&#146;s basic salary (as
referred to in Clause 5(a)
above) for every year that he has been employed by the Company or
in any employment in respect of which his employment with the
Company is continuous, up to a maximum of 12&nbsp;months salary (as
aforesaid) such payment to be in addition to any other entitlement
of the Executive arising out of the termination of his employment
under this Agreement.


<P align="left" style="font-size: 10pt">6.&nbsp;MOTOR CAR


<P align="left" style="font-size: 10pt">For the purpose of enabling the Executive properly to perform his duties
hereunder the Company shall provide him with the use of a motor car of a make,
model and specification compatible with his status in the Company in accordance
with the Company&#146;s car policy from time to time and shall defray the insurance
costs and all running costs. The Executive will pay all petrol costs and be
refunded on an agreed scale for all business mileage. The Executive shall,
except at such times as the vehicle is by arrangement with the Company, out
with the Executive&#146;s custody and control, be responsible for ensuring that such
vehicle is at all times in the state and condition required by law and that
(where applicable) a test certificate in relation thereto is in force and for
ensuring that he holds a valid United Kingdom drivers licence at all times
which shall be produced to the Company on demand. The Executive will be
required at all times to conform with the Company&#146;s regulations regarding the
provision of motor vehicles and in particular shall procure that the insurance
cover relating to the vehicle provided is not prejudiced or avoided.


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">7. NON-DISCLOSURE OF CONFIDENTIAL INFORMATION




<P align="left" style="margin-left:5%; font-size: 10pt">(a)&nbsp;The Executive shall not directly or indirectly divulge or
communicate to any person (other than those within the employment
of the Company whose province it is to know the same or with the
prior written authority of the Company or as otherwise required by
law) nor shall he make use of (otherwise than for the purposes of
performing his duties hereunder) any of the trade secrets,
designs, techniques, design improvements, know-how, business
information, methods, lists or other confidential information of
the Company or of any associated company or of their respective
customers which he may (whether heretofore or hereafter) have
received or obtained while in the service of the Company or any
associated company is bound by an obligation of confidentiality to
a third party (&#147;Confidential Information&#148;). This restriction shall
continue to apply after the termination of the Appointment.



<P align="left" style="margin-left:5%; font-size: 10pt">(b)&nbsp;The Executive shall use his best endeavours to prevent the
publication or disclosure of any Confidential Information whether
relating to trade dealings, financial affairs or otherwise.



<P align="left" style="margin-left:5%; font-size: 10pt">(c)&nbsp;The restrictions contained in this Clause 7 shall cease to
apply to any Confidential Information which may (otherwise than by
reason of the default of the Executive) become available to the
public generally.



<P align="left" style="margin-left:5%; font-size: 10pt">(d)&nbsp;The Executive shall not during the continuation of the
Appointment make (otherwise than for the benefit of the Company or
any associated company) any notes, memoranda, tape recordings,
films, photographs, plans, drawings or any form of record relating
to any matter within the scope of the business of the Company or
any associated company or concerning any of the dealings or
affairs of the Company or any associated company (&#147;the Company
Records&#148;).



<P align="left" style="margin-left:5%; font-size: 10pt">(e)&nbsp;The provisions of this Clause 7 shall apply mutatis mutandis
to any secret information or Confidential Information the
Executive may have received or obtained while in the employment of
any associated company or of any company to which the Executive
has been seconded in terms of Sub-Clause 3(c) hereof as if all
references to &#147;the Company&#148; are references to the relevant
associated company or company to which the Executive is seconded.


<P align="left" style="font-size: 10pt">8.&nbsp;INVENTIONS


<P align="left" style="font-size: 10pt">In view of the fact that the business of the Company and of its associated
companies consists in part of the development and exploitation of inventions,
techniques and methods and that it is the Executive&#146;s responsibility to further
the interests of the Company and its associated companies in respect thereof he
agrees that each and every discovers, invention, improvement, design and secret
process made or discovered by him (whether alone or with any other person or
persons) at any time whether before or after the date hereof but after he
became an employee of the Company whether capable of being patented or
registered or not (and whether or not made or discovered in the course of his
employment hereunder) in connection with or in any way affecting or relating to
the business of the Company or of any associated company or capable of being
used or adapted for use therein or in connection therewith shall forthwith be
disclosed to the Company and shall belong to and be the absolute property of
the Company or such associated company as the Company may nominate for the
purpose. If and whenever


