<SUBMISSION>
<ACCESSION-NUMBER>0000950109-01-504941
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20010930
<FILING-DATE>20011113
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SCRIPPS E W CO /DE
<CIK>0000832428
<ASSIGNED-SIC>2711
<IRS-NUMBER>311223339
<STATE-OF-INCORPORATION>OH
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>000-16914
<FILM-NUMBER>1784253
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>312 WALNUT STREET
<CITY>CININNATI
<STATE>OH
<ZIP>45202
<PHONE>5139773000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>312 WALNUT STREET
<CITY>CINCINNATI
<STATE>OH
<ZIP>45202
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>d10q.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
<HEAD>
 <TITLE>form 10-Q</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF">

<P ALIGN="center"><FONT SIZE="2"><B>UNITED STATES
<BR>
SECURITIES AND EXCHANGE COMMISSION
<BR>
Washington, D.C. 20549
<BR>
FORM 10-Q</B></FONT></P>
<P ALIGN="center"><FONT SIZE="2"> <B>(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
<BR>
</B></FONT><B><FONT SIZE="2">SECURITIES AND EXCHANGE ACT OF 1934
<BR>
For the quarterly period ended September 30, 2001 </FONT></B></P>
<P ALIGN="center"><FONT SIZE="2">OR </FONT></P>
<P ALIGN="center"><FONT SIZE="2"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
<BR>
SECURITIES AND EXCHANGE ACT OF 1934
<BR>
For the transition period from ________________ to ________________ </B></FONT></P>
<P ALIGN="center"><FONT SIZE="2"><B>Commission File Number 0-16914 </B></FONT></P>
<P ALIGN="center"><FONT SIZE="2"><B><U>THE E. W. SCRIPPS COMPANY</U></B>
<BR>
(Exact name of registrant as specified in its charter) </FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="35%"> <DIV ALIGN="center"><FONT SIZE="2"><U>Ohio</U></FONT></DIV>
</TD>
<TD WIDTH="31%">&nbsp;</TD>
<TD WIDTH="34%"> <DIV ALIGN="center"><FONT SIZE="2"> <U>31-1223339</U></FONT></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="35%"> <DIV ALIGN="center"><FONT SIZE="2">(State or other jurisdiction of
<BR>
incorporation or organization)</FONT></DIV>
</TD>
<TD WIDTH="31%">&nbsp;</TD>
<TD WIDTH="34%"> <DIV ALIGN="center"><FONT SIZE="2"> (I.R.S. Employer
<BR>
Identification Number)</FONT></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="35%">&nbsp;</TD>
<TD WIDTH="31%">&nbsp;</TD>
<TD WIDTH="34%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="bottom"> <DIV ALIGN="center"><FONT SIZE="2">312 Walnut Street
<BR>
<U>Cincinnati, Ohio</U></FONT></DIV>
</TD>
<TD WIDTH="31%">&nbsp;</TD>
<TD WIDTH="34%" VALIGN="bottom"> <DIV ALIGN="center"><FONT SIZE="2"><U>45202</U></FONT></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="35%"> <DIV ALIGN="center"><FONT SIZE="2">(Address of principal executive offices)</FONT></DIV>
</TD>
<TD WIDTH="31%">&nbsp;</TD>
<TD WIDTH="34%"> <DIV ALIGN="center"><FONT SIZE="2">(Zip Code)</FONT></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="35%">&nbsp;</TD>
<TD WIDTH="31%">&nbsp;</TD>
<TD WIDTH="34%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3"> <DIV ALIGN="center"><FONT SIZE="2">Registrant's telephone number, including area code:<U> (513) 977-3000 </U></FONT></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="35%" HEIGHT="21">&nbsp;</TD>
<TD WIDTH="31%" HEIGHT="21">&nbsp;</TD>
<TD WIDTH="34%" HEIGHT="21">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3"> <DIV ALIGN="center"><FONT SIZE="2"><U>Not Applicable</U>
<BR>
(Former name, former address and former fiscal year, if changed since last report.) </FONT></DIV>
</TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. </FONT></P>
<P><FONT SIZE="2"> </FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD WIDTH="46%"> <DIV ALIGN="center"><FONT SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp; X&nbsp;&nbsp;</U></FONT></DIV>
</TD>
<TD WIDTH="54%"> <DIV ALIGN="center"><FONT SIZE="2">No _____</FONT></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="46%"> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="54%">&nbsp;</TD>
</TR>
</TABLE>
<P><FONT SIZE="2"> Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of October 31, 2001 there were 60,026,678 of the Registrant's Class A Common Shares outstanding and
19,096,913 of the Registrant's Common Voting Shares outstanding. </FONT></P>
<P>&nbsp;</P>

<TABLE WIDTH="100%" BORDER="0">
<TR>
<TD COLSPAN="4"> <DIV ALIGN="center"><FONT SIZE="2"><B>INDEX TO THE E. W. SCRIPPS COMPANY</B> </FONT></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="4">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="4"> <DIV ALIGN="center"><FONT SIZE="2"><B>REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2001</B></FONT></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="4"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD HEIGHT="22" WIDTH="8%">&nbsp;</TD>
<TD HEIGHT="22" COLSPAN="2">&nbsp;</TD>
<TD HEIGHT="22" WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%"><FONT SIZE="2"><U><B>Item No.</B></U></FONT></TD>
<TD WIDTH="63%">&nbsp;</TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2"><U><B>Page </B></U></FONT></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2"><B><U>PART I - FINANCIAL INFORMATION</U></B></FONT></DIV>
</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
<TD WIDTH="15%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE="2">1</FONT></TD>
<TD COLSPAN="2" VALIGN="TOP"><FONT SIZE="2">Financial Statements</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE="2">3</FONT></TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE="2">2</FONT></TD>
<TD COLSPAN="2" VALIGN="TOP"><FONT SIZE="2">Management's Discussion and Analysis of Financial
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condition and Results of Operations</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM"><FONT SIZE="2">3</FONT></TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE="2">3</FONT></TD>
<TD COLSPAN="2" VALIGN="TOP"><FONT SIZE="2">Quantitative and Qualitative Disclosures About
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Risk</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM"><FONT SIZE="2">3 </FONT></TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="TOP"> <DIV ALIGN="center"><FONT SIZE="2"><U><B>PART II - OTHER INFORMATION</B></U></FONT></DIV>
</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE="2">1</FONT></TD>
<TD COLSPAN="2" VALIGN="TOP"><FONT SIZE="2">Legal Proceedings</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE="2">3</FONT></TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE="2">2</FONT></TD>
<TD COLSPAN="2" VALIGN="TOP"><FONT SIZE="2">Changes in Securities</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE="2">3</FONT></TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE="2">3</FONT></TD>
<TD COLSPAN="2" VALIGN="TOP"><FONT SIZE="2">Defaults Upon Senior Securities</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE="2">3</FONT></TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE="2">4</FONT></TD>
<TD COLSPAN="2" VALIGN="TOP"><FONT SIZE="2">Submission of Matters to a Vote of Security Holders</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE="2">4</FONT></TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE="2">5</FONT></TD>
<TD COLSPAN="2" VALIGN="TOP"><FONT SIZE="2">Other Information</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE="2">4</FONT></TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE="2">6</FONT></TD>
<TD COLSPAN="2" VALIGN="TOP"><FONT SIZE="2">Exhibits and Reports on Form 8-K </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE="2">4</FONT></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<DIV ALIGN="center"><FONT SIZE="2"> <B>PART I </B></FONT> </DIV>
<HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1">
<P><FONT SIZE="2"> <B><U>ITEM 1.&nbsp; FINANCIAL STATEMENTS</U></B> </FONT></P>
<P><FONT SIZE="2">The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q. </FONT></P>
<P><FONT SIZE="2"><B><U>ITEM 2.&nbsp; MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF</U>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>OPERATIONS </U></B></FONT></P>
<P><FONT SIZE="2">The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q. </FONT></P>
<P><FONT SIZE="2"><B><U>ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </U></B></FONT></P>
<P><FONT SIZE="2">The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q. </FONT></P>
<DIV ALIGN="center"><B><FONT SIZE="2">PART II </FONT></B> </DIV>
<HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1">
<P><FONT SIZE="2"><B><U>ITEM 1.&nbsp; LEGAL PROCEEDINGS</U></B></FONT></P>
<P><FONT SIZE="2"> The Company is involved in litigation arising in the ordinary course of business, such as defamation actions and various governmental and administrative proceedings relating to renewal of broadcast licenses, none of which is
expected to result in material loss.</FONT></P>
<P><FONT SIZE="2"> <B><U>ITEM 2.&nbsp; CHANGES IN SECURITIES</U> </B></FONT></P>
<P><FONT SIZE="2">There were no changes in the rights of security holders during the quarter for which this report is filed. </FONT></P>
<P><FONT SIZE="2"><B><U>ITEM 3.&nbsp; DEFAULTS UPON SENIOR SECURITIES</U> </B></FONT></P>
<P><FONT SIZE="2">There were no defaults upon senior securities during the quarter for which this report is filed. </FONT></P>

<P><FONT SIZE="2"><B><U>ITEM 4.&nbsp; SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</U> </B> </FONT></P>
<P><FONT SIZE="2">There were no matters submitted to a vote of security holders during the quarter for which this report is filed. </FONT></P>
<P><FONT SIZE="2"><B><U>ITEM 5. &nbsp;OTHER INFORMATION</U></B> </FONT></P>
<P><FONT SIZE="2">None.</FONT></P>
<P><FONT SIZE="2"> <B><U>ITEM 6.&nbsp; EXHIBITS AND REPORTS ON FORM 8-K</U></B></FONT></P>
<P ALIGN="center"><FONT SIZE="2"> <B><U>Exhibits </U></B></FONT></P>
<P><FONT SIZE="2">The information required by this item is filed as part of this Form 10-Q. </FONT><FONT SIZE="2">See Index to Exhibits at page E-1 of this Form 10-Q. </FONT></P>
<P ALIGN="center"><FONT SIZE="2"><B><U>Reports on Form 8-K</U></B> </FONT></P>
<P><FONT SIZE="2">No reports on Form 8-K were filed during the quarter for which this report is filed. </FONT></P>
<DIV ALIGN="center"><B><FONT SIZE="2">SIGNATURES</FONT></B> </DIV>
<HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1">
<P><FONT SIZE="2">Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="3" VALIGN="BOTTOM">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="BOTTOM"><FONT SIZE="2">THE E. W. SCRIPPS COMPANY </FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN="BOTTOM">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="5%" VALIGN="BOTTOM"><FONT SIZE="2">Dated:&nbsp; </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" NOWRAP><FONT SIZE="2">November 13, 2001</FONT></TD>
<TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="BOTTOM"><FONT SIZE="2">BY:&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="39%" VALIGN="BOTTOM"><FONT SIZE="2"> D. J. Castellini </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="14%" NOWRAP><HR NOSHADE ALIGN="LEFT" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="37%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp; </TD>
<TD WIDTH="39%"> <HR NOSHADE ALIGN="left" WIDTH="40%" SIZE="1"> </TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN="3">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">D. J. Castellini </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN="3">&nbsp;</TD>
<TD COLSPAN="2"><FONT SIZE="2">Senior Vice President and Chief Financial Officer </FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN="3">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="center"><B><U><FONT SIZE=2>THE E. W. SCRIPPS COMPANY</FONT></U></B></P>
<P ALIGN="center"><U><FONT SIZE=2>Index to Financial Information</FONT></U><FONT SIZE=2> </FONT><FONT SIZE=2> </FONT></P>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR>
<TD WIDTH="93%"><B><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT SIZE=2>Item</FONT></U></B></TD>
<TD WIDTH="7%"><B><U><FONT SIZE=2>Page</FONT></U></B></TD>
</TR>
<TR>
<TD WIDTH="93%">&nbsp;</TD>
<TD WIDTH="7%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="93%"><FONT SIZE=2>
<A HREF="#a">Consolidated Balance Sheets</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-2</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%"><FONT SIZE=2>
<A HREF="#b">Consolidated Statements of Income</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-4</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%"><FONT SIZE=2>
<A HREF="#c">Consolidated Statements of Cash Flows</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-5</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%"><FONT SIZE=2>
<A HREF="#d">Consolidated Statements of Comprehensive Income and Stockholders&#146; Equity</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-6</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%"><FONT SIZE=2>
<A HREF="#e">Notes to Consolidated Financial Statements</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-7</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%"><FONT SIZE=2>
<A HREF="#f">Management's Discussion and Analysis of Financial Condition and Results of Operations</A>
</FONT></TD>
<TD WIDTH="7%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="93%">&nbsp;&nbsp;&nbsp;<FONT SIZE=2>
<A HREF="#g">Forward Looking Statements</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-15</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%">&nbsp;&nbsp;&nbsp;<FONT SIZE=2>
<A HREF="#h">Results of Operations</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-15</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%">&nbsp;&nbsp;&nbsp;<FONT SIZE=2>
<A HREF="#i">Newspapers</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-18</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%">&nbsp;&nbsp;&nbsp;<FONT SIZE=2>
<A HREF="#j">Scripps Networks</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-19</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%">&nbsp;&nbsp;&nbsp;<FONT SIZE=2>
<A HREF="#k">Broadcast Television</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-20</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%">&nbsp;&nbsp;&nbsp;<FONT SIZE=2>
<A HREF="#l">Liquidity and Capital Resources</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-21</FONT></TD>
</TR>
<TR>
<TD WIDTH="93%">&nbsp;&nbsp;&nbsp;<FONT SIZE=2>
<A HREF="#m">Market Risk</A>
</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>F-22</FONT></TD>
</TR>
</TABLE>