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<P align="left" style="font-size: 10pt">required so to do (whether during or after the termination of the Appointment)
the Executive shall at the expense of the Company apply or join in or appoint
the Company as his agent with full powers for the purposes of applying for
letters patent or other equivalent protection in the United Kingdom or any
other part of the world for any such discovery, invention, improvement, design
and secret process as aforesaid and execute all instruments and do all things
necessary for vesting the said letters patent or other equivalent protection
when obtained and all right, title and interest to and in the same in the
Company (or its nominees) absolutely and as sole beneficial owner or in such
other person as the Company may require; provided always that nothing herein
shall prejudice the rights of the Executive as contained in Sections&nbsp;40 to 43
of the Patents Act 1977 as
amended by the Copyright, Designs and Patents Act 1988. The Company hereby
undertakes to indemnify the Executive for all liabilities arising out of the
unauthorised use of the power of attorney granted pursuant to this clause.


<P align="left" style="font-size: 10pt">



<P align="left" style="font-size: 10pt">9. TERMINATION




<P align="left" style="margin-left:5%; font-size: 10pt">(a)&nbsp;Without in any way limiting any rights of the Company this
Agreement shall be subject to termination by the Company forthwith
without notice or payment in lieu of notice:



<P align="left" style="margin-left:9%; font-size: 10pt">(i)&nbsp;if the Executive shall have committed any
serious or material breach (whether by one or
several acts or omissions) of his obligations
hereunder; or



<P align="left" style="margin-left:9%; font-size: 10pt">(ii)&nbsp;if the Executive shall have repeated or
continued any breach of his obligations hereunder
after he has at any time received written warning
from the Company in respect of such breach; or



<P align="left" style="margin-left:9%; font-size: 10pt">(iii)&nbsp;if the Executive shall have been found guilty
of any criminal offence (other than under the Road
Traffic Acts from time to time in force which does
not involve a custodial sentence and other than in
relation to any criminal offence committed by the
Executive as a consequence of the publication of any
matter in a newspaper, magazine or periodical
published by the Company or any associated company
which has not knowingly been cleared by the
Executive and in circumstances where no personal
blame is attributed to the Executive); or



<P align="left" style="margin-left:9%; font-size: 10pt">(iv)&nbsp;shall have become insolvent or shall have
compounded with or granted a trust deed for his
creditors (or their respective equivalents in any
jurisdiction); or



<P align="left" style="margin-left:9%; font-size: 10pt">(v)&nbsp;if the Executive is guilty of conduct which
brings the Company or any associated company into
disrepute;



<P align="left" style="margin-left:9%; font-size: 10pt">(vi)&nbsp;if the Executive is or becomes prohibited by
law from being a director; or



<P align="left" style="margin-left:9%; font-size: 10pt">(vii)&nbsp;if the Executive voluntarily resigns as a
director of the Company except at the request of the
Company.



<P align="left" style="margin-left:5%; font-size: 10pt">(b)&nbsp;If the Company has any grounds to believe it may have right to
terminate the Appointment of the Executive pursuant to Sub-Clause
(a)&nbsp;above, it shall be entitled (but without prejudice to its right
subsequently to terminate the Appointment on the same or any other
ground) to suspend the Executive on full pay during the period of
any enquiry or


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<P align="left" style="margin-left:5%; font-size: 10pt">investigation into the circumstances giving rise to such belief.