<A NAME="a"></A>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="TOP"><FONT SIZE="2"><B>CONSOLIDATED BALANCE SHEETS </B></FONT></TD>
<TD WIDTH="1%" NOWRAP VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" NOWRAP VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" NOWRAP VALIGN="BOTTOM"></TD>
<TD WIDTH="1%" NOWRAP VALIGN="BOTTOM"></TD>
<TD WIDTH="10%" NOWRAP VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" NOWRAP VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="1%" NOWRAP VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" NOWRAP VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" NOWRAP VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="TOP" COLSPAN="10"><HR ALIGN="left" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="TOP"><FONT SIZE="2"><I>( in thousands )</I></FONT> </TD>
<TD WIDTH="1%" NOWRAP VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" NOWRAP VALIGN="BOTTOM"> <DIV ALIGN="center"><FONT SIZE="2">September 30,
<BR>
2001</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP VALIGN="BOTTOM"></TD>
<TD WIDTH="1%" NOWRAP VALIGN="BOTTOM"></TD>
<TD WIDTH="10%" NOWRAP VALIGN="BOTTOM"> <DIV ALIGN="center"><FONT SIZE="2">As of
<BR>
December 31,
<BR>
2000</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP VALIGN="BOTTOM"> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="1%" NOWRAP VALIGN="BOTTOM"> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="10%" NOWRAP VALIGN="BOTTOM"> <DIV ALIGN="center"><FONT SIZE="2">September 30,
<BR>
2000 </FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><DIV ALIGN="CENTER"><FONT SIZE="2">( Unaudited )</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><DIV ALIGN="CENTER"><FONT SIZE="2">( Unaudited )</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"><B>ASSETS</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Current Assets:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">15,332</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">14,112</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">18,599</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Accounts and notes receivable (less</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;allowances -$14,304, $13,891, $14,608)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">228,734</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">289,583</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">255,822</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Program rights and production costs</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">145,432</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">115,513</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">117,445</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Network distribution fees</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">23,219</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">21,105</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">19,671</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">7,521</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">17,802</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">18,905</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">30,747</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">30,421</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">28,404</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Miscellaneous</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">36,217</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">35,449</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">32,261</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> <TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">487,202</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">523,985</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">491,107</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10" HEIGHT="22"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Investments</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">355,261</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">177,922</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">230,756</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Property, Plant and Equipment</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">387,438</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">502,041</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">484,149</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Goodwill and Other Intangible Assets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">1,191,285</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">1,209,132</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">1,201,281</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD COLSPAN="10"> <FONT SIZE="2"></FONT> <FONT SIZE="2"></FONT> <FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other Assets:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Program rights and production costs (less current portion)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">91,770</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">96,881</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">86,437</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Network distribution fees (less current portion)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">53,404</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">40,571</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">45,231</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Miscellaneous</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">19,414</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">22,334</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">24,860</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Total other assets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">164,588</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">159,786</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">156,528</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2"><B>TOTAL ASSETS</B></FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">2,585,774</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">2,572,866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">2,563,821</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2"><I>See notes to consolidated financial statements.</I></FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-2</FONT></P>

<P></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2"><B>CONSOLIDATED BALANCE SHEETS </B></FONT></TD>
</TR>
<TR VALIGN="MIDDLE">
<TD> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="TOP">
<TD><FONT SIZE="2"><I>( in thousands, except share data )</I></FONT></TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD>&nbsp; </TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="BOTTOM">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="BOTTOM"> <DIV ALIGN="center"><FONT SIZE="2">September 30,
<BR>
2001
<BR>
(Unaudited) </FONT></DIV>
</TD>
<TD COLSPAN="3" VALIGN="BOTTOM"> <DIV ALIGN="center"><FONT SIZE="2">As of
<BR>
December 31,
<BR>
2000 </FONT></DIV>
</TD>
<TD COLSPAN="2" VALIGN="BOTTOM">
<P ALIGN="center"><FONT SIZE="2">September 30,
<BR>
2000
<BR>
(Unaudited) </FONT></P>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2"><B>LIABILITIES AND STOCKHOLDERS' EQUITY</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Current Liabilities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Current portion of long-term debt</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">460,630</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">212,828</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">209,237</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">84,762</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">114,275</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">103,604</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Customer deposits and unearned revenue</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">32,686</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">37,214</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">32,988</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Accrued liabilities:</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefits</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">44,762</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">49,089</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">62,910</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network distribution fees</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">67,407</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">48,257</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">47,808</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">85,056</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">71,313</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">65,523</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">775,303</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">532,976</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">522,070</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Deferred Income Taxes</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">138,767</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">129,932</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">148,345</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Long-Term Debt (less current portion)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">209,814</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">501,781</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">501,788</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Other Long-Term Obligations and Minority Interests (less current portion)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">127,953</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">130,367</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">129,182</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD HEIGHT="18" COLSPAN="9"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD HEIGHT="18" WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Stockholders' Equity:</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Preferred stock, $.01 par - authorized: 25,000,000 shares; none outstanding</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Common stock, $.01 par:</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A - authorized: 120,000,000 shares; issued and</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding: 60,020,711; 59,641,828; and 59,399,794 shares</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">600</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">596</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">594</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting - authorized: 30,000,000 shares; issued and</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding: 19,096,913; 19,096,913; and 19,216,913 shares</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">191</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">191</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">192</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">791</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">787</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">786</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Additional paid-in capital</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">170,844</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">157,394</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">156,140</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">1,185,918</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">1,093,138</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">1,055,849</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Unrealized gains on securities available for sale</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(12,546</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">31,877</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">57,891</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(203</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">361</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">602</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Unvested restricted stock awards</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(10,867</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(5,747</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(8,832</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR NOSHADE ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Total stockholders' equity</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">1,333,937</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">1,277,810</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">1,262,436</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2"><B>TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</B></FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">2,585,774</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">2,572,866</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">2,563,821</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="9"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
</TABLE>
<P> <FONT SIZE="2"><I>See notes to consolidated financial statements.</I></FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-3</FONT></P>

<A NAME="b"></A>
<FONT SIZE="2"><B>CONSOLIDATED STATEMENTS OF INCOME ( UNAUDITED )</B></FONT><HR NOSHADE WIDTH="100%" SIZE="2">
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="center" WIDTH="100%">
<TR VALIGN="bottom">
<TD COLSPAN="2"> <I><FONT SIZE=2>( in thousands, except per share data )</FONT></I></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center" COLSPAN="7"> <FONT SIZE=2>Three months ended</FONT></TD>
<TD>&nbsp;</TD>
<TD COLSPAN="7" ALIGN="center"> <FONT SIZE=2>Nine months ended</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="center" COLSPAN="7"> <FONT SIZE=2>September 30,</FONT></TD>
<TD>&nbsp;</TD>
<TD COLSPAN="7" ALIGN="center"> <FONT SIZE=2>September 30,</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="center" COLSPAN="3"> <FONT SIZE=2>2001</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center" COLSPAN="3"> <FONT SIZE=2>2000</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center" COLSPAN="3"> <FONT SIZE=2>2001</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center" COLSPAN="3"> <FONT SIZE=2>2000</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Operating Revenues:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<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>&nbsp;</TD>
<TD><FONT SIZE=2>Advertising</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>247,617</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>319,231</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>804,841</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>982,856</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Circulation</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>34,850</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>35,162</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>105,090</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>110,059</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Affiliate fees</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>20,556</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>14,464</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>60,248</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>43,629</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Licensing</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>14,269</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>16,731</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>49,520</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>50,391</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Joint operating agency distributions</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>14,280</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>11,924</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>31,064</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>35,073</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Other</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>10,527</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>12,346</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>32,768</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>38,167</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Total operating revenues</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>342,099</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>409,858</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1,083,531</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1,260,175</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE></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>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Operating Expenses:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<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>&nbsp;</TD>
<TD><FONT SIZE=2>Employee compensation and benefits</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>114,588</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>129,672</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>351,430</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>386,278</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Newsprint and ink</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>20,035</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>38,228</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>68,659</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>114,066</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Amortization of purchased programming</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>33,971</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>30,176</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>99,760</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>87,546</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Other operating expenses</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>88,768</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>110,143</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>291,883</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>347,423</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Depreciation</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>13,189</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>17,209</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>41,141</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>51,468</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Amortization of intangible assets</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>10,793</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>10,079</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>32,323</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>29,884</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Total operating expenses</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>281,344</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>335,507</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">885,196</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1,016,665</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE></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>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Operating Income</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>60,755</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>74,351</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">198,335</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>243,510</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE></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>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Other Credits (Charges):</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<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>&nbsp;</TD>
<TD><FONT SIZE=2>Interest expense</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(8,417</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(13,393</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(31,737</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(39,510</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Investment results, net of expenses</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(10,917</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>900</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>50,825</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(9,611</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Net gains on divested operations</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(73</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD><FONT SIZE=2></FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>6,196</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Miscellaneous, net</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>240</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1,002</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1,073</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1,993</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Net other credits (charges)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(19,094</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(11,564</FONT></TD>
<TD><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>20,161</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(40,932</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE></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>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Income Before Taxes and Minority Interests</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>41,661</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>62,787</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>218,496</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>202,578</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Provision for Income Taxes</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>18,023</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>26,319</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>87,249</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>84,266</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE></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>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Income Before Minority Interests</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>23,638</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>36,468</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>131,247</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>118,312</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Minority Interests</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1,005</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1,040</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>2,826</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>3,159</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE></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>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Net Income</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>22,633</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>35,428</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>128,421</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>115,153</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=2 WIDTH="100%" NOSHADE></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>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Net Income per Share of Common Stock:</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<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>&nbsp;</TD>
<TD><FONT SIZE=2>Basic</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"> <FONT SIZE=2>$.29</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"> <FONT SIZE=2>$.45</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"> <FONT SIZE=2>$1.63</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right" COLSPAN="2"><FONT SIZE=2>$1.47</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Diluted</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>.28</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>.45</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1.61</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1.46</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="18" VALIGN="top"> <HR SIZE=2 WIDTH="100%" NOSHADE></TD>
</TR>
</TABLE>
<P><FONT SIZE="2"><I>See notes to consolidated financial statements.</I></FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-4</FONT></P>
<FONT SIZE="2"><B>
<A NAME="c"></A>
CONSOLIDATED STATEMENTS OF CASH FLOWS ( UNAUDITED )</B></FONT> <HR WIDTH="100%" SIZE="2" NOSHADE>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="center" WIDTH="100%">
<TR VALIGN="bottom">
<TD COLSPAN="2"> <I><FONT SIZE=2>( in thousands )</FONT></I></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center" NOWRAP COLSPAN="7"> <FONT SIZE=2>Nine&nbsp;months&nbsp;ended</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="center" NOWRAP COLSPAN="7"> <FONT SIZE=2>September&nbsp;30,</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="center" NOWRAP COLSPAN="3"> <FONT SIZE=2>2001</FONT></TD>
<TD ALIGN="center" NOWRAP>&nbsp;</TD>
<TD ALIGN="center" NOWRAP COLSPAN="3"> <FONT SIZE=2>2000</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Cash Flows from Operating Activities:</FONT></TD>
<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 COLSPAN="2"><FONT SIZE=2>Net income</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>128,421</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>115,153</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Adjustments to reconcile net income</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>to net cash flows from operating activities:</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>73,464</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>81,352</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Net investment results and loss (gain) on divestitures</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(54,270</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>4,315</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>32,657</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>3,298</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Dividends greater than share of earnings of equity method investments</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>21,382</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>515</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Minority interests in income of subsidiary companies</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>2,826</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>3,159</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Network distribution fee amortization greater (less) than payments</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>3,323</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>8,172</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Program cost amortization greater (less) than payments</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(23,516</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(24,841</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Other changes in certain working capital accounts, net</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>15,445</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(7,556</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Miscellaneous, net</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>15,777</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>8,371</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Net operating activities</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>215,509</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>191,938</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Cash Flows from Investing Activities:</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Additions to property, plant and equipment</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(46,054</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(44,535</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Purchase of subsidiary companies and long-term investments</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(33,595</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(112,156</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Payment for interest in Denver JOA</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(62,117</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Sale of subsidiary companies and long-term investments</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>14,694</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>50,963</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Miscellaneous, net</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1,508</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>10,695</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Net investing activities</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(125,564</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(95,033</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Cash Flows from Financing Activities:</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Increase in long-term debt</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>8,059</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>737</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Payments on long-term debt</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(52,249</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(58,270</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Repurchase Class A Common shares</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(20,671</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Dividends paid</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(35,641</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(32,913</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Dividends paid to minority interests</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(1,176</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(1,175</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Miscellaneous, net (primarily employee stock compensation)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>12,953</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>2,859</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Net financing activities</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(88,725</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>(88,762</FONT></TD>
<TD> <FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Increase in Cash and Cash Equivalents</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>1,220</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>8,143</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Cash and Cash Equivalents:</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Beginning of year</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>14,112</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>10,456</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>End of period</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>15,332</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>18,599</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=2 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Supplemental Cash Flow Disclosures:</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Interest paid, excluding amounts capitalized</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>27,946</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE=2>35,691</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Income taxes paid</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>26,964</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>81,094</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Denver newspaper assets contributed to JOA</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>160,064</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE=2>Destin newspaper traded for Fort Pierce newspaper (see Note 2)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE=2>3,857</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="10"> <HR SIZE=2 WIDTH="100%" NOSHADE> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2"><I>See notes to consolidated financial statements.</I></FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-5</FONT></P>