<P align="left" style="margin-left:5%; font-size: 10pt">(c)&nbsp;Without prejudice to the rights of the Executive to
remuneration and other benefits hereunder and to the rights of the
Company hereunder including, without prejudice to the foregoing
generality, Sub-Clause 9(b) and Clause 7, the Company shall have
the right at any time after either party has given notice to the
other of termination of this Agreement in accordance with the
terms of Clause 2 hereof until such termination to require the
Executive not to attend at any place of work and to exclude him
from any premises of the Company (or any associated company in
relation to which the Executive held a position of responsibility
at any time during the twelve months immediately prior to the date
on which notice is served pursuant to Clause 2(a). For so long as
the Company exercises its rights under this Clause the Company
shall be under no obligation to vest in or assign to the Executive
any powers or duties or to provide any work for the Executive and
shall have the right to suspend him from the performance of any
duties or obligations hereunder. The rights of the Company
pursuant to this Sub-Clause 9(c) shall not be exercised for a
period exceeding six months in aggregate. Without prejudice to the
right of the Executive to remuneration and other benefits
hereunder the Executive shall, at the request of the Company,
resign without claim for compensation from any office of Director
or otherwise held by him in the Company or in any associated
company.

<P align="left" style="margin-left:5%; font-size: 10pt">(d)&nbsp;In the event the Company terminates this Agreement for any
reason set forth in Clause 9(a), the Executive shall not be
entitled to receive any bonus (to the extent unpaid) that would
otherwise have been payable to him.

<P align="left" style="font-size: 10pt">

<P align="left" style="font-size: 10pt">10. PROVISIONS ON TERMINATION

<P align="left" style="margin-left:5%; font-size: 10pt">(a)&nbsp;On the termination of the Appointment (which term, for the
purposes of the Agreement as a whole, shall mean termination of
the Appointment irrespective of the cause or manner, including,
for the avoidance of doubt, by reason of a repudiatory breach of
the Agreement by the Company) or any time thereafter the Executive
shall without prejudice to the rights of the Executive to
remuneration and other benefits hereunder at the request of the
Company resign without claim for compensation from any office of
Director or otherwise held by him in the Company or in any
associated company and transfer without payment to the Company any
shares held by the Executive as a nominee on behalf of the Company
or any associated company.

<P align="left" style="margin-left:5%; font-size: 10pt">(b)&nbsp;All drawings, designs, photographs, plans, models,
blue-prints, reports, manuals, files, notes, accounts, documents
or other material and all notes and memoranda of any trade secrets
of the Company or of any associated company or any Confidential
Information and Company records (including copies thereof) or keys
and other property of or relation to the Company or its associated
companies as shall have been made or received by the Executive
during the course of his employment (whether heretofore or
hereafter) are and shall be the property of the Company and shall,
together with any company sponsored credit or charge cards, be
surrendered by him to someone duly authorised by the Company upon
the termination of the Appointment or the suspension of the
Appointment in accordance with Sub-Clause 9(b) or at the request
of the Board at any time during the course of his employment
hereunder.

<P align="left" style="font-size: 10pt">

<P align="left" style="font-size: 10pt">11. NON-COMPETITION

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:5%; font-size: 10pt">(a)&nbsp;In this Clause the expression &#147;the Relevant Date&#148; means the
first to occur of:



<P align="left" style="margin-left:9%; font-size: 10pt">(i)&nbsp;The date on which this Agreement shall lawfully
determine; or



<P align="left" style="margin-left:9%; font-size: 10pt">(ii)&nbsp;The date upon which the Executive is required
no longer to perform executive duties pursuant to
Sub-Clause 9(c).



<P align="left" style="margin-left:5%; font-size: 10pt">(b)&nbsp;Since the Executive has obtained and is likely to obtain in
the course of his employment with the Company and any associated
company knowledge or trade secrets, designs, design improvements,
know-how, techniques, methods, lists and other confidential
information relating to the Company and any associated company and
also to their respective customers he hereby agrees that in
addition to the restrictions contained in Clause 7 of this
Agreement he will be bound by the following restrictions namely:



<P align="left" style="margin-left:9%; font-size: 10pt">(i)&nbsp;He will not during the currency of his
employment and for the period of 12&nbsp;months from the
Relevant Date entice or solicit or endeavor to
entice or solicit away from the Company (or any
associated company in relation to which the
Executive held a position of responsibility at any
time during the 12&nbsp;months immediately prior to the
Relevant Date) or have business dealings with or
accept business from any person, firm, company or
organisation who or which is or has been a customer
of the Company or such associated company as the
case may be and with whom the
Executive has dealt and which business is of the
kind which is undertaken by the Company or such
associated company and has been so undertaken by the
Company or such associated company and has been so
undertaken for or on behalf of that person, firm,
company or organisation at any time during the 12
months immediately prior to the Relevant Date;