<P><FONT SIZE="2"><B>
<A NAME="d"></A>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND STOCKHOLDERS&#146; EQUITY ( UNAUDITED )</B></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="center" WIDTH="100%">
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="2"> </TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"> <HR NOSHADE WIDTH="100%" SIZE="2"> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="26"><FONT SIZE="2"><I>( in thousands, except share data )</I></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Accumulated</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Unvested</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Comprehensive</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Additional</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Other</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Restricted</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Total</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Income for the</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Common</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Paid-in</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Retained</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Comprehensive</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Stock</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Stockholders&#146;</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Three Months</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Stock</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Capital</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Earnings</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Income</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Awards</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Equity</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"> <FONT SIZE="2">Ended Sept.&nbsp;30</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Balances at December 31, 1999</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">781</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">136,731</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">973,609</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">58,271</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">(4,940</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">1,164,452</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Comprehensive income:</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Net income</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">115,153</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">115,153</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">35,428</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Unrealized gains, net of tax of $710 and ($816)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">1,406</FONT></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"> <FONT SIZE="2">1,406</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(1,418</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Less: reclassification adjustment for gains in income, net of tax of ($438) and ($4)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(813</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(813</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(8</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Increase (decrease) in unrealized gains on securities</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">593</FONT></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"> <FONT SIZE="2">593</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(1,426</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Foreign currency translation adjustments</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(371</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(371</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(98</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
<TD>&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">115,153</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">222</FONT></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"> <FONT SIZE="2">115,375</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">33,904</FONT></TD>
<TD>&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>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <HR NOSHADE WIDTH="100%" SIZE="2"> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Dividends: declared and paid - $.42 per share</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(32,913</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(32,913</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Compensation plans, net: 502,895 shares issued; 1,500 shares forfeited; 27,050 shares repurchased</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">5</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">17,549</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(3,892</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">13,662</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Tax benefits of compensation plans</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">1,860</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">1,860</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<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 COLSPAN="2"><FONT SIZE="2">Balances at September 30, 2000</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">786</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">156,140</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">1,055,849</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">58,493</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">(8,832</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">1,262,436</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="2"> </TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Balances at December 31, 2000</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">787</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">157,394</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">1,093,138</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">32,238</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">(5,747</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">1,277,810</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Comprehensive income:</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Net income</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">128,421</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">128,421</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">22,633</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Unrealized gains, net of tax of $3,065 and ($16,590)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">6,116</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">6,116</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(30,407</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Less: reclassification adjustment for gains in income, net of tax of ($27,213) and ($48)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(50,539</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(50,539</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(89</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Increase (decrease) in unrealized gains on securities</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(44,423</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(44,423</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(30,496</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Foreign currency translation adjustments</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(564</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(564</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(145</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
<TD>&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">128,421</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(44,987</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">83,434</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">(8,008</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></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 ALIGN="right">&nbsp;</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>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"> <HR NOSHADE WIDTH="100%" SIZE="2"> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Dividends: declared and paid - $.45 per share</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(35,641</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(35,641</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Repurchase 352,200 Class A Common Shares</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(4</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">(20,667</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(20,671</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Compensation plans, net: 843,008 shares issued; 109,425 shares repurchased; 2,500 shares forfeited</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">8</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">25,214</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">(5,120</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">20,102</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE="2">Tax benefits of compensation plans</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">8,903</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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"> <FONT SIZE="2">8,903</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
<TD>&nbsp;</TD>
<TD VALIGN="top">&nbsp; </TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<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 COLSPAN="2"><FONT SIZE="2">Balances at September 30, 2001</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">791</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">170,844</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">1,185,918</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">(12,749</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">(10,867</FONT></TD>
<TD> <FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD ALIGN="right"> <FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"> <FONT SIZE="2">1,333,937</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="26"> <HR NOSHADE WIDTH="100%" SIZE="2"> </TD>
<TD>&nbsp;</TD>
<TD VALIGN="top">&nbsp; </TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
</TR>
</TABLE>
<P><FONT SIZE="2"><I>See notes to consolidated financial statements.</I></FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-6</FONT></P>
<FONT SIZE="2"><B>
<A NAME="e"></A>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</B></FONT> <HR WIDTH="100%" SIZE="1" NOSHADE>&nbsp; <HR WIDTH="15%" SIZE="1" NOSHADE ALIGN="left">
<P><FONT SIZE="2"><B>1.&nbsp;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></FONT></P>
<P><FONT SIZE="2"><B>Basis of Presentation</B> - The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. The information disclosed in the notes to consolidated financial statements included in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2000, has not changed materially unless
otherwise disclosed herein. Financial information as of December 31, 2000, included in these financial statements has been derived from the audited consolidated financial statements included in that report. In management&#146;s opinion all
adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the interim periods have been made.</FONT></P>
<P><FONT SIZE="2">Results of operations are not necessarily indicative of the results that may be expected for future interim periods or for the full year.</FONT></P>
<P><FONT SIZE="2"><B>Joint Operating Agencies</B> - The application for a joint operating agency (&#147;JOA&#148;) between the Company&#146;s Denver Rocky Mountain News (&#147;RMN&#148;) and MediaNews Group Inc.&#146;s Denver Post was approved in
January 2001 by the U.S. Department of Justice. The JOA commenced operations on January 22, 2001. The Denver Publishing Company, a wholly owned subsidiary of the Company, holds a 50% interest in the JOA.</FONT></P>
<P><FONT SIZE="2">Included in JOA distributions in the Consolidated Statements of Income is the Company&#146;s share of the operating profit (loss) of the Denver JOA from January 22, 2001. The Company also includes in its operating expenses its
editorial costs associated with the RMN. The Company&#146;s financial statements no longer include the advertising and other revenue of the RMN, the costs to produce, distribute and market the newspaper, nor related depreciation. The Company&#146;s
residual interest in the net assets of the JOA is included in Investments in the Consolidated Balance Sheets.</FONT></P>
<P><FONT SIZE="2"><B>Derivative Instruments and Hedging Activities</B> - The Company adopted Financial Accounting Standard (&#147;FAS&#148;) No. 133 &#150; Accounting for Derivative Instruments and Hedging Activities effective January 1, 2001.
Adoption of the new standard had no effect on the Company&#146;s financial statements.</FONT></P>
<P><FONT SIZE="2"><B>Net Income Per Share</B> - The following table presents additional information about basic and diluted weighted-average shares outstanding:</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="center" WIDTH="100%">
<TR VALIGN="bottom">
<TD COLSPAN="10"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"> <I><FONT SIZE=2>( in thousands )</FONT></I></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center" NOWRAP> <FONT SIZE=2>Three months ended</FONT></TD>
<TD NOWRAP ALIGN="center" WIDTH="4%">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center" NOWRAP> <FONT SIZE=2>Nine months ended</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="3%"></TD>
<TD></TD>
<TD WIDTH="1%"></TD>
<TD COLSPAN="3" ALIGN="center" NOWRAP> <FONT SIZE=2>September&nbsp;30,</FONT></TD>
<TD NOWRAP ALIGN="center" WIDTH="4%">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center" NOWRAP> <FONT SIZE=2>September&nbsp;30,</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="3%"></TD>
<TD></TD>
<TD WIDTH="1%"></TD>
<TD ALIGN="center" WIDTH="5%" NOWRAP> <FONT SIZE=2>2001</FONT></TD>
<TD NOWRAP ALIGN="center" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="5%" NOWRAP> <FONT SIZE=2>2000</FONT></TD>
<TD NOWRAP ALIGN="center" WIDTH="4%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="5%" NOWRAP> <FONT SIZE=2>2001</FONT></TD>
<TD NOWRAP ALIGN="center" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="5%" NOWRAP> <FONT SIZE=2>2000</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="3%">&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;</TD>
<TD WIDTH="1%">&nbsp;&nbsp;</TD>
<TD WIDTH="5%">&nbsp;&nbsp;</TD>
<TD WIDTH="3%">&nbsp;&nbsp;</TD>
<TD WIDTH="5%">&nbsp;&nbsp;</TD>
<TD WIDTH="4%">&nbsp;&nbsp;</TD>
<TD WIDTH="5%">&nbsp;&nbsp;</TD>
<TD WIDTH="3%">&nbsp;&nbsp;</TD>
<TD WIDTH="5%">&nbsp;&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Basic weighted-average shares outstanding</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>78,977</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>78,186</FONT></TD>
<TD ALIGN="right" WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>78,847</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>78,114</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Effect of dilutive securities:</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="3%">&nbsp;</TD>
<TD><FONT SIZE=2>Unvested restricted stock held by employees</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>180</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>185</FONT></TD>
<TD ALIGN="right" WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>162</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>145</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="3%">&nbsp;</TD>
<TD><FONT SIZE=2>Stock options held by employees</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>1,010</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>802</FONT></TD>
<TD ALIGN="right" WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>1,002</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>760</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2"><FONT SIZE=2>Diluted weighted-average shares outstanding</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>80,167</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>79,173</FONT></TD>
<TD ALIGN="right" WIDTH="4%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>80,011</FONT></TD>
<TD ALIGN="right" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"> <FONT SIZE=2>79,019</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="10" VALIGN="top"> <HR SIZE=2 WIDTH="100%" NOSHADE> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2"><B>Recently Issued Accounting Standards</B> - The Emerging Issues Task Force reached a consensus on Issue 00-25 - Vendor Income Statement Characterization of Consideration Paid to a Reseller of the Vendor&#146;s Products in April
2001. The consensus, which must be adopted no later than January 1, 2002, requires consideration paid to customers to be deducted from revenue. The Company currently classifies amortization of distribution fees paid to cable television and satellite
broadcast systems as an operating expense in its financial statements.</FONT></P>
<P><FONT SIZE="2">The Company plans to adopt this policy effective with its Annual Report on Form 10-K for the year ended December 31, 2001. Financial statements for prior periods will be restated. The change in classification will have no impact on
the Company&#146;s reported operating income or financial position. However, operating revenues will be reduced by the amounts of amortization of distribution fees, which in the nine months ended September 30 totaled $17,000,000 in 2001 and
$13,900,000 in 2000.</FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-7</FONT></P>

<P ALIGN="left"></P>
<P>&nbsp;</P>
<P><FONT SIZE="2">In July 2001 the Financial Accounting Standards Board issued FAS No. 141 - Business Combinations and FAS No. 142 - Goodwill and Other Intangible Assets. FAS No. 141 requires business combinations initiated after June 30, 2001, to
be accounted for using the purchase method of accounting. FAS 141 also specifies the types of acquired intangible assets that are required to be recognized and reported separately from goodwill. Intangible assets acquired that are obtained through
contractual or legal right, or are capable of being separately sold, transferred, licensed, rented or exchanged are recognized as an asset apart from goodwill. Intangible assets that do not meet the requirements for recognition apart from goodwill
are subsumed into goodwill. </FONT></P>
<P><FONT SIZE="2">The Company will adopt FAS 142 effective January 1, 2002. Upon adoption management will assess the estimated useful lives of intangible assets. Recorded goodwill and intangible assets with indefinite lives will no longer be
amortized, but instead will be tested for impairment at least annually. Goodwill and intangible assets with indefinite lives acquired in business combinations completed before July 1, 2001, will continue to be amortized until December 31, 2001.
Other intangible assets will be amortized over their respective estimated useful lives and reviewed for impairment in accordance with FAS 121 - Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of.
</FONT></P>
<P><FONT SIZE="2">Upon adoption of FAS 142, the Company will make a transitional evaluation of whether goodwill is impaired. To accomplish this, the Company must (i) identify its reporting units, (ii) determine the carrying value of each reporting
unit by assigning the assets and liabilities, including the existing goodwill and intangible assets to those reporting units, and (iii) determine whether the carrying value of each reporting unit exceeds fair value. This first step of the
transitional assessment must be completed by June 30, 2002. If the carrying value of any reporting unit exceeds its fair value, then detailed fair values for each of the assigned assets (excluding goodwill) and liabilities will be determined to
calculate the amount of goodwill impairment, if any. This second step is required to be completed as soon as possible, but no later than December 31, 2002. Any transitional impairment loss resulting from the adoption will be recognized as the effect
of a change in accounting principle. </FONT></P>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR>
<TD COLSPAN="3"><FONT SIZE="2">Recorded goodwill and other intangible assets as of September 30, 2001 were as follows:</FONT> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN="BOTTOM"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2"><I>( in thousands )</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="17%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="3" HEIGHT="20">&nbsp;</TD>
<TD HEIGHT="20">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" HEIGHT="20"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
<TD HEIGHT="20">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Goodwill</FONT></TD>
<TD ALIGN="center" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="17%"><FONT SIZE="2">1,203,260</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Customer base</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="17%"><FONT SIZE="2">180,694</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Work force</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="17%"><FONT SIZE="2">17,020</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Network affiliation contracts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="17%"><FONT SIZE="2">58,520</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">FCC licenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="17%"><FONT SIZE="2">30,644</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Customer lists</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="17%"><FONT SIZE="2">4,219</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="17%"><FONT SIZE="2">8,821</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="17%"><FONT SIZE="2">1,503,178</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Accumulated amortization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="17%"><FONT SIZE="2">311,893</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Net goodwill and other intangible assets</FONT></TD>
<TD ALIGN="center" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="17%"><FONT SIZE="2">1,191,285</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The Company cannot at this time estimate the impact, if any, of the transitional impairment evaluation. The Company is currently assessing the estimated useful lives of its intangible assets and cannot estimate the impact of
adoption of the new standards on amortization of goodwill and other intangible assets. However, it is expected that amortization of goodwill and other intangible assets will decrease substantially. </FONT></P>
<P><FONT SIZE="2"><B>Reclassifications -</B> For comparative purposes, certain 2000 amounts have been reclassified to conform to 2001 classifications. </FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-8</FONT></P>

<P><B><FONT SIZE="2">2.&nbsp;ACQUISITIONS AND DIVESTITURES</FONT></B></P>
<P><FONT SIZE="2"><B><U>Acquisitions</U></B></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="center" WIDTH="100%">
<TR VALIGN="top">
<TD><FONT SIZE="2"><B><U>2001</U></B>&nbsp;-</FONT></TD>
<TD>&nbsp;&nbsp;</TD>
<TD><FONT SIZE="2">In the first quarter the Company acquired an additional 3.5% interest in The Television Food Network.</FONT></TD>
</TR>
<TR VALIGN="top">
<TD></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN="top">
<TD><FONT SIZE="2"><B><U>2000</U></B>&nbsp;-</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2">In the first quarter the Company acquired the daily newspaper in Fort Pierce, Florida, in exchange for its newspaper in Destin, Florida, and cash; and television station KMCI in Lawrence, Kansas. In the third quarter the Company
acquired the weekly newspaper in Marco Island, Florida.</FONT></TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The following table presents additional information about the acquisitions:</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="center" WIDTH="100%">
<TR>
<TD VALIGN="bottom" COLSPAN="8"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="8"> <I><FONT SIZE="2">( in thousands )</FONT></I></TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="1%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="1%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="5%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="1%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="1%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="5%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="1%">&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="6" ALIGN="center"><FONT SIZE="2">September 30,</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="2" ALIGN="center"><FONT SIZE="2">2001</FONT></TD>
<TD ALIGN="center" WIDTH="1%">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="center"><FONT SIZE="2">2000</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="8" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Goodwill and other intangible assets acquired</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">14,435</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">55,589</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Other assets acquired</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">7,532</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="8" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Total</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">14,435</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">63,121</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Fair value of Destin newspaper</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(3,857</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Liabilities assumed</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(197</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="8" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Cash paid</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">14,435</FONT></TD>
<TD ALIGN="right" WIDTH="1%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">59,067</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN="top"> <HR SIZE=2 WIDTH="100%" NOSHADE> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">In the fourth quarter of 2000 the Company acquired the daily newspaper in Henderson, Kentucky.</FONT></P>
<P><FONT SIZE="2">The acquisitions have been accounted for as purchases. The allocations of the purchase prices are based on preliminary appraised values of the assets acquired and liabilities assumed, and are therefore subject to change. Operating
results are included in the Consolidated Statements of Income from the dates of acquisitions, with the exception of KMCI whose results were included while the Company operated the station under a contract with the former owner. Pro forma results are
not presented because the combined results of operations would not be significantly different than the reported amounts.</FONT></P>
<P><FONT SIZE="2"><B><U>Divestitures</U></B></FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="center" WIDTH="100%">
<TR VALIGN="top">
<TD><FONT SIZE="2"><B><U>2000</U></B>&nbsp;-</FONT></TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD><FONT SIZE="2">In the first quarter the Company sold its independent telephone directories in Memphis, Tennessee; Kansas City, Missouri; and North Palm Beach, Florida, and traded its Destin, Florida, newspaper and cash for the daily newspaper in
Fort Pierce, Florida. In the third quarter the Company sold its remaining independent telephone directories in Louisiana. The sales and trade resulted in net gains of $6,196,000, $3,700,000 after-tax ($.05 per share).</FONT></TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Included in the consolidated financial statements are the following results of divested operations (excluding gains on sales):</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="center" WIDTH="100%">
<TR VALIGN="bottom">
<TD VALIGN="top" COLSPAN="8"> <HR NOSHADE WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2"> <I>( in thousands )</I></FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="2" ALIGN="center"><FONT SIZE="2">Three months</FONT></TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="3"><FONT SIZE="2">Nine months</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="2" ALIGN="center"><FONT SIZE="2">ended</FONT></TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="3"><FONT SIZE="2">ended</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="2" ALIGN="center"><FONT SIZE="2">September&nbsp;30,</FONT></TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="3"><FONT SIZE="2">September&nbsp;30,</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN="2" ALIGN="center"><FONT SIZE="2">2000</FONT></TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="3"><FONT SIZE="2">2000</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="8" VALIGN="top"> <HR SIZE=1 WIDTH="100%" NOSHADE> </TD>
</TR>
<TR VALIGN="bottom">
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="2%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="2%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="12%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="2%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="2%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="12%">&nbsp;&nbsp;&nbsp;</TD>
<TD WIDTH="2%">&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Operating revenues</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="12%"><FONT SIZE="2">2,436</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="12%"><FONT SIZE="2">10,500</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR VALIGN="bottom">
<TD><FONT SIZE="2">Operating income (loss)</FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="12%"><FONT SIZE="2">97</FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="12%"><FONT SIZE="2">(275</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="8" VALIGN="top"> <HR SIZE=2 WIDTH="100%" NOSHADE> </TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="2">F-9</FONT></P>

<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD COLSPAN="2"><FONT SIZE="2"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp; <B>UNUSUAL CREDITS AND CHARGES</B></FONT></TD>
</TR>
<TR>
<TD COLSPAN="2">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP"><B><FONT SIZE=2><U>2001</U> - </FONT></B></TD>
<TD WIDTH="93%" VALIGN="TOP"><FONT SIZE=2>Included in net investment results are i) recognized net investment gains and ii) adjustments to accrued incentive</FONT> <FONT SIZE=2>compensation related to changes in the net gains (realized and estimated
unrealized) on the Scripps Ventures I</FONT> <FONT SIZE=2>portfolio. Included in year-to-date recognized net investment gains are i) a gain of $65,900,000 on the exchange of</FONT> <FONT SIZE=2>the Company&#146;s investment in Time Warner for
America Online, which acquired Time Warner, and an $11,700,000</FONT> <FONT SIZE=2>gain on the sale of a portion of the Company&#146;s investment in Centra Software, ii) $35,000,000 in write-downs for</FONT> <FONT SIZE=2>several investments, and
iii) an $11,500,000 reduction in accrued incentive compensation, to zero at</FONT> <FONT SIZE=2>September 30, 2001.</FONT> </TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP"><FONT SIZE=2>Net investment results increased net income $33,500,000 ($.42 per share) year-to-date and decreased net income</FONT> <FONT SIZE=2>$6,900,000 ($.09 per share) for the quarter.</FONT></TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP"><FONT SIZE=2>Costs associated with workforce reductions, including the Company&#146;s share of such costs at the Denver JOA, reduced</FONT> <FONT SIZE=2>operating income $1,500,000 in the third quarter and $12,700,000
year-to-date. Net income was reduced $900,000</FONT> <FONT SIZE=2>($.01 per share) in the third quarter and $8,000,000 ($.10 per share) year-to-date.</FONT></TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP"><FONT SIZE=2>The combined effect of the above items was to increase 2001 year-to-date net income $25,500,000 ($.32 per share)</FONT> <FONT SIZE=2>and to reduce 2001 third quarter net income $7,900,000 ($.10 per
share).</FONT></TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP"><U><B><FONT SIZE=2>2000</FONT></B></U><B><FONT SIZE=2> - </FONT></B></TD>
<TD WIDTH="93%" VALIGN="TOP"><FONT SIZE=2>Included in net investment results are i) realized gains of $12,400,000 on the sale of certain investments, ii)</FONT> <FONT SIZE=2>$15,400,000 in write-downs of certain investments, and iii) a $6,200,000
increase in accrued incentive compensation, </FONT><FONT SIZE=2>to $13,200,000 at September 30, 2000.</FONT></TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP"><FONT SIZE=2>Net investment results reduced net income $6,100,000 ($.08 per share) year-to-date and increased net income </FONT><FONT SIZE=2>$800,000 ($.01 per share) for the quarter.</FONT></TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP"><FONT SIZE=2>$3,200,000 of expenses associated with preparations for the joint newspaper operations in Denver, of which</FONT> <FONT SIZE=2>$2,400,000 was recognized in the third quarter, reduced net income $1,600,000
($.02 per share) in the third quarter</FONT> <FONT SIZE=2>and $2,100,000 ($.03 per share) year-to-date.</FONT></TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP"><FONT SIZE=2>The combined effect of the above items and the gains on divestitures (see Note 2) was to reduce 2000 year-to-date net</FONT> <FONT SIZE=2>income $4,500,000 ($.05 per share) and to reduce third quarter net
income $800,000 ($.01 per share).</FONT></TD>
</TR>
<TR>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR ALIGN="CENTER">
<TD COLSPAN="2" VALIGN="TOP"><FONT SIZE="2">F-10</FONT></TD>
</TR>
</TABLE>
<P>
<P ALIGN="left"></P>
<P><FONT SIZE="2"><B>4. &nbsp;&nbsp;LONG-TERM DEBT</B> </FONT></P>
<P><FONT SIZE="2">Long-term debt consisted of the following: </FONT></P>
<P> <FONT SIZE="2"> </FONT></P>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD NOWRAP VALIGN="TOP"><FONT SIZE="2"><I>( in thousands )</I></FONT> </TD>
<TD ALIGN="center" WIDTH="1%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">September 30,
<BR>
2001</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">As of
<BR>
December 31,
<BR>
2000</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
<TD ALIGN="center" WIDTH="1%" NOWRAP>&nbsp;</TD>
<TD ALIGN="right" WIDTH="8%" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">September 30,
<BR>
2000</FONT></DIV>
</TD>
<TD WIDTH="2%" NOWRAP>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Variable rate credit facilities, including commercial paper</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">460,590</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">512,788</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">509,196</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">$100 million, 6.625% note, due in 2007</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">99,912</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">99,901</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">99,898</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">$100 million, 6.375% note, due in 2002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">99,978</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">99,964</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">99,959</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Other notes</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">9,964</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">1,956</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">1,972</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total long-term debt</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">670,444</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">714,609</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">711,025</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Current portion of long-term debt</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">460,630</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">212,828</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">209,237</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Long-term debt (less current portion)</FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">209,814</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">501,781</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="1%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="8%"><FONT SIZE="2">501,788</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The Company has a Competitive Advance and Revolving Credit Facility Agreement, which permits aggregate borrowings up to $675,000,000 (the "Variable Rate Credit Facilities") maturing in 2002. Borrowings are available on a committed
revolving credit basis at the Company's choice of three short-term rates or through an auction procedure at the time of each borrowing. The Variable Rate Credit Facilities are also used by the Company in whole or in part, in lieu of direct
borrowings, as credit support for its commercial paper. The weighted-average interest rates on the Variable Rate Credit Facilities were 3.2% at September 30, 2001, 6.6% at December 31, 2000, and 6.7% at September 30, 2000. </FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-11</FONT></P>