<P align="left" style="margin-left:9%; font-size: 10pt">(ii)&nbsp;he will not, without the consent of the
Company, during the currency of his employment and
for the period of 12&nbsp;months from the Relevant Date
be directly or indirectly interested or concerned in
any business carried on or about to be carried on by
any person , firm, company or organisation in
competition with the Company (or any associated
company in which he held a position of
responsibility at any time during the 12&nbsp;months
immediately prior to the Relevant Date) within the
United Kingdom; provided always that this
restriction shall not operate so as to prohibit any
employment none of the duties of which relate or
would relate to the sale of any goods or provisions
of any services of a kind which the Executive shall
during the course of his employment with the Company
or such associated company have been involved in
selling or providing in his capacity as an employee
of the Company or any associated company;



<P align="left" style="margin-left:9%; font-size: 10pt">(iii)&nbsp;he will not at any time whether before or
after the Relevant Date interfere or seek to
interfere with the supply to the Company (or to any
associated company in which he has held a position
of responsibility in the 12&nbsp;months immediately prior
to the Relevant Date) of any goods or services by
any supplier who during the 12&nbsp;months preceding such
time shall have supplied goods or services to the
Company or to any associated company nor will he
interfere or seek to interfere with the continuance
of such supply or the terms on which supply has
during such period as aforesaid been made.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:5%; font-size: 10pt">(c)&nbsp;Since he has obtained and is likely to obtain in the course of
his employment with the Company the confidence of and influence
over the employees of the Company and, in particular, both a
knowledge of and the confidence of and influence over those
employees of particular importance to the Company due to their key
skills and responsible positions, and in recognition that the
Company has an interest in preserving its connection with such key
employees, the Executive hereby agrees that in the event of
his Appointment being lawfully terminated he will not during the
currency of his employment and for the period of 12&nbsp;months from
the Relevant Date directly or indirectly entice, solicit or
endeavour to entice or solicit away from the Company or any
associated company any person who was a director, or senior
employee reporting direct to any executive director of the Company
or any associated company at any time during the period of his
Appointment and who was engaged in the area of business in which
the Executive was engaged at any time during the period of his
Appointment or with whom the Executive otherwise had a material
degree of contact in the course of the Appointment.



<P align="left" style="margin-left:5%; font-size: 10pt">(d)&nbsp;The restrictions set out in Sub-Clauses (b)&nbsp;and (c)&nbsp;above
shall apply to any action taken by the Executive whether as agent,
representative, principal, employee or consultant or as a director
of any company.



<P align="left" style="margin-left:5%; font-size: 10pt">(e)&nbsp;The Executive acknowledges and agrees that each of paragraphs
(i)&nbsp;to (iii)&nbsp;of Sub-Clause (b)&nbsp;and Sub-Clause (c)&nbsp;of this Clause
11 constitutes an entirely separate and independent restriction on
him and that the duration, extent and application of each of the
restrictions are no greater than is necessary for the protection
of the interests of the Company and its association companies.


<P align="left" style="font-size: 10pt">12.&nbsp;AUTHORITY OF THE COMPANY


<P align="left" style="font-size: 10pt">The Executive hereby irrevocably appoints the Company to be his authorised
attorney to do all such things and to execute all such documents in his name
and on his behalf as may be necessary to secure that the full benefit and
advantage of the rights arising under Clause 8 and sub-Clauses 10(a) and (b)
hereof are obtained by the Company (or where appropriate its nominee) and a
letter signed by any Director or Secretary of the Company certifying that
anything or any document has been done or executed within the authority hereby
conferred shall be conclusive evidence of the same. The Company hereby
undertakes to indemnify the Executive for all liabilities arising out of the
unauthorised use of the power of attorney granted pursuant to this Clause.