<P ALIGN="left"></P>
<P>&nbsp;</P>
<P><FONT SIZE="2"></FONT></P>
<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
<TR>
<TD><FONT SIZE="2"><B>5. INVESTMENTS</B></FONT></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Investments consisted of the following:</FONT></TD>
</TR>
<TR>
<TD> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="TOP" WIDTH="45%"><FONT SIZE="2"><I>( in thousands, except share data )</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="10%" VALIGN="BOTTOM"> <DIV ALIGN="CENTER"><FONT SIZE="2">September 30,
<BR>
2001 </FONT></DIV>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<P ALIGN="center"><FONT SIZE="2">As of
<BR>
December 31,
<BR>
2000</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="10%" VALIGN="BOTTOM"> <DIV ALIGN="center"><FONT SIZE="2">September 30,
<BR>
2000 </FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="10"><HR ALIGN="center" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Securities available for sale (at market value):</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;AOL Time Warner common stock (2,017,000 shares)</FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">66,757</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Time Warner common stock (1,344,000 shares)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">70,239</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">105,318</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Centra Software (700,500; 1,792,500; 1,792,500 common shares)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">5,996</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">6,946</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">11,653</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;garden.com Inc. (2,414,000 common shares and 276,000 warrants)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">2,112</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">3,483</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">3,969</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">4,442</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Total available-for-sale securities</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">76,236</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">81,154</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">123,525</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Denver newspaper JOA</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">202,944</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">FOX SportSouth and other joint ventures</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">8,706</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">9,502</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">8,948</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Other equity investments</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">67,375</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">87,266</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">98,283</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Total investments</FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">355,261</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">177,922</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">230,756</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="10%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%"><FONT SIZE="2">Unrealized gains (losses) on securities available for sale</FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">(19,529</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="LEFT"><FONT SIZE="2">)</FONT></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">49,047</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="10%"><FONT SIZE="2">89,076</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="10"> <HR ALIGN="left" WIDTH="100%" SIZE="1"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Investments available for sale represent securities in publicly traded companies. Investments available for sale are recorded at fair value. Fair value is based upon the closing price of the security on the reporting date.
</FONT></P>
<P><FONT SIZE="2">The Company exchanged its investment in Time Warner for America Online, which acquired Time Warner, in the first quarter of 2001. The Company sold 1,092,000 shares of Centra Software in the second quarter of 2001. See Note 3.
</FONT></P>
<P><FONT SIZE="2">Other equity investments include securities that do not trade in public markets, so they do not have readily determinable fair values. Many of the investees have had no rounds of equity financing in the past 18 months. There can be
no assurance as to the amounts the Company would receive if these securities were sold. </FONT></P>
<P><FONT SIZE="2">The Company's Scripps Ventures Funds I and II invest in new businesses focusing primarily on new media technology. Scripps Ventures I invested $54,000,000. The managers' compensation includes a share of the portfolio's cumulative
net gain through December 2002 if a specified minimum return is achieved. The incentive compensation accrual was zero at September 30, 2001, and will be subject to change as the net gain changes through December 2002. Scripps Ventures II is
authorized to invest up to $100,000,000, of which $42,000,000 was invested as of September 30, 2001. The managers have a minority equity interest in the return on Scripps Ventures II's investments if a specified minimum return is achieved.</FONT></P>
<P><FONT SIZE="2"><B>6. SEGMENT INFORMATION </B></FONT></P>
<P><FONT SIZE="2">The Company's reportable segments are strategic businesses that offer different products and services. The Company primarily evaluates the operating performance of its segments based on earnings before interest, income taxes,
depreciation and amortization ("EBITDA"), excluding divested operating units (see Note 2), unusual items (see Note 3) and all credits and charges classified as non-operating in the Consolidated Statements of Income. No single customer provides more
than 10% of the Company's revenue. International revenues are primarily derived from licensing comic characters and HGTV and Food Network programming in international markets. Licensing of comic characters in Japan provides more than 50% of the
Company's international revenues, which are less than $50,000,000 annually. </FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-12</FONT> </P>

<P></P>
<P><FONT SIZE="2"><B></B>Financial information for the Company&#146;s business segments is as follows:<B> </B></FONT></P>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="0">
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <I><FONT SIZE=2>( in thousands )</FONT></I> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD COLSPAN="4" VALIGN="BOTTOM" ALIGN="center"> <FONT SIZE=2>Three months ended</FONT> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> </TD>
<TD COLSPAN="4" VALIGN="BOTTOM" ALIGN="center"> <FONT SIZE=2>Nine months ended</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD COLSPAN="4" VALIGN="BOTTOM" ALIGN="center"> <FONT SIZE=2>September 30,</FONT> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> </TD>
<TD COLSPAN="4" VALIGN="BOTTOM" ALIGN="center"> <FONT SIZE=2>September 30,</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> <FONT SIZE=2>2001</FONT> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> <FONT SIZE=2>2000</FONT> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> <FONT SIZE=2>2001</FONT> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> </TD>
<TD VALIGN="BOTTOM" ALIGN="center"> <FONT SIZE=2>2000</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>OPERATING REVENUES</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Newspapers</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>177,975</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>231,519</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>549,425</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>701,050</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Scripps Networks</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>83,103</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>72,540</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>269,902</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>232,329</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Broadcast Television</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>61,121</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>79,793</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>201,241</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>243,951</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Licensing and other media</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>19,900</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>23,570</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>67,012</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>72,345</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Total</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>342,099</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>407,422</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>1,087,580</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>1,249,675</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Unusual item</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(4,049</FONT> </TD>
<TD VALIGN="top" ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Divested operating units</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>2,436</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>10,500</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Per consolidated financial statements</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>342,099</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>409,858</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>1,083,531</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>1,260,175</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=2 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>EBITDA</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Newspapers</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>58,200</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>63,272</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>172,482</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>191,368</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Scripps Networks</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>17,647</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>13,806</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>60,061</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>54,323</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Broadcast Television</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>12,478</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>28,191</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>53,820</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>84,655</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Licensing and other media</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>2,513</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>3,947</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>11,154</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>12,577</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Corporate</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(4,561</FONT> </TD>
<TD VALIGN="top" ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(5,518</FONT> </TD>
<TD VALIGN="top" ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(13,465</FONT> </TD>
<TD VALIGN="top" ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(15,079</FONT> </TD>
<TD VALIGN="top" ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Total</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <FONT SIZE=2>86,277</FONT> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <FONT SIZE=2>103,698</FONT> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <FONT SIZE=2>284,052</FONT> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <FONT SIZE=2>327,844</FONT> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Unusual items</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <FONT SIZE=2>(1,540</FONT> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <FONT SIZE=2>(2,407</FONT> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <FONT SIZE=2>(12,253</FONT> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <FONT SIZE=2>(3,243</FONT> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Divested operating units</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <FONT SIZE=2>348</FONT> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> <FONT SIZE=2>261</FONT> </TD>
<TD VALIGN="TOP" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Per consolidated financial statements</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>84,737</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>101,639</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>271,799</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>324,862</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=2 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>DEPRECIATION</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Newspapers</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>6,316</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>10,293</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>19,546</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>30,653</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Scripps Networks</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>1,582</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>1,896</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>5,425</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>5,337</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Broadcast Television</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>4,794</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>4,787</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>14,786</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>14,196</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Licensing and other media</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>232</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(218</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>616</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>166</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Corporate</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>265</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>255</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>705</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>759</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Total</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>13,189</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>17,013</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>41,078</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>51,111</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Unusual items</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>63</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Divested operating units</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>196</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>357</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Per consolidated financial statements</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>13,189</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>17,209</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>41,141</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>51,468</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=2 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>AMORTIZATION OF INTANGIBLE ASSETS</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Newspapers</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>6,516</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>5,841</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>19,248</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>17,214</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Scripps Networks</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>1,902</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>1,802</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>5,608</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>5,402</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Broadcast Television</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>2,375</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>2,381</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>7,056</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>7,089</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Total</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>10,793</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>10,024</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>31,912</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>29,705</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Unusual items</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>411</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Divested operating units</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>55</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>179</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Per consolidated financial statements</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>10,793</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>10,079</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>32,323</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>29,884</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=2 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>OPERATING INCOME</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Newspapers</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>45,368</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>47,138</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>133,688</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>143,501</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Scripps Networks</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>14,163</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>10,108</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>49,028</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>43,584</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Broadcast Television</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>5,309</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>21,023</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>31,978</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>63,370</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Licensing and other media</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>2,281</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>4,165</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>10,538</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>12,411</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Corporate</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(4,826</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(5,773</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(14,170</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(15,838</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Total</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>62,295</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>76,661</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>211,062</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>247,028</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Unusual items</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(1,540</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(2,407</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(12,727</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(3,243</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Divested operating units</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>97</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(275</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <DIV ALIGN="LEFT"><FONT SIZE=2>)</FONT> </DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Per consolidated financial statements</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>60,755</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>74,351</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>198,335</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>243,510</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=2 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center></FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="CENTER">
<P><FONT SIZE="2">F-13</FONT> </P>
</DIV>

<P ALIGN="LEFT"> </P>
<P ALIGN="LEFT"> </P>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="0">
<TR VALIGN="BOTTOM">
<TD ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <I><FONT SIZE=2>( in thousands )</FONT></I> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD COLSPAN="4" VALIGN="top" ALIGN="center"> <FONT SIZE=2>Three months ended</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD COLSPAN="4" VALIGN="top" ALIGN="center"> <FONT SIZE=2>Nine months ended</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD COLSPAN="4" VALIGN="top" ALIGN="center"> <FONT SIZE=2>September 30,</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD COLSPAN="4" VALIGN="top" ALIGN="center"> <FONT SIZE=2>September 30,</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>2001</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>2000</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>2001</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>2000</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> </FONT><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="left"> <FONT SIZE=2>PAYMENTS (GREATER) LESS THAN PROGRAM AMORTIZATION</FONT> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="left"> <FONT SIZE=2>AND NETW ORK DISTRIBUTION COSTS</FONT> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="center"> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="left"> <FONT SIZE=2>Scripps Networks</FONT> </TD>
<TD ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD ALIGN="RIGHT"> <FONT SIZE=2>(7,162</FONT> </TD>
<TD ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
<TD ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD ALIGN="RIGHT"> <FONT SIZE=2>(7,029</FONT> </TD>
<TD ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
<TD ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD ALIGN="RIGHT"> <FONT SIZE=2>(22,380</FONT> </TD>
<TD ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
<TD ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD ALIGN="RIGHT"> <FONT SIZE=2>(17,118</FONT> </TD>
<TD ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="left"> <FONT SIZE=2>Broadcast Television</FONT> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="RIGHT"> <FONT SIZE=2>823</FONT> </TD>
<TD ALIGN="LEFT"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="RIGHT"> <FONT SIZE=2>595</FONT> </TD>
<TD ALIGN="LEFT"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="RIGHT"> <FONT SIZE=2>2,187</FONT> </TD>
<TD ALIGN="LEFT"> </TD>
<TD ALIGN="center"> </TD>
<TD ALIGN="RIGHT"> <FONT SIZE=2>449</FONT> </TD>
<TD ALIGN="LEFT"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Total</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(6,339</FONT> </TD>
<TD VALIGN="top" ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(6,434</FONT> </TD>
<TD VALIGN="top" ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(20,193</FONT> </TD>
<TD VALIGN="top" ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>(16,669</FONT> </TD>
<TD VALIGN="top" ALIGN="LEFT"> <FONT SIZE=2>)</FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Newspapers</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>8,334</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>12,182</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>24,097</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>21,536</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Scripps Networks</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>5,523</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>3,132</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>10,812</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>6,382</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Broadcast Television</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>2,951</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>2,952</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>10,295</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>15,774</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Licensing and other media</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>21</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>13</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>301</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>329</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Corporate</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>130</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>111</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>549</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>404</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" HEIGHT="18" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" HEIGHT="18"> <FONT SIZE=2>Total</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> <FONT SIZE=2>16,959</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> <FONT SIZE=2>18,390</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> <FONT SIZE=2>46,054</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> <FONT SIZE=2>44,425</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT" HEIGHT="18"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Divested operating units</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>110</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Per consolidated financial statements</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>16,959</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>18,390</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>46,054</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>44,535</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>BUSINESS ACQUISITIONS AND</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> OTHER ADDITIONS TO LONG-LIVED ASSETS</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Newspapers</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>80</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>17,334</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>63,796</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>50,140</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Scripps Networks</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>19,570</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>3,833</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>47,420</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>12,825</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Broadcast Television</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>50</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>27</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>14,710</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Licensing and other media</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>10</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Venture capital and other investments</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>8,623</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>4,874</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>15,995</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>50,926</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Total</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>28,273</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>26,091</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>127,238</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>128,611</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>ASSETS</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Newspapers</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>1,279,953</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>1,245,711</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Scripps Networks</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>576,627</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>499,300</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Broadcast Television</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>484,308</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>501,383</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Licensing and other media</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>21,736</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>30,789</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Venture capital and other investments</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>143,687</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>221,425</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Corporate</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>71,604</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>56,980</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Total</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>2,577,915</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>2,555,588</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Divested operating units</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>7,859</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>8,233</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Total</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>2,585,774</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="RIGHT"><FONT SIZE=2>2,563,821</FONT> </DIV>
</TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Other additions to long-lived assets include investments and network distribution fees. Corporate assets are primarily cash, cash equivalent and other short-term investments, and refundable and deferred income taxes.</FONT></P>
<P ALIGN="CENTER"><FONT SIZE="2">F-14</FONT></P>
<P ALIGN="LEFT"></P>
<P ALIGN="LEFT"></P>
<P ALIGN="CENTER"><FONT SIZE="2"><B>
<A NAME="f"></A>
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
<BR>
</B></FONT><FONT SIZE="2"><B>RESULTS OF OPERATIONS </B></FONT></P>
<P><FONT SIZE="2">The Company operates in three reportable segments: Newspapers, Scripps Networks, and Broadcast Television.</FONT></P>
<A NAME="g"></A>
<P><FONT SIZE="2"><B>FORWARD-LOOKING STATEMENTS </B></FONT></P>
<P><FONT SIZE="2">This discussion and the information contained in the notes to the consolidated financial statements contain certain forward-looking statements that are based on management&#146;s current expectations. Forward-looking statements are
subject to certain risks, trends and uncertainties that could cause actual results to differ materially from the expectations expressed in the forward-looking statements. Such risks, trends and uncertainties, which in most instances are beyond the
Company&#146;s control, include changes in advertising demand and other economic conditions; consumers&#146; taste; newsprint prices; program costs; labor relations; technological developments; competitive pressures; interest rates; regulatory
rulings; and reliance on third-party vendors for various products and services. The words &#147;believe,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;intend&#148; and similar expressions identify forward-looking
statements. All forward-looking statements, which are as of the date of this filing, should be evaluated with the understanding of their inherent uncertainty.</FONT></P>
<A NAME="h"></A>
<P><FONT SIZE="2"><B>RESULTS OF OPERATIONS</B></FONT></P>
<P><FONT SIZE="2">Acquisitions and divestitures can affect the comparability of year-over-year reported results. Amounts included in the accompanying tables include the results of acquired operations from the dates of acquisition. The results of
divested operating units are removed from the segment operating results and reported separately because management believes they impede analysis of the Company&#146;s ongoing operations. </FONT></P>
<P><FONT SIZE="2">See Note 2 to the Consolidated Financial Statements on page F-9 regarding acquisitions and divestitures. </FONT></P>
<P><FONT SIZE="2">The application for a JOA between the Company&#146;s Denver Rocky Mountain News (&#147;RMN&#148;) and MediaNews Group Inc.&#146;s Denver Post was approved in January 2001 by the U.S. Department of Justice. The JOA commenced
operations on January 22, 2001. The Denver Publishing Company, a wholly owned subsidiary of the Company holds a 50% interest in the JOA.</FONT></P>
<P><FONT SIZE="2">Included in RMN revenue is the Company&#146;s share of the operating profit (loss) of the Denver JOA from January 22, 2001. The Company also includes in its operating expenses its editorial costs associated with the RMN. The
Company&#146;s financial statements no longer include the advertising and other revenue of the RMN, the costs to produce, distribute and market the newspaper, nor related depreciation. To enhance comparability of year-over-year operating results,
the Company is reporting the RMN separately. </FONT></P>
<P><FONT SIZE="2">All per share disclosures included in management&#146;s discussion and analysis of financial condition and results of operations are on a diluted basis.</FONT></P>
<P ALIGN="CENTER"><FONT SIZE="2">F-15</FONT></P>