<P align="left" style="font-size: 10pt">



<P align="left" style="font-size: 10pt">13. DEFINITIONS



<P align="left" style="font-size: 10pt">In this Agreement words and phrases defined in Section&nbsp;736 of the Companies Act
1985 (as amended) shall bear the same meaning and the expression &#147;Board&#148; means
the Directors of the Company present at a meeting of the Directors or of a
Committee of the Directors duly convened and held; &#147;Remuneration Committee&#148;
shall be comprised of the President and Chief Financial Officer of Gannett Co.,
Inc., either of whom shall have the authority to act on behalf of the
Remuneration Committee; and the expression &#147;associated company&#148; means any
company which from time to time is (i)&nbsp;a company having an ordinary share
capital of which not less than 50 per cent is owned directly or indirectly by
the Company or (ii)&nbsp;a holding company of the Company or any subsidiary of any
such holding company and the provisions of Section&nbsp;840 of the Income and
Corporation Taxes Act 1988 shall apply in determining the question of control
for any purpose.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">14.&nbsp;NOTICES


<P align="left" style="font-size: 10pt">Notices may be given by either party by first class prepaid recorded delivery
letter or by facsimile transmission addressed to the other, or by delivery at
(in the case of a notice to the Company) at its registered office for the time
being and (in the case of a notice to the Executive) his last known address and
in the case of a letter shall be deemed to have been given 48 hours after
posting and in the case of facsimile transmission or delivery shall be deemed
to have been at 9:00 a.m. on the business day following transmission or
delivery as the case may be (provided that a copy of any facsimile transmission
is posted to the recipient of the facsimile in the manner set out herein on or
prior to the business day next following the date of the transmission).


<P align="left" style="font-size: 10pt">15.&nbsp;EMPLOYMENT RIGHTS ACT


<P align="left" style="font-size: 10pt">The information contained herein and in the Schedule hereto constitutes a
written statement of the terms of the Executive&#146;s employment in compliance with
the provisions of the Employment Rights Act 1996.


<P align="left" style="font-size: 10pt">16.&nbsp;ENTIRE AGREEMENT


<P align="left" style="font-size: 10pt">This Agreement contains the entire understanding between the parties and is in
substitution for all previous contracts, service agreements, arrangements, and
understandings relating to the employment of the Executive (written or oral)
between the Company or any associated company and the Executive which shall be
deemed to have been terminated by mutual consent as from the date on which this
Agreement is deemed to have commenced. The Executive acknowledges that he has
not entered into this Agreement in reliance on any warranty, representation or
undertaking which is not contained in or specifically incorporated in this
Agreement. The Executive acknowledges that he has no claim against the Company
or any associated company (or against any of their respective assets) arising
under or out of any such contract or arrangement other than for accrued salary.


<P align="left" style="font-size: 10pt">17.&nbsp;PROPER LAW


<P align="left" style="font-size: 10pt">This Agreement shall be governed by and construed in accordance with the Law of
England and the parties to this Agreement hereby submit to the exclusive
jurisdiction of the English courts.


<P align="left" style="font-size: 10pt">IN WITNESS WHEREOF these presents are executed in the manner and on the date
hereinafter appearing:


<P align="left" style="font-size: 10pt">SIGNED on behalf of


<P align="left" style="font-size: 10pt">NEWSQUEST MEDIA GROUP LIMITED

<P align="left" style="font-size: 10pt">by


<P align="left" style="font-size: 10pt"><U>/s/Paul Davidson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Director


<P align="left" style="font-size: 10pt"><u>/s/Paul Hunter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Director


<P align="left" style="font-size: 10pt">SIGNED and delivered as a DEED


<P align="left" style="font-size: 10pt">by the said PAUL DAVIDSON


<P align="left" style="font-size: 10pt">in the presence of:


<P align="left" style="font-size: 10pt"><u>/s/D.C. Lowe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Witness


<P align="left" style="font-size: 10pt"><u>Diane Christine Lowe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Full Name


<P align="left" style="font-size: 10pt"><u>Secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Occupation



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>4
<FILENAME>w94831exv21.htm
<DESCRIPTION>EXHIBIT 21
<TEXT>
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<TITLE>exv21</TITLE>
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<P align="right" style="font-size: 10pt">Exhibit&nbsp;21



<P align="center" style="font-size: 10pt"><U>SUBSIDIARY LIST</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>STATE OF</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>UNIT</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>INCORPORATION</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">101, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HAWAII</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">THE ADVERTISER COMPANY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALABAMA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ALEXANDRIA NEWSPAPERS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LOUISIANA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">APP NEW JERSEY PUBLISHING CO., INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ARKANSAS TELEVISION COMPANY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARKANSAS</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ASBURY PARK PRESS INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NEW JERSEY</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ASHLAND PRINTING AND MAILING, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARIZONA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">ASHLAND PUBLISHING, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARIZONA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">BAXTER COUNTY NEWSPAPERS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARKANSAS</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">CALIFORNIA NEWSPAPERS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALIFORNIA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">CAPE PUBLICATIONS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KENTUCKY</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">CARANTIN &#038; CO., INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARIZONA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">CENTRAL NEWSPAPERS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">INDIANA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">CHILDREN&#146;S EDITION, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KENTUCKY</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">CITIZEN PUBLISHING COMPANY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARIZONA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">COMBINED COMMUNICATIONS CORPORATION<br>
OF OKLAHOMA, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">OKLAHOMA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">CUARTO PODER PUBLICACIONES, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARIZONA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">DES MOINES REGISTER AND TRIBUNE COMPANY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IOWA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">THE DESERT SUN PUBLISHING COMPANY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALIFORNIA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">THE DETROIT NEWS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MICHIGAN</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">DETROIT NEWSPAPER AGENCY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MICHIGAN</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">DETROIT WEEKEND DIRECT, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">DIGICOL, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">DIGIFARM, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MINNESOTA</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">FEDERATED PUBLICATIONS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">FIRST COAST TOWER GROUP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FLORIDA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT 101, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT DIRECT MARKETING SERVICES, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KENTUCKY</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT EL PASO PUBLISHING, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT GEORGIA L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GEORGIA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT GEORGIA PUBLISHING, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT HAWAII PUBLISHING, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT KENTUCKY LIMITED PARTNERSHIP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KENTUCKY</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT MISSOURI PUBLISHING, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KANSAS</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT NEVADA PUBLISHING, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NEVADA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT NEW JERSEY PARTNERS L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT PACIFIC CORPORATION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HAWAII</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT PACIFIC PUBLICATIONS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT RETAIL ADVERTISING GROUP, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT RIVER STATES PUBLISHING CORPORATION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARKANSAS</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT SATELLITE INFORMATION NETWORK, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT SUPPLY CORPORATION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT TEXAS L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT TEXAS PUBLISHING, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT U.K. LIMITED
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UNITED KINGDOM</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT VERMONT INSURANCE, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VERMONT</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANNETT VERMONT PUBLISHING, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GANSAT NEW JERSEY PUBLISHING CO., INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">GUAM PUBLICATIONS, INCORPORATED
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HAWAII</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">HAWAIITOURISM, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">INDIANA NEWSPAPERS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">INDIANA</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">KXTV, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MICHIGAN</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">LAKE CEDAR GROUP LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">MCCLURE NEWSPAPERS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">MCCORMICK GRAPHICS COMPANY, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LOUISIANA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">MULTIMEDIA, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SOUTH CAROLINA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">MULTIMEDIA OF CINCINNATI, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OHIO</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">MULTIMEDIA ENTERPRISE, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SOUTH CAROLINA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">MULTIMEDIA GEORGIA BROADCASTING, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SOUTH CAROLINA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">MULTIMEDIA HOLDINGS CORPORATION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SOUTH CAROLINA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">MULTIMEDIA KSDK, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SOUTH CAROLINA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">NEW JERSEY PRESS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NEW JERSEY</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">NEWSQUEST MEDIA (SOUTHERN)&nbsp;PLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UNITED KINGDOM</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">NEWSQUEST PLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UNITED KINGDOM</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">OKLAHOMA PRESS PUBLISHING COMPANY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OKLAHOMA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">P&#038;S GEORGIA BROADCASTING, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">PACIFIC COMMUNITY PUBLISHING, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">PACIFIC MEDIA, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">PACIFIC AND SOUTHERN COMPANY, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">PHOENIX NEWSPAPERS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARIZONA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">PRESS-CITIZEN COMPANY INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IOWA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">RBC PUBLICATIONS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">RENO NEWSPAPERS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NEVADA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">SALINAS NEWSPAPERS INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">CALIFORNIA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">THE SUN COMPANY OF SAN BERNARDINO,<br>
CALIFORNIA
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">CALIFORNIA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">TEXAS-NEW MEXICO NEWSPAPERS PARTNERSHIP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">THE TIMES HERALD COMPANY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MICHIGAN</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">TIMES NEWS GROUP, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">TNI PARTNERS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ARIZONA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">USA TODAY INTERNATIONAL CORPORATION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">VISALIA NEWSPAPERS INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALIFORNIA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">WFMY TELEVISION CORP.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NORTH CAROLINA</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">WKYC HOLDINGS, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">WKYC-TV, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELAWARE</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The company has omitted the names of 53 wholly-owned subsidiaries, which in the
aggregate would not constitute a significant subsidiary of the company.