<P> <FONT SIZE="2">Consolidated results of operations were as follows: </FONT></P>
<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR>
<TD COLSPAN="23"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2"><I>( in thousands, except per share data )</I></FONT></TD>
<TD COLSPAN="3"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="2" NOWRAP><DIV ALIGN="CENTER"><FONT SIZE="2">Quarterly Period </FONT></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="3"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="3"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="2" NOWRAP> <DIV ALIGN="CENTER"><FONT SIZE="2">Year-to-Date</FONT></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="3"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="CENTER"></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="30%">&nbsp;</TD>
<TD COLSPAN="3"> <DIV ALIGN="CENTER"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="CENTER"><FONT SIZE="2">Change </FONT></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="3"> <DIV ALIGN="CENTER"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="3"> <DIV ALIGN="CENTER"><FONT SIZE="2">2001 </FONT></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="2"> <DIV ALIGN="CENTER"><FONT SIZE="2">Change </FONT></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="CENTER"></DIV>
</TD>
<TD COLSPAN="3"> <DIV ALIGN="CENTER"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="CENTER"></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="23"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Operating revenues:</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newspapers</FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">174,315</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(0.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">174,838</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">534,189</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(0.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">536,175</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scripps Networks</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">83,103</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">14.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">72,540</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">269,902</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">16.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">232,329</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcast Television</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">61,121</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(23.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">79,793</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">201,241</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(17.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">243,951</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensing and other media</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">19,900</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(15.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">23,570</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">67,012</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(7.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">72,345</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">338,439</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(3.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">350,741</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">1,072,344</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(1.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">1,084,800</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocky Mountain News</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">3,660</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">56,681</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">15,236</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">164,875</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unusual item</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(4,049</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested operating units</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">2,436</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">10,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Total operating revenues</FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">342,099</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">409,858</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">1,083,531</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">1,260,175</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Operating income:</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newspapers</FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">47,152</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(8.7 </FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">51,650</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">147,918</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(10.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">164,471</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scripps Networks</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">14,163</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">40.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">10,108</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">49,028</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">12.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">43,584</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcast Television</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">5,309</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(74.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">21,023</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">31,978</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(49.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">63,370</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensing and other media</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">2,281</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(45.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">4,165</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">10,538</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(15.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">12,411</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(4,826</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">16.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(5,773</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(14,170</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">10.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(15,838</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">64,079</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(21.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">81,173</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">225,292</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">(15.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">267,998</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocky Mountain News</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(1,784</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">60.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(4,512</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(14,230</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2">32.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(20,970</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unusual items</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(1,540</FONT></TD>
<TD WIDTH="1%">)</TD>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(2,407</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(12,727</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(3,243</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested operating units</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2">97</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">(275</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Total operating income</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">60,755</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">74,351</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">198,335</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">243,510</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Interest expense</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(8,417</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(13,393</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(31,737</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(39,510</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Investment results, net of expenses</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(10,917</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2">900</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">50,825</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(9,611</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Net gains (loss) on divested operations</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2">(73</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">6,196</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Miscellaneous, net</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">240</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">1,002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">1,073</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">1,993</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Income taxes</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(18,023</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(26,319</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(87,249</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(84,266</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Minority interest</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(1,005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(1,040</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(2,826</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">(3,159</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Net income</FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">22,633</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">35,428</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">128,421</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">115,153</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Net income per share of common stock</FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2">.28</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2">.45</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">1.61</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD WIDTH="0%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">1.46</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="23">&nbsp; </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">Weighted-average shares outstanding</FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">80,167</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">79,173</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">80,011</FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2">79,019</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="23"> <HR NOSHADE SIZE=2> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2"><I>Reconciliations to net income from core operations:</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Reported net income</I></FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>22,633</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>35,428</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>128,421</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>115,153</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Add back/(deduct):</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Net investment results</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>6,948</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>(772</I></FONT></TD>
<TD WIDTH="1%"><DIV ALIGN="LEFT"><FONT SIZE="2"><I>)</I></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2> <DIV ALIGN="right"><FONT SIZE="2"><I>(33,506</I></FONT></DIV>
</TD>
<TD WIDTH="1%"> <FONT SIZE="2"><I>)</I></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>6,072</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Workforce reductions</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>904</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>7,982</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Net (gains) loss on divested operations</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2"><I>47</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>(3,716</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"><I>)</I></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Denver JOA expenses</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>1,565</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>2,108</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Net income from core operations</I></FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>30,485</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2"><I>(15.9</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"><I>)%</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I> $</I></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>36,268</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>102,897</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2"><I>(14.0</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"><I>)%</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I> $</I></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>119,617</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD COLSPAN=2> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Reported net income per share of common stock</I></FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2"><I>.28</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2"><I>.45</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2"><I>1.61</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD WIDTH="0%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2"><I>1.46</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Add back/(deduct):</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Net investment results</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>.09</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><DIV ALIGN="RIGHT"><FONT SIZE="2"><I>(.01</I></FONT></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="LEFT"><FONT SIZE="2"><I>)</I></FONT></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><DIV ALIGN="RIGHT"><FONT SIZE="2"><I>(.42</I></FONT></DIV>
</TD>
<TD WIDTH="1%"><DIV ALIGN="LEFT"><FONT SIZE="2"><I>)</I></FONT></DIV>
</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2"><I>.08</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Workforce reductions</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" COLSPAN=2><FONT SIZE="2"><I>.01</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2"><I>.10</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%" NOWRAP><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Net (gains) loss on divested operations</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2"><I>.00</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2"><I>(.05</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"><I>)</I></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Denver JOA expenses</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2"><I>.02</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2"><I>.03</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="1%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="3%"> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1 ALIGN="RIGHT"> </TD>
<TD WIDTH="0%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="4%"> <HR NOSHADE SIZE=1> </TD>
<TD WIDTH="2%"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;<I>Net income from core operations per</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="30%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>share of common stock</I></FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2"><I>.38</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2"><I>(17.4</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"><I>)%</I></FONT></TD>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="3%"><FONT SIZE="2"><I>.46</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD WIDTH="0%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2"><I>1.29</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="5%"><FONT SIZE="2"><I>(14.6</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"><I>)%</I></FONT></TD>
<TD WIDTH="2%"><DIV ALIGN="RIGHT"></DIV>
</TD>
<TD WIDTH="2%"> <DIV ALIGN="RIGHT"><FONT SIZE="2"><I>$</I></FONT></DIV>
</TD>
<TD WIDTH="0%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2"><I>1.51</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="23"><HR NOSHADE SIZE=1></TD>
</TR>
</TABLE>
<P> <FONT SIZE="2"><I>See Note 3 to the Consolidated Financial Statements on page F-10 regarding items excluded from core operations.</I></FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-16</FONT></P>

<P><FONT SIZE="2">Other financial and statistical data, excluding divested operations and unusual items, are as follows: </FONT><FONT SIZE="2"> </FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR>
<TD COLSPAN="17"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2"><I>(in thousands)</I></FONT></TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2"><I> </I>Quarterly Period</FONT></DIV>
</TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2" NOWRAP><FONT SIZE="2"> Year-to-date</FONT></TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="center"></DIV>
</TD>
<TD WIDTH="5%">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="35%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2"><FONT SIZE="2">Change</FONT></TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="6%"> <DIV ALIGN="center"><FONT SIZE="2">2000 </FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" COLSPAN="2"><FONT SIZE="2">Change</FONT></TD>
<TD ALIGN="center" WIDTH="2%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD WIDTH="5%">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="17"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">Total advertising revenues</FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">247,617</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">(6.5</FONT></DIV>
</TD>
<TD WIDTH="5%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">264,768</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">794,062</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="4%"> <DIV ALIGN="right"><FONT SIZE="2">(3.4</FONT></DIV>
</TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">821,852</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="17"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">Advertising revenues as a</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;percentage of total revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">73.2</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">75.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">74.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">75.8</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD COLSPAN="17"> <HR NOSHADE SIZE=2> </TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">EBITDA:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Newspapers</FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">59,470</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(7.2</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="center" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">64,116</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">184,424</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">(8.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">201,387</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Scripps Networks</FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">17,647</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">27.8</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">13,806</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">60,061</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">10.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">54,323</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Broadcast Television</FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">12,478</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(55.7</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">28,191</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">53,820</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">(36.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">84,655</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Licensing and other media</FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">2,513</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(36.3</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">3,947</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">11,154</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">(11.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">12,577</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Corporate</FONT></TD>
<TD WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(4,561</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">17.3</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(5,518</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(13,465</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">10.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(15,079</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="17"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">87,547</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(16.3</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">104,542</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">295,994</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="4%"><FONT SIZE="2">(12.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2">)%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">337,863</FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Denver Rocky Mountain News</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(1,270</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(844</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(11,942</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">(10,019</FONT></DIV>
</TD>
<TD WIDTH="5%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="17"><HR NOSHADE SIZE=1></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Total EBITDA</FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">86,277</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">103,698</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">284,052</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">327,844</FONT></DIV>
</TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=2> </TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="35%"><FONT SIZE="2">Effective income tax rate for core
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">41.8</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">42.0 </FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2">%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">41.4.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"> %</FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2"> 41.3</FONT></DIV>
</TD>
<TD WIDTH="5%"><FONT SIZE="2">%</FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=2> </TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">Net cash provided by operating activities</FONT></TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">92,102</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="5%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">76,298</FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="2%"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">215,509</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="center" WIDTH="3%">&nbsp;</TD>
<TD ALIGN="right" WIDTH="2%"><FONT SIZE="2">$</FONT></TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">191,938</FONT></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">Capital expenditures</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(16,959</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">(18,390</FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(46,054</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">(44,425</FONT></DIV>
</TD>
<TD WIDTH="5%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">Business acquisitions and other</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2"></FONT></DIV>
</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;additions to long-lived assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(28,273</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">(26,091</FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(127,238</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">(128,611</FONT></DIV>
</TD>
<TD WIDTH="5%"> <DIV ALIGN="left"><FONT SIZE="2">)</FONT></DIV>
</TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">Increase (decrease) in long-term debt</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(40,877</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">(50,098</FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(44,190</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">(57,533</FONT></DIV>
</TD>
<TD WIDTH="5%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD WIDTH="35%"><FONT SIZE="2">Dividends paid, including minority
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interests</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(12,298</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD WIDTH="6%"> <DIV ALIGN="right"><FONT SIZE="2">(11,382</FONT></DIV>
</TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(36,817</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="2%">&nbsp;</TD>
<TD WIDTH="7%"> <DIV ALIGN="right"><FONT SIZE="2">(34,088</FONT></DIV>
</TD>
<TD WIDTH="5%"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD WIDTH="35%"><FONT SIZE="2">Purchase and retirement of common stock</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="6%"><FONT SIZE="2">(18,683</FONT></TD>
<TD WIDTH="4%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="5%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="6%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right" WIDTH="7%"><FONT SIZE="2">(20,671</FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2">)</FONT></TD>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="2%"><FONT SIZE="2"></FONT></TD>
<TD WIDTH="7%"><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=2> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">Earnings before interest, income taxes, depreciation and amortization ("EBITDA") is included in the discussion of results of operations because:</FONT></P>
<UL> <LI><FONT SIZE="2">Management believes the year-over-year change in EBITDA, combined with information on historical and anticipated capital spending, is a more useful and reliable measure of year-over-year performance than the change in
operating income. </FONT></LI>
<LI><FONT SIZE="2">Banks and other lenders use EBITDA to determine the Company's borrowing capacity.</FONT></LI>
<LI><FONT SIZE="2">Financial analysts and acquirors use EBITDA, combined with capital spending requirements, to value communications media companies. </FONT></LI>
</UL>
<P><FONT SIZE="2">EBITDA should not, however, be construed as an alternative measure of the amount of the Company's income or cash flows from operating activities. </FONT></P>
<P><FONT SIZE="2">Average daily borrowings under short-term credit facilities in the third quarter were $457 million in 2001 and $512 million in 2000. The weighted-average interest rate on such borrowings was 3.6% in 2001 and 6.7% in 2000. For the
year-to-date period the weighted-average interest rate on the short-term credit facilities was 4.8% in 2001 and 6.3% in 2000. The Company is currently rolling over short-term debt at an effective 90-day yield of 2.0%. The average balance of all
interest bearing obligations for the first nine months of the year was $747 million in 2001 and $783 million in 2000. </FONT></P>
<P><FONT SIZE="2">Interest capitalized was $600,000 in 2001 and $50,000 in 2000. </FONT></P>
<P><FONT SIZE="2">Third quarter operating results were affected by a downturn in business immediately following the September 11, 2001, terrorist attacks, which exacerbated an already weak advertising market. The Company's nine network-affiliated
television stations broadcast 36 hours of continuous, commercial free network and local news coverage following the attacks, and for the next several days there was little demand for television advertising. </FONT></P>
<P><FONT SIZE="2">Operating results for each of the Company's reportable segments, excluding divested operating units and unusual items, are presented on the following pages. </FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-17</FONT></P>