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>5
<FILENAME>w94831exv23.htm
<DESCRIPTION>EXHIBIT 23
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2"><B>Exhibit&nbsp;23</B>
</FONT>

<P align="center"><FONT size="2"><u>CONSENT OF INDEPENDENT ACCOUNTANTS</u>
</FONT>
<P><FONT size="2">We hereby consent to the incorporation by reference in the Registration
Statements on Form&nbsp;S-3 (No.&nbsp;333-85430) and Form&nbsp;S-8 (Nos. 2-63038, 2-84088,
33-15319, 33-16790, 33-28413, 33-35305, 33-50813, 33-64959, 333-03941,
333-61859, 333-66051, 333-90309, 333-04459, 333-48202, 333-60402,
333-83426, 333-105029 and 333-107240) of Gannett Co., Inc. of our
report dated February&nbsp;2, 2004 relating
to the financial statements and financial statement schedule, which appears in
this Form&nbsp;10-K.
</FONT>
<P><FONT size="2"><u>/s/ PricewaterhouseCoopers LLP</u><br>
PricewaterhouseCoopers LLP
</FONT>
<P><FONT size="2">McLean, VA<BR>
March&nbsp;12, 2004
</FONT>

<P align="center"><FONT size="2"></FONT>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>6
<FILENAME>w94831exv31w1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;31.1



<P align="left" style="font-size: 10pt"><B>CERTIFICATIONS</B>


<P align="left" style="font-size: 10pt">I, Douglas H. McCorkindale, certify that:


<P align="left" style="font-size: 10pt"><B>1</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 10-K of Gannett Co., Inc.;


<P align="left" style="font-size: 10pt"><B>2</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;


<P align="left" style="font-size: 10pt"><B>3</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;


<P align="left" style="font-size: 10pt"><B>4</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) for the registrant and we have:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD>Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the
period in which this annual report is being prepared;
</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD>Evaluated the effectiveness of the registrant&#146;s disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report
based on such evaluation; and</TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD>Disclosed in this annual report any change in the
registrant&#146;s internal control over financial reporting that
occurred during the registrant&#146;s fourth fiscal quarter that has
materially affected, or is reasonably likely to materially affect,
the registrant&#146;s internal control over financial reporting; and
</TD>
</TR>

</TABLE>




<P align="left" style="font-size: 10pt"><B>5</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
registrant&#146;s auditors and the audit committee of registrant&#146;s board of
directors:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD>All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&#146;s
ability to record, process, summarize and report financial
information; and</TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD>Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant&#146;s
internal control over financial reporting.
</TD>
</TR>

</TABLE>





<P align="left" style="font-size: 10pt">Date: March&nbsp;12, 2004


<P align="left" style="font-size: 10pt"><u>/s/Douglas H. McCorkindale&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Douglas H. McCorkindale<BR>
Chairman, President and<BR>
Chief Executive Officer



<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>7
<FILENAME>w94831exv31w2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;31.2



<P align="left" style="font-size: 10pt"><B>CERTIFICATIONS</B>


<P align="left" style="font-size: 10pt">I, Gracia C. Martore, certify that:


<P align="left" style="font-size: 10pt"><B>1</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 10-K of Gannett Co., Inc.;


<P align="left" style="font-size: 10pt"><B>2</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;


<P align="left" style="font-size: 10pt"><B>3</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;


<P align="left" style="font-size: 10pt"><B>4</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) for the registrant and we have:

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD>Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the
period in which this annual report is being prepared;</TD>
</TR>

</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD>Evaluated the effectiveness of the registrant&#146;s disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report
based on such evaluation; and</TD>
</TR>

</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD>Disclosed in this annual report any change in the
registrant&#146;s internal control over financial reporting that
occurred during the registrant&#146;s fourth fiscal quarter that has
materially affected, or is reasonably likely to materially affect,
the registrant&#146;s internal control over financial reporting; and</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B>5</B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
registrant&#146;s auditors and the audit committee of registrant&#146;s board of
directors:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD>All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&#146;s
ability to record, process, summarize and report financial
information; and</TD>
</TR>

</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD>Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant&#146;s
internal control over financial reporting.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">Date: March&nbsp;12, 2004


<P align="left" style="font-size: 10pt"><u>/s/Gracia C. Martore&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Gracia C. Martore<BR>
Senior Vice President and<BR>
Chief Financial Officer



<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>8
<FILENAME>w94831exv32w1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">Exhibit&nbsp;32.1



<P align="center" style="font-size: 10pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report of Gannett Co., Inc. (&#147;Gannett&#148;) on
Form 10-K for the year ended December&nbsp;28, 2003 as filed with the Securities and
Exchange Commission on the date hereof (the &#147;Report&#148;), I, Douglas H.
McCorkindale, chairman, president and chief executive officer of Gannett,
certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002, that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD>the Report fully complies with the requirements of Section
13(a) of the Securities Exchange Act of 1934; and
</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD>the information contained in the Report fairly presents, in
all material respects, the financial condition and results of
operations of Gannett.</TD>
</TR>

</TABLE>




<P align="left" style="font-size: 10pt"><u>/s/Douglas H. McCorkindale</u><BR>
Douglas H. McCorkindale<BR>
Chairman, President and<BR>
Chief Executive Officer


<P align="left" style="font-size: 10pt">March&nbsp;12, 2004


<P align="left" style="font-size: 10pt">A signed original of this written statement required by Section&nbsp;906 has been
provided to Gannett and will be retained by Gannett and furnished to the
Securities and Exchange Commission or its staff upon request.


<P align="left" style="font-size: 10pt">The foregoing certification is being furnished to the Securities and Exchange
Commission and shall not be considered filed as part of the Form 10-K.



<P align="center" style="font-size: 10pt">
</DIV>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>9
<FILENAME>w94831exv32w2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report of Gannett Co., Inc. (&#147;Gannett&#148;) on
Form 10-K for the year ended December&nbsp;28, 2003 as filed with the Securities and
Exchange Commission on the date hereof (the &#147;Report&#148;), I, Gracia C. Martore,
senior vice president and chief financial officer of Gannett, certify, pursuant
to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD>the Report fully complies with the requirements of Section
13(a) of the Securities Exchange Act of 1934; and
</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD>the information contained in the Report fairly presents, in
all material respects, the financial condition and results of
operations of Gannett.</TD>
</TR>

</TABLE>




<P align="left" style="font-size: 10pt"><U>/s/Gracia C. Martore</U><BR>
Gracia C. Martore<BR>
Senior Vice President and<BR>
Chief Financial Officer


<P align="left" style="font-size: 10pt">March&nbsp;12, 2004


<P align="left" style="font-size: 10pt">A signed original of this written statement required by Section&nbsp;906 has been
provided to Gannett and will be retained by Gannett and furnished to the
Securities and Exchange Commission or its staff upon request.


<P align="left" style="font-size: 10pt">The foregoing certification is being furnished to the Securities and Exchange
Commission and shall not be considered filed as part of the Form 10-K.



<P align="center" style="font-size: 10pt">
</DIV>


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</TEXT>
</DOCUMENT>
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<SEQUENCE>10
<FILENAME>w94831w9483110.gif
<DESCRIPTION>GRAPHIC
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