<A NAME="i"></A>
<P><FONT SIZE="2">NEWSPAPERS - RMN operating results are presented separately as a single line item to enhance comparability of year-over-year Newspaper operating results. Excluding divested operations and unusual items, operating results were as
follows:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR>
<TD COLSPAN="19"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"><I>(in thousands)</I></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2"><I> </I>Quarterly Period </FONT></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 COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Year-to-date</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">Change </FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating revenues:</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Local</FONT></TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">45,697</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(2.2</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">46,705</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">148,474</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(1.7</FONT></TD>
<TD><FONT SIZE="2">)% </FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">$</FONT></TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">151,053</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Classified</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">50,720</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(5.7</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">53,763</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">152,345</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(4.3</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">159,248</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;National</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">7,965</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">8.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">7,367</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">24,026</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">12.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">21,428</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Preprint and other</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">21,911</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4.0</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">21,074</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">65,021</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3.6</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">62,751</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Newspaper advertising</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">126,293</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(2.0</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">128,909</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">389,866</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(1.2</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">394,480</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Circulation</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">34,850</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">8.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">32,058</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">104,310</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">99,662</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Joint operating agency distributions</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">10,620</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(10.9</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">11,924</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">31,547</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(10.1</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">35,073</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">2,552</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">31.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">1,947</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">8,466</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">21.6</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">6,960</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total operating revenues</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">174,315</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(0.3</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">174,838</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">534,189</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(0.4</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">536,175</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Expenses, excluding depreciation and amortization:</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Editorial and newspaper content</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">21,910</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4.0</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">21,073</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">65,682</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">2.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">63,962</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newsprint and ink</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">19,424</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">2.2</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">18,998</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">63,396</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">9.6</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">57,823</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other press and production</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">16,708</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">16,026</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">51,096</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4.4</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">48,946</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Circulation and distribution</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">16,257</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">9.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">14,878</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">48,041</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">6.9</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">44,936</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other advertising, internet and printing</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">7,253</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">14.6</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">6,329</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">21,849</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">14.6</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">19,062</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising sales and marketing</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">15,104</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">0.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">15,088</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">47,376</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">2.9</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">46,045</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">17,717</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">0.5</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">17,633</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">50,422</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(2.3</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">51,624</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">114,373</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4.0</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">110,025</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">347,862</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">332,398</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD COLSPAN=2><FONT SIZE="2">EBITDA</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">59,942</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(7.5</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">64,813</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">186,327</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(8.6</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">203,777</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=2><FONT SIZE="2">Share of pre-tax earnings of equity-method
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investments</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(472</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(697</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(1,903</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(2,390</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN=19> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total EBITDA</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">59,470</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(7.2</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">64,116</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">184,424</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(8.4</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">201,387</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Depreciation and amortization</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">12,318</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(1.2</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">12,466</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">36,506</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(1.1</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">36,916</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating income, excluding the RMN</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">47,152</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(8.7</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">51,650</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">147,918</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(10.1</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">164,471</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">RMN operating income (loss)</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(1,784</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">60.5</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(4,512</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(14,230</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">32.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(20,970</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total operating income</FONT></TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">45,368</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(3.8</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">47,138</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">133,688</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(6.8</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">143,501</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2"><I><U>Other Financial and Statistical Data:</U></I></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Percent of operating revenues:</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;EBITDA</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">34.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">36.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">34.5</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">37.6</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Operating income</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">27.0</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">29.5</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">27.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">30.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Capital expenditures</FONT></TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">8,334</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">12,182</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">24,097</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">21,536</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Business acquisitions and other</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additions to long-lived assets</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">80</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">17,334</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">63,796</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">50,140</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="19"> <HR NOSHADE SIZE=1> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The demand for advertising was soft in most of the Company's markets for the first nine months of 2001, particularly local retail and help wanted classified advertising. On a pro forma basis, assuming all acquisitions had been
completed as of January 1, 2000, local advertising decreased 3.8% in the quarter and 4.2% year-to-date. Classified advertising decreased 6.4% in the quarter and 5.7% year-to-date. </FONT></P>
<P><FONT SIZE="2">Expenses other than newsprint increased approximately 2.3% for the quarter and 1% year-to-date on the same pro forma basis. Newsprint and ink increased primarily due to a 7% increase in year-over-year newsprint prices. </FONT></P>
<P><FONT SIZE="2">The Company's operating results in Denver have improved due to advertising and circulation rate increases and cost cutting measures implemented by the JOA, including the publication of combined weekend editions and a single
classified advertising section distributed daily in both newspapers. However, in addition to the soft demand for advertising in general, major metropolitan markets in the U.S., including Denver, have experienced sharp decreases in help wanted
advertising. This has slowed the improvement in operating results expected at the outset of the JOA. </FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-18</FONT></P>

<A NAME="j"></A>
<P><FONT SIZE="2">SCRIPPS NETWORKS - Operating results, excluding unusual items, were as follows:</FONT><FONT SIZE="2"> </FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR>
<TD COLSPAN="21"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"><I>(in thousands) </I></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Quarterly Period</FONT></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 COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Year-to-date</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="21"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating revenues:</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising</FONT></TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">61,234</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">8.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">56,559</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">205,753</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">11.4</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">184,736</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate fees</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">20,556</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">42.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">14,464</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">60,248</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">38.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">43,629</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">1,313</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(13.4</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">1,517</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,901</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">(1.6</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,964</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="21"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total operating revenues</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">83,103</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">14.6</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">72,540</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">269,902</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">16.2</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">232,329</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="21"> <FONT SIZE="2"></FONT> <FONT SIZE="2"></FONT> <FONT SIZE="2"></FONT> <FONT SIZE="2"></FONT> <FONT SIZE="2"></FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> <FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN=3><FONT SIZE="2">Operating expenses, excluding depreciation and amortization:</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming and production</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">25,747</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">16.8</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">22,040</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">74,833</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">17.8</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">63,514</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operations and distribution</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">7,877</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">4.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">7,568</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">26,791</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">11.9</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">23,936</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of distribution fees</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">6,047</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">24.2</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">4,869</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">16,991</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">22.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">13,893</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">15,701</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(4.9</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">16,517</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">55,307</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">12.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">49,066</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">12,028</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">27.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">9,452</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">39,895</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">28.8</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">30,979</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="21"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">67,400</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">11.5</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">60,446</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">213,817</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">17.9</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">181,388</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="21"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp; </TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN=2><FONT SIZE="2">EBITDA - consolidated networks</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">15,703</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">29.8</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">12,094</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">56,085</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">10.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">50,941</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=2><FONT SIZE="2">Share of pre-tax earnings of equity-method
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investments</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">1,944</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">1,712</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,976</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,382</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN=21> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total EBITDA</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">17,647</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">27.8</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">13,806</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">60,061</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">10.6</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">54,323</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Depreciation and amortization</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,484</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(5.8</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">3,698</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">11,033</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">2.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">10,739</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="21"> </TD>
</TR>
<TR>
<TD COLSPAN="21"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating income</FONT></TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">14,163</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">40.1</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">10,108</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"><FONT SIZE="2">$</FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">49,028</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">12.5</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">43,584</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN="21"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2"><I><U>Other Financial and Statistical Data:</U></I></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Percent of operating revenues:</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;EBITDA</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">21.2</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">19.0</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">22.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">23.4</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Operating income</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">17.0</FONT></TD>
<TD><FONT SIZE="2">%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">13.9</FONT></TD>
<TD><FONT SIZE="2">%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">18.2</FONT></TD>
<TD><FONT SIZE="2">%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">18.8</FONT></TD>
<TD><FONT SIZE="2">%</FONT></TD>
</TR>
<TR>
<TD COLSPAN="21"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Payments for programming and network</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</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">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;distribution fees less than (greater than)</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</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">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amounts recognized as expense</FONT></TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">(7,162</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">(7,029</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">(22,380</FONT></DIV>
</TD>
<TD><FONT SIZE="2">)</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">(17,118</FONT></TD>
<TD><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</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">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Capital expenditures</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">5,523</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">3,132</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">10,812</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">6,382</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</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">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">Business acquisitions and other</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</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">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additions to long-lived assets</FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">19,570</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">3,833</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">47,420</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">12,825</FONT></TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="21"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">According to the Nielsen Homevideo Index, HGTV was distributed to 74.3 million homes in September 2001, up 8.4 million from September 2000 and 3.8 million in the third quarter. Food Network was distributed to 67.7 million homes in
September 2001, up 15.4 million from September 2000 and 7.3 million in the third quarter. </FONT></P>
<P><FONT SIZE="2">During the third quarter Food Network renewed its distribution agreement with AT&amp;T, expanding distribution of Food Network and providing for payment of affiliate fees to Food Network. In October the Company announced an
agreement with AOL Time Warner, Inc. ("AOL") that will add Food Network to additional AOL cable television systems by the end of the year, and providing for the payment of affiliate fees to Food Network. Previously Food Network had been distributed
without payment of affiliate fees by AT&amp;T and AOL. </FONT></P>
<P><FONT SIZE="2">The Company launched DIY in the fourth quarter of 1999 and expects to launch Fine Living, its fourth network, in early 2002. Start-up losses associated with DIY and Fine Living reduced EBITDA in the third quarter by $5.7 million in
2001 compared to $3.0 million in the third quarter of 2000. DIY and Fine Living reduced year-to-date EBITDA $16 million in 2001 and $7.6 million in 2000. Full year start-up losses are expected to reduce EBITDA by approximately $22 million.
</FONT></P>
<P><FONT SIZE="2">The distribution agreement with AOL provides for expanded distribution of DIY on AOL cable television systems, adding approximately 5 million new households by 2003. In addition, the agreement provides for distribution of Fine
Living to 5 million households. </FONT></P>
<P><FONT SIZE="2">Excluding the start-up expenses of the new networks, EBITDA increased 39% in the quarter and 23% year-to-date. </FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-19</FONT></P>

<P><FONT SIZE="2">
<A NAME="k"></A>
BROADCAST TELEVISION - Operating results, excluding unusual items, were as follows: </FONT><FONT SIZE="2"> </FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR>
<TD COLSPAN="20"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"><I>(in thousands) </I></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Quarterly Period</FONT></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 COLSPAN="2" NOWRAP> <DIV ALIGN="center"><FONT SIZE="2">Year-to-date</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">Change</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2001</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2"> <DIV ALIGN="center"><FONT SIZE="2">Change </FONT></DIV>
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="center"><FONT SIZE="2">2000</FONT></DIV>
</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="20"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating revenues:</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local</FONT></TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">35,389</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(10.3</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2"> $</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">39,451</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">117,927</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(8.3</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">128,602</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">21,151</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(20.4</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">26,588</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">70,220</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(22.0</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">90,002</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">735</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">10,202</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">1,039</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">14,108</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">3,846</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">8.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">3,552</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">12,055</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">7.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">11,239</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total operating revenues</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">61,121</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(23.4</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">79,793</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">201,241</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(17.5</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">243,951</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD COLSPAN=3><FONT SIZE="2">Operating expenses, excluding depreciation and
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amortization:</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD> <FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming and station operations</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">34,970</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(3.5</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">36,241</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">103,733</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(6.0</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">110,354</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">7,772</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(13.5</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">8,989</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">25,767</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(14.5</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">30,138</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">5,901</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(7.4</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">6,372</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">17,921</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(4.7</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">18,804</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">48,643</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(5.7</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">51,602</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">147,421</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(7.5</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">159,296</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">EBITDA</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">12,478</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(55.7</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">28,191</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">53,820</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(36.4</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">84,655</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Depreciation and amortization</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">7,169</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">0.0</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">7,168</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">21,842</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">2.6</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">21,285</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2">Operating income</FONT></TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">5,309</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(74.7</FONT></TD>
<TD><FONT SIZE="2">)% </FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">21,023</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">31,978</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">(49.5</FONT></TD>
<TD><FONT SIZE="2">)%</FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">63,370</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2"><I><U>Other Financial and Statistical Data:</U></I></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Percent of operating revenues:</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;EBITDA</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">20.4</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">35.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">26.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">34.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;Operating income</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">8.7</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">26.3</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">15.9</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">26.0</FONT></TD>
<TD><FONT SIZE="2"> %</FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
</TR>
<TR>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Capital expenditures</FONT></TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">2,951</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right">&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">2,952</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">10,295</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="center">&nbsp;</TD>
<TD ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2">$</FONT></DIV>
</TD>
<TD ALIGN="right"><FONT SIZE="2">15,774</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">Business acquisitions and other</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additions to long-lived assets</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD ALIGN="right"><FONT SIZE="2">50</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">27</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT SIZE="2"></FONT></TD>
<TD ALIGN="right"><FONT SIZE="2">14,710</FONT></TD>
<TD><FONT SIZE="2"></FONT></TD>
</TR>
<TR>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> <FONT SIZE="2"></FONT></TD>
<TD> <HR NOSHADE SIZE=1> </TD>
<TD> <HR NOSHADE SIZE=1> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2">The Company's nine network-affiliated television stations broadcast 36 hours of continuous, commercial free network and local news coverage following the September 11, 2001, terrorist attacks, and for the next several days there
was little demand for television advertising. </FONT></P>
<P><FONT SIZE="2">The Company continues to be adversely affected by its relatively high exposure to weakly rated ABC television network programming. Six of the Company's 10 television stations are ABC affiliates. Year-over-year automobile
advertising declined sharply in the quarter. </FONT></P>
<P><FONT SIZE="2">Operating expenses, excluding depreciation and amortization, are expected to decrease approximately 7% for the full year. </FONT></P>
<P ALIGN="center"><FONT SIZE="2">F-20</FONT></P>

<P ALIGN="LEFT"></P>
<P></P>
<P><FONT SIZE="2"><B>
<A NAME="l"></A>
LIQUIDITY AND CAPITAL RESOURCES</B></FONT></P>
<P><FONT SIZE="2">The Company&#146;s cash flow from operating activities is expected to substantially exceed the total of its capital expenditure requirements and cash dividends in 2001, as it has each year since 1992. The excess cash flow from
existing businesses and the Company&#146;s substantial borrowing capacity have been used primarily to fund acquisitions, investments, and to develop new businesses. There are essentially no legal or other restrictions on the transfer of funds among
the Company&#146;s business segments.</FONT></P>
<P><FONT SIZE="2">Repurchase of a total of six million Class A Common shares was authorized by the Board of Directors in 1998. The balance remaining on this authorization is 1.8 million shares. </FONT></P>
<P><FONT SIZE="2">The Company&#146;s Scripps Ventures Funds invest in new businesses focusing primarily on new media technology. See Note 5 to the Consolidated Financial Statements. At September 30, 2001, an additional $58 million remains to be
invested under the Board of Directors authorization. </FONT></P>
<P><FONT SIZE="2">Net debt (borrowings less cash equivalent and other short-term investments) decreased $44 million in the first nine months of 2001, to $670 million at September 30, 2001. </FONT></P>
<P ALIGN="CENTER"><FONT SIZE="2">F-21</FONT></P>

<P><FONT SIZE="2"><B>
<A NAME="m"></A>
MARKET RISK</B></FONT></P>
<P><FONT SIZE="2">The Company&#146;s earnings and cash flow can be affected by, among other things, interest rate changes, foreign currency fluctuations (primarily in the exchange rate for the Japanese yen) and changes in the price of newsprint. The
information disclosed in Market Risk in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2000, has not changed materially unless otherwise disclosed herein. </FONT></P>
<P><FONT SIZE="2">The Company may use foreign currency forward and option contracts to hedge its cash flow exposures denominated in Japanese yen and forward contracts to reduce the risk of changes in the price of newsprint on anticipated newsprint
purchases. The Company held no foreign currency or newsprint forward contracts in 2001 or 2000. </FONT></P>
<P><FONT SIZE="2">The following table presents additional information about the Company&#146;s market-risk-sensitive financial instruments: </FONT></P>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="0">
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <I><FONT SIZE=2>( in thousands, except share data )</FONT></I> </TD>
<TD VALIGN="top" ALIGN="center" COLSPAN="5"> <FONT SIZE=2>As of September 30, 2001</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center" COLSPAN="5"> <FONT SIZE=2>As of December 31, 2000</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>Cost</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>Fair</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>Cost</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>Fair</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>Basis</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>Value</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>Basis</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>Value</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Financial instruments subject to interest rate risk:</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable rate credit facilities, including commercial paper</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>460,590</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>460,590</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>512,788</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>512,788</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 million, 6.625% note, due in 2007</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>99,912</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>103,125</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>99,901</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>97,900</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 million, 6.375% note, due in 2002</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>99,978</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>101,885</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>99,964</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>99,800</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other notes</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>9,964</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>8,900</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>1,956</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>812</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>670,444</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>674,500</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>714,609</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>711,300</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="RIGHT"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="RIGHT"></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="RIGHT"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
<TD VALIGN="top" ALIGN="RIGHT"></TD>
<TD VALIGN="top" ALIGN="center"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2>Financial instruments subject to market value risk:</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AOL Time Warner common stock (2,017,000 shares)</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>93,722</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>66,757</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner common stock (1,344,000 shares)</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>27,816</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE=2>$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>70,239</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centra Software (700,500 and 1,792,500 common shares)</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>1,427</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>5,996</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>3,652</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>6,946</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other available-for-sale securities</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>616</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>3,483</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>639</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>3,969</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments in publicly-traded companies</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>95,765</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>76,236</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>32,107</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>81,154</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other equity investments</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>67,375</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="CENTER"> <FONT SIZE=2>(a)</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="5%"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE=2>87,266</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
<TD VALIGN="top" ALIGN="CENTER"> <FONT SIZE=2>(a)</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="0">
<TR>
<TD VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD VALIGN="top" ALIGN="LEFT">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE=3>(a)&nbsp;&nbsp;</FONT> </TD>
<TD VALIGN="top" ALIGN="LEFT"> <FONT SIZE="2">Included in other equity investments are securities that do not trade in public markets, so they do not have readily determinable fair values. Many of the investees have had no rounds of equity financing
in the past 18 months. There can be no assurance as to the amounts the Company would receive if these securities were sold.</FONT> </TD>
</TR>
</TABLE>
<P><FONT SIZE="2"> The Company manages interest rate risk primarily by maintaining a mix of fixed-rate and variable-rate debt. The Company currently does not use interest rate swaps, forwards or other derivative financial instruments to manage its
interest rate risk. See Note 4 to the Consolidated Financial Statements. The weighted-average interest rate on borrowings under the Variable Rate Credit Facilities was 3.2% at September 30, 2001, and 6.6% at December 31, 2000.</FONT></P>
<P ALIGN="CENTER"><FONT SIZE="2">F-22</FONT></P>
<P ALIGN="LEFT"></P>
<P ALIGN="LEFT"></P>
<P ALIGN=center><FONT SIZE="2"><B><U>THE E. W. SCRIPPS COMPANY</U></B></FONT></P>
<P ALIGN=center><FONT SIZE="2"><B><U>Index to Exhibits</U></B></FONT></P>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="0">
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="2"> <B><FONT SIZE=2>Exhibit</FONT></B> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="11%"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="26%"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="12%"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" WIDTH="48%"> <FONT SIZE=2> <B>&nbsp;&nbsp;&nbsp;&nbsp;<U>No.</U></B></FONT> </TD>
<TD VALIGN="top" ALIGN="left" COLSPAN="2"> <B><FONT SIZE=2><U>&nbsp;Item</U></FONT></B> </TD>
<TD VALIGN="top" ALIGN="center" COLSPAN="2"> <DIV ALIGN="RIGHT"><B><FONT SIZE=2><U>Page</U></FONT></B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
</TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="2">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="11%"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="26%">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="12%"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="2"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="11%"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="26%"> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="12%"> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="2"> <FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12&nbsp;&nbsp; Ratio of Earnings to Fixed Charges</FONT> </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="11%"> </TD>
<TD VALIGN="top" ALIGN="center" COLSPAN="2"> <DIV ALIGN="RIGHT"><FONT SIZE=2>E-2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </DIV>
</TD>
</TR>
</TABLE>
<P ALIGN="CENTER"><FONT SIZE="2">E-1</FONT></P>
 </BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>dex12.htm
<DESCRIPTION>EXHIBIT 12
<TEXT>
<HTML>
<HEAD>
 <TITLE>EXHIBIT 12</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF">
<P ALIGN="LEFT"></P>
<P ALIGN="LEFT"></P>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD VALIGN="BOTTOM" ALIGN="left"><FONT SIZE="2"><B>RATIO OF EARNINGS TO FIXED CHARGES</B></FONT></TD>
<TD VALIGN="top" ALIGN="center">&nbsp;</TD>
<TD COLSPAN="4" VALIGN="top" ALIGN="center">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&nbsp;</TD>
<TD COLSPAN="4" VALIGN="top" ALIGN="center"> <DIV ALIGN="right"><FONT SIZE="2"><B> EXHIBIT 12</B></FONT></DIV>
</TD>
<TD VALIGN="top" ALIGN="center">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13"><HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2"><I>( in thousands )</I> </FONT></TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD COLSPAN="4" VALIGN="top" ALIGN="center"> <FONT SIZE="2">Three months ended</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD COLSPAN="4" VALIGN="top" ALIGN="center"> <FONT SIZE="2">Nine months ended</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD COLSPAN="4" VALIGN="top" ALIGN="center"> <FONT SIZE="2">September 30,</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD COLSPAN="4" VALIGN="top" ALIGN="center"> <FONT SIZE="2">September 30,</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">2001</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">2000</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">2001</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">2000</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"> <FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center> </FONT> </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">EARNINGS AS DEFINED:</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">Earnings from operations before income taxes after</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eliminating undistributed earnings of 20%- to</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50%-owned affiliates</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">39,817</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">61,744</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">241,151</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">203,161</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">Fixed charges excluding capitalized interest and</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred stock dividends of majority-owned</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsidiary companies</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">9,900</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">14,935</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">35,935</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">44,438</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left" COLSPAN="13">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">Earnings as defined</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">49,717</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">76,679</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">277,086</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">247,599</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">FIXED CHARGES AS DEFINED:</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">Interest expense, including amortization of</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt issue costs</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">8,417</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">13,393</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">31,737</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">39,510</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">Interest capitalized</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">179</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">17</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">591</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">47</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">Portion of rental expense representative</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the interest factor</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">1,483</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">1,542</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">4,198</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">4,928</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">Preferred stock dividends of majority-owned</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsidiary companies</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">20</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">20</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">60</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">60</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">Fixed charges as defined</FONT> </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">10,099</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">14,972</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">36,586</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center"> <FONT SIZE="2">$</FONT> </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">44,545</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"> <FONT SIZE="2">RATIO OF EARNINGS TO FIXED CHARGES</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">4.92</FONT></TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">5.12</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">7.57</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
<TD VALIGN="top" ALIGN="center">&nbsp;</TD>
<TD VALIGN="top" ALIGN="RIGHT"> <FONT SIZE="2">5.56</FONT> </TD>
<TD VALIGN="top" ALIGN="center">&nbsp; </TD>
</TR>
<TR>
<TD COLSPAN="13" VALIGN="top" ALIGN="left"><FONT SIZE=3 FACE="Times New Roman"> <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=center></FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="CENTER"><FONT SIZE="2">E-2 </FONT> </DIV>
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